How to know if your broker is dishonest

Whether you choose a broker or are already trapped by a dishonest company, these rules are important to anyone who has ever traded in the forex market. Make a decision to cooperate with a broker only after the company has confirmed its compliance with all these points. 

  • The broker has started to delay or stop paying the money earned, even though all the payments were made steadily and in time before that. 
  • The verification procedure on the broker’s website is too complicated or even difficult. 
  • The broker does not have a license and does not have a registered office. The best broker to trust is the one, which owns one of the decent licenses (National Futures Association, CySEC, FSС, Commodity Futures Trading Committee, Swiss Financial Markets Authority, Financial Industry Regulatory Authority, FCA) and provides services on the market from 5 years and more. 
  • A broker conducts too aggressive advertising campaign and promises too high income (from 70% to 100% per annum). Usually such companies turn out to be just simple financial pyramids, which at first might really pay, but eventually “burst” and disappear with users’ money. At the same time they promise you the minimum risks and the minimum deposits. 
  • The trading terminal of your broker works incorrectly, even if there are no viruses on your computer and the terminal has been reinstalled many times. There is no client agreement, contract and risk notice, which a trader should study in the first place before starting to cooperate with a brokerage company. 
  • The support service works poorly: you are constantly forced to wait for an answer, do not receive correct comments or the technical support is not working at all. 

Before you start working on the Forex market, remember: large and reliable companies always take care of their reputation and strive to pay maximum attention to their service and its reliability. Choose a company that keeps in order all the documents (both documents confirming the legality of its work, and documents regulating relations with clients); whose client support is qualified and uninterrupted; the terminal does not hang up; the payments are made regularly and without delays. You can choose a reliable broker here This website will help you to avoid scammers and find the best brokers on the market.