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  Forex scams represent a widespread deception employed by fraudsters, who allure victims with promises of substantial returns on short or large investments. The real story, however, is that such high profits, while not entirely out of reach, are challenging for most to realise. Fraudulent brokers artfully craft and package their scams to appear compelling, but the potential perils they pose warrant serious caution from traders. This subsequent article provides insight into identifying such dishonest traders. Immerse yourself in this article, which not only empowers you with strategies to spot and avoid shady brokers but also equips you with a list of the most reputable traders projected for 2024, ensuring that you possess the necessary knowledge to discern and select quality brokers.


Top 8 Best Trustworthy Brokers

Modest spreads, objective commissions, and a rational range of leverage options, in a subdued and balanced trading ambiance.

Gently approach the trading sphere with FxPro, where moderate spreads meet manageable commissions, under stable leverage conditions.

Providing a secure and user-friendly platform for trading a diverse range of assets including forex, commodities, and stocks.

known for its innovations in financial technology and broad range of trading platforms that cater to both novice and experienced traders.

Providing versatile online trading services with a focus on numerous assets including stocks, indices, futures, ETFs, soft commodities, energies, metals, and currencies.

Operating under an impressive framework of regulations including CySEC, with innovative and diverse trading platforms catering to a variety of traders.

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Comparison of Best Trustworthy Brokers

Forex Broker

License

Minimum Spread

Maximum Leverage

Minimum Deposit

Open account

Details

Compare

7.47
Regulated
0
1:500
$100
Regulated
0.0
1:100
1,000 EUR/USD/GBP/CHF
6.30
Regulated
0
1:2000
$/€10
Regulated
0.0
1:1000
$200
8.46
Domestic Regulation
0.0
1:200
$100
8.00
Regulated
0.0
1:30 (Retail)/1:500 (Professional)
$0

7

XM
9.05
Regulated
0.8
1:1000
$5
4.76
Offshore Regulated
0.0
1:2000
$10

Best Trustworthy Brokers Overall

① FxPro

  Founded in 2006 in the UK, FxPro is an esteemed forex broker that facilitates online trading for a worldwide clientele. With a product roster encompassing forex, indices, shares, futures, energy, metals, and crypto, FxPro equips its traders with a diverse suite of trading options. Moreover, they accommodate clients with multiple well-regulated trading platforms, including the widely-used MetaTrader 4 and 5 platforms, alongside their proprietary FxPro trading platform and app, as well as cTrader. Their global recognition stems from their commitment to stringent regulatory adherence, demonstrated by their practice of segregating client funds for enhanced security. Additionally, FxPro is renowned for their transparency and commitment to fair practices, further establishing as a commendable choice for a trading broker. Below is the basic information of the broker:

FxPro
FxPro Snapshot ⭐⭐⭐⭐⭐
Regulation CySEC, FCA, CNMV
Trading Instruments Forex, indices, shares, futures, energy, metals, crypto
Demo Account
Min Deposit $100
Max Leverage 1:500
Trading Costs
From 1.2 pips + commission-free (Standard·MT4/5 account)
Trading Platforms FxPro Mobile App, MT5, MT4, cTrader, FxPro WebTrader

 

② Swissquote

  Swissquote, a premier online trading broker, is based in Switzerland and has been providing exemplary trading services since its establishment in 1996. Its popularity among global traders is due to its diverse offering of financial instruments such as stocks, currency pairs, precious metals, stock indices, commodities, and bonds. Recommending Swissquote is easy due to its long-standing reputation, broad range of tradable assets, and adherence to Swiss banking standards, which is well-known for security and reliability.

Swissquote
Swissquote Snapshot ⭐⭐⭐⭐⭐
Regulation FCA, MFSA, FINMA, DFSA
Trading Instruments Stocks, currency pairs, precious metals, stock indices, commodities, bonds
Demo Account
Min Deposit 1,000 EUR/USD/GBP/CHF
Max Leverage 1:100
Trading Costs From 0.6 pips + commission-free (Prime account)
Trading Platforms Mobile App, MT4, MT5, Money Managers
  

③ RoboForex

  RoboForex is a prolific international broker offering an array of online trading services spanning several assets such as stocks, indices, futures, ETFs, soft commodities, energies, metals, and currencies. Known for their compliance with stringent CySEC regulations, they offer a sense of stability and reliability in an often unpredictable market. What sets RoboForex apart, and indeed reasons to recommend them, are their innovative and diverse trading platforms tailored to meet a myriad of trader needs, its regulatory safety net, and the broad range of assets available, making it a versatile and appealing choice for traders of all types.

RoboForex
RoboForex Snapshot ⭐⭐⭐⭐
Regulation CySEC, NBRB, FSC (Offshore)
Trading Instruments Stocks, indices, futures, ETFs, soft commodities, energies, metals, currencies
Demo Account
Min Deposit $/€10
Max Leverage 1:2000
Trading Costs Floating from 0 pips + commission-free (ECN account)
Trading Platforms
MT4, MT5, WebTrader, MobileTrader, R StocksTrader

  

④ IC Markets Global

  IC Markets Global is a respected and well-regulated broker, providinga wide range of trading instruments, including CFDs on forex, commodities, indices, bonds, stocks, and futures, digital currencies, with competitive spreads starting at 0.0 pips. You can start with a demo account to gain experience, and opening a live account only reequires a $200 deposit. They offer advanced trading platforms like MT4, MT5, cTrader, and TradingView.

