FX trading

Forex trading scams

 The following Forex scams list current and past types of scams involving Forex scams.

signal seller

Signal seller scams are scams in which an individual or company sells information about which trades to make and claims that the information is based on professional predictions, guaranteed to make money for inexperienced traders. They usually charge a daily/weekly or monthly fee for their services but do not provide any information to help traders make money. They often take numerous testimonials from supposedly legitimate sources to gain traders' confidence, but actually do nothing to predict profitable trades.

high yield investment plan

High Yield Investment Plans (HYIPs) are often just a form of Ponzi scheme, where high levels of returns are promised on a small initial investment in what is actually an exchange fund. However, in practice, the initial investors receive returns from the funds generated by current investors, and a constant influx of new investors is required to keep funds flowing. Once there are no longer investors in the scheme, the owners will often close the scheme. and take any remaining money.

Manipulating bid/ask spreads

These types of scams have decreased over the years, but they still exist. This is why it is important to choose a Forex broker that is registered with a regulatory agency. This type of scam usually involves spreads of around 7-8 pips, instead of the usual spreads of between 2-3 pips.

Fraud through software

Forex robot scammers lure newbies with the promise of huge gains with little effort or knowledge. They may use false or misleading numbers to convince customers to buy their products. Their promises are flawed because no robot can adapt and thrive in all environments and markets. Professionals often use software only to analyze past performance and identify trends. All software should be formally and independently tested, but caution needs to be taken when trusting the reviews themselves, as these reviews can be paid for. If their product did exactly what they claim it does, they wouldn't sell it but would exclusively use it themselves.

Escrow account

These accounts may be a form of Forex scam, and there are many examples of escrow accounts. These scams usually involve traders taking your money and instead of investing it, use it to buy various luxury goods for themselves. When the victim eventually asked for a refund, there was not enough money to pay it back.

Ponzi schemes and pyramid schemes

This is a very common form of kinship fraud. They promise high returns for a small upfront investment. Early investors often do receive some form of return on their money and are incentivized by this success, and then they recruit friends and family into the scheme. However, the reality is that the "investment opportunities" do not actually exist and their initial returns are funded by funds paid in by other members of the scheme. When the number of investors starts to drop, the scammers shut down the scheme and take the funds.

boiler room scam

This type of scam involves a scammer, usually getting people to buy stock in a worthless private company with the promise that their stock will increase significantly when the company goes public. They rely on using a "sense of urgency" - suggesting that the opportunity will be lost if they don't act quickly, thereby preventing targets from properly researching the opportunity. Often, however, the company does not really exist and may have a fake phone number, office, and website. Once the scammers make all the money, they disappear along with everyone's investment.

How to spot a Forex scam?

One of the most important things an individual can do to avoid being scammed is to actually learn to trade correctly in the Forex market. The difficulty, however, is finding a trustworthy Forex broker/teacher you can trust. Amateurs must know that a broker actually makes the money he/she says he/she will, and due diligence is key here. The Forex market is not a casino, but a very serious market with trillions of currency units traded every day. Use a demo account and learn to make long-term profits first before trading live. Please note that, as with any professional skill, it can take years to master Forex trading properly. Any claim that "you can make money fast" should be avoided.

Paul Belougour, managing director of a retail foreign exchange trading company, even said, “If it’s your hard-earned money—money you can’t afford to lose—then never, ever invest in foreign exchange.”

Don’t just take the claims made at face value, take the time to conduct your own analysis. Inexperienced traders should be critical of their own methods, analyze statistics and create their own functions that have been tested on demo accounts with success. This takes time to achieve, but for inexperienced traders it is a better option than trusting automated computer programs. Don’t rush into investments that are “too good to be true.”

Other things one might want to check is the authenticity of the claims the company makes or sells expertise/courses. To do this, check the location/jurisdiction where the business is registered, as many Forex scammers will operate from locations where they believe local laws will make it difficult for them to be prosecuted internationally.

Best Forex Trading Platform:

①    ThinkMarkets  ASIC 424700；FCA 629628      

①    EXNESS      FCA 730729；CySEC 178/12



These FAQs answer common questions about the Forex market:

Is Forex a scam?

