How to avoid forex scams?

Trading Discussion
1

You may notice an increase in marketing before Christmas which means scammers are out there. I can only recommend that you look into how to avoid forex scams so you are armed to avoid them!

2

This what I do.

  1. Everyone is a cheat and scammer, until they prove to me different
  2. There is no short cut, holy grail, magic formula, magic instructer or easier way. Don’t waste your time looking for one, if there was everyone would already know about it
  3. Looks to good to be true, probably is, let them prove to you it isn’t.
  4. Have anyone you’re thinking of doing business with complete the fact sheet. Longer it takes the better it’s not.
  5. Ask questions, don’t depend on anyone to do your work. Ask questions and offer an answer you know is not true, then ask one you know isn’t true and ask. Spend the time to see how long they get back to you and how complete the answer is. I did this with Jason from FXCM just like the forum, quick and complete answer. I did the same thing with Oanda still waiting.

Great question my friend.
Gp

3

Great post but I cant open the fact sheet

4

This what I’m looking for. Depending on what you’re doing and how you want to achieve it, you just change the questions to apply to you and your situation

ECN Size $500
Acct Currency USD
Maximum Leverage 500 - 1
Min. Lot Size .1 ECN
Deposit Bank Wire
With Draw Bank Wire
Commissions Yes ECN
Scalping Yes
Hedging Yes
Trading Platform ECN MT4
Demo Platform ECN MT4
Total Currency Pairs 38
Gold & Silver Yes
Indices
Options
Swap Free No
Segregated Funds. Yes

5

Newbies can’t avoid forex scams if they didn’t get the right knowledge about the forex market. Brokers are the number one scammers.

6

Nice post, especially base decisions on yourself. Even when you get help, don’t become indecisive and start being confused. But we can definitely not do without reviews and recommendations, so get these and make decisions from what you have gathered.

7

[B]I did this with Jason from FXCM just like the forum, quick and complete answer. I did the same thing with Oanda still waiting.
[/B]

[B]So you conclusion gp00053 is that Oanda is a scam and FXCM not because they answer you question !!![/B]

8

I don’t think that’s what I said or came to any conclusions in my entire post, it’s one of the things in the entire post that I look for trying to avoid scames

9

So ,how can i understand you correctly Gp0053…

You make a list 1 to 5, how to spot scam then you mention FXCM how Jason answer you question quick and complete … Then you mention Oanda did not answer you question …end of you post …!!!

[B]What is the point to send question you easy find under information …from every broker …!!

[/B]
[B]what is the point to set Oanda and Fxcm under that setting in you post scam …[/B]

10

I think one of the things that is missing from your list, is does the company offers deposit bonuses. This is one of the biggest red flags.
if you ignore all brokers with bonuses, you will be able to skip almost all scams…

11

Thanks never thought of that, like that. I do avoid brokers with big bonuses only because I know nothing is free, at some point some how you’re paying for it.

12

You need to read through my previous posts on this thread. My point is ask questions, research the brokers before you sign up. By it’s self the fact that one broker rep is active on this site and one broker isn’t, is one piece of information to add to the rest of the information you’re getting so you can make a good decision. I don’t use either broker nor am I promoting one over the other. Like I said part of a whole picture. By the way I like the thread you started. Hope you’ll keep it up