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Signs of scams brokers

We can identify brokers as scam if they conduct following activities:


  • A frequent cancellation of profit: beware of the brokers which regularly cancel earned profit.
  • Problems with withdrawal: bad Forex brokers can often reject withdrawals requested of clients referring to various excuses.
  • Unresponsive customer support: you can spend hours waiting for reply to a simple question, what will happen if you face the issue with money?
  • Bad reviews about a broker in the web: search reviews about Forex brokers prior to opening an account with them and if you see many poor reviews about a broker then definitely avoid it.
  • Reporting that deposit has not been made: if a broker says that deposit was not made even though we did, it means that you will have troubles with returning it, not no mention about earned profit.
  • Uneven pricing: pricing can be very uneven and quote prices may have no relation with market.
  • Often Requotes: one of the signs of a scam broker is a frequently faced Requote. This way it prevents a trader from closing trades at profit.

Conclusion: we hope that the above-listed characteristics of scam brokers will allow you to identify a scam broker in a proper time and avoid it.

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