How to recognize a Forex Scammer ?
Sep 27, 2020 at 04:21
zanzuk posted:
I think most of myfxbooks user are scammers.
one side are loser with no money(so little money) but want to be rich quick.
the other side are scammer,who offer get rich quick scheme.
i advise never ever look for investor here or look for traders here.
Completely disagreed.
Scammers are everywhere but theres also good people who really want to help and make money.
I know few traders who just launch their system, after months working on it. They dont ask money from nobody, they dont charge any fees, they simply have a MAM account where people register on the broker and have total control of their money. The risk is super low because the guys dont risk as soon their money is also there.
So scammers are everywhere but not generalize.
Theres still few good people in this world. But for sure, even with this pandemic, the scammers are hunting.
Sep 27, 2020 at 05:46
If anyone promising you unrealistic profit percentage, he is a scammer. If anyone is really able to make 200%/300% in short time he will not need funds from Internet. Even If anyone is able to make 10% per month consistently, he would be millionaire in few years with few thousand bucks.
Sep 28, 2020 at 10:27
Professional4X posted:Thank you for such a detailed report. It helped me alot. Lately I as trading with a unregulated broker just to test the high leverages, everything was going smooth but gradually my trades started being manipulated, it was then when I realise that the broker I am trading with is using plugins. After that i never tried any unregulated broker.
They often show unrealistic gains with very little Draw Down.
For example:
Here's the link to the discussion on the above example.
https://www.myfxbook.com/community/trading-systems/arbitragefastscalper/1479797,1
Another example would be as follows:
And also...
And here is the link to the discussion on the above example.
https://www.myfxbook.com/community/trading-systems/goodmoney/1579642,4
Quite often a scammer will try to pass off a DEMO account as a LIVE account, but they will not be able to validate the account.
When pressed for the reason as to why they are unable to verify the account, they will typically use an excuse such as 'Oh I contacted myfxbook because there is a problem with their website....'
The more your practice, the more you learn.
Membro Desde Jul 19, 2020
318 posts
Sep 28, 2020 at 18:44
You have to research the market properly to recognize the scammer.
Membro Desde Sep 12, 2017
238 posts
Sep 29, 2020 at 03:05
is it true that a unregulated broker can be a scammer?
Membro Desde Jul 20, 2019
373 posts
Sep 29, 2020 at 09:18
perryjohn765 posted:Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
is it true that a unregulated broker can be a scammer?
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.
patience is the key
Sep 29, 2020 at 11:55
There is a high possibility that maximum of the unregulated brokers are often scammers. You need to choose a broker wisely. The best is before investing huge capital review the broker critically on various forums and get in touch with traders who invested in that broker. Check if they have trader friendly withdrawal and deposit policies etc. These factors certainly clarify if your broker is a scammer.
The more your practice, the more you learn.
Membro Desde Sep 12, 2017
238 posts
Sep 30, 2020 at 03:09
marco_mmbiz posted:That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.perryjohn765 posted:Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
is it true that a unregulated broker can be a scammer?
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.
Membro Desde Jul 20, 2019
373 posts
Sep 30, 2020 at 09:04
perryjohn765 posted:marco_mmbiz posted:That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.perryjohn765 posted:Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
is it true that a unregulated broker can be a scammer?
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.
You just go with higher lot-sizes then. For example, instead of '1lot for every 100k account size' (at 1:500 max account leverage), you go with '1lot for every 10k account size' (at 1:50 max account leverage). 😉
But there are also regulated offshore-brokers out there, where you can still use higher leverages (e.g. 1:200, 1:500). You just need to check out if they are reliable on long terms/conditions. I also use 3 offshore-regulated and only 1 EU-/ESMA-regulated one.
patience is the key
Membro Desde Aug 17, 2020
123 posts
Sep 30, 2020 at 09:19
perryjohn765 posted:marco_mmbiz posted:That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.perryjohn765 posted:Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
is it true that a unregulated broker can be a scammer?
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.
Yes but there is a reason for that, although not everybody agrees with leverage restriction regulations, high leverage is very risky.
Membro Desde Sep 12, 2017
238 posts
Oct 01, 2020 at 07:16
marco_mmbiz posted:i am checking with one of the brokers for leverage more than 30x but they consider it as a professional account and there a few terms and conditions which I need to go through with.perryjohn765 posted:marco_mmbiz posted:That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.perryjohn765 posted:Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
is it true that a unregulated broker can be a scammer?
