What are Forex Broker Scams?
They are typically operated by scammers who design
the (sometimes) professional-looking website that promotes "Forex trading." In simple terms, the moment a person (a prospective investor)
"deposits" cash but the scammer holds it and seeks ways to make the
victim "deposit" additional funds. If the victim requests to withdraw
the money or are unwilling to deposit additional funds or withdraw more, the
scammer shuts off all communication for good and keeps the entire amount of
money that they took.
The same is true for Binary Options forex scams and
CFD scams. These Forex scam Brokers are usually owned by the same individuals.
It is also possible to be victimized by a brokerage
that is regulated by the government similarly. There are other forex scams
called the "trading bonus" fraud that brokers attempt to forex scams
their clients by not revealing the conditions of the bonus prior to giving it
(even even though the terms are clearly stated on the document).
What can we do to avoid the risk of a Forex Scam broker?
If the offer can be described as "all or none". It's a kind of game but not an investment product. Even if you earn virtual gains', you are not able to take the money back.
Whatever the site is, you'll be in being a forex scam business, which claims to provide financial services that are simply playing. Of course, transferring your funds is simple with any firm that you sign up with, however, the withdrawal process can quickly be impossible if you sign up with a broker that is not legitimate.
The reason is that your money is being used for
marketing purposes, and also to draw more investors. They also know that you'll
lose regardless. This is why you're scammed.
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