Forex trading real or fake

KEY TAKEAWAYS

Numerous scams in the forex market are not, at this point as unavoidable because of more tight guidelines, yet a few issues actually exist.
One obscure practice is when forex agents offer wide bid-ask spreads on certain currency pairs, making it more hard to acquire benefits on trades.
Be cautious about any seaward, unregulated specialist.
People and organizations that market frameworks—like sign sellers or robot trading—in some cases sell items that are not tried and don’t yield productive outcomes.

Free forex bonuses

Is Forex Trading Scam? Avoid Forex Broker Scam 2021 (List), forex trading real or fake.

Is forex trading scam? Avoid forex broker scam 2021 (list)

Forex market traded gigantic measure of cash skimming around in an unregulated spot market that trades immediately, over the counter, with no responsibility, forex scams offer deceitful administrators the draw of procuring fortunes in restricted measures of time. While some previously well-known scams have stopped—on account of genuine implementation activities by the ware prospects trading commission (CFTC) and the 1982 arrangement of the self-administrative public fates affiliation (NFA)— some old scams wait, and new ones continue popping up 2.

Is forex trading for real?

Some time ago: the point-spread scam

An old point-spread forex scam depended on PC control of bid-ask spreads. The point spread between the bid and ask fundamentally mirrors the commission of a to and fro exchange handled through an intermediary. These spreads commonly vary between currency pairs. The scam happens when those point spreads vary broadly among agents.

KEY TAKEAWAYS

Numerous scams in the forex market are not, at this point as unavoidable because of more tight guidelines, yet a few issues actually exist.

One obscure practice is when forex agents offer wide bid-ask spreads on certain currency pairs, making it more hard to acquire benefits on trades.

Be cautious about any seaward, unregulated specialist.

People and organizations that market frameworks—like sign sellers or robot trading—in some cases sell items that are not tried and don’t yield productive outcomes.

In the event that the forex dealer is intermixing assets or restricting client. This scam has calmed down throughout the most recent 10 years, however be cautious about any seaward retail handles that are not controlled by the CFTC, NFA, or their country of root.

These propensities actually exist, and it’s very simple for firms to get together and vanish with the cash when faced with activities. Many saw a prison cell for these PC controls. In any case, most of violators have verifiably been US based organizations, not the seaward ones.

Fake forex brokers list

The sign seller scam

A mainstream current scam is the sign seller. Signal sellers are retail firms, pooled resource directors, overseen account organizations, or individual traders that offer a framework—for an every day, week by week, or month to month expense—that professes to distinguish good occasions to buy or sell a currency pair dependent on proficient suggestions that will make anybody well off.

In individuals who vouch for how extraordinary a trader and companion the individual is, and the immense abundance that this individual has procured for them. All the clueless trader needs to do is hand over X measure of dollars for the benefit of trade suggestions.

A considerable lot of sign seller scammers essentially gather cash from a specific number of traders and vanish. Some will suggest a decent trade every so often, to permit the sign cash to sustain.

This new scam is gradually turning into a more extensive issue. In spite of the fact that there are signal sellers who are straightforward and perform trade capacities as proposed, it pays to be doubtful.

Is forex trading legal?

“robot” scamming in the present market

Assessment of a forex robot must incorporate the testing of a trading framework’s boundaries and enhancement codes. In the event that the boundaries and enhancement codes are invalid, the framework will create irregular buy and sell signals.

This will make clueless traders do just bet. Albeit tried frameworks exist available, potential forex traders ought to do some exploration prior to placing cash into one of these methodologies.

Different elements to consider

Generally, many trading frameworks have been very exorbitant, up to $5,000 or more. This can be seen as a scam in itself. No trader should pay in excess of a couple hundred dollars for an appropriate framework today. Be particularly cautious about framework sellers who offer projects at extravagant costs supported by an assurance of remarkable outcomes. All things considered, search for genuine sellers whose frameworks have been appropriately tried to possibly procure pay.

Another steady issue is the blending of assets. Without a record of isolated records, people can’t follow the specific exhibition of their ventures.

This makes it simpler for retail firms to utilize a financial specialist’s cash to pay extreme compensations; buy houses, vehicles, and planes or simply vanish with the assets. Segment 4D of the product fates modernization demonstration of 2000 tended to the issue of asset isolation; what happens in different countries is a different issue.

