Sunday October 16, 2016 - 23:38:29 GMT
Share This Story
Global-View.com - www.global-view.com
How to avoid scams in FX trading?
The Forex trading market offers lucrative opportunities to the prospective traders 24/7. To access the currency trading market, the trader has to deal with the FX broker. Although the majority of the brokers are reputable firms, no one is 100% secure from the frauds. Therefore, we would like to explain how to spot the scams in the Forex market.
Firstly, the scam broker will usually be unregulated. If you see that the broker has not presented any legal information in the disclosure or there is nothing in the “About Us” section, then it will be the warning sign for you. Likewise, FX scams promise what they cannot really deliver. One of them is the promise of extremely high returns within the short period, although this purely depends on the broker’s credibility and the trader’s proficiency.
Forex scams are not transparent about the spreads or fees. Thus, the broker must present the open information about the spread type and define its size for the particular trading instrument. Similarly, the FX broker should pinpoint the commissions for the order execution or for depositing/withdrawing funds. If such important data is not provided or given partially, then consider avoiding this brokerage.
Next tip is to check the online reputation of the broker. Check whether the traders feel negative about the particular broker and if yes - why? Thus, we advise you to read good reviews like those at www.forexbrokersreviews.com. Well-written and trusted reviews will help you see the bigger picture by outlining all the pros and cons of trading with the certain FX broker. Customer testimonials can also be a great source of information, but be cautious here. Not all of them are true. Some are posted by the broker’s promoters, some can be negative because the trader has lost the money when trading with the broker.
Another pitfall that the FX scams have in common is the absence of the proper education tools or similar features. When the novices start trading Forex with the broker, they definitely need guidance at the early stages. FX brokers must supply video courses, insightful articles, asset index, the platform guides. The well-developed educational center is always offered by the reputable brokerages. If you do not see it at the broker, or the educational features are poor - then do not sign up.
The additional thing is to consider the customer support quality. If the Forex broker does not supply diverse communication methods or the response time is very long, then the broker is possibly not the best option for trading currencies online. Customer support is important, as you might come across different problems in the long run. The staff must be able to assist in the majority of issues. We recommend you to read broker reviews to check the client support proficiency.
Lastly, scam brokers do not offer any promotions to the traders. The bonus is offered to build solid relationships with the customers by providing extra capital for trading.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."