'scam' Is The Word !

Discussion in 'General Trading Discussion' started by TraderAnalyst, Oct 8, 2019.

  1. TraderAnalyst

    TraderAnalyst Senior Investor

    Joined:
    Apr 2019
    Posts:
    88
    Likes Received:
    0
    Brokers are extremely important for trading. But it is also important to choose the most reliable broker for your business or you can lose big money .One of the quickest and easiest ways check a broker's credibility is to google his name and write 'scam' next to it and within seconds you can know the complaints and scams listed in his name.
     
  2. J_C_Anderson

    J_C_Anderson Senior Investor

    Joined:
    Aug 2018
    Posts:
    114
    Likes Received:
    2
    For sure, it is extremely important to pay attention to this issue. If you will choose the wrong broker, your account would be exposed to substantial non-market risk. Of course, it is almost impossible to avoid such kind of risk, but at the same time it is possible to minimize it working only with reliable brokers that have solid reputation among other traders. To find this, you can search for reviews and feedbacks placed by traders on various websites and forums. At the same time, it would be useful to make your own independent research to check the accuracy of all information found to make sure that broker is really reliable enough to work with it. By the way, it would be better to work only with regulated brokers licenced by financial regulating authorities of European countries or the US because these countries implemented regulations ensuring high level of customer protection that is necessary to secure your funds. So, each time making such choice, you should evaluate all risks associated with this decisions to avoid losses.
     
  3. fxstreet

    fxstreet Senior Investor

    Joined:
    Nov 2017
    Posts:
    59
    Likes Received:
    0
    Unfortunately, every broker have a scam claim. Traders are very quick to label a broker scam. I think the best way to know a scam broker is to deposit very small amount and make profit, then see if they allow you to withdraw it. Another word to use is "blacklist"
     

Share This Page