Beware of fraudulent forex brokers
The Internet, as a network capable of connecting the entire planet, has brought together ways of doing business
that were reserved for closed circles, and has created new ones, making them available to all Internet users.
One of the ways to generate wealth that in recent years has had an exponential growth has been related to the
Forex market, the currency market and the commodities market in some brokers. The low investment with which
one can start trading, the effort of forex brokers to make available to their clients platforms and tools increasingly
powerful and similar to those used by professionals, has made more and more people approach this market.
With this massification of Forex use, different scams and fraudulent brokers also began to proliferate, seeking to take
advantage of people’s ingenuity and need. That is why in this article we will teach you how to detect fraudulent
Fraudulent forex brokers usually hide under the façade of a serious and professional trading company, sending us
information insistently. One thing that these fraudulent brokers have in common is that they usually reflect stratospheric,
unattainable and unsustainable returns, even for the best of day-traders.
Ways to avoid forex scams
If you want to avoid scams in this market, the most recommended way is simply to choose the right forex broker.
It’s worth spending a little time and making the first right investment decision. Although we might be eager to start
trading it will be one of the best decisions we will make throughout our trading career.
Professional brokers have some common characteristics, so it is usually very easy to compare those who are fraudulent
and those who are not..FOREX
First of all, you should make sure that the information on the broker’s website is verifiable. There must also be different
ways of communicating and providing customer service, clear and fast via chat, e-mail or telephone. Professional
brokers also need to comply with the legality of the territory where they are based, which will give us the necessary
legal security in the event of a dispute with the forex trading app. It is also a good idea for this broker to operate in
your own country, to ensure that you have sufficient legal resources in case something goes wrong.
You should also steer away of those brokers where you are not free to decide on your investment. It is normal to
receive advice on the operations to be carried out, tools for making decisions, graphs, indices, analysis, but the usual
thing among professional brokers is that you are the one who decides on the final destination of your investment,
that you are the one who finally presses the buy or sell button of a certain currency cross.
Also keep in mind that maintaining stratospheric returns over time is not realistic. Those who advertise constant
profits of 200% or 300% know that they can be obtained, but they are not sustainable over time. Every market
professional has suffered losses and made much lower gains than these, so if the broker advertises something
like this, it may be an indication that his intentions may be dubious. You can also try the forex broker app
without investing any money, using a forex demo acount.
Finally, you should also consider the reputation of the broker in question. It is essential to use a search engine
and go around various forums to read on the opinion that users have before making a deposit, always bearing
in mind that in human relations differences of opinion are inherent in the act of relating. But we must also be
clear that everyone is not wrong, if the opinions about a broker are a lot of complaints and misunderstandings
we must assume that something is wrong, or it is a fraudulent broker, or is that something does not work in their
communication or customer service. It may also be a good idea to consult with someone who is already trading
with this broker. Friends, family, acquaintances. If there is no one close to you, you can always consult in a forum,
asking for different opinions, looking for someone who will not get any benefit from recruiting you for the
We hope this article has given you all the information you need to choose a professional broker and stay away
from fraudulent brokers.
Written By : YOUSSEF J A ALMEER