How to Deal with Currency Trading Scams

1
How to Deal with Forex Trading Scams?
2
Although the foreign exchange market offers high
potential returns, it also involves a risk of
loss. So, if any company or broker claims to give
you guaranteed high profits by trading in the
forex, then it is better to stay away from such
brokers. Forex broker scam is a result of
promises of unrealistic returns which are made by
them. According to the experts, there are
different authorities who keep watch on the
market, but still scams appear at some times.
Here are given some simple measures that can help
you to stay away from forex rate scams.
3
Compare prices feed
Do not completely rely on brokers price feed. A
smart trader always tries to get the complete
view of the market. Whatever price feed is chosen
by your broker, you need to subscribe to a
second, third or even fourth price feed. It helps
you to get another view of the market. It also
offers you a chance to confirm whether price
really moved the way it did.
4
Keep records of every transaction
Always keep records of your every transaction as
it helps you to track every movement. When you
feel cheated, you cannot do anything if you have
no back up of your every transaction. The most
reliable method of keeping records is to take a
screenshot of each trading. It is especially
helpful in checking odd price feeds. This works
as evidence when you have a dispute with your
broker.
5
Find out facts before choosing broker
No one can claim that all of their clients
feedbacks are positive. You can judge the
accountability and reliability of broker by
knowing the comments of different traders
(clients). It is one of the great ways to check
whether the broker is reliable or just want to
draw attention of traders without having any
experience. Forex broker may face problem in
situation of slippage. In condition of higher
volatility in currency exchange rates, order is
filled at such price which is different than the
requested price. There are some brokers who
guarantee guard against slippage but most of the
brokers do not.
6
File Legal Action
When you fail to settle a conflict with your
broker, you may proceed for taking a legal action
against him. It is seen that some brokers become
ready to compensate when they receive threat of
legal action. But still if they avoid to pay off,
you can go to NFA (National Futures Association)
or CFTC (Commodity Futures Trading
Commission). Under the reparations program of
CFTC, a forum is being run for handling customer
complaints. CFTC team members help to resolve
disputes between futures customers and commodity
futures trading professionals. NFA also has the
Mediation program for resolving the disputes.
7
Contact Us

• For any type of currency conversion do visit

• http//www.forexrates.today/