If you are actually in search of ways to avoid fake forex firms and you are ready to put in all the effort it takes to land on the right one, I have to say you are going the right way. In today’s time, when forex firms have become so prevalent, it is the traders who will have to take up the responsibility to actually anchor the forex industry which will soon reach an end if fake firms aren’t curbed. With every passing moment, we see the number of traders being plundered rising. Unfortunately, the law enforcement agencies are helpless in this regard so there is a fire need to adopt practices that strongly discourage their growth. There is no need to mention how research has proved to be one of the greatest tools against these firms over the years. But research has to be carefully conducted. There are some points that you should always take care of.
The Investment Center Broker Mr Vincent Koston is known throughout the trading community because of his expertise when it comes to catching and distinguishing between a fake and a real firm. Mr Koston says that avoiding these firms takes a lot of skills and expertise but if you start looking at these firms from some specific angles then there exists a huge chance that you dodge them to the right broker. So let’s see what he has for us. You are strongly recommended to carefully consider adhering to the points he puts forth.
- Make sure your broker charges you no extra commissions or hidden fees. It is always a great idea to get in touch with the company representatives beforehand and inquire regarding the deposits, fees and other issues.
- Always run a google search about your broker’s name. There are firms that are fake but their websites and other features are exact copies of the fake ones. Some of them keep similar URLs by adding hyphens, dots, replacing alphabet O with zero, skipping vowels, etc. Running a google search will help you run through all the brokers with similar names.
- Never fall for fake feedback. Mr Koston says that he has seen many firms that add feedback or views about the forum of clients to the website but they do not provide you with the date, name of the person, email or any other contact information in particular. They also add up fake pictures to make it look real. You should never trust any feedback which comes to you via the broker. Even if it is not entirely cooked it can be censored. The only information that you can rely on in this regard is the one you look for yourself.
We hope by now you have understood some ways that these firms employ in order to steal your hard-earned money. Just remember vigilance is the key. Keep watching out and going after anything that you find suspicious even if it is something very trivial.