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Show me a scam broker

  • #361
  • Nov 29, 2016 7:20am Nov 29, 2016 7:20am
Quoting alextrader79
{quote} Hey man, in fact, you might not be afraid to open demo accounts with ANY broker, as you won't lose your money anyway. It's a thing for practice. We are talking about real money here. Nevertheless, you can learn lots about the level of service of some company if you open a demo acc. But you won't be scammed. LoL
My opinion is to shortlisting few brokers and then check their demo accounts to test their processes. Once a suitable broker is finalize among those, even then we should test that new broker's live account with small amount just to confirm either they let you withdrawal as well or simply scam you. This can be a good way to choose any decent broker.
  • #362
  • Nov 30, 2016 3:29am Nov 30, 2016 3:29am
Quoting jollypk
{quote} My opinion is to shortlisting few brokers and then check their demo accounts to test their processes. Once a suitable broker is finalize among those, even then we should test that new broker's live account with small amount just to confirm either they let you withdrawal as well or simply scam you. This can be a good way to choose any decent broker.
Why do you think that situation with small accounts is the same to dig ones? As I said earlier, there are no many issues on withdrawals of little sums. The problems from 4 and more zeroes. http://www.forexfactory.com/showthread.php?t=452189 - I know this thread is old enough, but the problems stay the same even if 100 years passes.
I'd agree with the proverb about keeping you eggs in different baskets, cause even good-named brokers do some bs sometimes. Oh, sorry for that. but it's true!
  • #363
  • Dec 1, 2016 5:43am Dec 1, 2016 5:43am
The UK Financial Conduct Authority (FCA) issued two separate warnings against unauthorized forex brokers Rhodium Forex and its affiliate WR Trade and forex and binary option broker Algo Capitals, the last one of which is a clone of a FCA authorized firm.
All firms against which the FCA warns claim to be based in London. However, neither of them provides information about regulation.
AlgoCapitals Ltd., pretends to be associated to a genuine UK-regulated firm, when it has nothing in common with it. It is a clone of Algo Capital Management Ltd., which holds a FCA license.
When you pick a new broker always check and double check their information to make sure they are who they say they are.
  • #364
  • Dec 2, 2016 7:47am Dec 2, 2016 7:47am
Quoting risktaker
{quote} As a person who'v traded via several brokers in my life (scum one's as well unf.) when i see free bonus offers i realize that it cant be that easy to just deposit a small amount and withdraw the bonus money. The bonus offers are made to, first of all attract your attention, which isnt necessarily a bad thing. I mean if you want to trade you will do it anyway So the tip for future: check the terms, its financial risks we are talking about here! As for russian brokers i agree that they are not the most reliable folks on the market,...
From your post, I can conclude that you are not just an experienced trader, but also a vast thinker. Have a nice day.
  • #365
  • Dec 8, 2016 5:40am Dec 8, 2016 5:40am
The International Financial Services Commission (IFSC) of Belize issued a warning that forex broker Floral Investment Ltd. is not incorporated or licensed in Belize as a forex brokerage, as it claims.
The company presents on its website a certificate of incorporation on its name, purportedly signed by Santiago Gonzalez, deputy registrar of the International Business Company (IBC) Registry, as well as an IFSC license allegedly signed by Neri Matus, director general of the IFSC. However, the broker’s claims and presented documents “are complete forgery”, as the regulator referred to them.
  • #366
  • Dec 10, 2016 5:49am Dec 10, 2016 5:49am
Quoting Maritov
Are there really scam brokers, I think traders define brokers base on their individual assumptions and needs. People call brokers scam based on the facts that the broker did not meet their need or there were some clause of agreement. We should carefully ask well before choose a broker, look at their terms of agreement and conditions.
I agree with you. If you go over some broker review websites all you will see more than often are negative reviews of even top performing brokers. Traders just need to carefully look and see what they want in a broker on the user`s agreement before starting serious business. I have been with FxGlory since 2014. They met my trading requirements and their conditions are compatible with my trading styles and as such I don`t have any problem with them till now.
Of a truth, there are hardly any scam broker, there are just different brokers as there are different traders. Most brokers are not compatible with extreme scalpers and they clearly state this in their terms and conditions.
  • #367
  • Dec 15, 2016 2:39pm Dec 15, 2016 2:39pm
Quoting josef
I like to investigate some tricks and tips how some people try to full other people. To day I heard a lot about scam brokers. Never in my life I didn't see scam broker website. I'm talking about real scam
Is there really anything as scam brokers, I mean brokers spend a lot of money to become brokerage firm. So for what reason would they want to scam people when they know they might be disbanded?
But I feel misunderstanding make a lot of traders call brokers scam.
  • #368
  • Dec 15, 2016 7:49pm Dec 15, 2016 7:49pm
Quoting Maritov
{quote} Is there really anything as scam brokers, I mean brokers spend a lot of money to become brokerage firm. So for what reason would they want to scam people when they know they might be disbanded? But I feel misunderstanding make a lot of traders call brokers scam.
The word "SCAM" is losing its power these days.Why would I have a margin call and say it is a scam? Or why woulld a trader apply for a bonus without carefully reading the terms and conditions that apply? Study your broker and know their terms and conditions for every transactional activity that may affect your finance.
The fact is that the financial world is so strict, and as such all parties in every contract should be fully aware of the consequences of violating the user`s agreement.So most of the times, I don`t get sad because one or two traders call my broker scam.From my experience, some traders don`t regard the rules at all. They don`t even read it.The fact remains that ignorance is not an excuse.

