Traders awareness and scam in forex trading

[Tempted]

A you new to forex? What is your awareness level on scam in forex? I would like to read from you on your trading experiences.

 

[MattK]

What situations do you consider to be scams in forex trading?

 

[FranziskaSchulz]

I have not been scammed yet and the main reason is not to trust fake people and to check reliable review websites and also check brokers by my self.

 

[MattK]

I have not been scammed yet and the main reason is not to trust fake people and to check reliable review websites and also check brokers by my self.

How do you check brokers? What sites do you use?

 

[ThaddeusFinch]

A you new to forex? What is your awareness level on scam in forex? I would like to read from you on your trading experiences.

It's crucial for new traders to educate themselves on common fraudulent practices, like unrealistic returns promises, signal seller scams, and brokers that aren't reputable.

 

[MattK]

It's crucial for new traders to educate themselves on common fraudulent practices, like unrealistic returns promises, signal seller scams, and brokers that aren't reputable.

Same question: How do you check brokers? What sites do you use?

 

[Vasey]

Traders must cultivate awareness in forex trading to avoid scams. Understanding market dynamics, regulatory frameworks, and risk management is crucial. Scams often lure with promises of unrealistic returns or unregulated platforms. Vigilance, due diligence, and reliance on reputable brokers are essential to safeguard investments and navigate the complex forex landscape.

 

[tomorton]

Forex gets a bad name for scams, especially those run by brokers based in small countries with weak regulation, possibly helped in those places by corrupt politics and judiciary.

Maybe forex is not worse than any other business run in for example Vanuatu. Let's suppose you want to import some product from Vanuatu to your country, let's say 500 T-shirts. Some firm in Vanuatu which you know nothing about says they can provide the T-shirts, just send them $5000 and the T-shirts will be on their way. Would you be surprised if they didn't arrive? Perhaps the problem isn't really a forex problem.

 

[NeverStopLearning]

I can only confirm that I've been there for 3 years and haven't been scammed once. Prop firms are clearly visible, look at the website, legal notice and, above all, where they are registered and under what supervision. All of these review websites are mostly bought, so I would always be careful, look at the CEO to see if he is presented publicly, and especially you can see it in the prices for the accounts. Instant accounts for 1-2k are not realistic for large accounts, for example.

 

[MattK]

I can only confirm that I've been there for 3 years and haven't been scammed once. Prop firms are clearly visible, look at the website, legal notice and, above all, where they are registered and under what supervision. All of these review websites are mostly bought, so I would always be careful, look at the CEO to see if he is presented publicly, and especially you can see it in the prices for the accounts. Instant accounts for 1-2k are not realistic for large accounts, for example.

You provide a solid approach

 

[ThaddeusFinch]

Same question: How do you check brokers? What sites do you use?

I look for user reviews and feedback