Legitimate forex trading sites

Find the right places to trade what is forex trading?

Are online forex trading sites legit?
Actual forex bonuses

Meta: want to get into the world of forex trading? First you need to find the right site! Let’s take a look at how you can do so here!

One of the most difficult areas of online trading is thought to be forex trades, but it can also be some of the most lucrative. If you think that you want to try this style of trade, you also need to think about where you are going to be negotiating the actual trades. Are the forex sites we find scattered around the web legitimate places to make trades and other deals? Let’s take a look.

What is forex trading?

Forex trading is the trade of various currencies from around the world. The money in forex trading is made from the small transactional differences you get as currency exchange rates flex and shift.

It is highly specialised and requires someone who has a keen interest in this style of investment. Small changes can come into effect even on an hourly basis. It is quite common to find forex traders coming home from their day jobs to spend a few hours trading. Though it is very difficult, it also has some fantastic rewards to chase down. It might not be the right style of trading for you, but it should definitely be something that you try at one point.

How to tell a site is legit

The first way to avoid a website that is not safe for you to be on is to avoid sites with software that promises a guaranteed result. They will usually have some sort of secret formula that they claim will help them get the best deals. They may also require you to download a third-party client that you feel is unsafe in some way, and it could have some hidden program within it that could mess up your computer.

You should also make sure that you know where some of the basic protections are on the internet. Knowing where you can find forex scam recovery is going to be incredibly important for ensuring that your funds are protected should you fall foul of a rouge trader or organization.

Find the right places to trade

A legitimate broker will always be regulated. This should be your first indication that everything is as it should be. They should also be happy to provide proof of their legitimacy, or you can reach out to the regulatory bodies they claim to be members of. You should also be able to find lots of background information about the broker online.

It is going to take time to find a reliable and legitimate broker and platform, but it can be easier than you might initially think. Finding the right site and broker is a key part of getting started so you can’t afford to rush it in any way. Take the time to research possible brokers and never forget to check out review sites and scam lists just to double-check things.

Though it will take time, it is perfectly possible to find a legitimate forex trading site to use. Find the right one for you and start your journey into the world of forex today.

The 11 best forex websites

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Trading on the foreign exchange market, or forex trading as it is more commonly referred to, takes a considerable amount of skill and knowledge.

For beginner traders, there’s a lot to learn, from basic concepts to trading strategies, risk management and platform familiarisation.

Once you’ve built the confidence to begin trading, you’ll then need to stay on top of market trends, economic news and global events that may impact the market. You’ll also want to continually improve your trading skills, learning how to successfully execute increasingly profitable trades.

Thankfully, there is a huge amount of information available online and it is relatively easy for beginner and experienced traders alike to find all they need to know with a little bit of research.

You’ll want to be sure that the sources you turn to are legitimate and trustworthy. Whether you’re looking for news, technical analysis, strategy guidance or educational resources, it’s vital that the sites you use are reputable.

Are Online Forex Trading Sites Legit, legitimate forex trading sites.

To help you get started, here is our list of 11 of the best forex websites available.

11 best websites to learn forex trading

The following top forex trading websites include those providing news, education, analysis and trading tools. For a successful trading career, it’s best to use several in conjunction with one another.

1. Etoro trading school

Best for: multi market overview

The one day etoro trading school course covers multiple trading areas including forex, cryptocurrency and stocks.

In-person education is delivered by henry ward, a professional trader with over 10 years’ experience under his belt.

Though the course claims to be suitable for traders of all levels, the content is well suited to beginner traders, or those looking to learn more before dipping their toes into the water.

You’ll have an introduction to the financial markets, learn essential key terms and what they represent, and walk through the fundamental principles of trading.

Perhaps the most useful element of the course for beginners is the introduction of trading personalities. This should help you identify what type of trader you are and determine the most appropriate styles to suit.

In addition to the classroom-based course, held in london’s canary wharf, there’s also a library of webinars and podcasts for those interested in distance learning.

2. FOREX.Com

Best for: metatrader training

FOREX.Com is a leading UK forex broker that offers a comprehensive library of educational content. As a broker regulated by the financial conduct authority, you can be sure that the guidance provided by FOREX.Com is trustworthy and from a reputable source.

All of the educational materials are free, you do not have to open a trading account with forex.Com to access them.

Technical analysis

Trading strategies and concepts

Managing risk

Resources are separated into the three levels of beginner, intermediate and advanced.

