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Many people like trading foreign currencies on the foreign exchange forex market because it requires the least amount of capital to start day trading. Forex trades 24 hours a day during the week and offers a lot of profit potential due to the leverage provided by forex brokers. Forex trading can be extremely volatile, and an inexperienced trader can lose substantial sums. The following scenario shows the potential, using a risk-controlled forex day trading strategy. Every successful forex day trader manages their risk; it is one of, if not the most, crucial elements of ongoing profitability.

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Forex fraud reviews

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When a holiday-maker goes to their bank to exchange currencies they are participating in the spot FX market. It is not a scam in itself. Without the Forex market it would be difficult to trade the currencies needed to buy imports, sell exports, to go on holidays or do cross border business. Because a lot of the currency movements are directed by large well-financed corporate institutions and banks, who are better informed about the market as a whole, the undercapitalised trader is always likely to lose.

Institutions and large banks trade in Forex on a daily basis; to make a significant profit in this market takes a considerable learning curve. Giambrone has found that scammers take advantage of the complexities around the Forex market, maliciously withholding important information about market realities from their unsuspecting novice victims, claiming their scheme, information or software robot will bring success. The following Forex scams list documents the scam types that have been involved in Forex frauds at present and in the past.

The signal seller scam is a scam that works by a person or a company selling information on which trades to make and claiming that this information is based on professional forecasts which are guaranteed to make money for the inexperienced trader. High yield investment programmes HYIP are frequently just a form of Ponzi scheme in which a high level of return is promised for a small initial investment into what is in fact a Forex fund. However, in reality, the initial investors are being paid back from the money generated by the current investors and a constant flow of new investors is required to keep the funds flowing, once there are no more investors in the scheme the owners usually close it down and take all the remaining money.

These types of scams have decreased over the years yet they are still around. This is why it is important to choose a Forex broker who is registered with a regulatory agency. These type of scams would normally involve having spreads of around pips instead of between pips which is the norm. Forex robot scammers lure novices with the promise of big gains from little effort or knowledge. They may use of fake or misleading figures to convince customers to buy their product. Their promises are flawed as no robot can adapt and thrive in all environments and markets.

Software is generally used by professionals only to analyse past performance and to identify trends. All software should be formally and independently tested but caution is required when trusting the reviews themselves as these can be paid for. If their product did exactly what they claimed then they would not be selling it but instead using it exclusively themselves. These accounts can be a type of Forex scam and there are many examples of managed accounts.

These scams often involve a trader taking your money and instead of investing it, they use it to buy all sorts of luxury items for themselves. When the victim eventually asks for their money back there is not enough money left to repay. These are very common forms of affinity fraud. They promise high returns from a small initial investment up front. The early investors usually do gain some sort of return on their money and motivated by their perceived success they then recruit their friends and family into the scheme.

When the investor numbers start to drop the scammers close the scheme and take the money. This type of scam involves the scammers usually getting people to buy shares in a worthless private company on the promise that when the company goes public their shares will increase substantially. They depend on using "urgency" - suggesting that an opportunity will be lost if they do not act quickly which prevents the target from being able to research the opportunity properly.

The single most important thing an individual can do to avoid being scammed is to actually learn to trade on the Forex market properly. The Forex market is not a casino but a very serious market where trillions of currency units are traded daily. Use demo accounts and learn to make long term profits first before trading for real. Be aware that like any professional skill, it can take years to master the Forex trade properly. Do not take at face value the claims that are made, take the time to make your own analysis.

An inexperienced trader should be critical in their approach, analysing statistics and making their own functions that they have tested and had success with on a demo account first. Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies. The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading CFDs, and there is a legal section.

This statement from St. Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:.

Conclusion: Double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides. Forex brokers should not promise returns at all, small or large.

Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors. This Wikipedia page on binary options does a great job of summarizing risks related to binary options:. In those cases, there is no real brokerage ; the customer is betting against the broker, who is acting as a bucket shop.

Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the Internet, and prone to fraud.

