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Oct 3, 2024 · Do you suspect that you've come across a scam broker? To help protect traders from forex scams, we've gathered data from Tier-1 regulator watchlists like the FCA and the CFTC to create this list of unregulated brokers. These firms display many of the warning signs of forex scams. Check out the list below. Is AffluenceFX a scam?
- Forex Scams
Forex scams often assert that they can guarantee profits –...
- Forex Scams
Mar 20, 2023 · Find out how unauthorised forex trading and brokerage firms work, how to avoid scams and what to do if you’re scammed.
- Back in The Day: The Point-Spread Scam
- The Signal-Seller Scam
- "Robot" Scamming in Today’S Market
- Other Factors to Consider
- The Bottom Line
An old point-spread forex scam was based on computer manipulation of bid-ask spreads. The point spread between the bid and ask basically reflects the commission of a back-and-forth transaction processed through a broker. These spreads typically differ between currency pairs. The scam occurs when dishonest brokers artificially increase the bid-ask s...
A popular modern-day scam is perpetuated by the so-called signal sellers. Signal sellers are retail firms, pooled asset managers, managed account companies, or individual traders that offer a system—for a daily, weekly, or monthly fee—that claims to identify favorable times to buy or sell a currency pairbased on professional recommendations. Such c...
A persistent scam, old and new, presents itself in various kinds of automated forex trading systems. The scammers tout their system’s ability to consistently generate money with automatic trades that require little to no human input. The trading systems are often referred to as “robots” or “bots” and are offered for a one-time or recurring fee. Man...
High-priced trading systems and services:Many trading systems are quite costly, and the high price tag of up to several thousand dollars may itself be the biggest red flag. Be especially careful of system sellers who offer programs at exorbitant prices justified by a guarantee of phenomenal results. Instead, look for reasonably priced sellers whose...
While regulatory changes over the years have driven out many shady dealers and legitimized the system for honest operators, it is still advisable to perform your own due diligence. When choosing a broker, consider checking if it is a member of NFA’s Background Affiliation Status Information Center (BASIC). If you’re interested in a trading service,...
- Basia Hellwig
Jun 18, 2024 · In this article, we will discuss the reality of forex trading scams, how they work, and what you can do to protect yourself.
Sep 23, 2024 · Forex scams often assert that they can guarantee profits – something no reputable firm or broker would ever claim. While downplaying risk, forex scams tend to use high-pressure sales tactics (as in, FOMO on an incredible investment opportunity) to persuade you to send them money.
- Yes, you can be scammed when trading forex. Unfortunately, there are countless forex scam brokers (and many other forex scams –on the internet. Jus...
- Yes, the forex market can be a legitimate way to trade and invest. Forex, short for foreign exchange, is the largest financial market in the world....
Jul 21, 2021 · Forex scams cause UK investors to lose millions of pounds every year. Find out some of the most common forex scams and how to avoid being caught out.
Scammers posing as established Forex or CFD brokers are a common type of scam. They often use fake websites or social media accounts made to look like the business they're impersonating. Once you've deposited money, they will often refuse to process your withdrawals and suspend their service shortly after that.
