How to recognize a Forex Scammer ?

1- Un regulated brokers.
2- Brokers offering Fund management services most of them are scams and their gains are not to be trusted as they can manipulate results.
3- Either their trading priviliges or track record aint verified.
4- Duration : usually with smart martingale the accounts can last 6-7 months or even an year producing 10-30% profit per month, those systems are not to be trusted.
5-FXBOOK UPDATE : there accounts are never updated, or set at high time periods, so that if they blow their accounts they just stop the updates, a real trader uses Fxbook e.a to update it every minute or 5 minute.
6- Negative Pips = meaning the trader is using very dangerous martingale or cost averaging strategies.
7- Hidden history or lots.

I learn many new things from the comments. Thanks all for giving your valuable opinion.

One of the best ways to identify a scammer is to look for any updates. If there are no updates for a long time, there is something wrong with them. Keep an eye on different forums they are associated with online. Read the fine print before moving forward with opening an account with them. You can ask for a trial too.

If you are being guaranteed profits, you should know that it’s a scam.

Pointingmark posted:
One of the best ways to identify a scammer is to look for any updates. If there are no updates for a long time, there is something wrong with them. Keep an eye on different forums they are associated with online. Read the fine print before moving forward with opening an account with them. You can ask for a trial too.

Yes, this is an important red flag. Another one is if there is no history available, no long-term proof of the success they advertise.

Through tall claims, like guaranteed profits.

Ezereombre posted:
Through tall claims, like guaranteed profits.

You are right. Most of the investment scam come with guaranteed profit. There is no guaranteed profit in any investment. So, don’t be fool by this kind advertisement.

CryptoLife786 posted:
1- Un regulated brokers.
2- Brokers offering Fund management services most of them are scams and their gains are not to be trusted as they can manipulate results.
3- Either their trading priviliges or track record aint verified.
4- Duration : usually with smart martingale the accounts can last 6-7 months or even an year producing 10-30% profit per month, those systems are not to be trusted.
5-FXBOOK UPDATE : there accounts are never updated, or set at high time periods, so that if they blow their accounts they just stop the updates, a real trader uses Fxbook e.a to update it every minute or 5 minute.
6- Negative Pips = meaning the trader is using very dangerous martingale or cost averaging strategies.
7- Hidden history or lots.

Very informative post. thank you.

Instagram influencer.

I just presume everyone on the internet is trying to scam me. I especially wouldn't chat to anyone on Instagram about trading :P

Inability to show you live trades and analysis or at the very least show a set up ahead of time with a genuine time and date stamp which then plays out. Whether it be winning or losing. If they can't do that or aren't willing to show you then move on.

Usually I pay attention to the information about the broker. The first thing I notice is the history of operation. I don't trust those brokers who started their activity several months ago because there is no guarantee that it will not disappear taking my money with it. The next thing is self-positioning. I don't trust those brokers who promise high profits right away. If I have some doubts about the prices which a broker provides me with, I go to the alternative unbiased financial data providers and compare their prices.

Miralas posted:
Usually I pay attention to the information about the broker. The first thing I notice is the history of operation. I don't trust those brokers who started their activity several months ago because there is no guarantee that it will not disappear taking my money with it. The next thing is self-positioning. I don't trust those brokers who promise high profits right away. If I have some doubts about the prices which a broker provides me with, I go to the alternative unbiased financial data providers and compare their prices.

Old way but efficient... Regulated license and long history.

Being realistic and having a good knowledge of Forex can help you avoid being scammed.

You need to keep your wits about you nowadays. It's sad how many scammers are out there. I always work on the basis that if it sounds too good to be true then it probably is. There's no easy money in trading. I use forums to read reviews on brokers or account managers before I will ever part with my hard earned cash.

Traders have so many scam experiences, it's hard to believe that we are living in a technologically advanced world and can’t use the internet without a fear of scam.