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Ways to Avoid Falling in the Trap of Forex Scams

The forex industry sees thousands of scams every year. However, if you don’t want to be a part of this death trap, then here are some ways to avoid it.

If it appears extremely good: Brokers that promise automatic and hefty returns in no time should be your first concern.

There isn’t any easy or shortcut to earn profit here. Sites which sell bots or signals aren’t legit. Do not go for sites with blinking dollars and no explanation.

Speak to the people: It is important to speak to the customer care team and also with the people who are using the brokerage platform.

In some cases, there are promotional videos available. But it is very important to verify the reality. Talk to the other traders of the platform to know the truth.

Google their products and services: If you are unable to get in touch with the traders, then just google the company, its products, and services.

If you get convincing results, then proceed, if a lot of people have written negatively about it, then stop right there.

Check the profiles on LinkedIn: Find out about the owner of the firm and look out for their professional network.

Researching the people behind the company will help you find their LinkedIn page on the first page.

If the owners don’t have a profile, then it is a problem. If they do, then look for recommendations.

Regulation: Find out which body regulates the firm. The American NFA is the best. Regulated by bodies like the FSA, CFTC makes them legit.

Demo account: A forex demo account is the first broker check. If they offer you a demo account, then it is good.

A genuine broker will ask you to try their platform without real money.

At the end of the day, it is all about your research and gut feeling. If you have already been scammed, then do not lose hope.

Speak to the professionals at Money Back to get your lost funds recovered.

With their effort, professionalism, and legal reach, you will be able to recover your money in no time.

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