How to Avoid Forex Fraud – Choose the Right Broker

Even if trading and scams go hand in hand, as luck would have it, it is possible to trade without any risk on a serious trading site.

For this, it is necessary to check two crucial points:

  • Check the license number on the website of the regulation in question; to ensure that your broker isn’t on the blacklist of illegal financial activity sites.
  • Check on the official website that your broker is authorized to offer financial services, and that it isn’t a financial bar.

How to Avoid Forex Fraud - Choose the Right Broker

When performing these checks, pay particular attention to the spelling of the broker’s name – illegal sites often use a name similar to that of a regulated professional broker and seriously changing only a few letters – it’s a matter of identity theft.

Other than the names of brokers, some scammers also use the names of popular companies and also their website addresses. They adopt the similar names and similar websites to take benefit of our seriousness and good reputation.

Also do double check if the website of financial company is blacklisted by the official security and exchange commission, for example.

Finally, to avoid falling into the latest type of computer trading scam detected, the recommendations are:

  • Do not share the passwords to your bank and investment accounts with third parties
  • Do not allow remote access to your computing devices
  • Do not start a session to operate with your accounts if there’s a third party connected
  • Do not use VPN services to hide your IP and enter web pages blocked to IP from your location.

In case of any forex trading scam, it is easier to complain about any scan but it is not possible to get money back in all cases.

Conclusion – Trading, scam or not?

So if there is trading, are there forex trading scams? Not intrinsically.

There are several regulated and reliable brokers, the reliability of which can be verified on the official website.

Trading certainly involves risks, but it is a serious and legal activity whose image is unfortunately tarnished by the online trading scam.

To ensure that you do not become a victim of forex trading scam, always hire the services of a regulated and professional broker that has positive reviews online and that is 100% clear in its compliance policies.

The lure of quick and easy money will be ubiquitous always, so the most significant thing you can do is realize what it really takes to be successful in Forex trading.