Forex.Com also offers training on trading platforms. This includes its proprietary platform, but perhaps of more value, it also provides several tutorials on the use of the metatrader suite.

As many forex brokers provide this platform, learning how to use it to full effect is well worth your time.

3. Babypips

Best for: beginner education

The first on our list of best forex websites is babypips, a user-friendly site with an easy to navigate layout and a range of tools and features ideal for those new to the world of forex trading.

It posts regular news updates and feature articles in areas such as:

Technical analysis

Trade ideas

Trading psychology

However, it’s through its educational content that babypips really shines.

Its school of pipsology takes a light-hearted approach to what is essentially a highly complex topic. Lesson articles are separated into 11 courses, beginning at pre-school level through to graduation, and are supported with online quizzes and a comprehensive glossary of terms.

There are also several free to use tools, like its position size calculator and gain and loss percentage calculator, designed to help beginner traders mitigate risk and assess the profitability of their trades.

Signing up for an account is free and you can also exchange tips and ideas with fellow traders through its various forums, making babypips perhaps the best website for forex education for beginners.

4. Bloomberg

Best for: financial news and analysis

Bloomberg is the customer-facing website of the international news agency, bloomberg news. It covers just about everything you need to know about events in finance, business and trading.

With stories updated as they unfold from around the globe, it is probably the best website for forex news, as well as providing markets trends, analysis and currency data.

Users are permitted free access to a limited number of articles each month. To get the most from bloomberg’s services, you’ll probably want to consider signing up for either its digital or all-access subscription, which can be paid for monthly or annually. These come with additional benefits including the open and close, bloomberg’s daily newsletter for traders.

5. Dailyfx

Best for: forex calendars

Dailyfx is a free to use website powered by UK-based brokerage, IG. As you would expect from a broker-run site, it provides live market data for major currency pairs, with both simple view and detailed view charts for in-depth technical analysis.

The site provides regularly updated financial news, which is easily filtered by market. You’ll find several articles per day posted under the forex news tab. This is complemented by a separate real-time news feed that pulls in breaking information from accredited sources.

There are plenty of educational resources in dailyfx’s forex university, with courses offered at beginner, intermediate, advanced and expert level. You can also take advantage of its daily live webinars.

There are several useful trading tools including pivot point and trader sentiment charts, but perhaps the most useful tools are the economic and central banks calendars. These provide clear details of upcoming global events and future meetings of each country’s central bank respectively, allowing you to make informed predictions on potential market movement and adjust your positions accordingly.

6. Forexfactory

Best for: forex forums

This entry in our list of best forex websites is more geared towards the professional trader and, as its name would suggest, focuses solely on the foreign exchange market.

Information is easily accessible under six simple tabs. Some key ones are:

The ‘brokers’ tab offers an overview of several forex brokers, including their real-time spreads

The ‘market’ tab provides a live scanner and customisable forex charts

A detailed economic calendar sits under the ‘calendar’ tab

Although not comparable with some of our other best forex websites, there’s also a fairly comprehensive news feed.

Forex factory’s best features are probably found under its ‘trades’ and ‘forums’ tabs. The former allows you to see live trades being placed by others in the market, with the latter hosting a wide range of active discussions.

You can use forex factory for free, but you will need to register for an account to take part in its forum threads.

7. Fxstreet

Best for: good all-rounder

A highly popular source of information in the trading community, fxstreet is a good all-round site providing everything you’d expect to find on one of the top forex trading websites.

News, analysis and a range of forex charts are available including live charts, a forecast poll and rates table. Fxstreet’s chart station allows you to track four charts on one page for detailed and comparative analysis.

A lot of fxstreet’s resources and tools are free to use, including its trading signals service, although signal notifications are limited per month and subject to a 15-minute delay.

To make the most of this feature and get access to all signals in real-time, you’ll need to upgrade to fxstreet premium for a monthly fee. This will also give you access to its trading institute, which hosts four live forex webinars per week.

8. Investing.Com

Best for: free trading tools

This free-to-use website provides a wealth of useful trading information and resources including:

News

Analysis

Real-time data

Educational material

Investing.Com prides itself on catering to beginner traders, with premium features free of charge. Although a US-based website, it provides a localised service.

