Whenever you’re looking to make a forex trade, you must do so on an ethical platform. This is particularly true if you’re a novice trader. If you’re unfamiliar with the Forex market, you’re likely to end up wasting your money on a Forex scam like Veonco Forex.
MT5 vs custom made platform
MT5 vs custom-made platform is a question that many traders ask. However, the answer is not always as clear-cut as it might seem. For example, it is not uncommon to see a fake review of a trading software provider.
The best way to avoid these scams is to research trading platforms. The first step is to determine if the broker is regulated by a reputable regulatory agency. These agencies include the Swiss Financial Market Supervision Authority, the Financial Conduct Authority in the UK, and the Australian Securities and Investments Commission.
In addition to this, it is important to check the broker’s license. Fraudulent brokers often claim to hold licenses from formal regulatory agencies. However, these licenses are often not listed on the official regulatory agency website.
Another important reason to avoid MT5 vs a custom-made platform is security. Unlike other platforms, MT5 does not allow indicators to run in the background. This means that a broker may be able to manipulate price feeds. This can lead to significant losses for traders.
Computer manipulation of bid-ask spreads
Using a broker to trade currencies is a surefire way to lose your shirt, assuming you can find one. The same goes for a plethora of dubious companies promising the goldmines of forex trades. A quick perusal of the yellow pages will reveal a plethora of opportunistic forex brokers that will do your trading for you and leave you high and dry. The best bet is to steer clear of the competition. Of course, this entails that you should not engage in any trades you are not sure you can stomach. The best way to avoid this is to do your research, do a little comparison shopping, and keep your wallet close at hand.
A good rule of thumb is to only engage with brokers that are licensed and authorized in your jurisdiction of choice. This will ensure you avoid any shady brokers from snatching your hard-earned cash and scurrying off to a corner office at some shady office tower in the ghetto.
Targeting vulnerable traders
Investing in the foreign exchange market is a risky endeavor. It is especially risky when you are using an unregulated broker. Identifying forex scams is important if you want to stay safe.
Scammers often target traders with little knowledge of the Forex market. They promise big gains in a short period. They claim that the trader can earn unrealistic profits by investing a small amount of money.
Scammers also take advantage of the lack of regulation in the Forex market. They offer their services through online discussion groups. They also advertise through messaging apps and social networking sites.
When you are registering with a forex broker, make sure that the company is registered with the financial regulatory body in your country. You can also check the regulatory body’s website for information about the company. You should also inquire about the credentials of the company’s representatives.
Another indicator of a forex scam is an exaggerated claim of high returns. Scammers will also promise a fast and easy way to make money.
Reporting a scam
Having the opportunity to invest in forex is very beneficial, but several forex scams are operating in the marketplace. Fortunately, there are a few things you can do to protect yourself and prevent becoming a victim.
The first thing you should do is check your broker’s legitimacy. If you’re unsure, check Myfxbook, a free forex broker checking tool. It’s an easy way to see which brokers are formally regulated and which ones aren’t.
If you’ve been scammed, you can file a complaint with your local authorities. In addition, you should also file a chargeback with your credit card company.
Scammers use various persuasive techniques to get you to deposit money with them. Some of the most common tactics are asking for small amounts of money and asking for you to send them a personal email.
They also use ads on social networking sites to attract investors. They may offer high-pressure calls or investment seminars, or give you gifts. These tactics can be confusing, so be sure to check all correspondence and save all evidence.