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
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
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.
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?