Forex broker tricks

Tricks you can fall for working with a bad broker

It is not easy, and sometimes even impossible, to return the money stolen by a fraudulent broker.

Therefore, the best way to avoid trouble is to stay away from the Fox exchange. That is why our position is unchanged - we never recommend anyone to engage in trading, that is, trading in the currency market.

This area is unpredictable and full of risks. A novice trader will definitely lose money. If not because of their own inexperience, then by the broker's malicious intent.

Top 6 brokerage tricks

We do not claim that all Fox brokers are scammers. But our experience shows that scams in the foreign exchange market are much more common than stories of incredible success. Forex scammers are well aware of human weaknesses and skillfully use them.

They are eloquent and persuasive. Once a fake broker hooks you up, it's almost certain that you've already lost.

TRICK ONE: “Top up your card to withdraw money from your account”

This is one of the easiest ways to divorce, to extract additional funds from a person. You will be told that in order to withdraw money from the deposit, you need to convince the bank that you are solvent. To do this, you need to have a certain amount on your bank card. As soon as you say that the required amount is on the card, you will receive an SMS with a code for a banking transaction. Brokers ask you for this code, and as soon as you give it, money is debited from your card.

The trick is that, knowing your card details, brokers start the process of debiting funds from it. And all they need to complete the operation is an SMS code from your bank. Only you can receive it on your phone number attached to your bank card. Such codes should not be called to anyone under any circumstances.

TRICK TWO: “Do not rush to withdraw money! Today-tomorrow - a big deal"

This is a scam of brokers, an elementary bait designed for your greed. It's not easy to turn down an opportunity to win big. But in fact, only the broker will win big in this situation, having appropriated your money.

The main trick of this scam is that the broker is rubbed into trust. He says that you can easily withdraw money from the deposit and does not interfere with this in any way. Unless he says once or twice that in your place he would not be in a hurry, because you will always have time to withdraw funds, but large transactions do not happen every day. As a result, you give in, believing that the broker only wants the best for you. But it's not.

TRICK THREE: “Insure your deposit and nothing will happen to it”

The ability to protect yourself from any risks is captivating. But there is no insurance in the financial market. Therefore, the money that you, on the advice of a broker, lay out for deposit insurance, you really just put it in his pocket.

TRICK FOUR: “You yourself did something wrong. After all, we gave clear instructions, but you turned out to be inattentive.

The broker deliberately dictates a deal to the Client, which leads to a complete loss of funds or a significant minus. After that, the Client is convinced that the fault lies entirely with him. Maybe he opened a trade incorrectly or his platform is set to open a larger trade volume. In general, a feeling of guilt is aroused in the Client so that he does not shift the responsibility to the office. BELIEVE - LOST

CATCH FIVE: “Deposit funds immediately, otherwise you will lose the entire deposit!”

The scheme is as follows: the broker deliberately makes a drawdown of the deposit. This mostly happens on a more substantial deposit that the Client cannot afford to lose. Then he declares: either the Client will urgently deposit a certain amount, or he will completely lose his deposit. Few people can think soberly in such a situation. As a rule, the Client is urgently looking for money. He brings them in and immediately loses them.

TRICK SIX: “Replenish the deposit, and we will add the same amount on top as a bonus”

For example, you deposit $2,000 and get the same amount from the broker on top. In total, you have as much as $4,000 on your deposit. Such a generous offer does not work very much - so you have no time to think. And one more nuance: for such a bonus, you will need to open a certain volume of transactions, which will definitely increase the risk of losing the deposit.

This is how a long, sometimes up to a year or two, series of transactions begins, on which you will regularly lose your money, trying to work out bonuses. As a result, unused bonuses burn out, and almost nothing remains on your trading account.