Investing.Com is also one of the best forex websites when it comes to free tools. Of particular note are its forex volatility and forex correlation calculators. These allow novice traders to get to grips with both the historic volatility and correlation data of a wide range of currency pairs, enabling them to make better-informed trading decisions.

9. Investopedia

Best for: mid-level education and interactive learning

Next on our list of best forex websites is investopedia, a comprehensive resource providing:

Market news

Trend analysis

Trading education

Investopedia has an exceptionally clean layout that is easy to navigate and user-friendly. Its news updates are separated under category tabs including ‘company’, ‘markets’, ‘trading’ and ‘political news’, though its coverage does not compare with the more dedicated news sites like bloomberg.

You’ll find a multitude of educational articles that cover everything from basic terminology to professional trading strategies. These are well structured and informative, but perhaps a little more complex than the educational content found on babypips.

For more in-depth and interactive learning, the investopedia academy is a valuable resource. Courses are available for all levels of experience, each consisting of over 30 individual on-demand video lessons and supporting materials like quizzes and practice exercises. Whilst its onsite articles are free to access, the investopedia academy is a paid-for service.

10. Tradingview

Best for: forex charting

Tradingview is one of the top forex trading websites for charting and social networking. Through cloud-based software, traders of all levels of experience can easily research and track the market with customisable charts set up for specific alerts and indicators.

There are four plans available:

Basic

Pro+

Premium

The basic account is free but relatively limited. If you’re new to trading and want to practice charting currency pairs, then the basic account may work for you.

However, to take full advantage of tradingview’s charting software and active social community, you’ll need to upgrade to one of the paid plans. These do all come with a free trial, so you can try them out before making a long-term commitment.

11. Udemy

Best for: on-demand learning

Unlike the other forex websites in this list, udemy is not specifically designed for trading education or information. Rather, it is a global online learning platform that hosts a multitude of courses in almost every subject imaginable.

That said, it has an extensive range of resources for those looking to learn about trading on the foreign exchange market. A simple search for forex brings up over 2,000 courses, from introductory overviews to expert level lectures.

Whilst there are some free-to-access courses, most are paid-for lectures. Prices vary greatly and some can be quite steep, but you’ll often find price promotions that offer a significant discount. Courses are taken through on-demand video and most feature additional resources such as supporting articles or assignments.

Under each course heading, you’ll find an overview of what you’ll learn, a breakdown of each lecture and details on the course instructor. You’ll also see a course star rating and be able to read informative feedback from previous students.

Final thoughts

There are so many websites for forex news and education that it can be difficult to know which ones you can trust, and which ones are best avoided. Hopefully, the above list has provided you with a variety of reputable sources with which to start or progress your forex trading journey.

As mentioned, it’s best to use several of these sites to ensure you’re covering all the basics when it comes to learning about forex trading.

For beginners, it’s advisable to start with basic educational content before moving on to market research and using trading tools. That way, you’ll fully understand how what you’re reading and the tools your using can help you make better-informed trading decisions.

Wikijob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

Forex trading scams - get your money back!

The forex industry is one of the scammer’s favorite grounds. Since the industry is generally known as a legitimate investment option, it is very hard for the average person to differentiate the scam brokers, from the legitimate ones. Usually, most people don’t even know they’ve been scammed, they just think they had “A bad trading day”. If you feel that the way you lost your money trading, is more than just a “bad day”, contact us now. If your broker is a fraud, we might get your money back.

Get help with forex scam recovery at payback

Forex trading scams are one of the most pervasive online scams in the world right now. Given the current situation, people are more inclined to do their transactions online. Individuals who have enormous amounts of money tend to send or receive without hesitation, whether online or over the counter.

There are lots of ways to do forex trading. While there are reputable sites and offices, some people tend to do transactions to the appealing ones or those near them without ensuring reliability and credibility. In this case, we cannot entirely blame these people who have fallen as victims.

Without secured precautions and accountability, these vulnerable transactors are instant prays of forex scams. Sometimes, even if there is security, the forex trade scam can still make its way to accomplishing it.

Before moving forward to all these online forex trading scams and how to retrieve the money lost, let us first define it.

What is forex?

Forex is the blended word of foreign currency and exchange. Basically, it is the method of changing local money into another currency for common purposes such as commerce and tourism. In simpler terms, it is a money exchange. Usually, local currencies are being exchanged for USD and EUR. This process is also called FX.

