do you know what brokers are scam?
stick with the major big ones ie. fxcm, oanda, fxsol, alpari, among others ibfx etc etc… despite what you read about those ones and then you should have noone to blame but yourself. Pretty much all little unknown, sounds too good to be true brokers are scammers or are in the process of becoming scam imo.
Well… Stay away from SIGMAFOREX!
check forex peace army they have investigated many scam brokers.
I echo what Trav said. Just stick to the bigger ones and you should be fine. I’ve said previously, finding a good system and being consistent are much harder than finding a broker you can work with!
In my opinion, the more difficult is not to find a good system but be patient enough to study and practice.
Most people enter the forex market in the “predators territory” then they run naked through the jungle and obviously they get “killed”.
The Cypriot financial watchdog CySEC updated its list of shady brokers with six new online companies offering unauthorized trading services. Many of these on the list are in fact untraceable, as they give away letterbox addresses.
Among these blacklisted companies, are the following highlights:
- Fin-Target Ltd, a fake company claiming to be associated with licensed broker Royal Forex Ltd. Reports claims that the alleged crypto/FX company operates in Spain without a license.
- Coinboost247, a.k.a Crytofxetra247, a false brokerage supposedly involved with CFD trading, as well as cryptos, forex pairs, and commodities. The fraudsters claims to be regulated by the CFTC, CySEC, and the IFSC of Belize
The watchdog wishes for all to know that these companies are not licensed and thus cannot legally operate FX businesses in Cyprus. Nor are they in any way affiliated with legitimate forex businesses.
right now so many brokers are available in this market place and most of them are found as scam , actually scam broker is a broker which does not ensure security of funds first of all, they always try to cheat with their clients.
when any broker delay about withdrawal issue and have hidden fees , you can consider them as like scam broker.
if you want o find out real scam broker i think you have to move on FPA where all traders express their views about brokerage.
I think before actually investing in a broker it’s a good idea to, first of all, check whether regulation is sound, and check what other people’s reviews say about them. If you see reports of such practices, don’t touch that broker with a ten-foot pole.
The Italian regulator CONSOB recently expanded its list of blacklisted forex companies with five more - Tryst Consulting LLC, High Rock Holdings LLC,Evolve Invest Limited,Miva Solutions LLC,WAM-Capital UK and Ltd/WAM-Capital e Gabioni Ltd.
Many of these entities, and previous ones, offer FX platforms without a license while operating as an offshore body. The total number of CONSOB of flagged domains it currently at 628 with the new additions.
So many, so instead of focusing on scam brokers use that energy to look for legit ones. But I will give you some features of scam brokers just in case;
You find it difficult or not able to withdraw your profits or funds at all, it’s always one excuse or requirement to another.
Their sites are easily suspended because of frequent bad reports from investors.
Most times they have no office space anywhere.
But like I said focus more on looking for a legit one, so many great list have been outlined here. I will suggest you do research on all of them and decide. It was same in my case, I had so many options available but I opt for forexchief because not only do they have wide range of contracts, I was also able to verify their license.