Is Your FX Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

Trading Audits

We perform trading audits in the condition where the traders provide us with proofs that they have been mistreated by the broker.

Blast Prevention

We communicate with the broker, to come up with an agreement on the amount that has to be settled on behalf of the traders who was misetreated.

Results Analysis

We analyze the results and if the broker fails to fullfill the right conditions for settling the outstanding amount we then proceed into deeper online exposures.

Causing Losses

One Common Complaint

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Key Points

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

    ONLINE RESEARCH

    Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious.

    COMPLAINTS

    Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.

    WITHDRAWALS

    If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds.

    Points

    Practices of Scam Brokers

    If your broker does not respond to you, it may be a red flag that they are not looking out for your best interests.
    To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
    Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
    If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
    If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

    Already Stuck With a Bad Broker?

    Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

    The Bottom Line

    While traders may blame brokers for their losses, there are times when brokers really are at fault. 

    Contact Us

    info@fxtradersprotection.com

    Get Started

    If you feel that you have been scammed, contact us and we will guide you further.

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