With a daily volume of more than a trillion dollars, forex market trading naturally draws scammers to this industry. These scammers rob the money of their clients. Various traders are looking for the most suitable broker to trade in forex or stocks constantly. Every day new forex brokers are popping up constantly. In this situation, determining the legitimacy of a broker is a real challenge. As a consumer, it is vital for you that you should do research about a company before investing money to trade. At the site of the Brokers Complaint Desk, you will get the essential aid and details about the blacklisted Forex Brokers and how to avoid them.

To keep yourself safe from Forex scams you need to execute thorough research to get a trusted broker and also info about blacklisted Forex Brokers to stay away from them. Go through the rules and regulations of a trading platform and know everything about it because the market is filled with tons of Forex brokers who claim to be the best ones. So, choosing a reliable broker can be a challenging task. Conducting ing research will help you to avoid scams and will also let you maximize your profits in the long run. Moreover, you can visit the site of the Brokers Complaint Desk where you will get complete information about blacklisted Forex Brokers. Such websites offer impartial information based on their extensive research that saves you a lot of time and effort. There are certain factors that you need to know while researching a forex broker:


Regulations

Unlike blacklisted Forex Brokers, all the legitimate online Forex brokers are authorized by numerous financial regulatory bodies. You need to ensure that the brokerage of your choice, is regulated by a financial organization. It is important to ensure this because of the protection of your funds. If any unwanted incidents happen then the brokerage will be held accountable.

Avoid False Opportunities

In Forex trading, there is no easy way to make money instantly; you need to earn it by spending time and effort. For instance, if someone tells you that you can make 30 percent gains every month by using their platform, be sure as it is a scam and that broker is from the blacklisted Forex Brokers. There are a lot of people who fall victim to these types of alluring offers. Keep in mind that a lot of patience, deep knowledge, and screening time is required to earn profit in Forex trading. You are advised to avoid these claims that seem too good.

Avoid Forex Management Funds

Several widely popular Forex management funds are entirely scams. The blacklisted Forex Brokers promise that their experienced specialists will perform educated trading on your behalf. In return, you need to pay for such services. As soon as you pay, they will be like completely vanished; you will never find any trace of them further. So, avoid those immediately who ask you to pay money for such services, as they are attempting to scam you.

Answer Some Vital Questions

Always remember that as a trader and a potential customer, you have every right to ask your broker as many questions as you want. Getting the answers to a few questions will enable you to determine whether you are choosing a reliable and trusted Forex broker or not. Brokers Complaint Desk, a legal and private institution specializing in educating individuals about the pitfalls in the Forex Broker Platforms, recommends you consider that brokerage that comes with demo account availability.


Queries to avoid a Forex trading scam

Some vital questions to be asked to avoid Forex scams:

• Whether the broker is regulated or not?

Unregulated brokers do not need to report to any governing body. If they scam you in any way, you are out of luck. There is little you can do about this because these brokers have no legal authority to answer. To check a broker’s registration, look for it at the bottom of the website. If you find no mention of company history, be sure it is one of the blacklisted Forex Brokers. To make it effortless for investors, the Brokers Complaint Desk evaluates whether the broker is legitimate or not.






• How dependable is the regulatory body?

Some blacklisted Forex Brokers claim to be registered in a governing body that does not regulate forex companies. Brokers Complaint Desk enlightens the investors against false claims of license.


• Is the broker offering automated trades to ensure earnings?

Some scam brokers offer automated trading done by a robot claiming to make you money. Often, these blacklisted Forex Brokers focus on cryptocurrency. No company till now has found a way to generate profits consistently. If they did, they would never offer it to everyone for free.


• Is the broker offering a reward for account opening?

When a broker offers an abnormally high cash bonus, then you are dealing with one of the blacklisted Forex Brokers. In regulated regions, promotional bonuses for opening a new account are not allowed.



• Is any believable data about the company incorporated on its website?

If there is no data about the company employees or the location, it is a scam. The Blacklisted Forex Brokers don’t want to expose any names or contact information linked with them to get into trouble.

If you can’t find genuine reviews about a broker of your choice, don’t sign up for an account. You should check for disclosure documents to have crucial information about the company. Companies with no disclosures are not regulated and should be avoided. Site of Brokers Complaint Desk is known for providing information about scam brokers that may have a lot of information available.




Brokers Complaint Desk advises that before signing up for a Forex broker, execute detailed research to confirm its legitimacy. You can also search for the name of a broker on whom you have doubt, in the comprehensive list of Blacklisted Forex Brokers provided on the website of Brokers Complaint Desk. If you find the name of that particular broker in the list of Blacklisted Forex Brokers, do not commit your funds and go away instantly. Brokers Complaint Desk recommends you try the demo account for some time before going into a live account. Start with investing a small deposit and try to make a withdrawal. If this procedure goes smoothly, then you should invest a bigger deposit. Being overly cautious in Forex trading is a fair practice.