Some brokers are also scammers!

Do you know that some brokers are also scammers?

Believe it or not, some brokers will "cheat" their clients.

One of the methods they adopted was to manipulate buying/Sell interest margin.

The normal interest margin for brokers should be approximately2to3Points, and the fraudster's interest margin is approximately7to8Points.

7There may not seem to be many points, but they add up to a lot.

Assuming the customer pays for each transaction7The spread of interest points. Imagine if he only made a few transactions every day.

Add up the interest rate difference paid by hundreds or thousands of other clients who have no clue, and you will fall into the money pile!

Another method is to track stop losses.

Remember, the broker knows where the customer's stop loss is located.

Sometimes, they chase after those stop losses, causing customer transactions to close.

Fortunately, many, but not all, brokerage scams are old tricks.

Due to regulatory agencies such as commoditiesfuturesTrading Committee(CFTC)And the National Futures Association(NFA)New regulations have been introduced, and these old scams will be severely punished.

You should choose a broker registered with regulatory authorities.

In the United States, find thoseCFTCFutures agents(FCM)andNFAMembers. Be careful of those who won't accept itCFTCandNFARegulated brokers.

You should knowCFTCandNFAThe establishment of is to protect the public from scams, acquired operations, and oppressive trading practices.

according toNFAWebsite data, available2000Home Retailforeign exchangeBrokerage and lawyer accounts are not subject to new regulations.

Except for that2000Home, only24Registered member company! You calculate, that's only for all brokers1%。

You can callNFAHotline(800)621-3570Verify the identity of a certain brokerCFTCRegistration status andNFAMembership and their disciplinary history or browsingNFAWebsite confirmation broker/Company Information(BASIC)。 If you are conductingForeign exchange transactionsYou are very lucky! Other countries also have regulatory agencies to protect individual rights and interests. More information about them will be introduced later.

If the broker is not registered or regulated by any national agency, do not leave your money with them. We reminded you, so don't complain to us that your money won't come back!

Stay away from unregulated institutions.

NFAWe are strengthening education on retail foreign exchange trading for investors. They have established a Pulitzer Prize winning manual called 'Over the Counter Trading in the Retail Foreign Exchange Market'.

NFAI suggest you take a look at foreign exchange trading before investing in it.

Once you determine that a broker belongs to a regulatory body, you need to start conducting some research.