Binary Options Scam. Conclusion: If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker.

If you click around trying to gather more information you are redirected to sign up for an account. Conclusion: In most regulated regions around the world, promotional bonuses for opening a new account are not allowed. Many scam brokers offer automated trading done by a robot or algorithm claiming to make you money.

These brokers claim their robots trade off signals to generate money for you. Often, these brokers focus on cryptocurrency or binary options. Below are snips of a proven scam broker, CryptoRobot Crypto Robot is a scam broker. Conclusion: No company has found a way to consistently generate huge profits through automated or signal trading, and if they did, they would never offer it to everyone for free. If there is no information about the company executive team, where the company is located, or what phone support it offers, it is most likely a scam.

For example, look at this text from a review site that promotes scam brokers. The review text, which is promoting crypto robot , promises the exact same thing as the scam broker website. It is also important to check for disclosure documents, which provide important information about the company.

For example, look at the disclosures page on Forex. Disclosures from Forex. Companies that have no disclosures are likely not regulated and should always be viewed with caution. Finally, take the time to read multiple reviews. Beyond ForexBrokers. Lots of scam brokers claim to have great awards. At other times, the scam broker will have awards with media outlets that are reliable, but the awards are fake. If these awards were real, you would be able to click on a link and view them or find them via Google search.

Fake awards from 12Trader, a scam broker. One final scam trick to avoid is assuming a broker is trustworthy because it sponsors a football club or professional athlete. Conclusion: Never automatically trust a forex broker just because it sponsors a football club or professional athlete.

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Fully regulated, this provider delivers an authentic and fair trading experience. Advantages When trading with AvaTrade, you can trade with a peace of mind. The broker is regulated across the globe and are well-funded to cover big and small trades.

Clients can also enjoy a free demo account as well as exceptional educational resources. Disadvantages There are very few disadvantages — if any. Note, that other providers offer higher bonuses. Trading Platforms Avatrade's software is very intuitive and customer-friendly. Avatrade uses one of the most popular and preferred online Forex trading platforms in the industry - The Metatrader4. This platform is highly recommended by EU and is available to be used on mobile devices as well.

It is also very user friendly especially for new traders. It offers plenty of information on the site, has generous leverage and a 24 hour customer service. A great feature of AvaTrade is that the deposit bonuses are very strong.

Customer Support One of the strong point is the fact that AvaTrade provides great customer service. Closing Thoughts AvaTrade is considered a fair and transparent broker. This platform is a superb place for big traders and offers a large list of tradable assets. The platform was established back in and through all of these years keeps improving its features.

The main office is located at the centre of the online Forex trading system Avatrade is in Dublin, Ireland. Introduction Markets. Advantages There are numerous reasons to choose Markets. Disadvantages With the convenience that Markets have to offer, there are very few disadvantages — if any. However, I must acknowledge that the lengthy withdrawal process is unfortunate. Trading Platforms Markets. The MetaTrader 4 provides 8 unique platforms that are avaialbel in web-base, download and mobile version.

Basically, there are 3 types of trading accounts: mini, standard and premium. Customer Support Markets. Email and chat are also available in over 15 languages. Closing Thoughts Market. This site is a suitable choice, if your main desire is fair trading with a highly regulated, known company.

Introduction eToro is a highly recommended social trading network, accommodating both beginner forex traders and investors. Traders needs only a small deposit to invest in global markets such as Facebook, Twitter, major currency pairs and metals. You will benefit from the wide selection of trading tools, promotions, and detailed information on the website.

Clients benefit from simple to use trading platforms. The social trading network enables every customer to find expert traders to learn from and copy the best. The company provides a myriad of tools to guide members throughout the first steps and encourages responsible trading. Lastly, eToro offers a generous promotional plan. Usability Every new eToro customer can enrol in one of the exclusive Trader Programs and benefit from the dedicated account teams, always available to give support.