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.
You just go with higher lot-sizes then. For example, instead of '1lot for every 100k account size' (at 1:500 max account leverage), you go with '1lot for every 10k account size' (at 1:50 max account leverage). 😉
But there are also regulated offshore-brokers out there, where you can still use higher leverages (e.g. 1:200, 1:500). You just need to check out if they are reliable on long terms/conditions. I also use 3 offshore-regulated and only 1 EU-/ESMA-regulated one.
Membro Desde Sep 12, 2017
238 posts
Oct 01, 2020 at 07:16
DoraWalletInvest posted:agree..but i believe in forex we cannot be rewarded without the risk.perryjohn765 posted:marco_mmbiz posted:That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.perryjohn765 posted:Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
is it true that a unregulated broker can be a scammer?
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.
Yes but there is a reason for that, although not everybody agrees with leverage restriction regulations, high leverage is very risky.
Oct 01, 2020 at 08:40
Many scams in the forex market are no longer as pervasive due to tighter regulations, but some problems still exist.
One shady practice is when forex brokers offer wide bid-ask spreads on certain currency pairs, making it more difficult to earn profits on trades.
Be careful of any offshore, unregulated broker.
Individuals and companies that market systems—like signal sellers or robot trading—sometimes sell products that are not tested and do not yield profitable results.
If the forex broker is commingling funds or limiting customer withdrawals, it could be an indicator that something fishy is going on.
One shady practice is when forex brokers offer wide bid-ask spreads on certain currency pairs, making it more difficult to earn profits on trades.
Be careful of any offshore, unregulated broker.
Individuals and companies that market systems—like signal sellers or robot trading—sometimes sell products that are not tested and do not yield profitable results.
If the forex broker is commingling funds or limiting customer withdrawals, it could be an indicator that something fishy is going on.
Membro Desde Sep 12, 2017
238 posts
Oct 02, 2020 at 06:36
Worth noticing.. Thanks
Membro Desde Jul 08, 2019
33 posts
Oct 07, 2020 at 16:21
1- Un regulated brokers.
2- Brokers offering Fund management services most of them are scams and their gains are not to be trusted as they can manipulate results.
3- Either their trading priviliges or track record aint verified.
4- Duration : usually with smart martingale the accounts can last 6-7 months or even an year producing 10-30% profit per month, those systems are not to be trusted.
5-FXBOOK UPDATE : there accounts are never updated, or set at high time periods, so that if they blow their accounts they just stop the updates, a real trader uses Fxbook e.a to update it every minute or 5 minute.
6- Negative Pips = meaning the trader is using very dangerous martingale or cost averaging strategies.
7- Hidden history or lots.
2- Brokers offering Fund management services most of them are scams and their gains are not to be trusted as they can manipulate results.
3- Either their trading priviliges or track record aint verified.
4- Duration : usually with smart martingale the accounts can last 6-7 months or even an year producing 10-30% profit per month, those systems are not to be trusted.
5-FXBOOK UPDATE : there accounts are never updated, or set at high time periods, so that if they blow their accounts they just stop the updates, a real trader uses Fxbook e.a to update it every minute or 5 minute.
6- Negative Pips = meaning the trader is using very dangerous martingale or cost averaging strategies.
7- Hidden history or lots.
Membro Desde Jul 19, 2020
318 posts
Oct 07, 2020 at 18:34
I learn many new things from the comments. Thanks all for giving your valuable opinion.
Membro Desde Sep 30, 2020
28 posts
Oct 12, 2020 at 08:17
One of the best ways to identify a scammer is to look for any updates. If there are no updates for a long time, there is something wrong with them. Keep an eye on different forums they are associated with online. Read the fine print before moving forward with opening an account with them. You can ask for a trial too.
Membro Desde Aug 17, 2020
123 posts
Oct 12, 2020 at 13:10
Pointingmark posted:
One of the best ways to identify a scammer is to look for any updates. If there are no updates for a long time, there is something wrong with them. Keep an eye on different forums they are associated with online. Read the fine print before moving forward with opening an account with them. You can ask for a trial too.
Yes, this is an important red flag. Another one is if there is no history available, no long-term proof of the success they advertise.
