How To Avoid Falling Prey To Forex SCAMMERS

By Forexter

How To Escape From The Evil Hands of FOREX Scammers?

In these recent years, FOREX has become a “Hot” topic among Investors & Speculators even in this strict country of Malaysia, where FOREX is a taboo among people as scams and swindlers finding their ways to attract the victims into their “Quick Rich Scheme through FOREX”. So in this topic, I would like to share or advice readers on How to ensure that you are choosing the right FOREX Broker?

Basically, there are indeed NO full proof ways to ensure you being secured from these thugs… but like they always say…. “Prevention is better than cure”, so let’s see if your current broker or the brokers that approached you are legitimate or safe:

1)    Browse through their official websites, nowadays traders could actually trade via their websites or they could supply you a link to download their trading platform – such as Meta Trader 4. Through their website, check out where the where the firm operates and it has been regulated by which regulations, write down their license number, you can check their authenticity through e-mail or phone. For me, I personally would recommend brokerage firms from UK (governed by FSA), US (governed by NFA), Australia (governed by ASIC) or Singapore (governed by MAS).

2)    Do you have friends or relatives that are involved in FOREX Trading? Get their opinions, see what they’ve encountered before and let them share their experiences with you. You could also search through Google and browse through some forums on reviews about the brokerage firm. Make comparisons; see who has the highest rating and why they deserve such rating. You would be surprise that through these forums, not only you can determine whether the firm is legitimate, but you can also compare their quality of service, charges and efficiency as well.

3)    Most legitimate brokers, or should I say established ones? They would provide demo versions of the trading platform to provide traders a chance to utilize their service before traders invest money into it. Be remember, to provide these services ain’t easy, most scammers wouldn’t even care about this, but there may be exceptional cases, you must take other factors into consideration before choosing your broker.

4)    Customer Service or technical support team is always a department which requires lots of resources and manpower to sustain it. Most of the legal brokerage firm has the ability to provide such services as FOREX trading works 24 hours a day, except for Saturdays & Sundays or public holidays. Give them a call, chat with them, especially at odd hours, scammers would not have the ability to provide these services.

I hope through all the advice from this topic could assist readers from falling into scammer’s trap. These scams has tarnished the image of FOREX trading as I sincerely do believe that FOREX is indeed one of the fastest and most lucrative industries around.

Thank you and happy trading.

Disclaimer: The information and analysis mentioned above are solely based on Invest ACE’s personal technical analysis with the aid of professional training, decades of experience and meticulous foresight; Invest ACE shall NOT be held liable for any losses (financially or otherwise) incurred by any parties relying on aforementioned analysis without prior professional consultation. Should you wish to find out more on how to invest wisely, do not hesitate to contact Invest ACE via investace126@gmail.com.