Customer Support Customer support is provided through live chat, email or through the phone. Closing Thoughts eToro is a global market place for traders to trade currencies, commodities, indices and CFD stocks online in a simple, transparent and more enjoyable way. Introduction UFX offers a wide array of services to cater to individual traders.

The company provides complete expert support and training that can vastly improve your trading results. Advantages UFX is a fully licenced and regulated broker in the European Union compliant with multiple financial authorities worldwide. Clients receive competitive trading conditions, and persona trading consultants. Disadvantages With the benefits that UFX have to offer, there are very few disadvantages — if any.

There are no commissions, therefore Fixed Spreads which traders will find very helpful and easy. Trading Platforms The company has 3 platforms available: web based, mobile and download. This unique custom-built software, ParagonEx, is designed to make everyone's trading experience as smooth as possible. Features All of the most popular trading assets are available on this platform, including currencies, commodities, indices and stocks.

Clients have access to personal trading consultants, around the clock support and access to advanced trading tools. Additional tools give its market traders a wealth of information and help them to realise their profit potential. Customer Support The support team is ready to assist hours a day by email and phone.

They offer amazing bonuses such as a FDB bonus, phone verification bonus as well as an email verification bonus, which are very generous. Introduction Easy-forex provides a world-class trading experience in over countries worldwide. Traders receive access to personalized FX training programs, dealing room specialists and competitive prices.

Advantages Traders can invest in over products ranging from currencies, commodities and metals, to options, using their desktop, tablet or smartphone devices. Disadvantages There are not enough promotions and bonuses. Trading Platforms Easy-forex supports online trading from any computer, anywhere in the world. Features Easy-forex has fixed spreads, which allows traders to know the cost of placing an order ahead of time.

Usability This is the ideal company for serious traders searching for extensive technical analysis. The platform carries multiple order types, 85 Pre-installed indicators, multiple chart setups, and auto trading. Customer Support The customer service staff can be reached by email, and is available 24 hours a day during the Forex sessions.

Closing Thoughts Easy-Forex is a well-rounded dealer. The MT4 platform is the best-known and most widely used software in the FX world. The easy-forex demo account is a great way to learn about the Forex market under live market conditions. Features ETX offers educational opportunities for its clients, with regular seminars and webinars for all trading levels. The company offers customizable trading charts and tight spreads while accomplished traders have the chance to embrace a significant level of risk in pursuit of significant returns.

Closing Thoughts ETX works hard to provide a versatile trading experience for its clients. This provider offers a full range of mobile trading apps, with all 4 trading platforms available on iPhone, iPad and Android devices. Introduction FXCC is a regulated Foreign Exchange Broker that offers complete anonymity, full transparency, advanced execution, direct and competitive market prices and spreads.

Advantages FXCC offers a simple to use trading platform stocked with a myriad of tools to guide members throughout the first steps and encourages responsible trading. Other advantages include: 28 currency pairs, extremely quick execution of trades and free real-time FX news. Disadvantages One disadvantage is that the provider does not accept US clients.

Trading Platforms FXCC offers diversified, sophisticated and state-of-the-art trading platforms to its clients. The trading platforms Mobile, Web, Download were built with the latest technology to ensure that clients receive and enjoy the highest possible level of service. All clients have equal possibilities to enter bids and offers at, inside or outside the current spread.

Usability Every new customer can enrol in one of the exclusive Trader Programs and benefit from the dedicated account teams, always available to give support. Customer Support Customer support is available 24 hours, 5 days a week in a multitude of languages. All inquiries are handled in a timely manner via live chat, email, or phone service.

Closing Thoughts FXCC has a reputable appearance in market with very low spreads along with exceptionally fast execution for professionals and active traders, hedge funds, money managers and banks. Location: Republic of Mauritius. Introduction HotForex gives traders the necessary tools and resources to analyse price dynamics of financial instruments, and execute transactions using automated trading programs.

Disadvantages Other providers offer higher bonuses. Trading Platforms HotForex MT4 has taken the MetaTrader MT4 platform and introduced its liquidity to create a user-friendly front-end trading interface with interbank liquidity and fast execution.

