How To Spot And Stay Away From Fake Online Forex Broker

With the introduction of online trading, anyone who knowledgeable about internet will know that there is better alternative than investing their funds on a local brokerage with ridiculously high spread; the alternative is using an online forex trading broker. They employ much lower spread, no commissions, and permit numerous kinds of automated trading systems.

But you must realize that spotting an honest forex trading broker cannot be done by only comparing their services. Many of them are simply dishonest brokerage whose only goal is drain your money as fast as possible and their common strategy is attract potential clients with sweet promises and rewards. If you wish to survive long enough in forex trading, watch for these in your online forex trading broker before making decision:

1. Registered in an Official Financial Authority

Checking their register is the first thing you should do. Ask their live support where they’re registered; is it in the FSA? Is it in NFA? Is it any other financial authority? Enter their live chat/mail support and ask for the link to their official registration page; if they won’t give you that, it is very likely that they’re not registered anywhere and it is a sign for you to leave the site right away. For example, read AvaFX review to check their register within the FSA.

If you’ve got the link, read throughout the page; this is important because there is possibility that they’re not registered as an active member. For example: at the time I wrote this article, FXCBS is registered with the Dubai Gold and Commodities Exchange, but they are stated as an inactive member there.

Additionally, you should check whether they blacklisted by any particular financial authority or not. For instance: both CySEC (Cyprus Securities and Exchange Commission) and UK FSA (Financial Services Authority) have issued warning against Forexyard.

Of course, being officially registered doesn’t mean they’re honest brokers, but it is a good start.

2. Unsolicited Offers

Suspect every information about forex broker that sent to you without your permission; these are a few things that a scam offers would be:

- Sound too good to be true.

- Profits guarantee; every trade in the forex market always has loss potential, so be cautious with any high profit promise.

- Trying to have you send your money RIGHT AWAY with one-time-offer or other means, but this is simply a trick so you don’t have enough time to check out their company.

After you select your online forex trading broker, don’t ease up yet; watch out for these factors:

1. Withdrawal Process

Deposit your fund always a smooth process, but you may not have the same leisure in withdrawal case. If they’re prolonging the process, make it difficult, or do not process it at all, then you’ve found out their true intention.

2. How they Handle Problems

Usually, you’ll find their support staff is really friendly and willing to help for regular questions, but when bigger problem occur, you can see their real professionalism. If they keep giving you empty promise, keeping your money, or even completely ignore you, then they’re scam forex broker.

You may wonder why I do not suggest looking at forums for thoughts regarding the broker, but I have good reasons not to do so. Forums are place where everybody can post their opinions, so it is very unlikely to find 100% unbiased argument there as a fake forex broker can pay someone to post fake positive reviews; on the other hand, their rivals can also post negative reviews to damage the broker’s reputation.

The other reason is there are always novices who would blame their broker for their loses and start posting bad things about the broker everywhere while the clients who have received good services won’t even bother to post on forums. This is may not solely their fault; maybe it is connection issues at a bad time, but nevertheless you’ll read posts about “my broker cut the connection and my profit” and “my platform freeze at an important time” all over any forex forums.

Please note that I’m not against using forums for information source. I’m simply pointing that there are too many misleading information regarding forex broker in the forums, but if you are seeking other info such as trading strategies or sharing experiences, forums are a good place. In fact there is an online forex broker with great forum and community. Read further about them at another look of eToro.

Searching for an honest online forex trading broker is not an easy task and you may need to spend a little time for research, however the result can save you from greater problems in the future. Later when you’ve found one that can fulfill your expectation, all that you need is a efficient trading system and you’ll have your earnings from the foreign exchange market soon. Visit top online forex broker for a list of recommended online forex trading broker.

Managed Forex Trading - Risks and Benefits

Managed forex trading is having someone else to manage your account and trades for you, it can be a professional trader, a trading company, or a forex robot. When you have extra money that can be invested instead of stacking in your bank account, this method is one of the best.

There are some benefits that you can gain from managed forex trading:

1. If you are not too sure, just test it by using a mini account. There are companies that allow you to create an account for as low as investment. Read about how to identify a good account at currency trading account.

2. A good forex trading company is transparent, so you now what they do with your account, when they trades, how much their earning / commissions, profits and loss, what currencies they trades, what strategies that they used, etc. Learn more about this at online forex broker.

