Today, among a huge number of brokers, there are those who are cheating on their clients. In order to avoid such situations and not to get caught in the hands of fraudsters, there is a resource – Broker-ABC. The activity of this site is aimed at continuous monitoring and updating of information about brokers who provide online trading services in the foreign exchange market. Thus, you can always see the latest information about the company that interests you. And if this company is a fraud, you will be warned.
Unfair brokers use many types of fraud, inventing new and new methods. They lead unfair cooperation, robbing customers and depriving them of the money invested and, as a result, of the time spent. In the end, the client loses money, but can’t do anything. And such situations will happen very often. In that case use provided resource Broker-ABC to leave the review about fraud broker. In this article, we will look at the common types of cheating in the Forex market.
1. Withdrawal
Withdrawals are the most important part of the trading relationship between a trader and a broker. Faithful, honest broker will process the withdrawal request within 7-10 business days. But, if the process of withdraw your money is delayed for several weeks or months, simultaneously accompanied by various excuses, delays, then most likely you have been deceived and you will not see your money.
2. Problems with Software
The late response of applications, the hang of the platform and all sorts of errors. Under the guise of “random” hangs of a trading terminal, requotes or a long load, may well be hidden the broker’s attempts to close the position of the trader at a loss. Pay attention to how the trading terminal of the broker works and how often the situations described above happen to it.
3. False signals, trading indicators and deliberately losing strategies and incorrect quotes
In addition to trading programs, traders are offered indicators, signals or strategies that will bring you profit in a short time, but in the end, it turns out that this profit was artificially attracted. In the future, these things will work against you and you can lose everything. Also, the broker can provide its client with quotes that do not correspond to market quotes. Due to this difference, the broker can get a good profit. It is always better to rely on yourself or on verified signals from third-party sources, but not a broker. If you find the difference between market quotes that provided by your broker and some authority resource keep in mind that it could be a flag of scam.
4. Extra-paid features
We are talking about automated trading systems, which are very often paid. Please note: if a broker representative is actively trying to sell you some extra software, for example automated trading systems before you make a first deposit, then most likely it’s a trap. You can buy these paid programs after you have already been trading for some time and when you will understand whether you need them or not.
5. They ask you to invest MORE
Customer support can also be a method of cheating customers. Particular attention should be paid to the attempts of the representative of the company to attract more of your funds through the promise of quick earnings, based on “false” examples of the huge profits of different traders. If the representative is very persistent, impulsive and promises you a huge income, then this can very often be a fraud.
Conclusion
Before you start trading with a broker, you must collect as much information as possible about this broker. Find reviews of their clients, information about its regulation and address of registration. The more you know about the broker, the less likely you are to be deceived.