Scam forex brokers are not uncommon, but you must be aware of these tricks to avoid them. Scammers contact their victims through cold calls, email, and other means. They insist on immediate payment and talk about the high qualifications of their managers. However, the only way they can confirm profitability is through excel tables. Beware of these brokers! Here are some of the most common ways to spot scams. These tricks are used by unscrupulous Forex traders.
The first sign of a scam broker is if they use broker-tied signals. These require a subscription to a certain broker, which is only another marketing gimmick. Another red flag is if they claim to give good results without a subscription. These scams are definitely a red flag, so don’t fall for them. There is a long list of scam forex brokers. So, be aware of them and stay away from them.
Some scams may try to convince you with flashy ideas. A fake forex broker website will promise you hundreds of percent returns in a short time. But this is probably a fake. A real broker won’t show that much urgency, and you should be suspicious of any broker who shows this behavior. In addition to offering limited-time offers, scammers may also try to entice you to make a purchase despite your skepticism.
While many traders don’t realize it, this strategy can lead to massive losses. Luckily, there are plenty of ways to avoid a scam forex broker and get your money back. A list of unregulated forex brokers is available online. By examining this list, you can avoid unregulated brokers and avoid falling victim to their tactics. In fact, this tactic is not uncommon in the forex industry and will save you time and money. The first step is to avoid trading with a broker with a warning system.
Beware of scam forex brokers that claim to be highly rated by other traders. These are the most common and most dangerous. Even if they have a good reputation, they’re not legitimate. They usually operate with no license and a bad reputation. And if they don’t have a license, they’re not reliable. It’s important to check the website to make sure it’s genuine, since a broker that has no license is more likely to be a fraud.
A scam forex broker will try to lure you with promises of high returns. These brokers are likely to hide their identity behind complex financial models and technological terms. Their PAMM accounts and investments in cryptocurrencies are not reliable, and they’ll only take your money. Then, they’ll cut off all communications with you and keep the money for themselves. This type of trading is also called Binary Options or CFD trading. They’re both scams, but they are often based on the same principles.