There are unlimited number of online forex brokers, many of them have no principles. Many traders become victim of forex scams by joining fraud broker. EFD Group is an Introductory Broker of a reputed online commodity & currency trading group, provides you some answers and points which you should always keep in your mind before selecting your broker.
Q: Forex scams: What exactly is this?
A: The definition of forex scams is very wide. According to Wikipedia, forex scam is a trading scheme used by many fraud brokers through which they try to convince their clients to invest maximum money in market in order to get attractive profit. It will be considered as scam if broker fails to fulfil his commitment and promises with his clients. Many brokers even fail to return money to its clients. There are many other ways of scams also like execution of transactions, problems while withdrawing money, lack of transparency and many more.
Q: What should I search in my forex broker?
A: Here are the few points which you should always keep in your mind while selecting your broker
Promises of high returns from market
Promises of high returns from forex market is the biggest sign of scam in forex trading. EFD Group will keep you reminding about investors risk in forex trading.
Regulation & Licence
You should always ask about trading licence and its regulation in your area. If your broker is not regulated, then you might be in trouble . EFD Group is an Introductory Broker of reputed online commodity & currency trading group, which is regulated by Central Bank of UAE, FCA (Financial Conduct Authority) and SFC (Securities and Futures Commission) .
Training & Education
If you are a new trader, then it will be compulsory for you to get training program under us. Your broker's education and experience also matters a lot here. What information and tools are useful to make you understand forex? For example, is there any tutorial guide? What is technical studies and how does fundamentals affect this market? There are many things which you should understand before start trading.
Transparency is must between forex broker and clients. Does your broker disclose all relevant taxes and charges before starting your account? What is the spread between currency and commodity pairs and are they fixed or variable? Many brokers will widen their spreads at the time of extreme volatility in market. EFD Group guarantees you on the behalf of Easy Forex for fixed spreads, whether market is calm or in volatile state.
Relationship between forex broker and client should be very flexible and broker should be easily approachable for clients. Is your forex broker ready to start your account with small deposit and with low leverage? Reputed broker will also provide you personal Account Service Manager who will guide every steps regarding forex trading. After few weeks of experience, you can get personal dealer who will support your trading to maximise your profits.
Security of your transactions
Most of the forex transactions will be carried out through Internet. So you should always join only that broker which have strong online payment security gateway. Broker's website should be secured by SSL and always clarify your doubts regarding credit card clearings.
The physical element
Another important point. Every forex broker will provide you online services but you should always enquire about its office and branches all over the world. It will be good for you if you organise one to one meeting with an executive of your broker
Social media approach
Social media is on a boom these days and if your forex broker participate in social media channels like Linked In, Facebook, Twitter etc, then it will be easy for you to find its genuinity.
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