Important Note on Forex Scam and Ways to Secure Trading


In 2009, the report of foreign exchange committee estimated the Forex transaction more than $3 trillion each day. With such huge sum, the market persistently trades with any accountability, guarantee and dependability. In that case, the chances of Forex scam significantly increases, making it more vulnerable for traders to trust the largest financial market in the world and trade without restraint.


Though various scams have ceased by U.S.’ Commodity Futures Trading Commission, many still exist making Forex risky market for traders. If you want to trade, it is important to be double sure about trustworthiness of the broker firm. By going for best Forex broker in India, you can avoid the risks of being theft from fake brokers or other fake entity. But first, you need to know about the scam. Here, the blog post will help you understanding it and also the techniques of identifying authentic trading services:


What is Forex Scam?


In general, the scam in Foreign Exchange Market is any kind of scheme used to allure traders by making forged efforts. These schemes convince the customers that they can gain high profit by trading with a specific broker of Forex.


Actually, the foreign exchange market is a sort of zero-sum-game, which means that you can either gain or loss. However, the brokerage commission, transaction costs and other expenditure are subtracted from the results of traders creating a negative image of the market in the minds of the traders. Therefore, if the trader gives surety for the profits, there must be something wrong.


Earlier a fraud was related to computer manipulation of bid/ask spreads of the trading process, which has now quieted down over the last 10 years.


How to Avoid Forex Scam and Trade Forex Reliably?    


When you become familiar with scam, your must look for safe trading. Only a reliable Forex broker can make trading safe, provide free Forex trading signals, provides instant support, provides advanced and the best trading account in India and a lot more. Being a trader, it is quite important to consider following points to differentiate a genuine and a fake Forex broker.      

The Website: A website is the main evidence of its authenticity, which lets you know the services, spreads, existence, establishment, and other unswerving factors. An authenticated website tells that the broker work under major regulatory authorities i.e. CFTC, NFA and their origins. The authenticated broker always has a domain registered with an officially permitted entity, which gives all essential information about the person owning the website. So whenever you get choices of websites, do not forget looking for the authenticity and the details about the website.


Live Or Demo Account: When a broker fails to give them over a demo account or live account, it should give a click on legitimacy factor. In general, fake brokers make strategies to rob money directly from the registration process. Besides, if the sign process gets disrupted soon after entering the details, the broker is surely a must-not-go destination.


Also, an authenticated Forex broker is the one which provides you multiple accounts to trade on the premise of your budget, demands, and further trading needs. If you don’t find these choices in accounts, do not go for the broker.    


Trading Software: A reliable Forex broker lets you download MetaTrader 4 mobile app on your mobile for trading portability. Not only MetaTrader 4 or MT4 multi-terminal apps, but also other programs like MetaTrader 5 can be in the choices. The broker may not provide certified software with an intention to keep their identity hidden. It may also not provide free Forex trading signals needed to learn trading at early phases.        


Nord FX India is the one to ensure you with these three important aspects of reliability. With latest technology, equipments, regulations of trading and other significant elements we make Nord FX India the best place to start trading with. Contact us and let us know your queries for instant and satisfactory responses.