Run away a 1,000 MILES if a forex broker promises these FIVE THINGS to you

If you do an online search on fraudulent forex brokers, the number of results is mind-boggling. While the forex world is gradually becoming more coordinated, there are many fake brokers who should be identified and thrown out of the business.

According to investopedia, you can protect yourself from unscrupulous brokers by conducting an in-depth search for reviews of the forex brokers. Even if you’re satisfied with your research, make sure to open an account with limited investment and trade it for a month or two to see if everything is going well.

In this post, we’ll make you come across five fake promises/manipulations that forex brokers make and we’ll also highlight the potential ways through which you can save your hard-earned money from going into a total waste:-

  1. Easy Profits in a Short Amount of Time

The general misconception about forex trading is that you can make quick cash without putting in much effort. There are forex brokers who also claim the same and promise fast returns through automated solutions and EAs. However, the fact is ‘MAKING MONEY IN FOREX ISN’T EASY’.

Beginners generally make the mistake of collaborating with a fraudulent broker who persuades them with false claims of huge profit returns. Traders usually end up losing money which goes to the broker’s account. Keep in mind, the role of forex broker is to just facilitate the trades. Even if you’re a highly proficient trader, there is no such thing as guaranteed profits in the forex world. So, better do your research before trusting any false commitments and fake promises.

2. Use of Forex Robots to Make Guaranteed Profits

There is no denying the fact that automated trading solutions have simplified the trading procedures. Today, you can find hundreds of forex robots and other tools and resources that can help you make better and informed trading decisions. The problem arises when you have to find the reliable automated solution for your trades. There are brokers who claim to multiply your capital by using forex robots or EAs.

Forex market is highly volatile and uncertain and you cannot expect a broker to help you become a millionaire in just a month or two. Stay away from a broker if he is trying to be overconfident about his offerings.

3. Incomplete Signup Process

When a broker is a cheat, you will observe that things begin getting suspicious right from the start. You will notice that the broker’s proprietary platform is difficult to load and you should consider this alert a wakeup call. Keep in mind, any professional forex broker would not delay things. Ideally, they will provide you with a demo or live account as soon as possible.

4. Price Manipulation

There are brokers who exploit the prices that they charge. For example, they could rip you off on a spread markup. The genuine brokers typically have pips in between 1-3 for basic currency pairs. You can easily spot a fake broker if he is offering you high spreads on the same pairs.

As your own money is involved in this process, you should pay attention to all the indications; be it big or small to save yourself from the money-stealing scam.

5. Look for Communication Errors

Fraudulent brokers will try their best not to tell a lot of information to the traders. If at any point you feel that the communication between you and your broker is stunted, it’s a clear indication that there might be something dubious. Generally, they ignore your queries and confusions so as to not to leave a trace of their commitments. Thus, it is important that you do not compromise on customer service when selecting a forex broker.

Things to Consider Before Choosing a Forex Broker

The best way to avoid any possible forex scam is to give proper time to your research. Below you will find some of the factors that can help you select a reliable forex broker for your trades:-

Security

The first and the most important aspect that a reliable broker must have is great security. Luckily, there are many regulatory agencies worldwide that separate the reliable from the scam. Do an in-depth research in that area. Read out independent and neutral forex broker reviews on the web.

Deposit and Withdrawals

Forex brokers generally have no solid reason to make it difficult for you to withdraw your returns. Keep in mind, a reliable forex broker will let you deposit and withdraw funds without any difficulty.

Trading Platform

Make sure the trading platform of your chosen broker must be lasting and user-friendly. Look for the platform that comes with free newsfeed along with amazing charting tools. Lastly, make sure the services includes impeccable aftersales support.

Conclusion

Forex trading can be challenging at times. To earn good profits and to avoid the scams, it is important that you do thorough research on your part. Take a hint from this post and select the most dependable forex broker for your trades.

Happy trading!

*** SPECIAL ALERT — July 25, 2020 — TWO of this Year’s Motley Fool Stock Picks Have Already Tripled and Two have Doubled! ****

We have been tracking ALL of the Motley Fool stock picks since January 2016. That’s 4+ years, 54 months and 108 stock picks. As of Friday, July 24th 2 of their 12 2020 stocks picks have already tripled (TSLA, SHOP). In addition, 4 of their 2019, 8 of their 2018, 7 of their 2016 and 10 of their 2016 picks have also doubled. Best of all, over these 54 months, the average stock pick is up 111%. That beats the SP500 by an average of 87%. And that’s even accounting for all of this COVID mess that has wreaked havoc on some stocks but presented opportunity for other stocks. THAT is how the Fool does so well!

  • Shopify (SHOP) – April 2, 2020 pick and it is already up 163%
  • Zoom Video (ZM) – March 19, 2020 pick and it is already up 107%
  • DexCom (DXCM) picked Feb 20, 2020 right before the market crashed and it is still up 26%
  • Tesla (TSLA) picked January 2, 2020 before the crash and it is up 123% compared to the SP500 -7% so it is ahead of the market by 130%
  • HubSpot (HUBS) picked December 5, 2019 and it is up 46%
  • Netflix (NFLX) picked November 21, 2019 and it is up 42%
  • Trade Desk (TTD) picked November 11, 2019 and up 111%
  • Zoom Video originally picked Oct 3 and it is up 234%
  • SolarEdge (SEDG) picked September 19, 2019 and it is up 44%

Now, no one can guarantee that their next picks will be as strong, but our 4.5 years of experience has been super-profitable. They also claim that since inception, their average pick is up 424% and now we believe them. You sure don’t want to risk missing out. Many analysts are saying that we have passed the bottom of this COVID crisis and stocks will recover quickly. So make sure you have the best stocks in your portfolio.

Normally the Fool service is priced at $199 per year but they are currently offering it for just $99/year if you click this link

CLICK HERE to get The Motley Fool’s Stock Picks for just $99 per Year! 




GET UP TO $1,000 IN FREE STOCK

WHEN YOU OPEN A ROBINHOOD BROKERAGE ACCOUNT

Robinhood was the first brokerage site to NOT charge commissions when they opened in 2013. They just past 10,000,000 accounts and to celebrate they are offering up to $1,000 in free stock when you open a new account.

Here’s the details: You must click on a special promo link to open your new Robinhood account. Then when you fund your account with at least $10, you will receive one stock valued between $5 and $500. Then, you will get a link to share with your friends. Every time one of your friends opens an account, you will receive another free stock valued between $5 and $500. Click here to learn more about this Special Robinhood offer.

Claim your free stock NOW

(before it’s too late)

Leave a Reply

Your email address will not be published. Required fields are marked *