IC Markets
IC Markets Global Snapshot⭐⭐⭐⭐⭐
Regulation ASIC, CYSEC
Trading Instruments CFDs on forex, commodities, indices, bonds, digital currencies, stocks and futures
Demo Account
Min Deposit $200
Max Leverage 1:1000
Trading Costs From 0.8 pips + commission-free (Standard account)
Trading Platforms MT4, MT5, cTrader, TradingView
 

⑤ FOREX.com

  FOREX.com stands as an internationally revered broker, offering a superior trading environment for global forex and CFD traders. Their expansive selection of markets, combined with a superb collection of in-house platforms and limited access to widely utilized MetaTrader, positions them as a distinguished choice in the trading sector. Emphasizing their established trustworthiness, extensive market offerings, combined with multiple platform accessibility, FOREX.com is suitable for traders seeking a professionally reliable and versatile trading milieu.

FOREX.com
FOREX.com Snapshot ⭐⭐⭐⭐⭐
Regulation ASIC, FCA, FSA, NFA, CIRO, MAS
Trading Instruments Forex, indices, stocks, cryptocurrency, commodities, gold & silver
Demo Account (90 days risk-free trading with $50,000 in virtual funds)
Min Deposit $100
Max Leverage 1:200
Trading Costs
From 0.8 pips + commission-free (Standard account)
Trading Platforms Web Trader, Mobile App, TradingView, MT4, MT5
  

⑥ CMC Markets

  CMC Markets, renowned globally for its reliability, provides a stellar trading experience due to its superior pricing structures and the substantial availability of various tradable instruments. Its reputation for trustworthiness, combined with its competitive pricing and multitude of trading options, make CMC Markets a highly truthworthy choice in the financial trading realm.

CMC Markets


CMC Markets Snapshot ⭐⭐⭐⭐⭐
Regulation FCA, FMA, CIRO, MAS
Trading Instruments Forex, indices, commodities, shares, treasuries, cryptocurrencies
Demo Account
Min Deposit $0
Max Leverage 1:30 (Retail)/1:500 (Professional)
Trading Costs From 0.6 pips + commission-free (Standard account)
Trading Platforms CMC web platform, CMC mobile app, MT4, MT4 WebTrader

⑦ XM

  XM is a globally recognized online brokerage that offers trading services in various financial instruments, including forex, commodities, indices, stocks, cryptocurrencies, and metals. Established in 2009, XM is known for its user-friendly trading platforms (MT4 and MT5), competitive spreads, and fast execution times.


XM


XM Snapshot ⭐⭐⭐⭐⭐
Regulation ASIC, CySEC, FSC, DFSA, FSCA
Trading Instruments Forex, precious metals, stock derivatives, commodities, equity indices, energies
Demo Account
Min Deposit $5
Max Leverage 1000:1
Trading Costs From 1.6 pips on EUR/USD & commission-free (Standard account)
Trading Platforms MT4, MT5

  

⑧ BDSwiss

  BDSwiss offers expansive range of trading instruments spanning across various assets classes, including CFDs on Forex, Shares, Indices, Commodities & Cryptocurrencies. BDSwiss also accommodates for different risk profiles with its leverage of up to 1:2000 and a notably low requirement of $10 for initial deposits. Furthermore, with its comprehensive mobile application, trading flexibility is bolstered. These characteristics collectively establish BDSwiss as a sound option for traders seeking a user-friendly trading broker.




BDSwiss Snapshot ⭐⭐⭐⭐⭐
Regulation FSA (Offshore)
Trading Instruments CFDs on Forex, Shares, Indices, Commodities & Cryptocurrencies
Demo Account
Min Deposit $10
Max Leverage 1:2000
Trading Costs
Spread from 1.3 pips + commission-free (Classic Account)
Trading Platforms MT5, BDSwiss Mobile app, BDSwiss WebTrader


Forex Trading Knowledge Questions and Answers

What are Forex Trading Scams?

  Forex trading scams constitute deceptive schemes devised to deceive traders into placing their capital in counterfeit or unregulated Forex trading platforms or services. These fraudulent activities frequently lure potential victims with the allure of substantial returns, presenting supposedly zero or minimal risk.

  Forex trading scams operate by employing a variety of deceitful strategies, including fabricated trading signals, sham investment openings, or unscrupulous forex brokers, to fool traders into submitting their funds. Once these funds are deposited, the culprits often vanish or craft complications that hinder traders from retrieving their investment.

What are forex trading scams?


Why is Forex Susceptible to Trading Scams?

  Forex, the foreign exchange market, is significantly vulnerable to trading scams largely due to its relaxed regulation. The market regulation primarily depends on brokers to self-register with regulatory organizations such as the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC).

