How to recognize a Forex Scammer ?

zanzuk posted:
I think most of myfxbooks user are scammers.
one side are loser with no money(so little money) but want to be rich quick.
the other side are scammer,who offer get rich quick scheme.
i advise never ever look for investor here or look for traders here.

Professional4X posted:
They often show unrealistic gains with very little Draw Down.

For example:



Here's the link to the discussion on the above example.

https://www.myfxbook.com/community/trading-systems/arbitragefastscalper/1479797,1


Another example would be as follows:



And also...



And here is the link to the discussion on the above example.

https://www.myfxbook.com/community/trading-systems/goodmoney/1579642,4


Quite often a scammer will try to pass off a DEMO account as a LIVE account, but they will not be able to validate the account.
When pressed for the reason as to why they are unable to verify the account, they will typically use an excuse such as "Oh I contacted myfxbook because there is a problem with their website...."

perryjohn765 posted:
is it true that a unregulated broker can be a scammer?

marco_mmbiz posted:

perryjohn765 posted:
is it true that a unregulated broker can be a scammer?

Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.

perryjohn765 posted:

marco_mmbiz posted:

perryjohn765 posted:
is it true that a unregulated broker can be a scammer?

Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.

That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.

perryjohn765 posted:

marco_mmbiz posted:

perryjohn765 posted:
is it true that a unregulated broker can be a scammer?

Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.

That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.

marco_mmbiz posted:

perryjohn765 posted:

marco_mmbiz posted:

perryjohn765 posted:
is it true that a unregulated broker can be a scammer?

Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.

That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.

You just go with higher lot-sizes then. For example, instead of "1lot for every 100k account size" (at 1:500 max account leverage), you go with "1lot for every 10k account size" (at 1:50 max account leverage). 😉

But there are also regulated offshore-brokers out there, where you can still use higher leverages (e.g. 1:200, 1:500). You just need to check out if they are reliable on long terms/conditions. I also use 3 offshore-regulated and only 1 EU-/ESMA-regulated one.

DoraWalletInvest posted:

perryjohn765 posted:

marco_mmbiz posted:

perryjohn765 posted:
is it true that a unregulated broker can be a scammer?

Even regulated brokers can sometimes be scammers. But at the end: yes, unregulated ones (or the ones who just say they're regulated) are most probably a scam.
A good broker has a strong investment bank behind it or a direct access to the markets (like prime of prime brokers or investment banks) and also have a good banking regulation (not only for forex, but also for all the other financial services in the market). A banking insurance and well-known name with a good long-term reputation is a plus.

That helps. thank you so much..but with regulated brokers there are leverage restrictions unlike the unregulated.

Yes but there is a reason for that, although not everybody agrees with leverage restriction regulations, high leverage is very risky.