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Protect Yourself: Signs the Broker You Spoke to Is a Scammer

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The best forex brokers are a breed apart from normal brokers. They make a ton of money and look good doing it so it really isn’t surprising that there will be individuals who are interested in acting like legitimate brokers to get a bit of that good money.

The trouble is, those people are often fraudulent and just end up taking the money of budding traders and investors. Here are a few sings that will help you determine if the broker you spoke to is actually a scammer:

No Varying Reviews Online

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Online reviews are readily available in today’s world, of course. You merely need to load up your favorite search engine and type up the name of the broker to see if people have negative or positive opinions about them.

It is practically impossible to get 100% positive reviews. There will always be people that have something bad to say. So if the search results only swing in the positives, it is good to take that with a grain of salt.

Pressure to Trade

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No broker—especially a forex introducing broker—will ever put pressure on you to start trading. If you ever start to feel pressure coming on rather strongly from the broker you’re speaking to; particularly, if you just started talking to them.

Brokers do make money off of commissions but this does not mean that they will ever push a client until they are ready.

Unverified Results

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Brokers who have a good reputation have substance to back it up. If the broker that you are speaking to talk big game but cannot provide substantial proof or results, you need to be wary. You must look beyond any spreadsheets that are flashed in front of your eyes.

Learn how you can discern legitimate results from smokescreens.

The world that we have now requires that we be extra careful about who we trust; especially when money is involved. What signs do you look out for regarding fraudulent brokers?

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Going Digital: Helpful Tips before You Choose Your Forex Trading Platform

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If you’re comfortable working with a broker of any form, it is also highly possible for you to do the trading yourself. You don’t even have to leave your home to do it. You can have software keep track for you, a.k.a a Forex trading platform

If you’re planning on choosing software to trade Forex with here are a few helpful tips:

Make Comparisons

There are A LOT of different Forex trading platforms out there that can help any budding Forex traders get started. As there are countless of options out there, it is quite crucial that you make comparisons early on. You should take some time to consider how reliable the software features are.

How current are the charts being shown? How immediate is the response of the software? How secure is it? These are a few things that you should look into when you’re making software comparisons.

Get Reliable Recommendations

If you are not quite sure what is actually “good” Forex trading platform you can always check out recommendations online. People are always more than willing to share their ideas with others. The distinction is to make sure that the recommendations are reliable.

For example, big publications may discuss certain fx platforms but they might be paid advertising. Certain bloggers may be fabricating reviews. It is up to you to determine which sources you can trust. If you know other people who make forex investments and trades, you can ask for their opinion as well.

Always Be On the Lookout for More

Just because you’ve found yourself a piece of software that works for you does not mean that you should turn a blind eye to everything else that is out there. Our technology is always evolving—this involves software that we use for trading—so it would be in your best interest to keep an eye out for better software that can crop up.

Do you make use of trading software? What tips do you adhere too before you picked it out?