How to Avoid Forex Scams

How to Avoid Forex Scams

Posted on April 12, 2016 Admin

We all know that the Internet is full of fake Forex brokers and their Forex scams. On the following post you will find quick check list that will help you find authentic and reliable Forex brokers that you can trust.

So here’s a quick check list,

Broker country of operations and its’ registration with the local regulatory authority

Every country has a financial regulatory authority that not only monitors all activities of the registered broker on regular basis but also accepts complaints against them if any. It’s important to ensure that the broker you select is registered with the local regulatory authority and doesn’t really have too many complaints registered against it. The authority keeps a register of all complaints against the broker and makes it available to public, free of cost. You may need to find the controlling body on Google but the Major ones like for U.K. is FSA and for U.S., is SEC and CFTC. It’s visiting these websites and reading all about the broker business there that will ensure that you take the right decisions while selecting your preferred one.

Broker’s investment in Technology

A good, genuine and promising broker will always be investing in the latest in technology like Android based trading; Internet Tabs based platforms and even latest platforms like MT5. A real good broker will usually have its own standalone trading platforms and prototype charting applications. It’s this Investment in technology that shows how serious a broker is, about his business and its future.

Online reviews

Tens of forex forums and forex broker review websites are available on internet where fellow traders like you and me share our experiences and complaints about every broker in specific. It’s visiting these websites regularly that will keep you updated about brokers, their practices, their financial standings and the kind of potential problems that you can encounter with them. It does take little bit of time and efforts to do this homework initially but this makes sure that no broker in the world leaves a bad taste in your mouth when it comes to your hard -earned profit withdrawals 🙂

Forex Brokers You Can Trust – Regulated by the FCA

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