Usability OctaFX platform provides a wide range of trading tools. The Metatrader 4 is a user-friendly and reliable trading platform. Metatrader 4 combines technology and design and presents a set of various educational features for traders. Closing Thoughts New traders can take advantage of the unlimited time to use the demo account, while seasoned traders can take advantage of tight dealing spreads and the generous bonuses offered when initially funding the account.

Location: St. Vincent and the Grenadines. Introduction OctaFX uses the most advanced technology and knowledge to make the forex trading experience incredibly satisfactory. Advantages Clients are able to invest in the global markets anywhere, anytime using the mobile application.

This online trading firm provides a vast choice of tradable instruments with up to leverage. Anyway, before you make that deposit, find out as much as you can about the company itself. In the case of Black Diamond and other Forex frauds, the investors would have quickly learned that there was something suspicious about it by looking at its structure.

As for Gerald Rogers, the guy had previously been convicted for fraud and was actually on parole when he created Premium Investment Corp. As you can see, these two major FX scams could have been avoided simply by doing a bit of research into the companies and the people behind them.

To put it simply, make Google your friend before making the leap. If there is one thing the internet has made very easy to access is information. For example, last year when there was a wave of ICOs being launched, much of the information I got as from online forums and social media, and that helped me weed out the bad apples. You can also use this resource to learn more about a Forex broker and avoid Forex brokers scams.

However, you need to be careful where you get your information because there are some review websites that are used by the fraudulent brokers themselves to spread the fake positive news. It may be a bit tricky to select the good review websites from the bad, but you should look at whether the comments seem faked or inconsistent. Fortunately for you, I have made a separate post to cover this exact problem in more detail.

In the first case of Black Diamond, the most obvious sign that it was all a Forex brokers scam was in the extent of promises made by the company. Always remember that, when the deal is too good, think twice. When it is extremely good, assume the worst and run. Then look for any signs where the broker tries to downplay the risks involved. Forex trading is a very risky venture, perhaps even riskier than most other forms of investment.

Therefore, if the broker tries to promise that there are minimal risks or none at all, just assume that they are lying. Moreover, they ought to warn traders that it is possible to lose more than you initially invested. As a result, do not believe anyone who claims that there is only minimal risks involved. Stay up to date with the financial markets everywhere you go.

Home - What are the best Forex brokers and how to choose the right one? The most notorious Forex broker scams you should know Contents 1 Most prolific Forex broker scams in history 2 How do you avoid these Forex scams? Osprey FX. Maximum leverage Year founded Trading platform MT4, WebTrader.

Open Account Read Review. Regulation Vanuatu. Bonus Rolling Swap, Contest. Trading platform MT5, WebTrader. Regulation MFSA. Trading platform Custom. Read Review. Regulation FCA. Trading platform MobileTrader. TIO Markets. Trading platform MT4. Moneta Markets. Regulation CIMA. Bonus Yes. Trading platform WebTrader.

Trading Trading platform Trading Trust Capital TC. Regulation CySEC. Trading platform MT4, MT5. Year founded. Com Trade. Zero Markets. Regulation ASIC. MT5, WebTrader. Regulation FSA. VT markets. Discount FX. Regulation FSCA. Trading platform MT5. FX Stock Broker. Platin FX. Regulation VFSC. Trading platform Proprietary Desktop. Vinci Capital Markets. Trading platform Sirix. CP Markets. Blueberry Markets.

Minimum deposit 50 EUR. Tradeview Markets. Bonus Max. Trading platform MT 4. Grand FX Pro. Arum Trade. Trading platform WebTrader 4. GrandFX Trade. Regulation IFSC. Minimum deposit 50 USDT.

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Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader. is here to help prevent forex and commodity fraud. The site lists agencies to contact if you experience fraudulent forex schemes. Browse our list of forex brokers reviews for an in-depth view of the best forex brokers in the market, to find which is best suited to your own trading.