3. If you choose professional trader, your money is managed by professionals who do trading as a living.

4. If you choose forex robot, your money is managed by tested software that has been proven to make profits from forex market.

5. A good company will also offer real time account management and report; this means you can ask for a detail reports for the trades at anytime you want and withdraw your money at your will. Note: for money withdrawal, it will still require some times to process.

6. If you don’t know anything about forex market or you just simply don’t want to bother with such details, you can just pass all the trades to the company/robot and waiting for the profits reports.

However, managed forex trading is not without risks. Know this: no trading company/ forex broker can state a formal written profits guarantee for their client with their CEO sign and company logo on it. Formally, it is against the law to promise such things, but in the other hand, it also gives them a secure position.

How? At the front page of a forex company website, usually you will see “Managed by professional traders” written with big fonts, but these are some points that you get when you click the tiny “Risk Disclosure” link way at the bottom of the page:

1. “The possibility exists that you could sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You may be liable for losses that exceed the amount of margin that you post. ”

2. “All opinions, news, research, analysis, prices or other information contained on this website are provided as general market commentary and do not constitute investment advice. We will not accept liability for any loss or damage, including, but without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.”

3. “We have taken reasonable measures to ensure the accuracy of the information on the Web site, however, the company does not guarantee its accuracy and will not accept liability for any loss or damage which may arise directly or indirectly from the content or your inability to access the Web site, for any delay in or failure of the transmission or the receipt of any instruction or notification sent through this Web site.”

Basically, according to this Risk Disclosure, they don’t have any responsibility to make profits for you as the investor. They will have their earning from spreads or commission per trade; it doesn’t matter if it is a losing or a winning trade. Bottom line: they have nothing to lose in each trade while you put your money on the line. This is the hard facts for any investor in a managed forex trading.

So, is it a good idea to have a managed forex trading account in a trading company? Of course; but only if you can find a REAL trading company who aims to make profits for its clients. You have to be very careful when you trying to find this type of company since forex market are full of unskilled people who can spit very convincing bragging. They are the scam forex companies.

Basically, they lure an investor with various sweet promises to open an account and deposit his money. This account is not really used to trades at the forex market; these scammers are using current market data to make some analysis and pretend to make trades based on it. These trades mostly contain of loss trades and they devised various excuses for their losses. After the investor doesn’t have any money left, they will use the risk disclosure to answer any dissatisfaction and continue to pursue the next target.

It is not easy to spot these companies; I can only suggest you to be very cautious of these signs from a company:
1. Guarantee large profits.
2. Promise little or no financial risks.
3. Refuse to give their performance track record.
4. Engage high pressure tactics.
5. Encourage you to transfer money quickly.
6. They reach you by unsolicited phone calls, sometimes even through an outsource service.

With various risks behind it, managed forex trading is still a great way to invest your money. The second alternative, which I preferred more, is using a forex robot. Why? Read the full story at Forex Robot Software.

Forex Robot Software | Is It A Scam?

For anyone who are into forex trading, automated trading system is very appealing since with the right system, you can leave it be and watch your account grow. For most traders, acquiring this “right system” is the most difficult task. But you can just learn it from someone else; read forex trading course for further info in this matter.

Until recently, the only way to own an automated system is ask an expert trader to trades for you. Today, the forex industry offers a better solution: the forex robot software. Basically, it is a program that designed to analyze the market, make decisions based on it, and execute profitable trades for you. It is sound too convenient that some people think that it is a scam.

Is it a scam? Is it possible to build such software that can beat the fluid forex market? I would not say “beat” since it means you will get 100% winning trades from it. However, it is highly possible to create such software if the creator has a system that works to back it up.

How to identify a trading system that works? Easy, just accumulate all your winning and losing trades at the end of the month; if you gain significant profits then it is works. If you have tried forex trading and found that at the end of the month you loss more than you gain, I’m 100% sure that you are in the wrong hand with the wrong system.

Every successful trader has a system that work for him to gain profits without fails. This system contain trading strategies that have been proven to create winning trades in different times when it is carry on with discipline. After all, no trader can make profits if they are affected by emotion such as greed or anxiety.

Based on those facts, it is absolutely possible to interpret this system into a set of rules and apply it to create a powerful forex robot software. Equipped by a system that works, the robot will carry it without exception; basically it will working like a clockwork by creates profits for you on regular basis.

