Who is oblivious to the damage that fake and fraudulent firms are causing to the trading profession and the individuals stepping in. Back when these firms first made it to the market there was a sense of mistrust but that was gradually fine when people saw how joining these firms could be actually revolutionary for their businesses. And that was true till the fake ones made it to the market. Today, looking for a reliable forex firm has become a huge deal and not everyone succeeds no matter how passionate they are.
You have to be extremely vigilant and careful if you seriously want to avoid being exploited by these firms. A naive trader can not even imagine how many novel methods they have in store to manipulate the young and immature minds. From trading signals to legal documents, all have been engineered to suit the needs of the tricksters.
The Investment Center Broker, Mr Dennis Bierman is no average broker. He has worked on fake forex firms for the past 20 years and he knows very well how they play with the young passionate minds. We asked him how to spot a fake forex brokerage firm in a split of a second. Below we present to you all a thorough description of what his response was. He emphasized throughout that the responsibility of catching a fraud firm lies with both the law enforcement agencies and the trader himself. So let’s quickly see what he has to tell us today.
Never fall for promises of predictable gains
We all are well aware of the high uncertainty and volatility that is associated with the forex world for so many years now. We can’t tell what way the figures will go the next moment so predicting high gains is something next to impossible. We have platforms that provide you with high technology software powered predictions but even they are not considered to be final or something highly trustworthy. A piece of news or a small statement can impact the forex world heavily. This is why a legitimate forex broker would never say you’ll get this much after this time.
If you ever come across any such brokers then you are recommended to turn away and continue with the quest. It isn’t only fake promises, I have seen many brokers have developed websites that are too catchy to exit. The captivating interface and the attention-grabbing claims are just what is needed to trap young minds. You are recommended never to fall for empty promises because they will lead you nowhere except to Square 1. In fact, a good broker clearly states all the associated risks and encourages you to take necessary precautionary measures. There is no point in having a nice and interactive interface unless you have maximum control oversell/bid spread, access to real-time data, an optimal working environment and peace of mind.