What to Search in Trading Forex Broker Reviews?
Most of our clients refer to online reviews before buying or investing in any products or financial service online. Forex is an industry, in which brokers and scammers have been exceptionally able to thrive thanks to their seemingly impeccable reputations.
However, individuals are willing to invest in trading even when it seems essential to be vigilant with online brokers. It is indeed dangerous to assume that a financial investment firm has your best interests at heart.
While many positive sponsored reviews may exist, it is not that hard to explore if a broker is genuinely trustworthy. Advice before investing in an online financial broker (trading, insurance, bank, or Forex):
Forex Broker Reviews : License and Regulations
Imagine that you want to start a legitimate and trusted business. You would probably want all necessary approvals to demonstrate your compliance.
Unfortunately, not all financial brokers, especially Forex brokers, have the same philosophy; some even have little regard for abusing their clients’ trust, based on our experience. Our Law firm’s experience shows that some of the market regulators are more “flexible” than others regarding Forex brokers.
While this practice appears to be legal, it does not necessarily guarantee a broker’s compliance with national investor’s laws. European laws and the broker country’s national law are applicable in the event of a financial dispute.
Our Law Firm uses its skills to resolve financial disputes of victims of brokers or online scams. Our advice is to check the country of origin that gives the broker authorization. More information about verifying specific brokers is available in the articles section of our website.
When possible, our advice is to stick to companies regulated by significant authorities such as FCA, AMF, CySEC, or ASIC. This way, you may at least minimize the risk of investing with a questionable broker.
Brokers Review and Opinions Online: How to Benefit?
Even if you don’t have any background in trading or financial investing, take the time to read the most recent reviews on the financial broker you are considering.
You will have a much better knowledge of the severe concerns about a company’s reputation (if any) for just a couple of minutes.
However, a broker’s good online reputation does not guarantee you are going to deal with a reliable investment platform.
Try a platform before investing: is it a guarantee?
It’s not the ideal way to tell if a broker is trustworthy, but if you doubt their integrity, start by investing only amounts that don’t put at risk your financial balance.
In some cases, you will be able to open a demo account without depositing so that you can test the service without risking losing your money. However, such a trial can help a scammer to gain your confidence to invest money that you did not actually plan to invest.
An industry as popular as Forex trading attracts scammers.
Follow the steps in this article, and you will minimize your risk of falling victim to such a scheme.
What sources can I use to find opinions on brokers and scammers?
Fortunately, some websites publish their Forex scam lists. If a broker is on such a list, you should avoid this company.
Market Regulators websites and public information
In France, the AMF, the French market regulator, publishes the blacklist of brokers just like any other European regulator does – i.e. FCA or CySEC.
Legal notices of the financial broker’s website
A broker’s website is a source to show legal compliance. It requires vigilance because the information presented can be misleading in the case of a fraudulent site.
Indeed, the first step is to go to the broker’s site’s legal notices to find their country of registration. If this page does not exist, you are taking a risk if you choose to invest. Observe vigilance to any broker’s outside the European Union or do not have a license number.
Beware of so-called websites “specialized in trading”
In Forex trading particularly “specialized sites” have somewhat complaisant opinions of individual brokers who generate many victims.
Some traders’ community websites such as Forex Peace Army or Trust Pilot provide thousands of consumers’ and investors’ opinions. To avoid the risk of reading false publications exists, use official information of the market authorities.
Financial Fraud Lawyer
Financial Fraud Lawyers’ resources provide information on some of the brokers who have been sanctioned or banned from practicing by the authorities. Our site refers to other information on individual regulated brokers, in particular by CySEC. We write brokerage reviews that our law firm has observed.
We give information on certain victim situations that we defend to alert the authorities to specific platforms’ fraudulent schemes, which in some cases have a license to exercise.
AMF: https://www.amf-france.org/fr; CYSEC: https://www.cysec.gov.cy/en-GB/home/; Law Firm Mikov & Attorneys: https://www.mikov-attorneys.com, Financial Fraud Lawyer: https://www.financial-fraud.lawyer
The Fraud lawyers at Law Firm Mikov & Attorneys and the author of this Press Release are regularly engaged in collecting and disseminating Forex financial brokers’ information to the public through Forex Broker Review. This Press Release aims at sharing experiences and warning the interested parties in good faith. It is based on Financial Public Authorities reports, dating from February 2021.