Due to technological advancements, forex became plausible and more accessible. There are many ways to do this process; transactions can be done through banks, accredited retails, legit forex brokers, and online. Since the internet is already part of most individual’s lifestyles, the exchange can be made through legit forex trading sites.

While forex’s stance in the market is a hot topic right now with its higher market volatility caused by the shift and other influences, scam forex brokers are also widespread. As forex resurges, due to the pandemic, transactors’ vulnerability became more alarming since the shift.

Is forex legit?

People who are planning to do a forex process might be asking questions similar to this.

It is understandable to doubt, especially if exposed to scams or have experienced being scammed before. To answer it, yes, forex trading is legit. If so, “how legit is forex trading?”

Forex trading is a legitimate business. There are legitimate forex trading brokers in the market, as well as sites online.

Legit online forex trading exists nowadays, which is more attainable. It will not require traveling and physical interactions, lessening the risks of any unlikely transmissions. However, with its apparent easy accessibility, traders are advised to be more careful because the internet is a world open to frauds and thieves.

Similar to other trading methods and existing currencies, there are lots of risks in forex. It is complex in the sense that it requires adept knowledge about the market, especially to large companies who are the most careful in doing transactions. Without broad knowledge about economic fundamentals, transactors become more vulnerable, so scams are made in some cases. So, it is indeed necessary for a currency trader to be knowledgeable and meticulous.

Seeing the big economic feature includes delving into the credibility of the brokers. Traders can check forex scam reviews to ensure the legit forex trading companies. The internet provides many reviews and testimonies to give aid to potential users.

With regard to the choice of doing it on the internet, make sure to get involved with a legit forex trading site. The only case that forex trading is a scam is when the sites are unreliable. If the reviews are disagreeable and look unconvincing, traders should not trust forex trade scams. If per se, the scam is inevitable, there are ways to retrieve back the money put on the wrong hands.

Forex and the chargeback industry

Forex transactions can sometimes be fraudulent. To ensure that transactions are trusted, it is best to be alert and cautious all the time. The market is so vast that even people whom you trust wholly have two sides and hidden motives. Some people are unexpectedly untruthful and deceptive. So, before doing forex trading, investigate first the legitimate forex trading sites that would take away any theft possibilities. Moreover, transactors can also check the forex scams list and scam forex brokers.

Furthermore, besides individual awareness, the chargeback industry is a leverage for the victims of forex trading scams.

Chargeback is a backup beneficial for consumers. It is the process of seizing money from a scam forex broker to return it to the rightful owner. This method is undeniably helpful for consumers to protect their money when doing transactions in whatever ways. In a dispute regarding scams, money retrieving can be quickly made using a credit or debit card.

Victims of a forex scam are highly advised to use this method in retrieving their money. This industry offers forex help in trade scam. Victimized transactors need to know that to acquire the chargeback claim; an agreement must be made first as it should. Termination of contract from the identified scam forex broker is a necessary action to do to retrieve the deposit. To actually get back the money, legal concerns will be included, so make sure to have strong claims and validations to win the case.

Forex scams

Top 7 forex scams to avoid today

As forex markets promise to give you an incredible return on investment, they became trendy in the last few years. However, often forex traders don’t have a great understanding of how forex markets work and what a forex broker does exactly, which leaves the latter a lot of room to scam the trader. Whether it is about proposals on instagram or simply fake investment advice, beware.

It’s a complicated industry, and even experienced people fall victim to intricate trading schemes. There are quite a few variations of the forex fraud. Let’s take a look at a few of them. Feel free to add names of questionable forex platforms in the comments section, at the bottom of the article.

Forex trading strategies – scam 1: the whole package

According to the specialists at investorguide.Com, this might come your way by crooks “creating false customer accounts for the purpose of generating commissions, selling software that is supposed to garner large profits for the customer, false claims of customers making huge money, the theft of a customer’s account and phony marketing.

Forex scams draw customers in with sophisticated advertisements placed in the newspaper, heard on the radio, or seen on internet websites.

Forex trading strategies – scam 2: computer manipulation of bid/ask spreads

How does this scam work? According to dailyforex.Com (a great team of analysts and researchers who watch the market throughout the day to provide unique perspectives and helpful analysis on forex trading), “the point spread between the bid and ask basically reflects the commission of a back and forth transaction processed through a broker. The point spreads differ widely among brokers and differ between currency pairs.

