Jun 02, · Conclusion: If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $, on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40, car by Estimated Reading Time: 7 mins Some are and some are far from it. You have to realise anyone can make an account and post photos of them surrounded by wealth. Recently someone by the name lk was found to be a compete faker. Usually the scammers will post many cars and luxury May 19, · The forex market is a legitimate trading market. This is where the world’s currencies are traded and is not a scam. However, the forex market is ‘zero-sum’, which means that for every winning investor there must be a loser. No value is added through trading currencies which means there is the potential for increased risk of scams
Is forex trading real or a scam? - Quora
The forex market transacts enormous amounts of money every day. With possible trillions moving in and out of the market every trading day, the forex market offers a great profit potential.
However, where there is profit, there is also the potential for loss. In this case, the loss could begin with choosing the wrong broker. These factors should help any trader looking to invest in legit forex trader. Regulatory compliance Before settling on a broker to trade with, it is important to know who regulates them. If a broker operates in a number of countries, they must be regulated by the authority mandated to oversee financial institutions legit forex trader those states.
For instance, if a broker is based in Australia and operates in the US and UK, they must be regulated by the regulatory bodies of those three countries ASICNFA and CFTC, and FCA and PRA respectively. Regulatory bodies make sure that the broker you want legit forex trader invest with operates within the financial laws of the host country.
They also provide consumer security to traders by lending legitimacy to a broker. Data safety How safe is your most valuable data? Currently, data has become a high-value asset to third parties. When you get into forex, you must submit sensitive user information to your broker.
This includes personal and financial information that could be sold off to data banks if it got into the wrong hands. Fees Any fees incurred are the standard cost of doing business.
However, these expenses could affect your profits, especially if they are hidden, legit forex trader. Still, your broker has to charge. Most brokers will opt to make their profit from spreads, legit forex trader. Spreads are the difference between the ask and the legit forex trader price. Tight spreads mean you can easily enter and exit the market, and as such, a broker will reap maximum profits on wider spreads.
Highly volatile pairs will have wider spreads. Other expenses that you might incur legit forex trader fees charged during any fund transfers deposits and withdrawals and additional costs related to your bank account. It is, therefore imperative that you have another party look at the fee clause in your broker-trader contract to make sure you have full knowledge. Platforms and software A trading platform serves as your gateway to the market. A reliable platform should be highly responsive and easy to navigate, and legit forex trader should have the necessary tools that allow traders to react to the market in real time.
It is common for brokers to have a custom-made trading platform. However, if your broker does not have their own software, they most likely use more common trading platforms such as the Metatrader 4 MT4 or MetaTrader 5 MT5.
Each platform has several features that give them an edge over competitor platforms. One of the common features of an excellent platform is the ability to run on different devices and their compatibility with various operating systems. Some platforms come with inbuilt strategies that you can use to plan your trades, legit forex trader. Additionally, you legit forex trader develop your own strategies and save them into the platform.
To expand your options, some platforms let you communicate with other traders to chart strategies or to learn from more experienced traders. Ease of transaction A legit forex legit forex trader allows you to access your money easily. Reputable forex brokers use the money you deposit to trade, and once they make their profit, what you earn should be easy to withdraw. Some brokers make these processes seamless by offering more access options.
For instance, you can deposit or withdraw your money through PayPal, debit, and credit as well as direct wire transfers, legit forex trader. Currency pairs On any day, there are plenty of currency pairs getting traded.
A legit broker should at least offer the major legit forex trader. The Euro, Dollar, legit forex trader, Yen, and Pound are the most popular currency pairs, legit forex trader.
However, a trader can choose which pairs they prefer to trade. More established brokers tend to have a broader range of currency pairs. Check if your broker offers the currencies you would like to trade.
Accounts A good forex broker allows traders to open an account of their choice. The initial amount determines which account you can create, legit forex trader. However, such accounts are considered risky because of the lack of flexibility with open positions.
These types of accounts usually have VIP benefits such as fewer fees and premium tools. In Islamic legit forex trader, brokers may offer accounts that adhere legit forex trader sharia law.
Legit forex trader accounts do not accrue interest. It is also vital to know if your broker offers a demo account with which you can trade risk-free before you go live.
Customer services Forex trading is a hour business rife with a number of issues that require immediate assistance. A good broker is only as effective as their support system.
Fortunately, legit forex trader, most legit forex brokers have customer service that allows you to speak to agents, lodge ticketed complains and receive technical support on various platforms. Timely support ensures that you get real-time help with sensitive information when you need it. Broker type The type of broker you choose in this case is purely based on profit.
Electronic Communication Network Brokers ECN brokers have the edge over Dealing Desk brokers DD brokers since they offer better spreads, translating to better profits for a trader. ECN brokers match trades between other traders, unlike DD brokers who might have to trade against their own clients.
Additional services Other than the basics, a good forex broker could sweeten the deal for you by offering in-house services such as tax statement preparation, up to date market news, additional expert analysis and occasional classes that help you better your skill legit forex trader a trader.
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FOREX SCAM
, time: 4:24How to Avoid Forex Trading Scams in - blogger.com
May 19, · The forex market is a legitimate trading market. This is where the world’s currencies are traded and is not a scam. However, the forex market is ‘zero-sum’, which means that for every winning investor there must be a loser. No value is added through trading currencies which means there is the potential for increased risk of scams Jun 02, · Conclusion: If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $, on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40, car by Estimated Reading Time: 7 mins Welcome to blogger.com's Reddit Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! We also have one of the largest forex chatrooms online! /r/Forex is the official subreddit of blogger.com, a trading forum run by professional traders
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