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Chapter 38, Part II. Things to Think About. Page 3

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 28, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    7. Be careful with fraudulent brokers, a.k.a. bucket shops.

    Since internet on-line trading has become readily available, the amount of those crooks is still growing, not so fast as it was some years ago, but still there are a lot of them. Those guys we also call forex scam brokers – These companies are the major object of destruction and disclosure by the Forex Peace Army. Although we intend to speak about it in more details a bit later – here we still say couple of words. Those crooks accept clients’ orders, book them, but never tranfer them to the marker as brokers that we’ve mentioned before. Instead of real transactions with acceptable quotes, even from a DD broker, all client bets against those bucketeers. Their scamming comes from the fact that they skew real quotes or even boldly give “not of this world” quotes and grab clients’ money. Others let you seem to make money on trades, but never allow withdrawals of profits, or even your initial deposit.

    Pipruit:
    Sir, you make me nervous…

    Commander in Pips: Don’t be afraid…

    Pipruit:
    Afraid? I’m in PANIC! I’m terrified!

    Commander in Pips: Calm down, son. I have good news – lucky for you we are the Forex Peace Army. So, we have a lot of information to help you to avoid those crooks. To help you separate real and reliable brokers from the scam we have:

    - Traders Court – where you can view cases that have finished already, read reviews and get assistance with your personal case (I hope you will not ever need it). Since FPA Scam findings were implemented in early 2008, well over 50% of the websites that the FPA has declared to be SCAMs have gone out of business.

    - Review and ratings – this is not quite about the scams, but it will help you to separate good brokers from bad, working signals and systems from non-working and so on, so as performance tests;

    - And, finally, education and services – this is not just our School. Here a lot of different stuff – as practical (researches, daily signals) as theoretical kind. Particularly Forex Basics Boot Camp highly recommended, especially to you.




    Pipruit:
    Wow, thanks sir, looks like my pulse is stabilizing. I was just thinking that all is lost…

    Commander in Pips: Heh, do you think that FPA will leave you one-on-one with market? Nope. We are always near, to support and lend a shoulder to lean on.

    Pipruit:
    Thanks sir. That’s really important to me.

    Commander in Pips: Also you can make something by yourself for your own protection.

    Pipruit:
    Aye-aye Sir. What is that? Since I feel like all advantages on their side.
     
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