Blacklisted forex brokers list

A significant factor to consistently consider while picking a representative or a trading framework is to be suspicious of guarantees or special material that ensures an elevated level of execution.

Different scams and cautioning signs exist when dealers won’t permit the withdrawal of monies from financial specialist accounts, or when issues exist inside the trading stage. For instance, would you be able to enter or leave a trade during unpredictable market activity after a monetary declaration? On the off chance that you can’t pull out cash, notice signs should streak. In the event that the trading stage doesn’t work to your liquidity desires, cautioning signs should streak once more.

The primary concern

Direct due industriousness on the forex merchant you’re thinking about by heading off to the foundation alliance status data center (essential), made by the NFA.

Expert forex lawyers about forex trading scams

Numerous progressions have driven out the hoodlums and the old scams and legitimized the framework for the numerous great firms. In any case, consistently be careful about new forex scams; the enticement and charm of colossal benefits will continually bring new and more complex scammers to this market.

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اگرچہ مالی مارکیٹس میں ٹریڈنگ میں بہت زیادہ خطرہ ہوتا ہے، پھر بھی یہ اس شرط پر اضافی کمائی بناتی ہے اگر آپ صحیح حکمتِ عملی اختیار کریں۔ ایک قابلِ اعتماد بروکر جیسا کہ انسٹا فاریکس، کا انتخاب کر کے آپ بین الاقوامی مالی مارکیٹس تک رسائی حاصل کر سکتے ہیں اور مالی آزادی کی طرف اپنے راستے ہموار کریں۔ آپ یہاں سائن اپ کر سکتے ہیں۔

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Pakistan forex forum presentation
you are welcome to the forum serving as a virtual salon for communication of traders of all levels. Forex is a dynamically developing financial market which is open 24 hours a day. Anyone can get access to this market via a brokerage company. On this forum you can discuss the numerous advantages of trading on the currency market and all aspects of online trading on metatrader4 or metatrader5 platforms.

Pakistan forex forum trading discussions
every forumite can join a discussion of various issues, including those related to forex but not limited to. The forum has been designed for sharing opinions and helpful information and is open for both professionals and beginners. Mutual assistance and tolerance are highly appreciated. If you would like to share you experience with others or deepen your knowledge of trading craft, you are most welcome to the forum threads dedicated to trading discussions.

Pakistan forex forum dialogue between brokers and traders (about brokers)
in order to be successful on forex, it is crucial to choose a brokerage company with due diligence. Make sure you broker is really reliable! Thus you will be impervious to many risks and will make profitable trades on forex. On the forum a rating of brokers is represented; it is based on comments left by their customers. Post your opinion about the brokerage company you work with, it will help other traders avoid mistakes and choose a good broker.

Unleashed communication on pakistan forex forum
on this forum you can talk about not only trading issues, but any other topics you like. Offtopping is allowed in a special thread too! Humour, philosophy, social problems or practical wisdom converse about anything you are interested in, including forex trading if you like!

Bonuses for communication on pakistan forex forum
those who post messages on the forum can receive money bonuses and use them for trading on an account of a forum sponsor. The forum is not meant for gaining profit; however forumites can get these small bonuses as reward for the time spent on the forum and sharing views on the currency market and trading.

Forex scams

Top 7 forex scams to avoid today

As forex markets promise to give you an incredible return on investment, they became trendy in the last few years. However, often forex traders don’t have a great understanding of how forex markets work and what a forex broker does exactly, which leaves the latter a lot of room to scam the trader. Whether it is about proposals on instagram or simply fake investment advice, beware.

It’s a complicated industry, and even experienced people fall victim to intricate trading schemes. There are quite a few variations of the forex fraud. Let’s take a look at a few of them. Feel free to add names of questionable forex platforms in the comments section, at the bottom of the article.

Forex trading strategies – scam 1: the whole package

According to the specialists at investorguide.Com, this might come your way by crooks “creating false customer accounts for the purpose of generating commissions, selling software that is supposed to garner large profits for the customer, false claims of customers making huge money, the theft of a customer’s account and phony marketing.

Forex scams draw customers in with sophisticated advertisements placed in the newspaper, heard on the radio, or seen on internet websites.

