Cryptocurrency

Is My Forex Trader Legit or A Scammer?

When studying a possible forex broker, traders must learn to distinguish between reality and fiction. For example, when confronted with a plethora of forum postings, articles, and dissatisfied remarks about a broker, we could conclude that all traders fail and never make a profit. Traders who fail to earn profits then post articles online blaming the broker (or some other outside influence) for their own failing strategy.

 

One regular complaint from traders is that a broker was deliberately attempting to cause a loss by making remarks like, “As soon as I placed the trade, the direction of the market changed,” or “The broker stop hunted my positions,” and “I always experienced slippage on my commands, and never in my favor.” These types of experiences are repeated among traders, and it is quite possible that the broker is not at fault.

Beginner Traders

It is also feasible that new forex traders would fail to trade with a tried and true strategy or trading plan. Instead, they make bets based on psychology (for example, if a trader believes the market must move in one direction or another), with a 50 percent chance of being correct.

When a novice trader opens a position, it is frequently when their emotions are at their lowest. Experienced traders see these juvenile tendencies and intervene, taking the deal in the opposite direction. This perplexes rookie traders and gives them the impression that the market—or their brokers—are out to get them and steal their winnings. 

Forex brokers who are aggressive

For victims of currency fraud, recovery can be difficult and time-consuming. It is best to identify the typical warning signals before becoming one. When it comes to selling their expertise or service to prospective investors, legitimate forex traders are not aggressive. On the other hand, if forex brokers or firms contact you repeatedly and you do not know them personally, proceed with care. If someone is interested in Forex trading, seek suggestions from people you know.

Exaggerated assertions of high returns

Exaggerated claims of large profits on little investments are a common trait of a forex scammer. It is almost probably a fraud if you are promised significant returns. The performance of your investment is heavily dependent on an unpredictable market. You may or may not get results quickly. A company that claims to give consistently high profits, on the other hand, is making false claims because this is not conceivable in the foreign exchange trading market.

Offers a broad appeal

The typical spread in USD/EUR is two to three points. Any forex trader that provides spreads of up to seven points should be avoided. Remember that major currencies have four-decimal pricing.

Restrictions on withdrawal

If you are not able to withdraw funds from your account, it may be time to start thinking about your investment. If a broker gives you a hazy explanation or an ambiguous apology when this happens, you should reconsider your investment or, better yet, withdraw before losing more money.

Broker on the blacklist

At all costs, avoid brokers who do not give you the necessary credentials. You want someone you can trust to administer your account. Do your homework and look into governing agencies to see if a forex broker has a strong legal standing in the forex market.

Key Takeaways! 

To prevent being a victim of a foreign exchange trading scam, it is recommended that you work with a regulated broker who has a well-established reputation, a flawless track record, and favorable feedback from previous and existing investors. While the draw of immediate profits is difficult to resist, it is preferable to err on the side of caution and conduct a complete vetting procedure.

If you need help in dealing with your forex trader or want to retrieve your lost money, FundsTrace has recovered $120,000 over the past three years with an 80% success rate. Not only that, but FundsTrace can get your stolen funds back in less than a month, which is 50% faster than average funds recovery firms’ results is the company to contact!

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