Forex Broker Scams - List of Things You Should Watch Out For

How tempting it is, to see an ad that says, "100% guaranteed winnings". Today Forex trading is a huge market, amply lucrative and accommodative. Traders enter in thousands with a burning desire to make good money and leave. The problem with FX markets today, is that they have become an opening for brokers to profit as well. From spreads to the brokerage payment, they have a healthy number of opportunities to profit. While some work honestly and aim at helping traders grow, others look to cheat players and rob them of all investments! The bigger problem, however, isn't a scammer, it is identifying one.
 

Identifying a good broker is like picking a needle from a haystack. Despite of regulatory bodies existing, several agents get away by fooling novice traders. 

Finding Forex Brokers Scam!

Here are 4 ways you can spot a fake broker:
 

1) False Claims: Exaggerating for attention is one thing while lying is completely different. Several agents in an aim to get more customers advertise false claims. "100% profits", "No loss guaranteed", so on. These are impossible in Forex trading. No matter how good the trader, or the broker - avoiding losses and bathing in eternal profits is a delusion!
 

2) Haphazard Details: A lot can be said by the way a broker makes a deal with traders. A good agency will explain their functioning in-depth. A scammer and a genuine broker both have the same priority - convincing you, the trader. However, the former will make up lies, and try to hurriedly get you to sign up, whereas the latter will ensure you are convinced wholly before entering.
 

3) Customer Reviews: No Forex trader can be fooled twice that easily. Once a player has signed up with a bad brokerage and paid the price, reviews will go on every platform! With social media booming today, judging the efficiency of a company has become very easy. Check for customer reviews for a broker before partnering up.
 

4) Regulation: Though not fully efficient anymore, partnering up with a regulated agency ensures the safety of your capital and information. Bodies like NFA and CFTC govern the trading actions in the markets and exist to protect traders. Check for regulation before committing to a brokerage firm!
 

Without a good broker, winning Forex trades is a dream! They play as important as part as you do, and will be amply necessary down the line. Be it stocks, currencies, or contracts, brokerage matters most. Sign up with the industrial best - WesternFX today, and witness the spurt your trading career sees! Call us today and hire the best Forex broker in South Africa.