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Glad to hear that, Forexmaniac. That is the idea of the Forum – people to exchange experience and imrpove all together.
Hello all,
do you think if one broker is regulated, it can become a Scammer?
I use a regulated broker, but I feel that they are manipulating my positions…
Any idea of how I can be sure of their regulation?
Hey Thapelo,
yes, I would suggest you always to be with your eyes opened about the broker.
What you can do is to run on another regulated broker the same EAs in a Demo account and compare the trades.
This way a very small difference is possible but if you see a huge one, that would not be normal. And keep in mind that the second broker will not pay attention to your trading because it will be just on Demo.
That is a piece of smart advice!
I still think that there should be a Page on Forex Academy where Petko can place 2-3 reliable brokers. This will make it much easier for the beginner traders, and it will protect many from the scammers.
Hello Petko,
I’m waiting for this post for trustful Forex brokers because nowadays there are so many scam brokers and this post will be really useful for us.
I know that you do not want to recommend any of the brokers (you say it in every your course), but it will be really great to share your opinion with us.
Have a great day! Cheers!
Wow, I have never heard about these Scam Brokers, and this topic will be handy for me. I will be so cautious with them! I will wait for the new theme from Petko Aleksandrov about trustful brokers too! It is great to have someone on our side when we are learning how to trade precisely!
Thanks, Petko!
Hey George,
we are just preparing the Trusted brokers page on our website. I believe it will be useful as well.
Cheers,
Hello traders!
Finally, we have added the Brokers page on our website. It is called Trusted Forex Brokers by Forex Academy students.
My team did the hard work to review all e-mails, forum questions and reviews we got from our traders about brokers and we came up with a list of 3 brokers(for the moment) that are most reliable and many of you have tested.
I hope the page will be useful to everyone, especially if you are new to trading and if you have a hard time selecting a broker.
Again, do not take those brokers as a recommendation, the choice is yours, there are thousands of Forex brokers, we just wanted to make it a bit easier for the beginners and most importantly to keep you away from the Scam brokers.
Cheers,
It is clear now, our days when everyone got so smart with the trading experience. So many talks and information about scam brokers, so almost ALL of them seem to be a fraud. But back to 2015, I remember this uplift moods with CFD and binary trading companies. I felt that here it is..easy money. Just learn a bit how to trade or even better..The brokerage company would admit to you a personal manager, who would trade on your behalf. And there is a simple logic behind that idea too. “we profit when you profit..” Agree with me, it wasn’t easy to resist those brilliant opportunities!
This is how I lost over 150k just in four months. And the company, who scammed me was quite reliable and even regulated. They called “Opteck” and they convinced me that if I invest over 50k at least, they would provide me a personal broker to trade for me. And in the beginning, it was very successful, I ‘ve seen profits. Later on, they asked me to add more in order to “enforce” the account. And I did. After was a different excuse and so on…
At the moment I wanted to withdraw, they kindly reminded me about bonuses, added to my account (without my consent!), which had to be worked out by adding trading volume. Yeah, I know, I’m stupid that continued adding more funds in order to get back my own…
Making a long story short, I say that multiple efforts to get my money back didn’t bring me any luck. My bank refused to “chargeback” since I had my trading account verified, many “recovery experts” sucked out more money with no result and I had my self on the edge…
In the end, I found a good, reliable company, whos lawyers managed to get me almost full amount, that I’ve invested in Opteck. The company called
Scamconsulting SCC and my lawyer Mr. Rosenberg deserving huge gratitude and admittance of excellent job done. But in the end, I want to warn everyone here, there are no easy money, there are only people, greedy people, who want that money from you!
Hey Zachargromov.
I really appreciate that you shared your story. I believe it will help many people, and unfortunately, we can not do more than sharing these bad practices so more and more people get aware of them.
Anyway, I am very happy to hear that you got almost all of your money back. That does not happen quite often, but you did not give up, which the key point!
Glad to have you in the forum!
Petko A
My broker is telling me to just open positions without Stop/loss and just leave them there until they make a positive profit. And that if I close a negative position the company/broker will also loose…. is this for real? or is this just a scam strategy so that I never should be able to withdraw all my money? (since I need to have all my positions closed in order to do that).
Hey Jankrafka,
Yes, this dosn’t sound right. I never heard of that.
First, a legit broker should not give advice.
Second, they should not place such conditions.
And third, you should be free to open any type of positions – with SL and TP, without, mixed, anything that you like. And most importantly you should be able to withdraw at any moment you decide.
Please, have a look at the trusted Forex brokers we have on the website and get rid of the scammers.
Cheers.
thanks for the reply Aleksandrov… may I consult further about the advise they are giving me? they tell me to open positions without stop/loss – take/profit orders (to not over complicate things), stating that if a position goes negative… that really should not matter because a loss is not really considered a loss until you close the negative position… and that I could just leave those negatives there for weeks/months until they become positives (this mainly for forex). What I am starting to see is that some negatives are becoming huge negatives, and not sure how ‘healthy’ it is to just leave positions opened hoping that some day they will turn positive. Even if I have enough margin, my current balance just doesn’t feel ‘real’ and also that I may get stuck with negative positions for a long time. Would you recommend this strategy… or do think they have something up their sleeves aiming only for their own profit? thank you.
Hey Jankrafka,
Yes, this is how the Scam brokers work. When you run out of Margin(and it will happen one day if you leave all the negative trades) they will ask you to deposit more money, and you will have no other choice. The final result? You lose, they profit.
What is the name of this broker? And did you try to withdraw money from there?
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