Thread: How to Know the Scammers!!!

The best advice I can give is don’t trust anyone whose reputation you cannot validate and whose association is not legitimately tied to the actual forex market. This is especially important when selecting your forex broker.

The allure of trading forex can be overwhelming. It attracts many eager fx traders willing to gamble away their life’s earnings. Unscrupulous forex brokers, signal providers, fx educators, software peddlers, and forex frauds are waiting, with baited breath, to take your money and turn it into a profit for themselves – all at your expense!

The good news is that many forex professionals are honest and reliable, capable of assisting the most inexperienced fx trader succeed. Following forex signals and making profitable currency trades happens 24-hours a day, all around the world. The philosophy behind Forex Justice is to even out the playing field so everyone has a fair chance at winning.

This is how I normally do to identify scammers, with this, you should be ok for quite some time.
First of all, I do Google search with the name of the company and the word scam. Normally, there should be no page with the company listed with the word scam next to them but if you see at least one, maybe it is a scam. No need to have several pages, only one is neccessary.
Secondly, I go on a very good website, who have a lsit of all website and company listed as scam. They just saved me from sending sample to a scam company.
And thirdly, just ask people around on forums just like this one. I saw a mate who've done that.
Fourth steps is that you can verify the address they gave you and find out what's really on this. Go on and enter the address they gave you to find out if the address is really registered as their business address or at least at their names.
Fifth test is to ask them to phone you. Normally scammers won't do this but beware, some also tries to call you. Please be aware that some scammers uses call redirection which is call callback (I'm not sure of that) or they can use fax to email. Using this, they get number that are listed in U.S.A., U.K. or any European country where in reality, they are located elsewhere.

firsr of all let me say i think your advice is verry good.
i managed to find 2 brokers that seem honest enough, but i keep getting different rates by them.
usually these discrepancies are normal (a few minutes and pips here and there). but every once in a while i find great discrepancies like 20-50 pips.
how can i make sure rates are not being manipulated?

Forex scams can take many forms. Some scams can be compelling or seem to be very legitimate. They take advantage of traders seeking the magic answer to winning in the forex markets. Unfortunately, there are no easy answers. Here is a quick list of some popular general forex scams.
1. Signal Sellers
It seems like a new company springs up every day that has the signal service to beat all signal services. They profess to be able to sell you information on which trades you should make. These signal sellers usually charge a daily/weekly/monthly fee for their service and usually do not offer anything that will help improve your trading. There is no such thing as having a magic key to the market and if there was, why would you sell it?

Hi Styla786,

Are you still around?
I really liked your advice, it was very useful.
But my biggest problem seems to be price manipulation and I'm very interested to know what you have to say about it....
Looking forward to read your reply,

EmmaRahman

Originally Posted by KajolThappar

1. Signal Sellers
It seems like a new company springs up every day that has the signal service to beat all signal services. They profess to be able to sell you information on which trades you should make. These signal sellers usually charge a daily/weekly/monthly fee for their service and usually do not offer anything that will help improve your trading. There is no such thing as having a magic key to the market and if there was, why would you sell it?

at the same time there are many honest Forex Signals service, who are selling really high-quality signals. These guys really have somehow high prices, but they usually offer the real-time statistics of all the systems on the service. You know, it depends.