Easy ways to avoid scammers in Forex

The Forex market is not a scam. In fact, it is an amazing place to make money. Unfortunately, dirty scammers (which operate not only in the Forex market, but others too) have ruined the reputation of the Forex market. For such reason, people now usually associate Forex with fraud.

Apart from the big players (banks and corporations), the Forex market is integrated by small retail investors (just like you and me). And most of the time, those participants have little or barely none experience in the financial world before opening a Forex account.

Scammers’ game is pretty basic and predictable. Their strategy is based on the presumption that Forex market is the solution to all of your financial problems. In other words, put $100, trade for a week and you’ll be buying a Ferrari next Sunday. Oh, and all operations all RISK-FREE.

Right… something simply doesn’t fit. For many people, it is a closed deal. Low investment, high returns, low risks, no prior experience. Too good to be true? Of course. Forex is about self-education and sweat. Learning step by step, day by day. There are no shortcuts.

How to avoid scammers?

#1 - Learn from the best

When trying to find a Forex broker, start looking at the best out there. Learn what regulators do they use, which conditions do they offer, etc. Even if they do not offer accounts for your current preferences, you’d have a pretty good point of reference in your future research.

#2 - Do your research

Never go for the first option that crosses your path. Be picky. Believe me, there are plenty of Brokers out there (including us) and to find the best alternative, you need to examine many of them. Prepare yourself just like when trying to find a sale item in your favorite retail store.

#3 - Educate yourself

Education plays a huge role when talking about not getting screw by scammers. As I’ve previously said, the Forex market is full of people that have zero financial knowledge. For such reason, doing some reading about the market, understanding what’s your trading profile, style and conditions will make a big difference.

#4 - Verify regulators

Yeap. Cryptocurrency defenders will hate me for this one, but I have to say it: regulators are no bad for you. In fact, I suggest embracing the idea of knowing more about them, what they do, and how they can protect your money from bad practices and scammers.

#5 - Always be curious

Feeling comfortable? That’s your weaker point. Always keep looking for the best. Never settle for less. At FortFS we encourage our clients to make suggestions actively so we can improve services and products on the go, assuring their needs never go unattended.