Forex trading strategies – scam 2: computer manipulation of bid/ask spreads

How does this scam work? According to dailyforex.Com (a great team of analysts and researchers who watch the market throughout the day to provide unique perspectives and helpful analysis on forex trading), “the point spread between the bid and ask basically reflects the commission of a back and forth transaction processed through a broker. The point spreads differ widely among brokers and differ between currency pairs.

Since brokers don’t usually offer the normal two- to three-point spread in the EUR/USD, for example, but go for spreads of seven pips or more, any potential gains resulting from a good investment were eaten away by commissions. These commissions found themselves in the broker’s pocket.

Forex strategies – scam 3: commingling funds

In law, commingling is a breach of trust in which a fiduciary mixes funds that he holds in the care of a client with his own funds, making it difficult to determine which funds belong to the fiduciary and which belong to the client.

When it comes to the forex scam, the same team at dailyforex.Com explains: “commingling funds gives forex brokers the opportunity to pocket much of an investor’s money without the client ever noticing any discrepancy. The broker benefits financially during the trading and eventually disappears with a customer’s money.”

“if a forex trader looks carefully and states vigilant he/she can pick up are certain warning signs which can alert him/her when all is not on the straight and narrow. If a broker won’t allow the withdrawal of monies from investor accounts or if problems exist within the trading station, the trader should take immediate notice.

Additionally, guarantees of high performance levels-some much higher than those offered by other forex brokers-should be viewed with considerable skepticism.”

Forex strategies – scam 4: robots/automated systems

Surprised? Don’t be. This is an increasing scam especially with the advancement of the technology. Questionable brokers sell automatic trading systems which claim to generate automatic trades even when the trader is sleeping.

Some shady companies sell their special “packages” for thousands of dollars, only to find out that some of these you can find on the internet for free.

“most of these robots have not been tested by an independent source for formal review. Their trading system’s parameters and optimization codes are usually invalid and at the end of the day, the system generates totally random buy and sell signals”, concludes dailyforex.Com.

Forex strategies – scam 5: fake investments funds

All kinds of HYIP funds have been notoriously showing up everywhere. Simply because they work; for the scammers! The high yield investment program funds ‘guarantee’ you a great level of return for temporary use of your money in their forex fund.

The concept that sells this ponzi scheme is that the investors of yesterday get paid back by the investors of tomorrow. How the scam works is that once the fund runs out of prospects, it closes down and takes whatever money it has with it.

Must read: online college course scam

Forex strategies – scam 6: signal seller membership

Just like the robots, certain ‘signal sellers’ claim to sell you information on which trades you should make in order to get rich. The trick is – they charge a weekly or monthly fee for their service (‘signals’).

Little do you know that not only you are lose your money, but they do not even offer you anything that will help improve your trading!

Forex on instagram – scam 7: fake accounts

With the advancement of technology, there are many well-run online scams on social media when it comes to forex. Some have over a thousand ‘followers’ losing money as the fraud is advertised as a get rich quick scheme.

People are signed up to a trading platform through so-called ‘companies’ and are asked to deposit their hard-earned money to deposit $400 (or EURO). Ultimately, they lose it all through investment advice from kids who earn a kickback when clients give money to the platform used to sign up.

These questionable forex platforms have recruited and paid multiple young adults from ages 18-21 to promote their scheme online. They get paid for luring new people into the system. They also use well known social media influencers to promote them and tell lies about the service.

How to avoid the forex scams:

There are many red flags you should be aware of. The first one would be when you are guaranteed a profit. There are no guarantee profits in forex. Use your computer and search reviews featuring the broker, or the system, or the signal seller.

Make sure the testimonials are genuine and do not come from their own websites. Check all the forex forums and google the name of the broker followed by the word ‘scam’.

Check their website very carefully. If they don’t have a legitimate contact page with phone numbers and emails, that’s another red flag.

Last but not least, keep in mind that there is no ‘miracle’ software that will figure out the forex market for you. If anybody would own that, why would they sell it?

How to report **the forex strategies scams:**

Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the federal trade commission using the link below:

How to protect yourself more:

If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the scam detector newsletter here. You’ll receive periodical emails and we promise not to spam. Last but not least, use the comments section below to expose other scammers.

