Recognize the Characteristics of Troubled Forex Brokers

Choosing the wrong forex broker when making forex trading transactions will leave a number of problems. This is certainly detrimental for traders by committing fraudulent actions just to make a profit. Troubled forex brokers are definitely very detrimental for traders. Not only can they not make profits consistently, it could be that the broker is cheating traders to make a profit. Forex brokers are problematic or can not be seen some of the characteristics. If a trader sees a broker's behavior as described below, the trader should be careful.

Website Brokers Don't Use Top Domains

One of the characteristics that can be seen from a problematic broker is the domain name that the trader uses. Trusted brokers generally use top domains such as '.com' or 'co.id'. If a trader sees a broker that uses a '.blogspot' or '.wordpress' domain, the broker is clearly suspicious. The use of a top domain is a form of seriousness of a broker.

Promising Risk-Free Trading

Troubled forex brokers also usually promise heavenly winds without risk. This is clearly a form of fraud. This is because even professional traders keep reminding that forex trading always has risks. Therefore, in forex trading, risk management is needed. If the broker promises no risk, it's just bullshit used to cheat.

Promising Huge Bonuses

If a trader sees a broker who promises a large bonus, then the trader needs to be careful with that broker. Keep in mind that every broker definitely expects a profit. It could be that the big bonus is taken from the funds the trader has. So the trader actually suffers a greater loss than the bonus that the trader gets.

Using Only One Account

In BAPPEBTI's rules, it is explained that brokers who have obtained permission must have separate accounts. One account is for the customer's fund account, the other is for the broker's operational account. This is important to prevent misuse of funds. If the broker only uses one account, you should be aware that the forex broker has problems.

Not Maximum Broker Service

Brokers who do not provide maximum service to their customers should also be wary of. For example, it is difficult to contact a broker, customer funds cannot be withdrawn, broker regulations are not clear, and others. Unclear brokers usually don't really care about the needs of their customers. Therefore it is necessary to avoid brokers like this.

REASONS FOR FOREX BROKERS NEED TO AVOID

Troubled forex brokers are very important to avoid because they cause losses for traders. Not only material loss but also moral loss. Traders will never be able to trade forex properly if they use a problematic broker. Because the whole transaction is most likely rigged.

In addition, troubled brokers can take advantage of traders to reap greater profits. Therefore, be careful when choosing a broker in forex trading. Make sure the broker's legality, then test it for a while to see if the broker is reliable or not. If during the experiment the trader gets an irregularity, the trader should avoid it.


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