How To Protect Yourself From Forex Scams

Forex trading scams is real! And it's happening all the day especially to those traders that lacks skills and experience to look for verified and legit broker to use for trading. Of course bad people are out there trying to make a dishonest living. However, unlucky for them, you are smart!..So what have we learned regarding Forex trading scams？

You know that the only way to succeed in currency trading is to learn from square one and gain trading experience!

Now say this three times out loud to motivate yourself:

“I will not fall for no-risk robots! I will not succumb to guaranteed returns! Lastly, I will not be lazy and let someone else trade me lucky charms *cough* I mean my money for me!”

Now that we are done with this, lets close out with some questions our viewers have asked us countless times!

Q: How can I protect myself from fraud？

A: Easy. Be educated. Be smart. Know what a scam looks like. Note that Anything that seems too good to be true usually really isnt true.

Q: How do I choose a forex broker？

A: First and foremost, make sure the broker is regulated by a national agency. DYOR. Research, research, and do more research. Here at WikiFX, we have made that easy for you by listing regulated and unregulated forex brokers available in our App or website.

Q: Can forex managed accounts be trusted？

A: Never believed in giving your account info to someone claiming to be a Account Manager, your forex manager is yourself, yes! If not, I‘d exercise extreme caution. But if you’re persistent and want to find out the hard way, do a background check and make sure the person has proper licenses and certifications. You should first confirm weather the persons forex activities are regulated and by whom. If the person is not regulated, you may be exposed to additional risks and easily get scammed.

Q: Are forex robots profitable？

A: Forex trading robots are now increasing in number, ones with higher probability and some are just trash. Yes It‘s possible using it, but because they’re usually built for a specific set of conditions, their profitability, and how long it may be profitable depends on the market.

Like human traders, they can go on long profitable runs, have a long string of losing trades in a row, or see-saw somewhere in-between. If you take anything away from the school about them, just don‘t think they’re a “set-and-forget” solution to trading; they must be monitored closely as well.

Q: Who do I contact if I suspect fraud？

A: There are specific organizations depending on your location. Check some below:

United States:

CFTC: https://www.cftc.gov/LearnAndProtect/RedressReparations/index.html

NFA: https://www.nfa.futures.org/complaintnet/complaint.aspx

United Kingdom:

FCA: How to complain

ActionFraud – the UKs national fraud and Internet crime reporting center: https://www.actionfraud.police.uk/

Australia:

ASIC: How to complain

Scamwatch: https://www.scamwatch.gov.au/report-a-scam

Cyprus:

CySEC: How to complain

Singapore:

MAS: How to complain

You can find a comprehensive list of regulatory organizations for different countries here.

Q: Where can I capture me a leprechaun？

Leprechaun is a Forex EA that uses a unique strategy and is able to execute trades without any halts.

A: Look for a unicorn. Where you‘ll find a unicorn, you’ll find a leprechaun!

Therefore, always note that forex scams DO exist. Beware of them and hold onto your hard-earned money.

But The good news is that there are legitimate forex companies out there. You are only expected to Enure you make research thoroughly on a company if you are thinking about giving them a shot. Ask other forex traders on the forums if theyve had experiences with them.

There are high rich and important information available on the internet, so just do your homework, use your head, and youll be just fine.