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Are you just about to make a purchase online? See if the website is legit with our validator:

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5 ways to identify fake forex broker reviews

Many traders or future traders shop for a broker to work with and find endless reviews on the web, and not all are genuine. Here are 5 ways ways to separate the good from the bad.

There are lots of sites that specialize in forex broker reviews and lots of talk about brokers in various forums. While a lot of information comes from real experience of people that have used a brokers’ services, some may have a hidden agenda of promoting the broker. Promoting a broker is OK, as long as it’s done in a transparent way. Let’s see the 5 ways to identify fake reviews:

Look at the site: if this officially a forex news site / education site, but the first thing that you see is a big list of forex broker reviews, then you can take the reviews with a grain of salt – the site’s sole purpose is to make money on affiliates and not necessarily have up to date news. So are the reviews genuine?

Check the link: if you see something like landingid=3 or affiliate=fxsite at the end of the link that leads from the review page to the broker’s site – this is definitely an affiliate link – the reviewer gets paid for referring clients to the broker. Getting paid for referrals is legitimate, but hiding the fact that the reviewer is paid for the service isn’t proper. For site owners, the solution is to write a disclosure about the affiliation. This way, the readers can judge for themselves if this genuine or not, having the knowledge about the affiliation deal.

Option to comment: if the site has an option to add your own comment on the review, actually your own mini-review on the broker, that’s a good sign of openness. But this may be tricky as well. Try commenting and see if your comment really appears on the site, or if it’s held for moderation forever. Sometimes comments are automatically posted, but are later deleted when they aren’t convenient. Such sites’ openness, but it’s fake.

Check the forum member: if a forum member posts a reply with a recommendation about a forex broker, even without an affiliate link, he could be associated with the broker. If he’s officially representing the broker, that’s like a full disclosure – you can judge him for yourself. But if he’s not? Well, check out what else he wrote on the forum. If he’s a regular participant, it could be genuine, but if his main agenda is promoting the same broker, don’t take his word. I must say the forex factory is doing a good job at getting such promoters out of the forums.

Search the web for negative commentary: A common check if to search for the name of the broker with the word “sucks” – this will easily bring you to negative reviews, and you can see how bad they are. Getting results for this search doesn’t mean the broker is necessarily bad, but this is how you’ll get some negative words as well.

Do you have additional ideas about how to find false broker reviews?

After you finished reading the review, check out the broker with forex demo account – this is must when starting with a new broker, even if you’re a seasoned trader.

About author

Yohay elam – founder, writer and editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding forex crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. In computer science from ben gurion university. Given this background, forex software has a relatively bigger share in the posts. Yohay's google profile

20 comments

Pingback: francesc’s weblog » yohay at forex crunch talks about ways to indentify fake broker reviews

Thanks for your comment michael. Yup, also negative comments could be fake. For most people,reading the shiny prospects of the brokers isn’t enough, and they seek the advice of fellow traders. Unfortunately, this field attracted too many fakes. Can you point out sites that have more reliable reviews?

If you ask me, review sites (all of them) can’t be trusted. Most of comments are made by brokers for brokers against other brokers. And you are on the post saying that some comments may be approved and some may not – this would really depend who sponsors that website and if the website has an incentive to promote this or that broker. Broker reviews with affiliate links cannot but trusted.
However, googling for “broker name+scam” will result in the same amount of fake review just like with positive reviews – as i said, many brokers write about other brokers – this is competition.

Bottom line: review sites are scam themselves but you can’t do a thing against basic human psychology of looking for someone else’s opinion and this is why these sites prosper.

Basically , it is a simple matter to assess a forex broker. The more they advertise , the more crooked they are. These brokers survive on a “pool” of suckers , as suckers self destroy , more suckers are needed to fill the “pool”, hence the advertising.
Open a demo account and watch the emails with offers come along……….This is a sure sign of a broker that should be avoided.
Another telltale sign is the offer of incredible leverages , up to 500:1 even……….Give the broker your money even faster.

Pingback: in defence of forex broker reviews — forex blog

I have to say I am not quite sure about forex brokers one comment suggested that the genuine brokers do not need reviews all over the net.I should imagine their reputation amongst the traders through word of mouth is what keeps them going. Having said that it is hard to know if the reviews are genuine or not and you do have to do your homework, I guess if your not prepared to do your research on finding a good broker how will your research or lack of show up when making your trading decisions food for thought!