Since brokers don’t usually offer the normal two- to three-point spread in the EUR/USD, for example, but go for spreads of seven pips or more, any potential gains resulting from a good investment were eaten away by commissions. These commissions found themselves in the broker’s pocket.

Forex strategies – scam 3: commingling funds

In law, commingling is a breach of trust in which a fiduciary mixes funds that he holds in the care of a client with his own funds, making it difficult to determine which funds belong to the fiduciary and which belong to the client.

When it comes to the forex scam, the same team at dailyforex.Com explains: “commingling funds gives forex brokers the opportunity to pocket much of an investor’s money without the client ever noticing any discrepancy. The broker benefits financially during the trading and eventually disappears with a customer’s money.”

“if a forex trader looks carefully and states vigilant he/she can pick up are certain warning signs which can alert him/her when all is not on the straight and narrow. If a broker won’t allow the withdrawal of monies from investor accounts or if problems exist within the trading station, the trader should take immediate notice.

Additionally, guarantees of high performance levels-some much higher than those offered by other forex brokers-should be viewed with considerable skepticism.”

Forex strategies – scam 4: robots/automated systems

Surprised? Don’t be. This is an increasing scam especially with the advancement of the technology. Questionable brokers sell automatic trading systems which claim to generate automatic trades even when the trader is sleeping.

Some shady companies sell their special “packages” for thousands of dollars, only to find out that some of these you can find on the internet for free.

“most of these robots have not been tested by an independent source for formal review. Their trading system’s parameters and optimization codes are usually invalid and at the end of the day, the system generates totally random buy and sell signals”, concludes dailyforex.Com.

Forex strategies – scam 5: fake investments funds

All kinds of HYIP funds have been notoriously showing up everywhere. Simply because they work; for the scammers! The high yield investment program funds ‘guarantee’ you a great level of return for temporary use of your money in their forex fund.

The concept that sells this ponzi scheme is that the investors of yesterday get paid back by the investors of tomorrow. How the scam works is that once the fund runs out of prospects, it closes down and takes whatever money it has with it.

Must read: online college course scam

Forex strategies – scam 6: signal seller membership

Just like the robots, certain ‘signal sellers’ claim to sell you information on which trades you should make in order to get rich. The trick is – they charge a weekly or monthly fee for their service (‘signals’).

Little do you know that not only you are lose your money, but they do not even offer you anything that will help improve your trading!

Forex on instagram – scam 7: fake accounts

With the advancement of technology, there are many well-run online scams on social media when it comes to forex. Some have over a thousand ‘followers’ losing money as the fraud is advertised as a get rich quick scheme.

People are signed up to a trading platform through so-called ‘companies’ and are asked to deposit their hard-earned money to deposit $400 (or EURO). Ultimately, they lose it all through investment advice from kids who earn a kickback when clients give money to the platform used to sign up.

These questionable forex platforms have recruited and paid multiple young adults from ages 18-21 to promote their scheme online. They get paid for luring new people into the system. They also use well known social media influencers to promote them and tell lies about the service.

How to avoid the forex scams:

There are many red flags you should be aware of. The first one would be when you are guaranteed a profit. There are no guarantee profits in forex. Use your computer and search reviews featuring the broker, or the system, or the signal seller.

Make sure the testimonials are genuine and do not come from their own websites. Check all the forex forums and google the name of the broker followed by the word ‘scam’.

Check their website very carefully. If they don’t have a legitimate contact page with phone numbers and emails, that’s another red flag.

Last but not least, keep in mind that there is no ‘miracle’ software that will figure out the forex market for you. If anybody would own that, why would they sell it?

How to report **the forex strategies scams:**

Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the federal trade commission using the link below:

How to protect yourself more:

If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the scam detector newsletter here. You’ll receive periodical emails and we promise not to spam. Last but not least, use the comments section below to expose other scammers.

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How to avoid forex trading scams

The foreign exchange (forex) market is huge, with an average daily trading volume of more than $5 trillion, including currency futures and options. it's also not very well regulated. That means the opportunity still exists for many forex scams that promise quick fortunes through "secret trading formulas," algorithm-based "proprietary" trading methodologies, or "forex robots" that do the trading for you.

Before getting involved in forex trading, perform your due diligence. Visit the background affiliation status information center (BASIC) website created by the national futures association (NFA) to learn how to choose a reputable broker and avoid scams. The NFA is the futures and options industry's self-regulatory organization.

