Forex Broker Scams – Part 1

Online Trading » Forex Trading » Forex Broker Scams – Part 1

Today, is plenty of Forex Brokers on the web: just google “Forex Broker” to see how many results you get. Unfortunately, among these results, probably you will find a lot of Shady Forex Brokers or even Forex Broker Scams.

Full of Forex Broker Scams

Scammers, as you probably know, are everywhere: specially in business where they can scam people with ease and at the same time, they can do a lot of money from their scams. It’s easier than you might think to “open” a Forex Broker today, especially if the purpose is to scam Traders. We will divide these Brokers into three different categories: let’s dive into the first one for now.


“Real” Forex Broker Scams

The worst type of Broker that you can find on the web. This Forex Broker, is just a scam. The only purpose of the people behind this Forex Broker, is to convince people to open an account with them and then to make a deposit. After that, they will probably “run away” with your money and you can forgive about having back your “valuable” money. “Run way? What does it mean?” Simply put, they won’t answer to your calls, they won’t answer to your emails and probably you won’t be able to access to their platform to start trading… Why? Because, they don’t have a real trading platform. It’s just a website built to scam people: they lead people to the website, they convince them to make the deposit (Through advertisement, through unbelievable promotions that look to good to be true and so forth) and after that, you can say goodbye to your money. However, there are (Very) few Scam Brokers that work in this way: because after that they have scammed few people, bad reviews will start popping around the web in few days and then no one (With a brain) will ever choose them as a Forex Broker. That’s why we always say to search the web for reviews about Brokers: by reading a  review you can discover that probably the Broker that you have found is one of these kind of Scam Brokers (Because sometimes, the scammers even if most of traders know that their Forex Broker is “a genuine” scam, they will keep the website of the Forex Broker online and available to everyone: just waiting for a newbie to fall into their scam).


What to do, if it happens to you to be scammed by a Forex Broker like this one? Well, there’s really nothing to do… A part reporting the fact to the police or the right authority. Because this Forex Broker doesn’t even exist: it’s just a website, it doesn’t have the proper regulations and moreover, you don’t know the people that are behind it. In fact most of the times, you will just know the name of the company and an address, with a phone number and email. But all of these information can be fake ones. For this reason, you can surely forget about your money. But you must report the fact to the right authority: at least, they will shut down their website (If they have the power to do so: sometimes the servers used by the Forex Broker, are outside your country or are located in other countries with different laws… This mean that the authorities will need a lot of time to be able to shut down the website).

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