Always check if a brokerage firm is regulated or not. I made the same mistake earlier and never got my money back from scam brokers (like plus500, avafx, forexgen).

I deposited money to leaderforex, and my experience with this broker has been positive for several months. At least they are regulated, scalping is allowed, and these guys send my money as soon as possible.

To me, it really takes pretty long time to find the right broker according to your needs. I think the best way is to deposit the minimum amount, and then to make several trades, and try to withdraw. Then see what happens…

Can i know, who broker u recomended for me?

Excellent article! I don�t know a lot about forex so this definitely helps.,

Easy-forex-is an israeli company with tricks and lack of support trading company. The current re-structuring of management that took place recently made the company even more unprofessional for easy trading. The key and experience people from marketing, sales and dealing room departments left the company this year. At the beginning I had a very good relationship and great services but our partnership start deteriorating once the major changes happen. I burn substantial amount of my money trading with them because i was not able to safe my position by depositing funds to my account to move my S/L further away from the market price and I had money in my credit card but the management decided to put some type of restriction limit that caused me $20K. I have being with the company for 3 years, gave them all requested documents and everything they have requested. In order to remove my restriction I had to sign off on my transactions, which I did but the market DOSENT WAIT. (this is just one of the problems they have) the current COO and some business unit managers are very far behind how to help traders to win and support during trading. All they do now is making trading difficult and for sure NOT EASY. Moreover, they have closed many office worldwide and lost some of the licenses such as: NFA, FSA, and have some major court cases in tel-aviv for accepting cash from traders and promising a lot but were not able to deliver, so EASY-FOREX might be for SALE… they should change the name from easy-forex to hard forex…if u smart DO NOT trade with them.

I am intresting in forex market.Plese help me?

Nice article, it’s not so easy to find a good broker with low spreads and good uptime times..

Great write-up, A lot of the points you brought up are very true and very informative. That is why I am liking all of these websites going to the model of “social comments” with facebook or a yahoo account. Its much harder to create a fake identity using these accounts. The problem is this is kind of new so a lot of broker reviews are still in general comment forums etc…

Personally a lot of good information can be found just joining communities on facebook and talking with actual people..

Thanks for your comment matt. Indeed, the forums are full with fake users…

Hello,am happy to share my experience so far in trading,
have been losing in binary for long until i meet [jeffery]
who help me and gave me the right strategy to trade and also i was able to get all my lost fund back from greedy brokers through him.
Now i can make a profit of 7k weekly through is amazing
strategy feel free to email him on <[email protected]>.

GOOD TO BE GOOD SEE GOOD NEWS FOREX IS GOOD TO ME

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How to avoid forex trading scams in 2021

Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, cfds, binary options, stocks, cryptocurrencies, etc. With new forex brokers popping up constantly, determining the legitimacy of a broker can be a real challenge. As a consumer, it is vital to research a company before depositing money to trade. At forexbrokers.Com, it’s our mission to assist you as much as possible with that research.

Most trusted forex brokers comparison

Taken from our forex broker comparison tool, here's a comparison of the must trusted forex brokers.

Feature	IG visit site	swissquote	CMC markets	saxo bank visit site
trust score	99	99	99	99
year founded	1974	1996	1989	1992
publicly traded (listed)	yes	yes	yes	no
bank	yes	yes	no	yes
tier-1 licenses	6	4	4	6
tier-2 licenses	3	1	2	1
tier-3 licenses	1	0	0	0
authorised in the european union	yes	yes	yes	yes

Questions to ask to avoid a forex trading scam

Is the broker regulated?

If regulated, how trustworthy is the regulatory body?

Is the broker offering profits or rewards for opening an account?

Is the broker offering a cash bonus for opening an account?

Is the broker offering automatic trades or signals to guarantee profits?

Is any credible information about the company included on its website, such as company history, financials, headquarters' address, or similar?

If awards are cited, can I verify their authenticity?

If a big corporate sponsorship is promoted (e.G. Athlete sponsorship), am I doing my due dilligence to ensure the company can be trusted?

1) is the broker regulated?

Unregulated brokers do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.

