简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:While the Forex market offers vast opportunities for traders, it is essential to be aware of potential scams perpetrated by unscrupulous brokers. This article sheds light on the various ways brokers have been reported for scamming their clients, emphasizing the importance of due diligence. Throughout this article, we will mention WikiFX, a platform that helps traders identify reputable brokers and avoid falling victim to scams.
Introduction:
While the Forex market offers vast opportunities for traders, it is essential to be aware of potential scams perpetrated by unscrupulous brokers. This article sheds light on the various ways brokers have been reported for scamming their clients, emphasizing the importance of due diligence. Throughout this article, we will mention WikiFX, a platform that helps traders identify reputable brokers and avoid falling victim to scams.
Common Broker Scam Techniques:
Unfair Trade Execution: Some brokers manipulate trade execution to their advantage, causing slippage or requotes that harm the trader's profitability.
Misleading Advertising: Brokers may use deceptive advertising practices, promising unrealistic returns or hiding important terms and conditions.
Unauthorized Withdrawals: Scam brokers might refuse to process withdrawal requests or make unauthorized withdrawals from clients' accounts.
Account Manipulation: By artificially adjusting prices or tampering with trading conditions, brokers can negatively impact traders' results.
Ponzi Schemes: Certain fraudulent brokers operate as Ponzi schemes, using funds from new clients to pay profits to existing clients, thus creating a false impression of success.
Using WikiFX to Avoid Scams:
WikiFX provides a comprehensive database of brokers, allowing traders to research and evaluate their legitimacy. By checking a broker's profile on WikiFX, users can access vital information such as licensing, regulatory status, and user feedback. This platform empowers traders to make informed decisions and avoid falling victim to broker scams.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
An individual trader has come forward with allegations of an unfavourable experience while using the services of the broker TradeEU.global.
A 49-year-old e-hailing driver in Malaysia fell victim to a fraudulent investment scheme, losing RM218,000 in a matter of weeks. The scheme, which falsely promised returns of 3 to 5 per cent within just three days, left the individual financially devastated.
SFC freezes $91M in client accounts at IBHK, SBI, Monmonkey, and Soochow over suspected hacking and market manipulation during unauthorized online trades.
A 57-year-old Malaysian man recently fell victim to a fraudulent foreign currency investment scheme, losing RM113,000 in the process. The case was reported to the Commercial Crime Investigation Division in Batu Pahat, which is now investigating the incident.