Before dealing with the public, every company or person who wants to conduct off-exchange forex business is required to become a member of the NFA and to register with the commodity futures trading commission (CFTC). the CFTC is the government agency that oversees futures and options trading. You can search BASIC to find out what regulatory actions, if any, have been taken against a particular individual or firm.

Signal sellers

Illustration of a man with a question mark over his head standing at a crossroads with a signpost pointing the direction of Buy and Sell

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One of the challenges a rookie forex investor faces is determining which operators to trust in the forex market and which to avoid. Signal sellers are one group of operators to consider carefully.

A signal seller offers a system that purports to identify favorable times for buying or selling a currency pair. The system may be manual, in which case the user must enter trading info, or it may be automated to put through a trade when a signal occurs.

Some systems rely on technical analysis, others rely on breaking news, and many employ some combination of the two. But they all purport to provide information that leads to favorable trading opportunities. Signal sellers usually charge a daily, weekly, or monthly fee for their services.

A frequent criticism of signal sellers is that if it were possible to use their system to beat the market, why would the individual or firm that has this information make it widely available? Wouldn't it make more sense to use this incredible signaling system to make huge profits for themselves?

Other analysts distinguish between known scammers and more reputable sources of market information that offer a well-thought-out signaling service.

Behind these opposing views lies a larger difference of opinion about whether anyone can predict the next move in a trading market. This fundamental disagreement won't be settled any time soon.

Nobel prize-winning economist eugene fama proposes in his well-regarded efficient market hypothesis that finding these kinds of momentary market advantages isn't possible.

His economist colleague robert shiller, who's also a nobel prize winner, believes differently, citing evidence that investor sentiment creates booms and busts that can provide trading opportunities.

The best way to determine if a signal seller can benefit you is to open a trading account with one of the better-known forex brokers and enter practice trades that don't involve real money based on the signals. Be patient, and with time, you'll determine whether predictive signaling works for you or doesn't.

Is your forex broker a scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you're looking to trade forex, it's important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key takeaways

If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.

To make sure you're not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.

Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.

If you see buy and sell trades for securities that don't fit your objectives, your broker may be churning.

If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating forex fact from fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, "as soon as I placed the trade, the direction of the market reversed" or "the broker stop hunted my positions," and "I always had slippage on my orders, and never in my favor." these types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.G., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker failures

On occasion, losses are the broker's fault. This can occur when a broker attempts to rack up trading commissions at the client's expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers' rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don't always get the price we want.

Communication is key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader's questions, these are common red flags that a broker may not be looking out for the client's best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader's inability to withdraw money from an account.

Broker research protects you

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is brokercheck from the financial industry regulatory authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. Regulations for forex brokers.

Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.

Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.

If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker's size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn't always safe.

The temptation to churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the securities and exchange commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC defines churning

The SEC defines churning in the following manner:

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate your trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How regulators evaluate churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC's website.

Already stuck with a bad broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The bottom line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

The metamorphosis of forex trading scams

Forex scams are a multimillion-dollar industry and give a bad name to legitimate online forex platforms

The foreign exchange market, also known as forex, FX or the currency market, is the international exchange for trading currencies. Included in this market are the purchase, sale and exchange of currencies at current or determined prices.

It is undoubtedly the largest trading exchange in the world, followed by the credit market. Recent estimates indicate that approximately $6.6 trillion moves through foreign exchange markets each trading day.

Retail trading first caught on in 1999 and, since then, countless fake trading platforms have materialized online, leaving thousands of vulnerable people destitute.

For all intents and purposes, these trading platforms look 100% legitimate, but a closer look reveals the criminal world of forex trading scams.

Goodbye binary options scams, hello forex scams

While hundreds of online, government-regulated forex brokers exist, there are many more unregulated criminal operations with business models whose business models are based on the misappropriation of millions of dollars from inexperienced and unsuspecting investors.

Online forex trading scams sprung up as a direct result of the collapse of the binary options trading industry. In the beginning of the 21st century, the internet became a hotspot for binary options scams and binary options fraud. A quick and profitable return on investment, bonuses for signing up and an easy to understand platform were a few of the supposed benefits that drew professional investors and beginners in.

Fast forward to 2020 and the scam still exists. But it was renamed, remodeled and disguised as legitimate forex trading.

