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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    Paraguay’s crypto framework one step away from becoming law

    Paraguay’s crypto framework one step away from becoming law

  • Education
    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

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    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    EUR/AUD BREAKOUT COULD GROW LEGS

    EUR/AUD BREAKOUT COULD GROW LEGS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

  • Commodities
    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Abu Dhabi’s oil champion ADNOC bets on global expansion

    Oil prices jump as Middle East violence rattles markets

    Oil prices jump as Middle East violence rattles markets

    Panamanian trade unions reach agreement with government on essential commodities

    Panamanian trade unions reach agreement with government on essential commodities

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Can commodities make a comeback?

    Can commodities make a comeback?

    CME looks to lure retail traders with daily options frowned on in Europe

    CME looks to lure retail traders with daily options frowned on in Europe

    The traders earning $6m+ outside banks and hedge funds

    The traders earning $6m+ outside banks and hedge funds

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

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    Crypto’s decentralization problem: The word is used too often to justify bad product decisions

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    Bitcoin Is Set to Thrive in October—No Matter Where Rates Go, Analyst Says

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    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

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    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Singapore’s crypto aspirations shaken by Three Arrows collapse

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    Crypto exchange Coinbase looks to expand footprint in Europe

    Crypto exchange Coinbase looks to expand footprint in Europe

    How ETF investors can bet on the crypto crash

    How ETF investors can bet on the crypto crash

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Forex Broker Scams

poweradmin by poweradmin
October 6, 2020
Home Education
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Watch out for forex broker scams!

Believe it or not, there are some brokers who “cheat” their clients.

One way they do so is by manipulating bid/ask spreads.

Normal spreads between brokers would be around 2-3 pips but scammers would have spreads around 7-8 pips.

Seven pips might not seem like a lot, but it does add up.

Imagine each time a client trades, he has to pay a spread of 7 pips. Imagine if he takes a just a few trades per day.

Multiply that by hundreds or even thousands of other clueless clients, you’d be rakin’ in the dough!

Another way is by stop hunting.

Remember, brokers know where clients place their stops.

Sometimes, they’ll make a run for those stops, causing their clients’ positions to close out.

Fortunately, many, but not all, broker shenanigans are considered old school.

Thanks to new rules from regulatory agencies such as the Commodities Futures Trading Commission and the National Futures Association, these old scams have been cracked down upon.

You should choose a forex broker that is registered with a regulatory agency.
In the U.S., check out brokers registered as a Futures Commission Merchant (FCM) with the CFTC and an NFA member. Be wary of those brokers that are not regulated by the CFTC and the NFA.

You should know that the CFTC and NFA were made to protect the public against fraud, manipulation, and abusive trade practices.

Be careful, it’s often difficult to distinguish between regulated and unregulated forex brokers!

You can verify CFTC registration and NFA membership status of a particular broker and check their disciplinary history by phoning NFA at (800) 621-3570 or by checking the broker/firm information section (BASIC) at the NFA’s website!

If you’re trading forex outside the US, you’re in luck! Other countries have regulatory agencies as well and protect individuals as well. More will be mentioned about them later.

If the broker in question is not registered or regulated by any national agency, then DO NOT deposit your money with them. We warned ya, so don’t complain to us if you don’t get your money back!

Stay away from non-regulated firms!

Also, don’t be shy to also ask around in our forex forums. It doesn’t hurt to get personal opinions.

Tags: Forex Trading Scams
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