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Avoid Broker Scam!

Discussion in 'Forex Broker Discussion' started by virmon, May 14, 2009.

  1. virmon

    virmon New Member

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    Occupation:
    Forex Trader
    Location:
    Virtualmakemoney.com
    Hi Everyone,
    I am 6 years FOREX trader, and i have a big deal of dealing with many FOREX brokers. Since then, I met many scams during my trading years, but what affected me most was that of Forex Peace Army, those scammers didn't let a one single broker for its own. And among their victims, there is FX Open and that was the reason to discover their fake reviews, because i had a great deal of trading with them, and I never had a complaint against them, whereas FPA have many bad reviews against them. Thus, I felt serious towards this topic and my role is to inform all traders of it.
     
  2. lancehibner

    lancehibner New Member

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    There’s no end to the trading scams that plague foreign exchange (forex) traders who are too willing to believe the unbelievable. One of the most common trading scams involves the promise of easy or fast money. The promises take many forms but they all have one thing in common theyre lies. Make a 30-40% rate of return, every month, we guarantee it! These are the kinds of claims that people are receiving in their snail mail and e-mail every day. Worse, thousands of people actually fall for these scams.
     
    #2 lancehibner, Jun 3, 2009
    Last edited by a moderator: Jun 3, 2009
  3. daniellefr

    daniellefr New Member

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    So true. People are hungry for "easy" money, especially now with all the crisis going on. When a desperate, most probably unemployed individual sees an ad with a promise of thousands of dollars per day, he definitely feels like trying. STAY WAY FROM SCAM. Forex is a serious profession and does not include easy money!!!
     
  4. oben

    oben New Member

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    Absolutely, but these promises are not new, the USA is the home of all this kind of scam, and they succed more often than they don't, that is why they keep doing it because there is people like you say who are desperate. Only just today I read a trading blogg of someone who add a comment and link that he promise, and can prove (of course, they always do) that with his management you will make profit of 15% per month minimum GUARANTEED, just send $100!

    A good site to get information on brokers and FX is forexmagnates . com, here as well almost every day he report of all the scams that are being investigated by the NFA and other bodies worldwide, it is incredible how many Ponzi schemes are on going, it is frightening! It seems more the independent Money Management companies that are the scams, If you want to have an account managed then it best to do with your own broker or have them recommend someone.
     
  5. Mark Jackle

    Mark Jackle New Member

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    There are plenty of Scams on forex broker is very much prevalent in the trading, as it is in other business sectors. Yet, there are lots of good brokers, who work for the security of their customers.
     
    #5 Mark Jackle, Aug 21, 2009
    Last edited by a moderator: Aug 21, 2009
  6. ExtremeTrader

    ExtremeTrader New Member

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    Thanks for informing my against FX Open. I did not know they were a scam...
    Anyone I'm thinking about opening an account at eToro. Any reviews?
     
  7. daniellefr

    daniellefr New Member

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    eToro is alright. I got the money each time requested.
     
  8. JavitoFX

    JavitoFX New Member

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    I know, there are so many brokers out there offering so many things that you don’t know if they are for real or not. I am with ac-markets and they are pretty decent broker.

    I advise you all to look for a broker well regulated, and make sure they have in fact the regulation they say they have by contacting those entities.
     
  9. oben

    oben New Member

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    I don't think that any offers give by brokers are never actually not given, there is no way they would survive very long if word got out that it was all untrue. Where there might be a "missunderstanding" is in the way they word their so called offers, for example the all to common FX broker's equivalent of BOGO "ZLPQR broker will offer a $25 bonus to all NEW mini Forex accounts. So open a mini Forex Account with a minimum deposit of $25 Only and receive a BONUS of 100%." that money does not actually belong to you immediately because you will have to read the small print to find out such things as

    "You can use this bonus for your trading, which will be released to you after specific conditions have been reached. Such conditions are:
    You have to make not less than 10 trades with total cumulative volume = 1.0 lot. If you withdraw more than 30% of the first deposit before fulfilling the minimum conditions, the bonus will be voided."

    Well, they are not a charity, they are in for the money as well, so remember to always read the small print.
     
  10. jhnsmith978

    jhnsmith978 New Member

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    I have been trading Forex for a while and was wondering which broker was the best. I have used a few and they seemed OK. But I've heard that some manipulate the prices you see and so could be more risky.
     
    #10 jhnsmith978, Oct 30, 2009
    Last edited by a moderator: Oct 30, 2009
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