Forex market is the biggest financial market in the world. It is advantageous for the Forex traders if they get the chance to trade with honest and reliable Forex traders. But unfortunately, scammers had made Forex trading is one of the biggest platforms for scams causing Forex Trading Scams. Scam Forex brokers cheat innocent Forex traders in a number of 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 dark about their unfair rules and policies and when the trader puts a higher amount of money, he has to become a victim of unfair rules imposed on him and losses 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 to gain 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 the money of investors. 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 which are not regulated. There are several regulating authorities that 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 which 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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