Common Features of Scam Brokers
1. Promising high profits and no risks;
2. No valid regulation;
3. Clone firms;
4. No segregated accounts to keep traders' funds;
5. Dubious trading platforms;
6. Unprofessional practices like lacking contact or background information;
7. BTC/Cryptocurrency deposits only;
8. Unclear information of withdraw fees, rules and processing times;
9. Tons of negative feedback online;
10. Warned or blacklisted by financial regulators.
Tips to Avoid Forex Scams
First, check brokers' information. Look for a physical address and its valid contact information. The withdrawal policy, its fine print of documents and the presentation of its trading conditions are things you should pay attention to.
Second, check regulation status, including its regulators and license details. Make sure that its license is from a reliable regulator and is not out of the vaild date.
Third, check the online reviews and rate, especially the complains about withdrawals and clients supports.
If everything seems to be positive, it is okay to open a mini account and make a small deposit. A few trades could be made and then a withdrawal. In shorts, we suggest you experience the real trading conditions with minimum cost first.
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