Forexscamalerts.com

Broker Discussion
1

I couldn’t really find an appropriate category for this, but since one of the things they talk about is brokers, I thought I’d try here.

Anyway, does anyone have any information about Forexscamalerts.com? What’s their agenda? They have a page about how to make money in the Forex Market, and step one basically says, don’t even try, you’ll fail miserably. Now granted, anyone who tells me that it’s easy to make money in Forex probably has some beautiful oceanfront property in Utah they be happy to sell to me at a good price. And granted, no matter how much I know about candlesticks and Fibonacci and what not, I still don’t really know what’s going to happen in the market 2 seconds from now, but seriously, what’s up with these guys?

2

Their homepage is a bit ominous, right? I think they’re agenda has merit, but they say what there mission is right there:

The purpose of this site is to:

  • Expose the types of forex scams that can cost you money
  • Advise you of regulatory action that has been taken against forex brokers who break the rules
  • Provide forex broker reviews based on how well the brokers have complied with forex regulation
  • About ads and revenue: We may display ads or show affiliate links on this site. We try to limit the use of these to make your visit to our site more enjoyable. In some cases we may collect affiliate income based on what you click on our site. We do not necessarily control or endorse any ads that are displayed on this site. We advise visitors to this site to exercise caution when considering the content of ads displayed on this site. Ads can be misleading.

So a little how-to-not-get-scammed education, some broker reviews, maybe some ads and affiliate compensation. Could be an ex or current trader wanting to give back, or even a broker behind the site.

Doesn’t seem all that dubious.

3

Point taken, but I guess what has me wondering is that there’s no contact info to find out who these guys are. Unless I’m missing it. Seems kinda shady. The reviews and stuff seem like they might be helpful, but if they won’t even say who they are… I dunno

4

They are paid affiliates for the two brokers they list at the top of their broker reviews. You can confirm this by hovering your mouse over the links they provide to the websites for these two brokers. Are these reviews biased to encourage traders to choose brokers that pay the website affiliate fees, and make their competitors look bad by comparison?

We can confirm that even the objective information they list about FOREX.com is wrong. We are regulated by the NFA, but are not listed on their review page as an NFA-regulated broker. In fact, we are the largest NFA-regulated forex broker by client assets based on the latest CFTC data.

@musicguy1967, you mentioned in another discussion thread that you live in the US. Therefore, you should focus your search on NFA and CFTC regulated forex brokers. The CFTC and NFA set the requirements a broker must meet in order to offer forex trading to US residents. Though not an exhaustive list, this membership application will give you an idea of some of those requirements: Compliance Requirements for Retail Foreign Exchange Dealer (RFED) Applicants | NFA

5

Good point on contact info. It’s something I also do regularly when checking new sites out. How long have they been around on the web (you can use the WayBackMachine for that)? Where are they located physically and do they have an address listed on the site? And how can you get in contact with them. It’s crazy how many legit looking websites I come across that provide zero contact info, and all they have is a contact form and nothing else. Sometimes, if I need more certainty, I’ll also check out their Terms of Service docs. If they’re in the US, they often tell you what state governs the legal aspects of their business.

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