It’s all a simulation

One would assume that a brokerage, with a visually professional and state-of-the-art platform, would be the best place to start a journey to financial success. The reality, however, is that it’s all a video game ‒ a simulation to create the illusion that the user is trading on the forex markets.

Fake forex trading platforms do not follow prescribed trading procedures and regulations. In addition, these websites are not plugged into the forex trading exchange. The wins and losses, the ups and downs and the excitement and disappointment are all a sophisticated feature of this cleverly designed system. Unfortunately for the victims, it’s all smoke and mirrors. An advanced system designed to convince the investor that it’s real.

What about my investment?

Unregulated brokers claim that all deposits go into a secure, segregated account. After all, there cannot be any real trading without one. They further try to prove their integrity by providing users guarantees of full access to their accounts with immediate withdrawal capabilities when required. In truth, no such segregated accounts exist. All deposits go directly into the scammer’s own bank account.

Of course, they will promise that users can withdraw their money at any time. The reality however is that when one chooses to withdraw his funds, subtle hints of the deception slowly start to emerge. Certain platforms will flat out ignore requests for a withdrawal and cut off communication. Others will send you from one department to the other until you’re forced to give up on any chances of having your funds returned. And then there are firms that will direct you to the fine print on the terms and conditions page you signed. Or even on the terms and conditions page that you didn’t sign. Grab a microscope and you’ll notice that the release of your funds is allowed only once you’ve reached an impossible and unreachable target, or once you’ve repaid the massive bonus they gave you when you first signed up.

To further complicate matters, unregulated brokerages are mostly based in “safe havens” offshore. Eastern european countries and small, isolated island states are the most favorite due to weak or nonexistent accredited financial regulators.

Critical points to consider when choosing a forex broker

Identifying a legitimate and licensed broker can be difficult owing to the professional techniques certain brokers use to deceive people. The following steps will help identify the fake from the friendly.

Check independent review sites

There are many trusted online review sites that have a wealth of information, including reviews and ratings for forex trading brokers. The great thing about these sites is that the collected information based on many customer reviews, gives a good overview of the company you’re investigating.

Personal recommendations

Many beginners who are new to forex trading will invariably have been told about it by someone they know. Whether it’s a family member, someone in your circle of friends or a work colleague, it’s safe to say that they can be trusted if they understand forex trading. Investment advisers are another option as they have their names and reputations to back up their claims.

Check with professional regulatory bodies

Legitimate brokers should have the necessary regulatory information available on their websites. Another option is to go directly to the official site of the regulatory body as brokers are legally required to register to hold a license. These sites should display records on broker registration, their current status and any complaints lodged against them.

It’s recommended to spend some time on the broker’s website. Start with the company’s background information, where they claim they are situated and the regulatory body they fall under.

Confirm whether the broker has a listed contact number and street address and cross-check this information with a google search and google maps. Legitimate companies should have no problem displaying their contact details and location.

Try and determine the year the company was established as fake brokers will generally trade for short periods, close their doors, rebrand and trade under a different name. Keep in mind that building a good quality website that looks professional is easy, building a good, trustworthy brand takes time.

Fund recovery following a forex scam

For the average user who just realized he got scammed, there is very little recourse since the companies are based offshore and have done everything in their power to protect their business model.

Users are urged to always confirm that their financial or investment firm is a legitimate trading entity, licensed by a strong financial regulator. It is also advised to ensure that the firm has not had a scam warning issued by a regulator, professional association or consumer protection agency.

Every year, mychargeback, a leading international fund recovery firm focusing on complex dispute resolution involving card-not-present service-related transactions, receives thousands of inquiries from novice investors who fear they have lost their funds on online forex brokerages.

With years of banking and financial experience, our strategically crafted arguments are presented to your bank to give them the information and evidence required to show that you were scammed in order to start your fund recovery process.

Founded in 2016, mychargeback has become the leader in credit card chargebacks, fund recovery and consumer advocacy. We have assisted our clients by navigating their complex transaction disputes according to visa and mastercard guidelines at over 800 banks worldwide.

Mychargeback provides free consultations. Chargeback and other fund recovery programs contracted thereafter are subject to retainers, fees and/or commissions depending on the individual case history and the type of service selected. Mychargeback does not offer any financial investments or advice.

Forex EA trader – is it a scam or is it legitimate?

