Country Branding

[jtfx]

I was told by a more experienced trader that scam brokers always pick particular countries to operate. This is due to regulation or LACK OF it.

Example:
Belize, a scam haven in Central America. The country offers companies virtual immunity from lawsuits. This is the favorite of HYIP scammers!

Cyprus, a scam haven in Mediterranean. This country offers nothing. They are currently "trying" to regulate in paper to pacify EUR council, but from what I see, these scams continue to operate.

Philippines! I live here and would warn you all NOT to trade with any forex brokers here. FOREX is not legal in Philippines so how in hell can they operate here unless they are scammers. The only Forex activities here is the Over the Counter Currency Exchange - and not online forex trading. Furthermore, the only companies allowed to transact forex (to include online forex if they opted to) are BANKS!

If you know which country these brokers are operating, you can at least be able to avoid being scammed.


Please add more countries to this list.

 

[Pharaoh]

I think Cyprus is at least starting to clean house. Give them a little more time and see what happens.

Any broker in the USA that's not listed with NFA and/or SEC and/or CFTC.

Any managed forex account manager anywhere who wants to trade your account without a LEUP. Any US account manager that's not listed with NFA and/or SEC and/or CFTC.

Any UK broker that's not listed with FSA.

Any broker that claims to be Swiss, but isn't registered with FINMA.

Any broker that lists no regulator and registration number on their website.

Any broker that doesn't list an address on their website. If they do list an address, google it. If you find hundreds of companies at that address, then it's a virtual office. No one from the brokerage works there. Ask them where they REALLY are. If they insist they are at the stated address, zoom in on google maps and see if the employee can name any nearby streets faster than you can find them on the map.