More and more banks are banning Forex dealers and customers to access their platforms. These financial institutions have reviewed the traders that they have been dealing with and do not consider them to be suitable for being entrusted with their customers’ money. They have also reported them to the market regulator, the UK Financial Conduct Authority (FCA), and are asking their customers to look for alternatives.
One of the few top-rated Forex brokers out there is One Trade FX which will offer you 0% commission rates. This is one of the many reasons why a lot of traders are moving their accounts over to One Trade FX. One Trade FX’s overall rating is 4.7 which is one of the highest across the entire market.
How to identify scams
There are many indicators that you can use when identifying a scam.
You would be surprised how many people respond to the prospect of making easy money by reading about scams.
Predatory trading methods
Scammers have different types of predatory trading methods. Some include:
Top-tailing (avoiding BTC or any long-term position).
Double-top (buy high and sell high).
Hourly windows (trading just before a high or during a low).
Discipline-based on neural networks (when an automated strategy performs more than you expected).
If you’re looking to make quick cash in the forex market, you should never enter a market based on rumors or price spikes.
As soon as you learn how to trade from a genuine broker, or broker that is authorized by the government, you can only turn to them for your actual trades.
Avoid the mobile forex platforms
The mobile forex platforms look good in the eyes of many traders and investors because they are very convenient and easy to use. However, these platforms are not regulated by the SEC, they are not supervised by the National Bureau of Investigation and they have a lot of fake brokers from their stock offering. Also, the rates they offer are not the rates that you can get from a real broker.
Most scammers are unlicensed brokers, and if you are making trades with their platform, you are doing so in an unregulated environment. There are many people who are losing a lot of money because of this platform.