The forex market is full of fraudsters and profiteers, that’s why forex traders first of all seek to find a reliable broker to start their transactions with more security. You may have come across sentences or words such as Fibogroup scam, Alpari scam, LiteForex scam, RoboForex scam, Forex Time scam, Windsor scam, etc. in different Telegram groups or in your Google searches. Which one is real and which one is a rumor? Fraudulent brokers are brokers who block their customers’ money accounts without a specific reason and under the pretext of bankruptcy. In this article, we are trying to introduce you to fraudulent forex brokers and how to recognize them, so stay with us until the end of this article.
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How to identify fraudulent brokers through their site
Undoubtedly, one of the ways to identify fraudulent brokers is their website. Experts in this field use various and very complicated ways to measure the credibility of a broker. But in this section, we intend to help you find a reliable broker with very simple and practical ways. It is interesting to know that in the way that is done through their site, even beginners and novices can handle them well. It is better to increase your knowledge in this field by reading the article on what is a broker and its features and capabilities, and then look for the right broker so that you don’t get into trouble in the future.
Domain and site hosting
No broker or site that intends to operate in a long-term and professional manner does not use free hosting and domains. Fraudulent brokers use sites with free one-year hosting so that they don’t have to pay for it. These sites have a simple and not very professional appearance. They design their site using ready-made and free templates and thus do not pay any fees for designing their site.
It is interesting to know that a good and reliable site broker starts a career because he wants to have a long-term activity in this market, and from the very beginning he pays a significant fee for his hosting and template and buys a quality hosting with a multi-year contract and a beautiful template. he does. As a result, if you want to measure the credibility of a broker, you should check how much he spent for his site; Undoubtedly, a site with free hosting cannot be compared to a reliable site with a multi-year contract.
Checking activity history and domain registration time
The activity history of a broker site is one of the most important steps to measure the credibility of a site, of course, we do not say that every site with a low activity history and newly established is necessarily fraudulent and invalid. But as we said, reliable brokers have long-term activities, and because of this long activity, they have shown their strengths and weaknesses well, and you can safely choose your broker by checking them. To find the credibility of a site and check its activity history, just go to www.who.is and check its history by entering the address of the desired broker site.
This site shows you the activity history and domain registration date of the broker site. If you see that this website was established recently and asks you for money and investment, it is most likely that this broker is a fraudulent broker.
Domain strength check on Moz website
One of the most attractive tools for detecting domain strength and validity is the Moz website, which you can also use to determine the validity of brokers. Through this website, you can see the domain strength of the desired site, which is a number between 1 and 100. The higher the value of this number, the higher the credibility and strength of the site. A site has a domain power of 1 when it is created, and the more activity it has, the closer this number is to 100. So, if you see a very stylish and attractive site, but with the power of domain 1 asking you for money and investment, know and be aware that it is undoubtedly a fraudulent broker. Because even blogs increase their domain power after a period of activity, another professional broker site has its place.
The noteworthy point is that we do not say that every broker website that has a high domain power is completely valid, but it is one of the expected and main options for recognizing its validity. Try to check them carefully. It’s good to know that moz has another interesting feature, this site will show you the links that have been given to this site and in this way you will know if reliable sites have linked to it and approve it.
Check through Alexa
Alexa is an attractive and completely professional site for checking the traffic and details of the site, you can see the details of the visits of the users of the desired site by visiting www.alexa.com. A reliable broker has high traffic and visits to its site, and its users are scattered all over the world. If the broker’s site users are concentrated in a certain country, it is undoubtedly a clear warning for you to hesitate in choosing that broker.
In this part of the article, we tried to introduce you to 4 ways to recognize fraudulent brokers so that you can start your transactions more easily. But before that, it is better to have a look at forex strategy (what is forex strategy).
List of fraudulent brokers
As we said, you need to distinguish authentic brokers from scammers before starting work with the 4 methods we mentioned. Now, in this part, we are going to introduce you to the list of fraudulent brokers to make things easier. Now we want to examine some important examples.
Broker SFC Market
A lot of messages have been seen that broker SFC Market attracted users through Instagram and Telegram in an attractive way, and with excuses such as account management (what is capital management), training and signaling, attracted the attention of many people in the virtual space. and as a result has created major problems for them. According to the reports of significant violations of this broker, it has been proven to us that this broker does not return the amounts paid by people.
Broker F x City Index
The FX City Index broker site is another fraudulent broker that has caused many people to lose their capital and money. This site has attracted and deceived different people with an attractive and modern appearance. It is interesting to know that this site is completely anonymous and attracts a lot of funds only through greed and promises of more money to you.
IC Broker website
IC Broker website is one of the platforms for exchange services and forex transactions simultaneously! This site also provides various investment panels to its users, through which customers can earn monthly and annual profits by buying cryptocurrencies and investing. With the reviews that we mention below, this broker can be considered as one of the fraudulent brokers due to the following features.
It is interesting to know that there are differences between the nature of exchange and broker; Those interested can refer to the article What is the difference between an exchange and a broker to learn about these differences?
Undoubtedly, there are features such as low domain credit, promise of astronomical profits, lack of necessary licenses, and many reports of no profit and return of original capital, which make this site one of the scam sites. This has brought a lot of doubt to the ICBroker website.
PCM Broker is another scam site that doesn’t have good reviews. With many problems and bad history, this broker has become one of the main options on our list. So it is better to save money from choosing this broker and choose more reliable brokers.
So far, we have provided you with a list of fraudulent brokers. Now we would like to introduce you to some simple and not very specific ways to identify fraudulent brokers more easily. Also, let’s introduce ways to identify brokers who are modern and reliable, but for some reason they intend to deceive you.
Simple detection of fraudulent brokers
- They look very good
- Talk to others and ask experts about the broker’s reputation
- Search on Google about brokers and their possible problems
- Check their rules and regulations
- Check them out with the help of a trial or demo account
Ways to recognize modern fraudulent brokers
- High spread and unfair widening
- Ricochet and system problems
- Slippage in favor of fraudulent brokers and to the detriment of traders
- Margin fluctuations, for this, first of all, learn to fluctuate to better understand your margin fluctuations. To learn more about how oscillation works, you can read the article What is Oscillation?
- Ex-change prices are unfair
- Suspicious cancellation of broker investment accounts
It is interesting to read: Warren Buffett’s lessons for traders
In this article, we wanted to introduce you to fraudulent forex brokers and how to recognize them. So that you can have attractive and profitable deals by using reliable brokers, and you can feel at ease about credit. One of the ways to distinguish fraudulent brokers from authentic ones was to check their site, which is fully explained in relation to it. All the ways presented in this article were for your better trading in the forex market. Success in this large and profitable market is not possible without a proper trading strategy. So start learning as soon as possible.