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.
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.