How to Check if Your Forex Broker is not trying to scam you

Many people have been a victim of some forex scam, mostly due to misinformation. What can we do to prevent that precisely? Forex scams are common, but you can know enough to spot someone trying to fool you if you research a little bit.


In this article, we will lead you through the main things every regulated forex broker does, so you can know who to trust and, therefore, invest money with the right company’s help.


Search for accredited broker websites


Initiate a conversation or an open dialogue with the broker to test the level of transparency. Research other users’ previous experiences online. It might be possible to find news explaining existing litigation, sanctions, or wrongdoing. Before choosing a broker, investigate potential opportunities deciding to commit to one.


Pay Attention to reviews.


Many Forex sites will keep reviews of various brokers. Pay Attention to what people are writing. Search for affiliate links and see if they lead you directly to the broker site you were searching for. If yes, then you are good to go.


In case you previously signed up to a broker site, make sure you check statements frequently enough for any traded lots, incoming or outgoing deposits, and account balances. In case of any discrepancies, don’t hesitate to consult your broker.


Test the broker out


If the broker convinced you he is the right person you should work with, you shouldn’t be skeptical. If you are, try submitting a minimal deposit and test out the platform with small trade. After that, search to withdraw the money. If the broker is hesitating, then something sketchy is going on, and the person you are dealing with wasn’t transparent from the beginning.


See if the person promises you things or works together with you.


Your broker is someone who should be able to give you advice and even connect you with customer support that usually works 24/7. Does the company on their website offer that?


A committed broker wants to make sure they are available for their clients because then you can both benefit from it.


It can be seen as a huge advantage if a broker has several different ways to contact consumers. Although, ensure you tested out this theory.


Do they care enough?


If you are a potential trader, you should get a feeling of security, which a good broker will always offer to you. They are usually very punctual, know a lot about the subject.


Potential traders should also feel how punctual, knowledgeable, and caring the site’s support team is.


There may be a call back feature on a platform, and you can also test it. Brokers tend to be pretty flexible when it comes to this feature because you can usually schedule a conversation at your appropriate time.


In conclusion


You should always check more options and get informed before committing to one broker. Be careful regarding withdrawals and find someone you feel you can have good chemistry regarding money conversations. In the end, ask anything you want to know and learn as well. That will turn you into a capable trader, and one day you will be able to trade by yourself. Remember, the broker should be there for you, and not you for them.


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