​Three Indications to Spot Forex Scams

WikiFX Strategies (20 Jan.) - While forex trading features easy operation and low risks, it is fraught with pitfalls. Traders noticing the following indications should stay alert!

1. Fake proxy servers & affiliate networks

Investments via such servers or networks should be based on the investigation of their credibility.

2. Overstated returns

Some brokers would promote their products by overstating the returns. In some cases, the net profit promised could be as high as10,607%.

Important:

Pyramid schemes are characterized by profiting from new investors, propaganda from celebrities, claiming low spreads and low costs, and promising returns.

3. Loaded language

A product that is described by loaded language and introduced by several “celebrities” could be untrustworthy. After all, facts speak louder than words.

To help traders avoid risks, WikiFX lists forex brokers that changed license status this week as follows:

XHGJPRO

Its claimed License of Dealing in Futures Contracts issued by the Securities and Futures Commission (SFC) of Hong Kong is suspected to be a clone.

Tibra

Its claimed License of Dealing in Futures Contracts issued by the SFC has been “revoked”.

BV partners

Its claimed License of Financial Service Corporate issued by the Financial Service Providers Register of New Zealand has been “revoked”.

Tips: To protect your funds, you can check brokers before investing on WikiFX (bit.ly/wikifxIN)