Is There a Quick Way to Screen Brokers? Got Scammed After Switching

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I’ve mostly been using some big-name brokers up until recently—nothing to complain about. Execution’s fine, withdrawals smooth, fees reasonable. I usually just stick to majors, but lately I’ve been curious about trading more cryptopairs and a few commodities. The broker I was using didn’t offer much in that area, and I also noticed a few promos elsewhere that looked tempting. So yeah, I started thinking maybe it’s time to try something new.

That’s when a long-time IB I’d been following on Twitter and Telegram reached out with this new platform called Wealth Engine . He added me into a Telegram group and told me they were doing this promo:

“Register now and get $50 USDT airdrop to trade.”

Sounded harmless. I figured I’d test the waters with the free credit.
At first, everything looked smooth—UI was decent, support seemed responsive. Then on March 19, boom—they froze my account. No warning, just “security reasons.”
When I asked what was going on, they told me:

“The platform was hacked. If you want to unfreeze your funds, you need to deposit $100 or more before March 25.”

I was already skeptical, but I asked support again. This time they told me I needed to deposit 10% of my total balance to verify my account. Like, what kind of joke is that? Since when is throwing more money at a problem considered “verification”?

At that point it was obvious: the whole thing was a trap.
They lure you in with the $50, get you to make some small gains, and just when you think you’re about to cash out, they lock you in and push you to top up.

So yeah… lesson learned the hard way.

Now I’m looking to switch back to a safer broker, but I really want to make a smarter choice this time.
Here’s what matters to me:

  • Platform safety & regulation
  • Good range of tradable instruments (especially crypto, metals, indexes)
  • Transparent fees/spreads
  • And ideally, some good promos if they’re real

Anyone got a go-to method or site to compare brokers side by side?

Appreciate any help :pray:

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I have always rated strong regulation as my top requirement. I have never even considered trading with a broker from outside the UK, US, EU, Switzerland or Australia. Hell, I wouldn’t even buy a pair of sandals mail order from The British Virgin Islands or Vanuatu.

Also, if I see a broker who does not offer crypto or any sign-up promotions, I count that as a good point, not a bad one.

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Commiserations! :unamused:

And thanks for posting it, anyway: the more people see about these things, the fewer people fall into these traps in future. So there’s that. :neutral_face:

Actually yes! Quick but pretty reliable at avoiding problems: before sending a penny, you need to check that your account (“your account” not just “the broker”) is. regulated by an official regulator in North America, the UK, Switzerland, a European Union country or Australia.

Simple.

There are hundreds of decent, properly regulated ones to choose from.

This post from only 2 days ago tells people what they need to know (click on the words shown in green) - :+1:

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