How do you identify a Scammer?

lucie_fxtrader

Spammer for Vipromarkets
Messages
6
Hi all,

Being a rookie I would appreciate your help. I have heard and read a lot about scam brokers and I would appreciate it if you gave me some tips on how to identify one. Thank you!
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,536
First, check the FPA's reviews. From there, you can see if they've already earned a Scam label from the FPA. You can also see warnings added to the page as well as the overall rating.

Then use the forums search function to look for the broker's name. This will find any threads in Scam Alerts and also any Resolved Issues.

There's more, but this will quickly filter out many of the worst ones.
 

GoldGuru.in

Recruit
Messages
11
Since you sound new in Forex, I would suggest you trade only with play money for first 3-6 months.

Don't feel low if you blow an account.. Treat at least first 3-6 months as a learning period.
 

Froso@FXNET

FxNet.com Representative
Messages
395
Identification of scammer in forex trading is not a big problem you will know them while trading with them within some months. Scam brokers are not fair in their dealings. if they are not regulated you should be prepare any time they could be scam.
 

downtrend

Sergeant
Messages
861
All those that claim to have good earning or good result from their trading system or strategy but they cannot provide a live account proof are scammers.
 

dianajs

Private, 1st Class
Messages
778
The first thing you can do is going through the list of scammers and scam complaints here on the forum, I think. Also, it's a good idea to look for the site of whatever financial watchdog agency operates in your country. The local brokers that have been authorized and licensed by it should be listed in it, as should be the scammers. Such agencies often publish specific warnings about scammers and liars too. For example, ASIC recently warned about a forex broker that lied on its website that it was officially regulated by the organization, when in fact it wasn't.
 

lucie_fxtrader

Spammer for Vipromarkets
Messages
6
Thank you guys for all the information, I went through FPA's scammer list and I will keep in mind your points. One more question if you could help, I have read some threads mentioning not trusting regulators, are there countries with 'safer' regulators than others?
 

Pharaoh

Colonel
Messages
19,722
People will debate this, but I'd say the best 3 regulated countries for forex are the US, Switzerland, and the UK. Be aware that the UK FCA will list brokers from other EU countries as "passported", so those with a passport notation are NOT covered by the FCA or FOS.

Also, quite a few brokers have multiple companies. Just because a broker has a legitimate UK branch doesn't mean your account will automatically end up there. Be very careful to be certain what regulations your account will be covered by.

One other way to improve your odds. Stay as far away from binary options as possible. It's nothing but online gambling, and most of the binary casinos don't like to pay out.
 

lucie_fxtrader

Spammer for Vipromarkets
Messages
6
People will debate this, but I'd say the best 3 regulated countries for forex are the US, Switzerland, and the UK. Be aware that the UK FCA will list brokers from other EU countries as "passported", so those with a passport notation are NOT covered by the FCA or FOS.

Also, quite a few brokers have multiple companies. Just because a broker has a legitimate UK branch doesn't mean your account will automatically end up there. Be very careful to be certain what regulations your account will be covered by.

One other way to improve your odds. Stay as far away from binary options as possible. It's nothing but online gambling, and most of the binary casinos don't like to pay out.
Thanks Pharaoh I appreciate this info. I agree with you on the binary options point from what i have seen and heard so far.
 

nahiyar

Private, 1st Class
Messages
755
identification of scammer is possible through many ways. we can directly deal with them to see their fairness. If there is some thing wrong with transactions they are scam, Other way is to know others vies about any company reviews and others comments will tell how this company is working with their clients.
 
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