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According to experts, the first and most common mistake of a young broker is the desire to earn a lot at once. Not understanding what was happening, having absolutely no experience, a beginner chooses a broker by eye and goes to bidding. And, meanwhile, fraud and scam on the part of the broker are one of the most serious non-trading risks in trading activities. With an abundance of advertising of various brokerage companies, which are not always sincere, it is difficult to make the right choice.
What is scam?
Due to the widespread deception in the activities of Forex intermediaries, this phenomenon has even got its own name. And the fraudster, and the process of deceiving a gullible trader for profit, are called scam.
Unfortunately, not every fraud and scam fall under the articles of the criminal code. There are plenty of opportunities to fool a beginner. Starting from unfair advertising, ending with a game not fully understood by the young trader in terms or a banal game of emotions and thirst for development.
How to distinguish a scammer?
Theoretically, there are criteria by which you can determine an unscrupulous broker. Not all of them work in a hundred cases out of a hundred. Not everyone clearly points to scam. But at least knowing them is good.
• The company is not licensed and is not controlled by the financial regulator;
• The company is located offshore (often fraudsters choose just such a place of registration);
• The company has an aggressive advertising policy, uses cold calls and spam mailings;
• Digging gives a lot of attractive promises and does not warn about the risks of trading activities;
• Reviews about the broker are too positive and template at the same time, cause a feeling of the text written;
• Advertising texts and texts on the broker's website play too much on the excitement of a potential client.
In addition to these indirect signs, there is one fairly reliable and proven way to insure yourself against fraud - to contact competent sources of information.
Knowledge is power
Unfortunately, in very many cases, having become a victim of a divorce, the young trader soon enough realizes that he is being deceived, but does not break off business relations with the broker. This happens until the chamfered company ceases operations, having forgotten to return the balances of the invested funds. And the reason is simple - beginners do not know where and how to look for an alternative, they are afraid to change the awl for soap with unnecessary trouble.
When there is free access to opinions from an authoritative source about a particular intermediary, this problem disappears by itself. As they say, most of the troubles in our lives are the result of a lack of understanding of the choice.
What is this site for?
The main task of this resource is to help novice traders and those who are thinking about changing a broker. Regardless of whether the trader has zero experience in conducting activities, or has tried his own strength for some time and was unsatisfied with the quality of the services of an intermediary at the auction, we are ready to share information that will be useful.
• We do not represent the interests of any broker, therefore our opinion is independent;
• We are interested in fair competition and the development of private traders;
• We are interested in the development of Forex in Poland;
• We have enough experience to distinguish truth from lies.
For novice traders, our site contains review articles about existing brokers, as well as a selection of information materials that will help you take the first steps on Forex and figure out all necessary material.
Knowledge is your key to success.