Have you traded on a scam Forex trading platform and you want to warn other investors to stay away? We can help you with that. Your scam report will be investigated by our experts and published on our site and exposed to our audience. You just need to fill out the form below and submit the broker. After a short review, it will be showcased here within 1 week. Report a Scam Forex Trading company and you can help others to avoid a forex trading scam.
Is Forex Trading Real or Scam?
Forex trading is 100% real. If you’ve ever bought anything from another country, or done business in a different currency, you’ve done a Forex trade. However you can also do it through the Best .
However, being profitable is very hard. Only very experienced traders who don’t have their emotions in the game are able to profit, but nobody wins 100 percent of the time. But if you go in with realistic expectations of the risks and benefits, a workable strategy with risk management, and management of your emotions, then it can be very profitable over time. Over $5 trillion are traded daily in the Forex market.
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How to Detect Forex Trading Scams
- They use words like “Safe & Secure” but do not have a valid license.
- After you deposit $250, they pressure you to invest $5,000.
- A broker calls you offering a “Managed Account” with steady returns.
- They tell you that their company doesn’t need a license.
- They ask you to deposit more money (a profit tax), so that you can withdraw.
Simple to detect a Forex trading scam? If your broker treated you this way, send a report as below.
Report Forex Trading Scams
Most new investors do not do any research, and end up becoming a victim of an Online Investing Scam. There are literally hundreds of Investment scams that happen on a daily basis, and most people are totally clueless.
Friendly advise: We accept only real life experience with minimum 100 words and maximum with 300 words. You must include their official website for further verification from us.
Government Agencies to Report Forex Trading Scams
Each country has its own Financial Regulator that is responsible for regulating Stock Brokers, Forex Dealers, CFD & Bitcoin Trading, and Commodity Exchanges.
Some countries like those who are members of the European Union, accept brokers who are registered with one countries regulatory agency. For example, the arrangement EU countries have with CySEC, the regulator of binary option brokers in Cyprus.
Bad forex brokers may advertise that they are regulated by a specific countries regulatory agency, but it is the responsibility of the trader / investor to double check that;
- The broker is actually registered with the regulator.
- The brokers license is still valid.
Go here to see reviews of licensed and regulated Forex, CFD and Crypto Currency brokers.
Let’s sum up things in a few words: The first step to avoid an investment scam, is by properly researching your online broker.
- Does my broker have a valid license from my governments financial regulator?
- Is the broker always calling, and pushing me to deposit money?
- Does the brokers license protect investors from my country?
- Can I easily withdraw my money?
Note that Investing in unregulated brokers brings a high level of risk; there may be commingling, platform intervention, and every possible kind of investment scam. That is why we advise our readers to do business with reliable companies, such as the ones regulated by a reputable financial authority in Europe.