All the red flags of a fraud broker

What would traders be without brokers? Probably just regular people with loads of cash that can be invested but is wasted. Brokers have always been the market’s front face ever since the market saw its integration with the internet. Nobody had to call people, and nobody had to advertise a stock anymore personally. Everything was done over the internet. Things became easy, didn’t they?

Not particularly. As the internet rose, scams increased, and people are now facing fraud more than at any time in history. The deceptions and the scammers are becoming creative day by day, and each morning when I get up, I see another scam that I never saw before. This article will discuss the red flags that anyone can notice while visiting a broker.

Website:

The home page of the broker tells a lot about the broker itself. If you see brokers promoting CFDs, Futures or cryptos as soon as you land on them, take the next exit. The fact that CFDs, Futures and Cryptos are complex trading instruments is a fact that is not known to almost any of the novice traders. These instruments are usually traded with good capital, and more than that, a good experience in the market holds an important role.

On the other hand, a futures contract is also risky and should not be used first hand by novice traders. The brokers know that both of these trading instruments can bring in a lot of damage and a lot of prosperity, with chances of damage being more than that of profit.

The broker will always be in profit no matter what the trader plays, then why not force the trader to play heavy and then make him lose heavy?

This is the mentality with which the brokers generally go.

Trading platforms:

The trading platform is also a great way to decide what is the whole idea of a broker behind being a broker. The platforms are a very9important tool that decides the fate of the trade and should not be ignored. The brokers use their own indigenous platforms and all these platforms are bound to either hand or experience a sudden freeze. When there is already a lineage of more than perfect reading platforms like the MetaTrader, it is almost stupid to even look at any other trading platform. The MetaTrader 4 is considered the best trading platform for trading forex, but still, scam brokers insist on promoting their trading platforms for the traders to use.

Tradable products:

The market is made up of a lot of products and there are subcategories of these products that the trader can choose from. The scam brokers will always promote the most exotic of these products. The products that are out of the reach of a novice trader in terms of profit generation. Products like futures contracts, CFDs and cryptocurrency trading on CFD are all the signs of a broker that can possibly be a scam and such brokers should be trusted after a thorough investigation only.

Regulation:

Broker regulation is extremely important and the scam brokers are sometimes more than creative in this particular case. There are brokers that offer to trade overseas and claim that they are regulated. Ther are regulated but not from the authorities of different countries where they offer their services. Sometimes the broker is not regulated at all and that is more than a red flag for a scam broker. Until there is a strict regulatory authority with which the broker is associated, there is little or no chance that the broker is a legitimate one.

Customer support:

Most of the regulated and legitimate brokers will have dedicated customer support which is fast in the execution and addressing queries. What the sam brokers do, is that they claim that their customer support is excellent and blah blah but the truth is, that none of those claims is true. The customer support of these scam brokers is present, but it is not there to help but to create a picture that it is helping. The scam brokers are all-in for promoting their tech support but when it really comes to the correct representatives to take you out of a bad trade or stuck situations. These brokers go ghost.

Are you looking for a legitimate broker? We present you the leading online broker ETFinance.

e present you with the leading online broker ETFinance.The broker was registered as a broker in 2018 and has been in the market ever since. It is backed up by Magnum FX's brand name, which is further registered with the CySEC.

The financial service provider offers a lot of tradable assets that include indices, stocks, commodities, etc. ETFinance offers trading on the globally recognized MetaTrader 4 and offers further trading options available for iOS and Android. ETFinance works towards a seamless trading experience for its novice traders. It plans to do so by backing up with an impressive library and engaging a support team that works for five days a week and twenty-four hours a day.

Bottom line:

There are scam brokers that literally rule the market. It is crucial that the traders stay put on thorough investigation and understand the nuances of trading via extensive research. Even if you do get involved with a scam broker, be right in the mind and act fast.

I like breaking these myths and pushing people towards the practical world. You can read my blogs and financial articles on my