  Its inherent volatility also turns Forex into a hotbed for quick-profit scams. Scammers frequently entice traders, offering unbelievable profits of up to 100% through some alleged 'secret formula'.

  Institutions like hedge funds, banks, and investment management firms often consistently earn from the market owing to their substantial financial resources. These entities can enlist the services of professionally trained Forex traders, oftentimes with PhD qualifications. The seemingly routine high returns these entities realize may falsely lead inexperienced traders to believe that such profits are the norm in Forex trading.

  New entrants to Forex trading, yearning to duplicate these returns, may seek reputable educational resources to learn the trade's secrets. Regrettably, due to lack of experience, misinformation, or misplaced trust in unscrupulous operators, they may find themselves on the losing side of trades. It's imperative for these new traders to understand that Forex is not a quick path to wealth, as it is essentially a zero-sum game; one's gain in a trade invariably means another's loss.

Why Is Forex Susceptible to Trading Scams? – RemitX Blog

Five Types of Common Forex Trading Scams

  Let me list for you the top five common forex trading scams:

  •   “Guaranteed” High Profits Scam: If a company promises guaranteed high profits, it is very likely to be a scam. The forex market is full of variables, no one can guarantee a stable high return.

  •   Trading Platform Manipulation Scam: Some dishonest brokers will manipulate their trading platforms, causing slippage by filling orders at unfair prices. This is another common scam.

  •   Attractive Marketing Promotions Scam:Some companies may launch attractive promotional activities, such as high deposit bonuses, then add complex terms that make it impossible for investors to withdraw the bonus.

  •   Unregulated Broker Scam: They are usually not regulated by any financial regulatory agencies, which makes it almost impossible for investors to receive legal protection.

  •   Pressure Sales Scam: Scammers often take advantage of people's greed and urge them to invest urgently by emphasizing “a once in a lifetime opportunity.”

  •   Knowing these common scams can help you avoid losses and trade forex more safely.

    Five Types of Common Forex Trading Scams

How to Spot a Forex Scam in 2024?

  Forex trading is a genuine choice for investment that can indeed generate profits. However, it must be understood that it is not a reliable method for earning overnight riches and should not be marketed as such. The most blatant hint of a scam is if a forex broker, EA or trader offers you something that they claim is a foolproof way of becoming a millionaire.

  Here are some warning signs to be aware of when engaged in forex trading:

  Red Flag Checklist:

  •   Excessive claims of profit

  •   Dependence solely on historical data without any live trading data

  •   Missing or unavailable information on past performance

  •   No identified contact in the brokerage or difficulty in reaching the identified contact

  •   Requests for large amounts of money

  •   Disproportionately high win/loss ratio

  •   Negative independent reviews

  •   Claims of a 'secret formula'

  •   Offshore headquarters or lack of regulation


How to Avoid Forex Trading Scams?

  Preventing Forex fraud requires a thorough understanding of dealer security. Safety is usually judged by whether it is regulated or not. Therefore, judging whether a trader is regulated is an important way to identify fraudulent traders. You can go to the wikifx homepage and look up the name of the dealer in the search box. You will be able to search for regulatory information about the trader, as well as basic information.

  In addition to supervision, the evaluation of other traders and other aspects is also crucial. You can use these as an important basis for choosing a trusted platform.

  •   Due Diligence: Conduct extensive background checks on the broker. Reputable brokers are often members of the National Futures Association (NFA) and are registered with the U. S. Commodity Futures Trading Commission (CFTC).

  •   Profit Guarantees: Be skeptical of brokers promising unlikely high-profit margins with minimal risks. The absence of a risk disclosure signals dishonesty and potential fraud.

  •   Hard Sales Tactics: Avoid brokers who put undue pressure to invest promptly. Authentic brokers do not hurry investors to pour in money.

  •   Trading Strategies: Beware of complicated trading tactics. If you don't comprehend the investment strategy, it's best not to invest.

  •   Risk Profiling: Genuine brokers actively communicate the risk associated with forex trading. If a broker tends not to disclose the potential risks, it may be fraudulent.

  •   Advertising Schemes: Brokers might use handy bonuses or promotions to attract customers. Always understand the complete conditions associated with these promotions before participating.

  •   Offshore Brokers: Be cautious about brokers located in countries with less stringent financial regulations. Remaining within regulated jurisdictions offers greater protection.

  •   Active Monitoring: Continuously track your investment portfolio. Keeping a close watch can help in detecting incongruities and irregular activities.


About WikiFX

On WikiFX.com, our evaluations of online forex brokers, along with their offerings and services, are derived from the data we've gathered and the informed insights and professional perspectives of our expert researchers. We conduct a thorough review of each broker's regulatory compliance, commission rates and charges, minimum deposit needs, leverage availability, performance of the trading platform, and the speed of withdrawal processes. Through our technologically-backed assistance, we strive to ensure you have a solid understanding of these aspects. We sincerely maintain an updated leaderboard of top brokers and offer extensive forex guides. With a catalog of over 50,000 brokers regulated by 30+ authorities, boosting confidence and simplifies trading experiences for your forex journey.

Disclaimer: All information published in this article is intended for informational purposes only, and it should not be considered as individual recommendations.

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