The Forex market is the biggest financial market in the world. It is advantageous for Forex traders if they get the chance to trade with honest and reliable Forex traders. But unfortunately, scammers have made Forex Trading one of the biggest platforms for scams causing Forex Trading Scams. Scam Forex brokers cheat innocent Forex traders in several ways. Sometimes the lost amount is small, and sometimes it is very big.
There are numerous ways through which a Forex trader can be scammed through Forex Trading Scams-
- The most common way through which a scam Forex broker scams innocent traders is unfair rules, bonus, and withdrawal policies. They keep the traders in the dark about their unfair rules and policies, and when the trader puts in a higher amount of money, he has to become a victim of unfair rules imposed on him and lose money.
- Scam Forex brokers frequently call traders and force them to invest higher and higher amounts of money. Many times they make fake promises and urge traders to go for high deposit amount types. They also discourage traders from gaining knowledge about Forex trading and ask them to use the broker’s expertise and account managers.
- The broker suddenly closes its website and runs away with investor’s money. Many times the scam broker makes unauthorized transactions from the trader’s account, which is a scam.
Lack of Regulation
Regulation is very important when you want to trade with a reliable broker. Most of the Forex scams are done by brokers who are not regulated. Several regulating authorities are recognized in their jurisdictions.
CySec- Cyprus Securities and Exchange Commission
ASIC- Australian Securities and Investments Commission
FCA- Financial Conduct Authority for UK
Similarly, there are recognized regulating authorities in their areas of jurisdictions that regulate Forex brokers in their area. A legitimate Forex broker is regulated by a well-known regulating authority in its jurisdiction. Forex traders should always trade with a regulated Forex broker to avoid Forex trading Scams.
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Have you been victimized by a Forex scam broker? Did you lose your hard-earned money to the fraudster? Do not worry as you can still get a refund of what you lost in Forex scams through Forex recovery. Please Contact us, Fill out the form with us and we will immediately get back to you with the best possible solution for getting back your funds. Trust us, we are much more experienced than you might think!
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