How do I check if a broker is regulated? The easiest way to check a broker’s registration is to look for it at the bottom of the website. The picture below is the bottom of 12trader, a broker we recommend avoiding. You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. All of these warning signs should make you cautious.

Now let’s look at the bottom of the homepage of city index, a trusted and regulated broker.

You will notice 1) the company specifically warns of the risks involved in trading cfds, 2) the company is registered in england and wales and has posted an address, and 3) the company is authorized and regulated by the financial conduct authority, and has posted a registration number.

Conclusion: A regulated broker is required to include proper risk disclaimers and regulatory information at the bottom of all their website pages. To make it easy for investors, forexbrokers.Com includes a trust score for each broker, which assesses overall trustworthiness based on where the broker is regulated and its history as a firm.

2) if regulated, how trustworthy is the regulatory body?

Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.

For example, let’s look at evolve markets.

The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading cfds, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in st. Vincent & the grenadines, it is not regulated.

This statement from st. Vincent & the grenadines shows there is a warning against false claims of registration or license.

How do I know what regulatory bodies are legitimate?

Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:

FCA regulated – financial conduct authority – united kingdom – (great)

Cysec regulated – cyprus securities & exchange commission – cyprus (OK)

ASIC regulated – australian securities & investment commission – australia (good)

SFC authorized – securities futures commission – hong kong (good)

MAS authorized – monetary authority of singapore – singapore (good)

FSA authorized – financial services agency – japan (good)

IIROC authorized – investment industry regulatory organization of canada – canada (good)

FINMA authorized – swiss financial market supervisory authority – switzerland (good)

FMA authorized – financial markets authority – new zealand (OK)

Conclusion: double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides.

3) is the broker offering profits or rewards for opening an account?

Scam brokers often make claims such as “make $50 a day from a $250 investment” or “make 80% returns on profit signals” or “96% success rate.” these claims are a scam, regardless of whether they are being made for forex, cfds, or binary options. Forex brokers should not promise returns at all, small or large. Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors.

This wikipedia page on binary options does a great job of summarizing risks related to binary options:

"many binary option "brokers" have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the internet, and prone to fraud."

Conclusion: if a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. Save your money and STAY AWAY.

4) is the broker offering a cash bonus for opening an account?

When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker. For example, 1000extra hints at a bonus of $1,000 with their vague promotional offer. If you click around trying to gather more information you are redirected to sign up for an account.

1000extra is not regulated, has minimal information about the company, and has scam reports across the web.

Conclusion: in most regulated regions around the world, promotional bonuses for opening a new account are not allowed. The two exceptions are the united states, which is for US citizens only, and asia.

5) is the broker offering automatic trades or signals to guarantee profits? Continue reading

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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IG - 76% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

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GL-FX review: legit forex trader or fake scheme?

GL-FX is one of the online brokerage service providers that claim to offer consistent returns on forex investments. They are basically a third-party forex broker and they claim that the platform is suitable for investing in forex trading without having to do anything for returns. The site claims to be using automated trading software to achieve profit margins of 200% each year. Although there are some legitimate trading robots that can assist in automated forex trading, none of them can offer the returns that this site is offering. Therefore, they either have their own trading robot, or there is human expertise involved. As with all such sites, it pays to take into perspective whether the company has a solid trading strategy, whether they are creating any verifiable trading results as well as whether they have positive customer feedback. Another thing that will be reviewed is their claims to have awards for being one of the best trading platforms.

GL-FX has only been in operation since 2019, so they are still relatively new to the forex market. One of the things to keep in mind is that this site is currently not operational. Although it may be a technical issue, it makes it difficult to access any contact information that they may have provided. You can visit the site at gl-fx.Net. They have not provided any registration details or physical address, although they claim to be located in the UK. Although they have a support page to contact them in case of an emergency, you should be careful as many customers have complained about not receiving any response from the support page. The fact that they are not registered, even though they are based in the UK, makes it difficult to believe that they are legitimate.

