How to spot online Forex Scams

Traders around the world are looking for the best brokers to trade forex, CFDs, binary options, or cryptocurrencies. As the foreign exchange market has become more regulated, many unscrupulous brokers are out of business. If you want to trade Forex, it is important to identify which brokers are reliable and viable and avoid those that are not.

Identifying a Forex Scams

When it comes to the various types of foreign exchange fraud, one of the most common is unlicensed brokers. Forex trading laws in some regions, such as Europe, restrict Forex brokers from calling people to offer their trading services. There are many different types of forex scams in the market, but the one which is probably easiest to spot is the one that calls you.

As a consumer, it is vital to research the company before you put money into a trade. New Forex brokers appear every day, and determining the legitimacy of the broker is a real challenge. Trading is difficult enough, and if the broker applies practices that work against the trader, it is impossible to make a profit.
To make sure that you’re not duped by a dodgy broker like Neo Omatic or Nittrex, do your research and ensure there are no legitimate complaints on any internet forum. Also, don’t forget to take a look at our blacklist regularly.

It is always a good idea to check if the Forex broker is authorized by the Financial Conduct Authority (FCA) or any other legitimate regulator.

How to avoid Forex scams?

The best thing you can do to avoid fraud is to learn as much as you can about forex trading to avoid any problems before entering the market. There are many forms of investment fraud targeting beginners in the foreign exchange market. If you lack experience, fraudsters will try to exploit your fears and optimism to leap in and make offers that seem too good to be true, which is often the case.

We have seen online forums and social media platforms used to make allegations of foreign exchange fraud against certain brokers and companies.  The key principle for preventing currency trading fraud is not to interfere with any unregulated company, as there is not much you can do afterward.

Forex scams are a form of manipulation of the foreign exchange market and measures to mislead traders through advertisements touting high returns and low-risk investments in foreign exchange trading. One aspect of these scams is the use of illegal methods.
Unregulated brokers use various methods to scam traders such as manipulating their trading platform or asking you to deposit more in order to be able to withdraw. They also often mislead traders by convincing them they can expect high profits from trading on the foreign exchange market. Forex scams tend to lure traders with the promise of high returns on their investments with little or no risk. The best way to avoid any Forex scams is pretty easy : do not trade online if you are not an

Scammed by a Forex broker?

If you have lost money with an online forex broker, don’t panic. You are not the first and you likely won’t be the last. Mistakes can happen even with the most cautious of investors and should be used as a learning opportunity. The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – is available 24/7 and has helped consumers all over the world recoup millions of dollars.

After filling out the form above, and validating your eligibility for their programs, MyChargeBack will help you build a solid case to regain your funds as soon as possible.