How do you identify a scam broker?

Discussion in 'Forex' started by SmithFX, Nov 26, 2023.

  1. dafoq xD
     
    #31     Aug 20, 2024
    Drawdown Addict likes this.
  2. kroxobor

    kroxobor

    Identifying a scam broker involves looking for red flags such as unregulated status, generous bonuses, poor or no customer reviews, and lack of transparency in fees or terms. Scam brokers often promise unrealistic returns and may have unclear or unfair withdrawal policies. Always check for proper regulation by reputable financial authorities and read reviews from other traders
     
    #32     Aug 20, 2024
  3. shine

    shine

    Also, fraudulent organizations often have so-called consultant managers who constantly advise their clients on how to trade and what to do when there is a large drawdown. I remember a case when one trader had a large minus on his trading account due to such "consultations". The company manager advised him to deposit more money to wait out the drawdown. The trader deposited, but the account was still lost. Such scammers made a good profit on this.
     
    #33     Aug 20, 2024
  4. I totally disagree on this! good trading features are different from red flags for a broker!
     
    #34     Aug 23, 2024