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How Can You Spot a Forex Scam Broker?

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Check for Regulatory Compliance: The first step in identifying a forex scam broker is to see if the broker is regulated by a reputable regulatory authority. A legitimate forex broker should be registered with regulatory bodies such as the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), or the Securities and Exchange Commission (SEC) in the United States.
Unsolicited Offers: Unsolicited offers from forex brokers are almost always a scam. As a marketing strategy, legitimate forex brokers do not use cold calling or email spamming.

High Returns: A forex broker who promises high returns with little risk is almost certainly a scam. There is no legitimate forex broker who can promise high returns or risk-free trading.

Hidden Fees: A forex broker who charges hidden fees such as deposit or withdrawal fees, inactivity fees, or commission fees is almost certainly a scam. A legitimate forex broker should disclose their fees.

Poor Customer Service: If a forex broker provides poor customer service, this is a red flag. A legitimate forex broker should have a responsive customer support team that can answer your questions and resolve any issues you may be experiencing.

If you believe you have been duped by a forex broker, you can file a complaint with the regulatory authority with which the broker is registered. If necessary, the regulatory authority will investigate your complaint and take appropriate action against the broker.

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On 4/25/2023 at 4:04 PM, Frankford90 said:

well firstly you check the regulatory body. then also check how long they have been in existence. then do proper research before you invest in a broker.


Yes that's why to save time on useless checks I prefer to narrow my research to only FCA regulated brokers. Currently I trade with Hotforex which fits this criteria

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On 7/26/2023 at 2:25 PM, pradegxs said:

Lack of information about company registration, regulation, lots of generous bonuses and other aggressive marketing, lax KYC procedures, unprofessional support etc. You can also check review websites but many of them are rigged though.

I guess FPA can be a good source for checking reviews for any specific broker.

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