For example, I have to abide by the forum rules in order to remain on our most lively forum; forex factory.If I infringe any of the rules then I must face the music.
My emotions do not matter.Forex factory is where it is today because of the standards they set and maintain.Therefore, you should carefully and fairly determine what you ight have don wrong before calling your broker scam. The word scam is too harsh on business.
  • #369
  • Dec 17, 2016 11:51am Dec 17, 2016 11:51am
Scam brokers:

Offer more than 500:1 leverage (although I'd be very wary of a broker that offered more than 100:1)
Offers new account bonuses
Probably has a badly designed website with a bunch of sponsorship info plastered over the front page
Difficult to tell which country they actually operate in
  • #370
  • Dec 19, 2016 5:37am Dec 19, 2016 5:37am
The New Zealand regulator FMA issued a warning against multi-asset option broker Binary Selections for misleading potential clients that they are associated with the licensed entity Forex Ltd. while having nothing to do with them. Binary selections does not hold a derivatives issuer license and is not registered to provide financial services in the country.

As for actually recognizing a scam broker on one's own - I strongly recommend checking their regulation information with whatever regulator they claim they're licensed by. Do not trust a shiny, pretty site just because it looks professional.
  • #371
  • Dec 19, 2016 7:13am Dec 19, 2016 7:13am
instafx is a SCAM broker. I deposited $20 on this broker. I traded on profit but I can't withdrawal anything. I hope FPA help me get money back

Somebody said that if you cannot to withdraw big funds from broker then this broker is scam. What is "big funds"? I mean how many money are Big funds? Thank you
Deaf, bad english.
  • #372
  • Edited 2:05pm Dec 19, 2016 10:52am | Edited 2:05pm
Quoting mlawson71
The New Zealand regulator FMA issued a warning against multi-asset option broker Binary Selections for misleading potential clients that they are associated with the licensed entity Forex Ltd. while having nothing to do with them. Binary selections does not hold a derivatives issuer license and is not registered to provide financial services in the country. As for actually recognizing a scam broker on one's own - I strongly recommend...

Quoting Traderberg
instafx is a SCAM broker. I deposited $20 on this broker. I traded on profit but I can't withdrawal anything. I hope FPA help me get money back Somebody said that if you cannot to withdraw big funds from broker then this broker is scam. What is "big funds"? I mean how many money are Big funds? Thank you


One million Dollars




Edited, reason: Misquoted
Sorry mlawson71, wasn't for you
  • #373
  • Dec 19, 2016 11:22am Dec 19, 2016 11:22am
Quoting Nightingales
One million Dollars
Attached Image
I'm not insane; my mother had me tested.
  • #374
  • Dec 19, 2016 1:27pm Dec 19, 2016 1:27pm
Quoting RoBiK
{quote} {image}

cute makeup
  • #375
  • Dec 21, 2016 9:27am Dec 21, 2016 9:27am
That's small money
  • #376
  • Dec 22, 2016 10:31am Dec 22, 2016 10:31am
Quoting mlawson71
The New Zealand regulator FMA issued a warning against multi-asset option broker Binary Selections for misleading potential clients that they are associated with the licensed entity Forex Ltd. while having nothing to do with them. Binary selections does not hold a derivatives issuer license and is not registered to provide financial services in the country. As for actually recognizing a scam broker on one's own - I strongly recommend...
As an addition – be very sceptical about brokers that claim to be regulated in a country that you never heard before, as their regulatory bodies have very questionable procedures for licensing if they have any at all.
Overall, any Broker that does not maintain “No Dealing Desk” model could be considered as risky one.
  • #377
  • Dec 26, 2016 5:49am Dec 26, 2016 5:49am
Canadas regional financial markets regulator, the British Columbia Securities Commission (BCSC) , has warned that the Inter Global forex and CFD broker is not authorized to provide its services in the province. The entity claims to be a leading registered forex broker, subject to a regulatory oversight but does not provide an address.

I think it's safe to say that when a "broker" is so blatantly lying about their popularity and regulation status it's best not to trust them.
  • #378
  • Dec 26, 2016 3:41pm Dec 26, 2016 3:41pm
Quoting mlawson71
Canadas regional financial markets regulator, the British Columbia Securities Commission (BCSC) , has warned that the Inter Global forex and CFD broker is not authorized to provide its services in the province. The entity claims to be a leading registered forex broker, subject to a regulatory oversight but does not provide an address. I think it's safe to say that when a "broker" is so blatantly lying about their popularity and regulation status it's best...
I feel even before it gets to that extent, we should definitely hit the road. One too many lies and we are still there, then we would have ourselves to blame for any mishap in the future.
  • #379
  • Dec 29, 2016 4:12am Dec 29, 2016 4:12am
I only know which brokers are good.

good broker are regulated by the goverment from your own country where you trade. if the broker regulated from your own country it must have minimum 1 branch office in your country. if so, when you find a trouble with the broker ou can complain to the banch office or outhorities in your country.

for bad/scam broker I don't have any reason to claim that one or more is a scam.
  • #380
  • Dec 29, 2016 7:13am Dec 29, 2016 7:13am
The Canadian regional regulator Nova Scotia Securities Commission (NSSC) has issued an investor alert for the Balboa International company, which appears to be related to the unregulated forex broker Balboa Forex.
According to the NSSC, representatives of Balboa International have solicited Nova Scotia residents to invest in gold options, without having the proper license to offer investment services and sell securities in the province. The Commission has found that Balboa International and Balboa Forex, about which it has warned in September, are related and both are based in Costa Rica.
Be exceedingly cautious about working with brokers supposedly registered in offshore zones like this. That kind of information is difficult to double check, and if they do scam you getting your money back will be all but impossible.
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