Warning! Keep away from illegal brokers.

Warning! Keep away from illegal brokers.

Being aware of illegal brokers by knowing their trends.

Brokers work as the defender to protect investors from default risks and credit risks. Numerous Forex-trading-related paperworks and costs are saved due to the participation of the protectors. But we still need careful investigation into brokers' background before you sign the contract. People are fine with not being 100% confident in making profits at the market, but cannot bear to be scammed by illegal brokers.

If you find your brokers without valid regulatory status, please withdraw your money right now and then report them to WikiFX. Because without third-party supervision, brokers are recognized as illegal financial parties. These illegal brokers are the main source of Forex-related crime. The authorized parties regulate financial brokers who provide services to consumers, and maintain the integrity of the financial markets. They penalize the business that breaks the regulation by taking the deposit from the firm account held in designated banks. Some regulatory parties such as FCA make the payment to cover the loss caused by the brokers under their supervision. So it is an effective way to identify the brokers by searching their information on the regulatory parties' website or WikiFX official channels.

Miscounting trade lots and manipulating forex trading are also illegal.

Normally traders focus on the trend and pattern of the Forex market instead of details of their account. Illegal brokers probably take advantage of the distraction by adjusting the lots which are far from the actual number. This scam is less likely to be detected by investors unless they are sensitive to the lots and trading history, while the second scam is easy to be spotted. Some illegal brokers manipulate the trading directly when you are asleep. We call it a night thief. The brokers usually trade on your account to enlarge the profit or the loss. In both scams, they violate the Forex regulations, increasing the payment of investors.

So we hope that this article helps you stay away from forex scammers. Please keep you and your loved ones and friends get informed of the latest scams, brokers ranking, and updated regulatory information by using WikiFX App.