Forex EA trader rating

Trading signals

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Forex EA trader review

In today’s tough economic times, everyone is looking for a way to earn money as quickly as possible. A 9-to-5 job doesn’t provide you enough to live a lavish lifestyle and still save for retirement. So, how do you supplement your income? If you do some research into options that can help you make the kind of money you want for achieving your financial goals, forex trading will come out on top. This involves trading currency pairs in one of the most liquid markets in the world. Hundreds of thousands of traders all around the world participate in this market to reap the rewards. You can trade a wide range of currencies as per your convenience, but forex trading requires a great deal of skill and knowledge.

It has taken years for some of the most successful traders in the market to reach where they are today, but you don’t want to spend that kind of time as you are not a full-time trader. So, what can you do? Luckily, technology has significantly advanced in the past decade and has brought about a number of advancements. One of them includes forex trading robots. These are automated trading programs that are designed to monitor the forex market and make trades on behalf of the trader.

The best thing about these trading robots is that they are programmed to analyze the forex market so they can take better and smarter decisions. There are numerous benefits that traders can enjoy when they opt for a forex trading robot like less stress, 24/7 trading, efficiency and lots more. However, these benefits can only be availed if you opt for a trustworthy robot. The popularity of forex trading robots has given a great opportunity to scammers to take advantage of naïve traders. There are several scam forex trading robots that don’t really give any results and have made traders quite skeptical.

Therefore, when they come across forex EA trader, they are hesitant in trying it out because they are not sure if it is a scam or if it is legitimate. The best way to determine this is to learn more about the trading robot and how it works.

An insight into forex EA trader

Forex EA trader is a fully automated and very profitable automated trading program for both beginner and professional forex traders. The trading algorithm that’s used by this robot is undoubtedly one of the best that can be found in the market. It has been designed to deliver high returns to its customers and it does that job quite well. As a matter of fact, the forex EA trader is capable of delivering a net profit of 10607%. This is a staggering return and if you compare it with other similar trading robots, you will discover that they don’t even come close to what this one can offer.

The forex EA trader runs on the metatrader 4 (MT4) and the metatrader 5 (MT5) trading platforms for placing, managing and closing trades. When you visit the website of the trading robot, you will discover that it is available in italian as well as english. You have the option of providing some details and then getting a copy of the trading robot for free. As it works with the MT4 and the MT5, this gives traders the freedom and flexibility of using it with the broker of their choice.

What does forex EA trader do?

Forex EA trader is all about easy money. It is an automated forex trading algorithm that analyzes the market and allows you to sit back, relax and simply watch the trading robot do its magic. All you have to do is provide some basic parameters to the trading robot and it will continue to function 24/7 to generate as much profits for you as possible. You can start with minimum investment and then decide your stop loss and take profit levels. These can be adjusted in the settings section as per your convenience. Once you have provided the details, the forex EA trader will take over and handle all trades for you. This allows you to maintain control of your trading account while focusing your energies on other essential matters as well.

Since the forex EA trader is operational 24/7 and is constantly searching for profitable trading opportunities, you will not miss a single lucrative trade unless you turn it off. Another great perk of using the forex EA trader is that it is fully devoid of emotional stability and is constantly analyzing the market for profitable trading opportunities. This means that it doesn’t make any spur-of-the-moment decisions and there is zero guesswork involved. It will carefully analyze an opportunity before it executes a trade, which means no stress or fear will get in the way.

Along with these benefits, the forex EA trader also has some unique features that have helped it attract the attention of lots of traders. This trading robot comes with a profit protection system that provides traders with guaranteed minimum profits as soon as they become available. This can prevent the disappointment that traders experience if a previously profitable position is closed at a loss. There is also a broker protection system to protect traders from unfair brokers, a stealth mode for keeping their stop loss and take profit levels hidden from brokers and advanced money management features.

As a matter of fact, the trading robot can also protect you from high spreads that can eat away your profits. It should also be noted that forex EA trader is dedicated to helping its clients as it has also provided topnotch customer support to them. You can get in touch with the robot’s representatives via email that’s provided on their website and resolve your problems right away.

Final thoughts

When you weigh these features, it is very easy to determine that forex EA trader is indeed one of the best forex trading solutions out there. The trading robot is fully legitimate and can help you achieve your financial goals without any hassle.

So, let's see, what we have: are online forex trading sites legit? Meta: want to get into the world of forex trading? First you need to find the right site! Let’s take a look at how you can do so here! One of the most at legitimate forex trading sites