GL-FX review

When you go on to the GL-FX site, you will be greeted with a comprehensive sales pitch that lists all the benefits that you may allegedly get from investing in this site. They claim to have approval ratings and many awards, which are listed on the site. Unfortunately, all these awards cannot be verified and one of them is dated back to 2016. As mentioned earlier, the site had only become operational in 2019, so it is unclear how they got their award. Creating an account is quite easy and they accept deposit via mastercard. However, some versions of this site do not show any minimum deposit to begin trading, while sometimes the minimum deposit is shown to be as high as $10000. If you are lucky enough to get any profits, you will have to get it through a direct bank transfer as they do not offer much withdrawal options. They also charge a performance fee of 10%.

Strategy

If you look into the trading strategy of GL-FX, you may be disappointed. They are using the same strategy as countless forex brokers and there is nothing new, apart from the fact that they claim to have better leverage than many other traders. Unfortunately, this increases the risk of the investment, something that is not mentioned in the sales pitch. They also make use of several trading robots, although they do not specify which one they are using, or if they have their own trading robot. This unclear strategy makes it very difficult to verify whether there is any potential benefit to invest in this site.

Analysis

Company: GL-FX

Product: forex trading platform

Minimum investment: not specified

Trading strategy: combination of robot and leverage trading

Trading results: unverified

Customer feedback: negative

You may be interested in looking into other similar platforms…conomi, FX next gen, deseacatch, and crypto omega.

Trading results

GL-FX has claimed that they are trading in forex for more than a year, but they have failed to show any legitimate trading results to prove this. Although a trading platform may not have the best strategy, they should at least have some verified trading results to prove that they are in operation. If you are looking for real trading results from GL-FX, then you will be disappointed.

Client feedback

GL-FX has poor ratings in many online forums. Many customers who have tried out their service have been disappointed after losing their money. Customers are complaining that the site shows earnings that are false and many customers have complained that they were unable to withdraw their earnings. These customer complaints have even prompted many regulatory bodies to issue warnings that GL-FX is not regulated and therefore customers should be wary of this site.

Conclusion

There ae multiple reasons why you should not invest in GL-FX. The main issue is that they are not regulated. The second problem is that they have provided false information on their site and they have also failed to provide any legitimate trading results. Unfortunately, they are impossible to contact for verification and they have not even provided phone numbers or a verified address.

If you have been considering using their services, we’d recommend you to be extra cautious. Don’t forget to share your thoughts with us, in the comments section below!

Forex scams

Top 7 forex scams to avoid today

Forex trading strategies – scam 1: the whole package

Forex scams draw customers in with sophisticated advertisements placed in the newspaper, heard on the radio, or seen on internet websites.

Forex trading strategies – scam 2: computer manipulation of bid/ask spreads

Forex strategies – scam 3: commingling funds

Additionally, guarantees of high performance levels-some much higher than those offered by other forex brokers-should be viewed with considerable skepticism.”

Forex strategies – scam 4: robots/automated systems

Some shady companies sell their special “packages” for thousands of dollars, only to find out that some of these you can find on the internet for free.

Forex strategies – scam 5: fake investments funds

Must read: online college course scam

Forex strategies – scam 6: signal seller membership

Little do you know that not only you are lose your money, but they do not even offer you anything that will help improve your trading!

Forex on instagram – scam 7: fake accounts

How to avoid the forex scams:

Make sure the testimonials are genuine and do not come from their own websites. Check all the forex forums and google the name of the broker followed by the word ‘scam’.

Check their website very carefully. If they don’t have a legitimate contact page with phone numbers and emails, that’s another red flag.

Last but not least, keep in mind that there is no ‘miracle’ software that will figure out the forex market for you. If anybody would own that, why would they sell it?

How to report **the forex strategies scams:**

How to protect yourself more:

Verify a website below

Are you just about to make a purchase online? See if the website is legit with our validator:

Vldtr ®

Forex cointrade (forex-cointrade.Com) | fake or real?

Is the investment website forex cointrade fake or real? Find out if forex-cointrade.Com is legit or a scam. 300% daily profit?

Website name

Forex cointrade (forex-cointrade.Com)

Website type

Is forex cointrade fake or real?

Why is forex cointrade fake?

Forex cointrade is a website that claims to be a platform for ‘secure investments’. The website name implies that the company is investing in forex and bitcoin. It should be noted that forex trading and bitcoin trading are completely different investment methods. The company offers returns such as 300% in 1 day that are highly-unrealistic. This suggests that forex cointrade may be a ponzi scheme.