The Forex market is a legitimate trading market where the world’s currencies are traded. It is not a scam in itself. Without the Forex market it would be difficult to trade the currencies needed to buy imports, sell exports, to go on holidays or do cross border business. However, with high leverage positions which, in theory, have the potential to make traders a lot of money and because there is no centralised/regulated exchange, scammers take advantage of the situation and the inexperienced traders desire to enter the market.

The Forex market is a ‘zero-sum’ market, which means that for one trader to make a profit, another trader will need to make a loss, the Forex market does not itself add value to the market. Because a lot of the currency movements are directed by large well-financed corporate institutions and banks, who are better informed about the market as a whole, the undercapitalised trader is always likely to lose. Institutions and large banks trade in Forex on a daily basis; to make a significant profit in this market takes a considerable learning curve.

What is Saxo Bank?

Saxo bank trading platform review

The Saxo Group spans the globe with a strong unified network through both local sales and organizations allows serving clients in more than 180 countries.

The Saxo Group is a multi-asset trading and investment organization with over 25 years on Fintech innovation, a fully licensed regulated European bank under the supervision of Danish FSA. The headquarter is located in Copenhagen while an organization operating in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Sydney, Hong Kong and Tokyo...
you just dont chose a broker for a name as its only one of the points

 1- Regulations
2- Spread
3- Leverage
4- Stop out and Margin Call
5- Deposit and withdrawal options
6- How many pairs does it offer ? cover your needs !
7- Customer support is so important
8- Cover your Country after the new rules of ESMA
9- Market Maker or STP or ECN or DMA broker ?

Best Online Forex Brokers

Find the safest sites to trade online, reviewed by real traders


So you fancy the idea of FX trading, but don’t have a clue where to start? Don’t be embarrassed to confess your lack of knowledge because some of the most experienced Forex traders started off as beginners. There is a wealth of information available, either at your local library, bookstore, or online, to bring even the most inexperienced to a certain level of understanding. We hope that you find everything you need here on this site, as it’s very convenient to have a place of reference where all the necessary information is close at hand.
As well as introducing you to the world of Forex and all it entails, we’ll also be bringing you details of the best Forex brokers. Without the best Forex broker by your side, you’ll struggle to take advantage of this popular form of investment.
So let’s start with a brief explanation of the form of investment known as Forex trading.

What is Forex trading and how can the top Forex brokers help you trade?


Have you ever travelled to a foreign country? It’s very likely the country you visited used a different currency than the one you use in your everyday life. Which meant you had to find a currency exchange booth at the airport, or visit your local bank, and change your spending money into the currency of the country you were visiting. When it was your turn to be served you would have been faced with a long list displaying different exchange rates for different currencies. When exchanging one currency for another you are participating in the most basic form of FX trading, via the Forex market.
When it’s time to return home after a restful vacation, the exchange happens in reverse. You’ll also notice that the exchange rate has changed, and this is what allows investors to make money in the foreign exchange market.
The foreign exchange market is one of the largest financial markets in the world, with a trade volume of more than $5.3 trillion per day. When you compare this with the trade volume of the New York Stock Exchange, currently just $22.4 billion per day, you can understand the enormity of the FX market. However, the figures can be deceiving. The huge $5 trillion figure relates to a market which happens on a global scale. The numbers are actually much smaller when you break it down. Retail FX trading, which is what you’ll be doing, is a mere $1.49 billion. Which is still a big number, but not as big as many would have you believe.

The 2 brokers I have found that do this are eToro or thinkmarkets, but thinkmarkets spreads are better overall so that is why I choose them more often than not.

