Palm Tree
Palm Tree
The forex market attracts scammers. Use these 5 tactics to verify your broker and protect your capital.
Spot Forex Scams Before They Trap You
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Check Broker Licenses
A legit broker is regulated. Use FCA, ASIC, or CySEC databases to confirm the license—not just claims.
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Must Do:
Scam brokers hide costs in wide spreads and shady fees. Look for raw spreads and transparent commissions.
Understand the True Cost
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Requotes, slippage, or platform crashes during news? Big red flags. Reputable brokers pass the stress test.
Use a Demo to Catch Red Flags
Hike the Big Island
Must Do:
Check reviews on ForexPeaceArmy, Reddit, and BabyPips. Silence or deletion of criticism signals a scam.
Read Real Trader Feedback
Palm Tree
Palm Tree
Track forex currency trading times and market openings to plan trades better, reduce risk, and exploit volatility windows.
Avoid Hype and Pressure