Are brokers scammers?

The Forex is a relatively safe financial market to trade in because there are many reputable brokers and regulators who work to keep scammers out.

Some Forex traders, however, have fallen victim to scammers who pretend to be legitimate brokers in order to fool people into handing over their money. Usually, these fake brokers present themselves as ordinary online investment firms by advertising the benefits that new traders will get should they become their clients.

Once you’ve deposited funds, however, you might start encountering problems. Their trading platform might stop executing your trades properly or your requests to withdraw money might go unheeded. Sometimes, you may even stop hearing from the broker at all despite sending multiple messages and calling up their customer service lines.

The good news is, Forex brokers are now being supervised by regulatory bodies, depending on your location. In order to keep yourself safe from scammers, you would simply need to check if the broker you are deciding to go with is registered with a regulator. Although this is not a fool-proof way, it will cut down the risks involved significantly.

Also, there are multiple review websites online where you can check out Forex brokers. By reading about the experiences other Forex traders have had, you can begin to filter out the unreputable ones in favor of the more legitimate and trusted companies. Through research, which is now made significantly easier by the internet, you can trade more comfortably knowing that your money is in good hands.