Tips on finding the best FX brokers
You should have realized by now that being a novice isn’t something to be ashamed of. There are thousands of people starting their own Forex journey the same as you. Unlike many other kinds of investment market there are a huge amount of free learning tools and resources to help you on your way. All the best Forex brokers offer free demo accounts, and there are also mentoring services, online tutorials, and heaps of online and printed resources, charts, and signals. In fact, there is so much to choose from that it can be rather daunting. So let’s help to guide you with taking your first and possibly most important step.
Selecting the best Forex broker isn’t going to be easy. That is if you want to pick one in an objective and scientific way. Of course there is always an easy way, but you shouldn’t be tricked by various clever promises. You are going to be bombarded with eyecatching ads online, in magazines, and on TV, put there to catch the blissfully unaware, but we hope that you aren’t going to be one of them.
You’re going to be using a strategy when it comes to Forex trading, so why not make one when choosing the best online Forex brokers. Let’s look at some of the features you should be taking into account.
  • Decide on the best Forex trading platform – We’ve put this first in the list of things to consider because it is what you’ll use, and it’s where all the action happens. There are a number of questions you should be asking yourself first. Would you prefer to use an online trading platform or a downloaded version? Would you like to be part of the online Forex community? Are you looking for heaps of features and options, or would you prefer an interface that is clean and easy to use? We hope to be looking at the various Forex trading platforms a little later, which will help you to understand the advantages and disadvantages of the most popular.
  • Top quality customer support is a must have – Finding a Forex broker offering excellent customer support is only going to make your Forex trading experience a better one. We all like being treated well, and it is equally important when choosing your Forex broker. Picking a top Forex broker is also going to have an affect on your trading success. If you ever find yourself in a situation when the trading platform has frozen, without an immediate channel of communication to resolve the problem, you could make significant losses. It’s not all that easy to check the level of customer support, without getting in touch with them directly, and getting a feel for their level of service. But it is possible, especially if the broker has a live chat option. You might also want to try the phone line and see how long they take to respond, as well as sending an email and checking how long it takes to reply.
  • Check the FX broker is regulated – You should always check whether the broker is registered with a particular regulating authority. If the FX broker is based in the USA, you can check with the National Futures Association (NFA), or the Commodity Futures Trading Commission (CFTC). If the FX broker is based in the UK, you can check with the Financial Service Authority (FSA). There are plenty of FX brokers who aren’t registered with a regulatory body, but you might want to think twice before opening an account with one of them. As your level protection will be severely dented.
  • A wide range of leverage amounts are on offer – All the best online FX brokers have their own different range of accounts to offer their clients. There are also a range of different leverage amounts to choose from. It could be 50:1, 200:1, or possibly even greater. Leverage can work to a trader’s advantage, as it increases the potential for bigger profits. However, there is a very big downside. It can quickly destroy your trading account too. As not only is your potential for profit increased, but equally your potential for losses.
  • How much is it all going to cost? – Even the best FX brokers are in the business to make money, and it is done through commissions and spreads. If a FX broker uses commissions, it is generally charged at a fixed percentage of the spread. There are, however, a number of FX brokers who advertise that they charge no commissions. But don’t think this means they are in the business for love not money, They make their money with wider spreads.
  • How much is the initial deposit? – Minimum deposit requirements vary considerably, and not just between individual FX brokers. The best Forex brokers will also have a variety of different accounts, each with its own individual requirements and benefits. Some accounts require relatively small amounts to open, which is why Forex trading is so very popular for beginners and new investors.
  • How easy can you get to your money? – Hopefully, there will come a time when you need to withdraw some of your winnings. Each FX broker will have its own withdrawal and funding policies, so you’d be wise to check the small print and the terms and conditions of the broker’s site. There will be a number of methods you can use, but there may also be a fee that is charged, depending on the amount being withdrawn.
  • Does the Forex broker offer the currency pairs you’re interested in? – The majority of FX brokers will offer the major pairs, which as USD/JPY, EUR/USD, USD/CHF, and GBP/USD. There will also be a number of other pairs, but the most important ones are those you’re interested in personally.
  • Choose a broker that offers a free demo account – With a free demo account a trader can try out different FX trading platforms, before opening an account with real money. It will also provide the opportunity for testing a particular strategy, as well as gain an understanding of the broker’s level of service. The trading platforms used for demo accounts are very similar to live trading platforms, but not identical. There are often different in execution, slippage, and reliability, but it does give a trader the opportunity to check a platform out for size, before risking real money.
