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How and why to avoid forex scams?

Forex scams represent the big scourge of the Forex market. Given that the market generates trillions of dollars in daily trading volumes, it’s not surprising that fraudulent individuals and companies want their piece of the big cake. Within the next lines, we will give you an insight into how to spot scammers and why it is so important, especially for rooky traders.

Why avoid forex scammers?

The Why is the mother of all questions so we tackle this subject by explaining why scammers are so nefast and why you should avoid them.

First of all, keep in mind, that dealing with Forex scams is dealing with an unscrupulous mentality. They can make your trading experience a nightmare to the point your life is turned upside down.

They grab your attention, take your personal details, manipulate you to deposit money on their suspicious accounts and disappear. Sounds creepy, isn’t it? In most cases, there’s no way you can retrieve your money. And if you were unwise enough to deposit the money you need for daily expenses or savings for some important events of your life, the damage is much bigger.

How to spot Forex scammers?

Staying away from forex scams can be challenging these days since they occupy a considerable part of the online sphere. But don’t be desperate, cause we are going to give you here some useful advice to spot them and recognize their tricks.

  • Unregulated brokers – are the brokerage companies that do not comply with a country’s regulations they want to operate the trades. They implement unethical trading conditions and profit from clients that have no experience or prior knowledge. They are not transparent with the transaction costs and different fees. Moreover, they may take advantage of traders who miss reading their terms and conditions. That’s why it is important to invest your time in Forex education. Besides, broker reviews are extremely important for obtaining information about the reputation of a broker.
  • Forex signals traders – The most common types of forex scammers are forex signal traders. These are the people offering their 1000 percent sure trading info or signal that will bring you the profit if you follow their instructions. They usually avoid giving their trading history that proves their success. They ask you to make a deposit on their suspicious account so they can give you the information.
  • Trading robot sellers – similar to trading signal sellers, will approach you and offer you the trading software they will perform the trades while sitting in your armchair sipping cocktails. It is too good to be true even though the trading robots can be of help but just for the traders who already know how to use them and are familiar with trading strategies and all the downsides of trading with automated software.

How to avoid forex scammers

The only right way to avoid them is to be patient when you are up to choosing a broker. Also, take your time to learn as much as possible about not only the Forex but also other financial markets.

Also, don’t open the suspicious email in your inbox with flashy too good to be true offers that guarantee you an overnight profit if you leave them all your personal details.

Make sure to visit forex trading forums. If you spot the comment that speaks about forex fraud, you can contact the person to find out more.

You should also absolutely check out with the financial authorities if the broker you want to go for is not blacklisted. When doing it pay attention to the spelling of the name of a broker. One of their favourite tricks is changing the letter in their name to trick their potential victims.

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