If you are into Forex buy and sell currencies, then you are probably looking for a good trading intermediary to pass your trading orders. When embarking on the Forex market, you need to be extremely vigilant these days. One of the main reasons for that is many scammers who are willing to steal your money and your data. Let’s take a look at how to spot them and avoid them.
Only go for a regulated broker.
Once you decide to start trading currencies, you will need a trading intermediary called a Forex broker. This entity is a company that needs to comply with all necessary rules and laws to perform its business.
Unfortunately, there are brokers that are freely advertised and that operate in a grey zone of business. These will not segregate accounts for your traders and their own business operations.
Also, they are not transparent in terms of their contact details and other info related to their business operations. At first, they might seem like regular companies. But once you scratch on the surface, you notice some unexpected flaws.
Usually, the first sign of their unprofessional conduct is bad customer service. If you notice it’s not up to your expectations, you should avoid it. Good customer service should provide you with all necessary information in a timely manner. Check this support out by sending them emails or using chatbots. You may start with questions like what are the minimum deposits for entering the trades, what kind of accounts they offer etc.
Usually, the brokerage you choose to open your account with should provide the best signals on the market. Also, there are individuals who approach you with the suspicious offers of the best and 100 percent sure trading signals on the market. Beware that most of them nearly have experience as a trader. There are real Forex trading signal sellers, but these have proof of trading success and are not going to send you phishing emails or similar. You can usually find them in some forums and Telegram groups but make sure to check them out by scrutinizing them in Google research and asking other traders what they think about that signal trader.
You have probably heard of these if not have been a victim already of some kind of phishing email. This is a method many scammers use these days to find their victims and steal their data. They want you to subscribe to some of their services in order to collect the data related to your identity, credit card number and info about your family members. They use them in order to steal your money but also to steal your identity in order to use it for other purposes.
Although everything seems so good on the website, like the interface, the whole design, and even if there is a phone number in some corner of the site, always stay vigilant and check the company out in the register of the Regulatory body in your country.