These are the benefits of using a forex robot software:

1. Doesn’t have Emotion to Hinder its Job
The software will not feel any fear when the market is against it or greed when the market moves in its favor. What it will do is makes trades based on the rules while applying good risk management strategies.

With that trait, a forex robot will not have doubt to execute a stop loss order instead of begging the market to turn into its favor. On the other hand, it doesn’t have greed to influence its decision when closing a profits position.

2. Low Cost Automated Trading System
A forex robot software don’t need commissions, insurance, salary, house, cars, kids school tuition, or anything else that a regular human trader need. If you have a large trading company that employ professional traders, you cannot accept small fees for each trades; it just don’t makes business sense. Using a robot will cost you far less than using a trading company.

3. Works 24 Hours
A software doesn’t need to rest or sleep; it will analyzing, identify hot markets, and keep making trades for you 24 hours a day. This ability creates various chances to spot every little movement in the market that potentially profitable. A human trader will collapse if he tries to compete with a robot in this area.

4. Leave All the Hard Works to It
Like any other forms of automated trading system, you can just let the robot do all the work and wait the money to roll in. If you are creative, you can even tweaking your robot so it can earn more profits; for example, read FAP Turbo Expert Guide Review.

5. No Risk Involved
Most of the good forex robot software comes with 100% money back guarantee. Use this guarantee period to create a demo account to test the robot. If by the end of the period, it doesn’t do very well, you can always ask your money back. If by chance you are not satisfied with this test, you can always do a back test by using previous market data.

On the other hand, you can’t ask a trader: “Hey, I have created this dummy account. Will you trades with it for two months so I can know for sure how capable you are?”

Conclusion
Forex robot software is a breakthrough system in current forex trading. It is not a scam as long as it has proven system behind it and you can test it easily. In my opinion, it is also the best ways to go no matter you are an investor, new trader, or experienced trader. Learn about the top forex robot at best forex robot.

Forex Trading Scams - How To Avoid Them

There is plenty of opportunity for unscrupulous people to make money fraudulently by launching a forex trading scam. Unfortunately there are always people who will part with money too fast in the hope of making more, this is especially true when it comes to the stock market. However, we cannot assume that a system has to make cash for everybody using it in order to be genuine. So what are the signs of a real scam?

1. Unrealistic claims

All websites that are promoting a forex product or service will try to appeal to your wish to make money. That is what forex day trading is about, after all. But if a site promises to make you millions of dollars virtually overnight no matter who you are and without requiring any work on your part, stay clear.

2. Huge earnings on trading account screenshots

It is also common for sites to provide images of their own trading account results to convince you that their system makes money. This is common practice. A scammer will fake the screenshots using Photoshop, and it is pretty much impossible to tell.

So although having screenshots on the site is not in itself a problem, you shouldn’t pay much attention to them. Even if they are not faked, you don’t know that the person followed the exact system you are buying in order to obtain those results … and even if the figures are 100% genuine, it may does not mean that you will achieve the same results.

3. No guarantee

There should be a money back guarantee on any product and you should not have to jump through hoops to get it. Look for a “no questions” guarantee rather than something that says you must have followed all instructions to the letter before you can qualify for a refund. Following the instructions may include investing more cash than you have.

If you are buying a downloadable product such as an ebook or expert advisor, you can trust anything that is sold by Clickbank as far as refunds are concerned. Clickbank will always refund these items within 58 days of your purchase.

If you are looking at a membership site or a service, refunds on past payments may not be offered because of the time that the company will have put in to providing the service for you during the time that you were a member. However, you should make sure that you can cancel at any time without incurring further charges. Don’t sign up for something that locks you into a contract for 6 or 12 months.

4. Bad press in the forums

All products will show you recommendations and testimonials from satisfied customers. If you want to be sure you can ask for evidence that they are real, and a genuine business will usually find a way for you to contact the person if there is not already a link given along with the testimonial. 

But even the worst day trading system will have some users who were just lucky. What you want to know is what the un-satisfied customers are saying. There will be some for every product, no matter how good, and you need to find them and sift through their comments. Are they just unhappy because they didn’t make a million dollars overnight, or was there a genuine problem with the product? Search for them in the many online forums to get a clear idea of which products are worthwhile and which ones might be a forex scam.

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