A 7-Step Guide to Find Your Broker Is Legit Or Not

A Scam Broker Investigator will always come across as an honest and upstanding member of society. You can contact them to find out whether your broker is a scammer or not. However, you can also check it by yourself. Here are some ways in which you can tell if a particular Forex broker is legit or shady.

One of the first things you must know is that not all brokers are frauds. This is because there are many types of scams out there. To avoid getting scammed, you have to learn to differentiate between a legitimate broker and a scammer. You can do this by becoming an investigator.

How do you know if a broker is legit?

Well, you can always look at his history. If a broker has been through two or more bankruptcies, it would be a good indication that they are in a financial mess themselves and don’t care about their clients. On the other hand, brokers with few bankruptcies but good history may mean that they constantly improve themselves. Either way, always go for the good ones.

Do Some Research

One way is to check out their website. All brokers should have one. Usually, these websites will give information on the broker’s success ratio, commissions, minimum amount, etc.

It also helps if you have basic knowledge of fundamentals, such as Stochastic indicator and more. That way you can better understand what the broker is doing or planning to do for you.

When in Doubt, Complain

When speaking with a broker, make sure that you can explain the situation clearly. Scam scammers always want to take advantage of nice people and end up calling back every time for more questions.

Ask Questions

When meeting with a broker, it is important to ask questions. If you get all of the same answers from your broker, then you should probably continue your search. If not, then it is likely that this is a scammer. If a broker keeps repeating the same questions over again, then you should look elsewhere. Never feel pressured to make a decision or purchase an item.

Check the Information

Last but not least, always make sure to read the fine print. Make sure that you are not getting any false or misguided information. If the broker wants something for nothing, then it is probably a scam.

These are just a few tips to remember in regards to dealing with Scam Brokerages. There are many resources online that can assist you in finding information.

Have a Conversation

Many brokers offer free estimates but will usually require you to make a purchase immediately. Be careful of these brokers. If you are unsure of their legitimacy, then walk away.

Check Forums and Reviews

It is also a good idea to look at testimonials from people who have dealt with a particular broker. There are usually forums dedicated to brokering, so finding some posts about specific brokers may give you a clue as to who they may be. If someone has a negative experience with them, it’s unlikely that they won’t be honest about it somewhere. This will help you make your decision.

A scam broker does not have your best interest at heart. They are just out there to take advantage of homeowners and pocket the money from them. To avoid these brokers and foreclosure scams, you must research.

There are many trusted broker platforms to start trading with a demo account.