10 Signs That Your Broker Works Agains You

Because brokers are regulated and licensed, they have an obligation to act in the best interests of their clients. So the first sign that your broker most likely works against you is that 1. the broker is not regulated by the appropriate institutions. They behave more like a backyard casino operation on the market and are NOT trusted FOREX brokers. Some brokers are unprepared to give clear answers to your questions. They are 2. lying about the location from where they are calling and refuseing to give an address for visits from customers. Another sign for scam is that the broker insist for money 3. transfer via sites like Bitcoin, Neteller, CashU, Payza, etc. If you ever decide to make a transfer 4. the name of the holder of the bank account does not match the name of the company. Other illusion for the inexperienced trader is the high leverage. 5.The high leverage brings huge commission impact and huge risk for potential loss. By offering high leverage some market makers encourage traders to trade extremely large positions. Some retail brokers will insist inexperienced traders to do 6. as much trades as possible with 7. various financial instruments for the purpose of generating commissions. One of the most undelightful fraud by brokers is 8. the welcome bonus. It takes a big time period and many trades to complete the requirements to become valid. The main reason not to take a FOREX bonus is that it will lead to withdrawal issues. Most traders will never get to withdraw the bonus. As in every regulated business the income is also regulated, many of the regulated broker companies are looking for alternative ways to gain more than only from the commissions and spreads. Here are coming 9. the social trading plans, trading robots and any trading scheme used to defraud traders. Testing of trading system's parameters and optimization codes causes unsuspecting traders to do nothing more than gamble. A popular modern-day scam is the 10. signal seller. Absolutely illegal the broker gives you trading signals and push you to enter the market right now, guaranteeing phenomenal results.
FOREX fraud is a growing problem, making for many the foreign exchange a negative-sum game. Though there is no guaranteed way to avoid forex fraud, it is possible to minimize the chance of becoming a victim of a forex scam, and prosper in the market. What is the point of opening a forex account if the funds we deposit will be unsafe with the broker? It is self-evident that a beginning trader should only risk the amount that he can comfortably afford to lose. In that sense, the initial deposit requirement of the broker should never be more than what we can afford. First try with several demo accounts and do your own thing.
 

Steve Lock

Master Trader
Feb 28, 2015
202
1
52
What a strange message! Thousands of people use Neteller (at least in India and Pakistan) and lots of regulated brokers offer it as a payment method as well as Visa, Skrill, PayPal etc. It has a huge popularity, so some brokers, for instance FreshForex, cancelled the deposit commission on it and Visa as well.
 

Lawrence

Active Trader
Aug 20, 2015
169
7
34
What a strange message! Thousands of people use Neteller (at least in India and Pakistan) and lots of regulated brokers offer it as a payment method as well as Visa, Skrill, PayPal etc. It has a huge popularity, so some brokers, for instance FreshForex, cancelled the deposit commission on it and Visa as well.

Yes i do use Ne-teller and it is one of the most popular forms of payment system that is being used by the Forex traders to Deposit and Withdraw the money in their trading accounts :)
 

radex78

Banned
Nov 15, 2015
676
17
54
45
I see also neteller is popular payment processor, althouh I am not use neteller but I am use skrill, and now I am trade in my broker and withdraw money use local transfer withdrawn through IB , I like this way because only need few step to withdraw and no fee charged by payment processor.
 

Lawrence

Active Trader
Aug 20, 2015
169
7
34
I see also neteller is popular payment processor, althouh I am not use neteller but I am use skrill, and now I am trade in my broker and withdraw money use local transfer withdrawn through IB , I like this way because only need few step to withdraw and no fee charged by payment processor.

Yes, it is true that many of the traders are making use of the Neteller in their payment in the Broker as this system allows the use of VISA Cards and thus they are able to withdraw Cash in the ATMs :)
 

radex78

Banned
Nov 15, 2015
676
17
54
45
Yes, it is true that many of the traders are making use of the Neteller in their payment in the Broker as this system allows the use of VISA Cards and thus they are able to withdraw Cash in the ATMs :)
Seem this is great option currency if we can withdraw money through ATM, but maybe if we want to withdraw money through ATM, we should get ATM that has logo visa and maybe not all ATM will supported, isn't? I am use skrill and every withdraw to my local bank charged fee that included high fee in my view around four dollar each withdrawn
 

Lawrence

Active Trader
Aug 20, 2015
169
7
34
Seem this is great option currency if we can withdraw money through ATM, but maybe if we want to withdraw money through ATM, we should get ATM that has logo visa and maybe not all ATM will supported, isn't? I am use skrill and every withdraw to my local bank charged fee that included high fee in my view around four dollar each withdrawn

There are some Electronic Payment systems that are giving the ATM cards that are accepted in all the Banks as hey are valid International but then we will have to use them in both the Deposit and withdraw all the times to maintain AML policy of the Forex Brokers :)
 

ijak8510

Trader
Sep 29, 2015
83
6
19
36
What a strange message! Thousands of people use Neteller (at least in India and Pakistan) and lots of regulated brokers offer it as a payment method as well as Visa, Skrill, PayPal etc. It has a huge popularity, so some brokers, for instance FreshForex, cancelled the deposit commission on it and Visa as well.
the legal methode is only and only go to brokerage office with your money in your wallet , and deposit manually .
 

radex78

Banned
Nov 15, 2015
676
17
54
45
There are some Electronic Payment systems that are giving the ATM cards that are accepted in all the Banks as hey are valid International but then we will have to use them in both the Deposit and withdraw all the times to maintain AML policy of the Forex Brokers :)

I am not use ATM card if want to deposit and withdraw money from account trading, skrill in my favuourite payment system now, since libertyreserve was shut down I am often use skrill to making deposit and wihdraw money, but now I am like with local trasnfer withdraw that available in my broker
 

aqibFXmart

Trader
Jul 5, 2016
28
2
9
34
Yes i do use Ne-teller and it is one of the most popular forms of payment system that is being used by the Forex traders to Deposit and Withdraw the money in their trading accounts :)
I also have a NETELLER account. I have been to have it as a tool for online shopping and various verification of its debit card. advance payment instrument is still free of charge. since the more famous then this payment instrument gives the cost of each transaction. but overall, the means of payment is highly recommended.
 

Ary Barroso

Active Trader
Jul 9, 2017
908
71
39
35
I also have a NETELLER account. I have been to have it as a tool for online shopping and various verification of its debit card. advance payment instrument is still free of charge. since the more famous then this payment instrument gives the cost of each transaction. but overall, the means of payment is highly recommended.

I also use this payment processors; it’s a good option; by the way I don’t rely on any specific payment processors.
 

Helloyees

Trader
Mar 8, 2019
98
8
24
No matter what people would tell you here, I wouldn't use Paypal for accepting money with which I traded on Forex. It's a way too risky and they can block your account any time they want for like 6 months or so. I have heard many horror stories regarding that.