    • When it comes to choosing the best Forex broker for your needs, there is a lot to be said for checking out sites that offer Forex broker comparison.
    Tips on becoming a successful Forex trader
    Once you’ve checked out the various Forex broker comparison sites, you’re going to be well on the way to finding the best Forex brokers for your needs. Time to think about sharing some information on the importance of keeping to your own set of rules, and those that have guided countless successful Forex traders. And it doesn’t matter whether a trader is a complete novice or an expert, or how big the size of their account, all of the following rules are important especially when allowed to work together.
    • Have a trading plan and stick with it – Your trading plan will define your entry, exit and money management rules. However, this set of rules can’t be written overnight. Once a plan has been developed it should be backtested, as this will determine whether the trading plan is viable. Using a demo account provides the perfect opportunity to test a plan, without risking any real money. Once is has been developed and backtested, it is vital to stick to the plan. Even if a trade turns out to be a winner, if it is outside the trading plan it is considered to be poor trading.
    • Don’t treat it like a hobby or job – The correct approach to Forex trading is to treat it like a full or part-time business. There will be a lack of commitment to learning if its treated like a hobby, which could turn out to be very expensive. It’s not advisable to treat it like a job, as there is no regular paycheck to rely upon. Trading Forex makes a trader a small business owner, with all the expenses, losses, taxes, stress, and uncertainty having a business brings. In order to maximize the potential of your business you will have to do your research, keep up with the latest economic news and develop strategies.
    • Technology is all around you so use it – Even if you aren’t, you can bet your bottom dollar the person sitting on the other side of a trade has likely taken full advantage of technology. Charting platforms, backtesting, and market updates, are there for the taking. And more often than not it’s all completely free. Even something we take for granted, such as a high speed internet connection, can increase your trading performance. Technology is a big advantage, and keeping abreast of all the latest advances can be fun and rewarding too.
    • Trading capital should be protected – You’ve probably worked hard to find the money to fund your trading account, so you’d be mad not to do everything you can to protect it. And we’re not referring to losing trades here, because that’s all part of the thrill of Forex trading. To protect your capital you should be taking no unnecessary risks, and doing everything to preserve your trading business.
    • Trading Forex means being prepared to keep learning – Understanding the markets and all their tiny details is an ongoing process. Even the most experienced traders are continually learning. By doing the right kind of research a trader can gain instinct and learn all the nuances. Thereby understanding how the various economic reports affect the market. There are so many variables and the market environment is dynamic. World events, politics, economics, and believe it or not, even the weather can have an impact on the market. Understanding past and current markets means you can be better prepared for the future.
    • Don’t risk any more than you can afford to lose – Before you start trading you should be sure that the money in your trading account is expendable. It shouldn’t be for paying the mortgage, or paying for the kids college tuition. You should be prepared to lose all the money in your trading account, without endangering your important obligations and financial responsibilities.
    • Know when to stop – There are two factors that could be the reason to stop trading. It could a trading plan that just isn’t working, or a trader that just isn’t effective. If your trading plan isn’t working don’t be disappointed. Just pick yourself up and reevaluate the plan and make the necessary changes, or develop a completely new one. If it’s the trader who is the problem there are a number of factors which can affect performance. It could be stress, poor health, lack of physical activity. But whatever the reason, seriously consider taking a break to deal with personal problems. Once these are dealt with a trader should be able to get back to business.
    • Be realistic – When participating in Forex trading it is important to keep things real, while also focusing on the bigger picture. Don’t be disheartened by a losing trade, as this is all part and parcel of your journey. And don’t expect one winning trade to be the answer to your prayers. Cumulative profit are what make the difference. Accept there will be ups as well as downs and emotion will have a lesser effect on trading performance. It’s also important to be realistic in setting goals. If a trade account is small then it’s not going to bring in huge bucks in profit.
    All of these trading rules are important, and understanding how they work together will help you to develop a viable Forex trading business. It’s not going to be easy. In fact it’s going to be hard work. But as long as you stay disciplined and are patient it’s more likely your journey will be a success.


These frequently asked questions provide answers to common questions about the foreign exchange market:

These frequently asked questions provide answers to common questions about the foreign exchange market:

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