A domain name lookup of the website shows that it was registered on 8th november 2019. The registrant’s details such as name, location and contact details have been hidden for privacy.

Though the website is less than a year old, the company claims that it has been running for 3,930 days ie. 10 years 9 months. This is clearly a lie as the domain name was only registered in november 2019.

The website content and design are not original. There are 45 websites using the same content. Some are even using the exact same layout, with the website name and logo being the only differences.

Forex cointrade claims to be a registered company in the UK. However, no registration number has been provided to verify this claim. Therefore, this seems to be another lie. In any case, there are several companies registered in the UK as shell companies for money laundering. As a result, companies registered in the UK are not automatically credible.

Forex cointrade has a referral program where investors can earn a 5% commission on the deposits of their referrals. This strengthens the suspicion that it is a ponzi scheme.

There are some video testimonial links given on the home page that are fake. These thumbnails do not open up real testimonials. Instead, they lead to a pop-up that shows a 2011 video explaining bitcoin. The dates on these testimonials are from before the website was even active. The same thumbnails are also being used by several other investment scam websites.

There are some social media icons for telegram, youtube and VK. These are dummy links that lead nowhere, meaning forex cointrade has no social media presence.

The contact details given on the website are a UK address and email ids. The email addresses were found to be working when tested using verifyemailaddress. The address, however, is incomplete as only the building name has been given. Therefore, it could easily be a fake address. No phone number has been provided. No reviews for forex cointrade could be found.

It seems quite obvious that forex cointrade is a scam. Returns such as 300% in 1 day are not realistic and only possible in a ponzi scheme. The company gives a 5% referral commission on deposits of referrals, which strengthens this belief.

The website claims to be running for almost 11 years even though the domain name was registered less than a year ago. The website says that forex cointrade is registered in the UK, but no registration number has been provided. Therefore, this claim is likely to be fake.

The website is not original as there are 45 websites using the same content. In some cases, such as vex-coin, the entire website is the same except for the name and logo. The website also has fake thumbnails of non-existent testimonial videos that carry dates of before the website was even created. The social media icons on the website do not work either.

The only way to contact the company is by email. There is a UK address given on the website that is incomplete and likely to be fake. It is advisable to avoid investing with forex cointrade, as it does not seem to be a legitimate investment company.

List of websites using the same content and design as forex cointrade:

24bitoption.Com

7dragons.Club

Acteonm.Com

Allinfocompanies

Alphacoinpro.Com

Alphatrade.Group

Alpha-trader.Info

Binaryoptionsfx.Com

Bitcoin-asset.Co

Bitcoin-minning.Com

Bitestra.Com

Bit-fxtrades.Com

Bitzstore.Ltd

Blockbix.Uk

Btcinvestmentoptions.Com

Cloudfare-mining.Com

Cryptobitways.Com

Cryptobizworld.Com

Cryptodragons.Biz

Cryptoexpertminers.Com

Cryptofunders.Club

Cryptomatrics.Com

Cryptoraise247.Com

Cryptotradefx.Net

Earningpointnews

Forex-coin.Co

Forex-cointrade.Com

Forexmining.Co

Forextrd24.Com

Genesis-miner.Co

Invest-tracing.Com

Litetradeinvestment.Com

Miningbtc247.Com

Procryptoknight.Com

Profit-miner.Com

Prolific-cents.Com

Rocmarkets.Com

Sharesincrypto.Com

Stockfxinvestment.Com

Superfasttrade.Com

Thepracticehub.Net

Tradeforexlive.Com

Vex-coin.Com

Volloo.Net

Zetraforex.Com

Remember: if something seems too good to be true, it probably is.

If you have been a victim of an investment scam, you can take the following steps:

File a complaint with the payment portal. However, investment scammers mostly use methods such as bitcoin, western union, moneygram and other untraceable methods which make refunds impossible.

File a formal police complaint with the cybercrime department.

Leave a negative review on review portals such as scamadviser and trustpilot

Report the website to google using the suspicious site reporter extension for chrome

Give a low rating to the website on web of trust. You can also install their extension for the same.

If the company has a listing on google my business or google maps, file a complaint using the business redressal complaint form. Also, leave a negative review explaining what kind of experience you had.

Disclaimer: the views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the contact form.