Category: Brokers

Forex Trading Scams – How To Avoid?

Posted on by Eno Eteng
Forex Brokers Scam Alert

Forex trading is very profitable but also highly risky and prone to fraud. In a market as vast as the forex, with little regulation and oversight, how long will it take for fraudsters to create new means of robbing innocent traders? Today’s article outlines some ways of preventing forex frauds. This article aims at helping you understand how to identify forex frauds, what they involve such as pyramid schemes, signal service scam or fake trading robots, and ways of avoiding such frauds. In addition, we cannot forget the importance of trustworthy brokers who keep your investment safe. Moving on well-informed about the aforementioned factors will make your journey in the forex market confident and safe.

How To Detect Forex Scam

In order to keep your investments safe and have a trading experience that is secure, it is important that you can recognize when someone is trying to scam you in the foreign exchange market. Deception of traders by fraudsters using highly sophisticated methods is very common. However, being keen with some tips can help one identify potential forex fraud so that they do not become a victim. There is no legit scam brokers forex list because scammers appear and disappear every day and it is impossible to monitor such a vast market. That’s why we prepared some tips. This is how you can identify forex scams:

1. Check the Broker’s Regulatory Status

To detect a forex scam, one must initially confirm whether the broker is under some regulation or not. A legitimate forex brokerage is one that is regulated by well-known financial regulators that have put in place stringent measures for the protection of traders. Some examples of such authorities are The Financial Conduct Authority (FCA) located within the UK, Commodity Futures Trading Commission (CFTC) in US and Australian Securities and Investments Commission (ASIC) situated in Australia.

  • How to Check: Visit site of the regulatory body and use their search tool to verify the broker's license. If a broker claims to be regulated but does not appear in the regulator's database, it is likely a scam.

2. Thoroughly Examine the Broker’s Website

A broker’s website can provide several clues about its legitimacy. Scammers often create websites that look professional but lack substance and transparency.

Red Flags to Look For:

  • Lack of Contact Information: Legitimate brokers will provide clear contact details, including a physical address, phone number, social media and customer support channels. 
  • No Regulatory Information: On a good broker’s website, there should be a display of the license numbers and regulatory data. Failure to find such information is a serious indicator of scam.
  • Too-Good-To-Be-True Promises: Be cautious of websites that promise guaranteed profits with little or no risk. Forex trading is inherently risky, and no legitimate broker can guarantee 100% profits.

3. Review the Trading Conditions

Unrealistic trading conditions like very low spreads, high leverage and overly generous bonuses are some of the bait used by forex fraudsters to attract traders.

What to Check:

  • Spreads and Commissions: Compare the broker's spreads and commissions with industry standards. Extremely low or zero spreads might indicate a scam.
  • Leverage: Trading with high leverage increases the possibility of high profits as well as high losses. It is a common strategy for forex scammers to provide unreasonably high leverages with the aim of attracting traders.
  • Bonuses and Promotions: It is important to be cautious when a broker provides huge bonuses or promotions as they may not be what they seem. Such rewards usually come with some terms and conditions that are meant to make you lose your money in the end.

4. Research the Broker’s Reputation

The forex trading community is vast, and other traders' experiences can provide valuable insights into a broker's legitimacy.

How to Research:

  • Online Reviews and Forums: Look out for reviews at independent websites, forums as well as social media. Be particularly wary of repeated complaints, especially about issues like withdrawal problems, account manipulation, or poor customer service. Also there might be a broker offering or a list of trustworthy brokers.
  • Scam Alerts: Ensure that there are no warnings or scam alerts from the authorities and consumer rights organizations. It is common for many regulatory bodies to publish a scam brokers forex list
  • Community Feedback: Be part of trading communities or forums which enable you to inquire about other peoples’ encounters with given brokers.

5. Analyze the Broker’s Communication

A broker’s communication is very important in determining if they are real or just out to get your money. Scammers often use high-pressure tactics to push you into making quick decisions.

What to Watch For:

  • Unsolicited Calls or Emails: Be cautious if you receive unsolicited calls, emails, or messages urging you to invest quickly. Honest brokers are not known for using such high pressure sales tactics.
  • Pressure to Deposit Funds: A broker is not to be trusted under any circumstances where he/she forces you to deposit more funds urgently or take advantage of the “limited time offer”.
  • Complex or Confusing Language: Fraudulent brokers usually employ complex and incomprehensible language in their terms and conditions so that traders would not be able to see through hidden charges or unfavorable terms.

6. Test the Broker’s Platform

Before investing a lot of money, it is advisable to test the broker’s trading platform using a demo account or by making a small initial deposit. By doing this, you will be able to see if the platform functions well and if the broker can be trusted.

Things to Test:

  • Ease of Use: A legitimate broker’s platform should be user-friendly and responsive.
  • Execution Speed: Check how quickly trades are executed. Delays in trade execution can indicate price manipulation or poor platform performance.
  • Withdrawal Process: Test the withdrawal process with a small amount to see if you encounter any issues. Scammers often make it difficult or impossible to withdraw funds.

7. Be Wary of Signal Services and Managed Accounts

Signal services or managed accounts are some of the ways that forex scammers often use. They claim to be offering trade signals or trading on your behalf in such accounts.

Key Considerations:

  • Performance Claims: Be skeptical of any service that claims guaranteed profits or consistently high returns. These are often fabricated results designed to lure in victims.
  • Transparency: Legitimate signal services or managed accounts should provide clear, verifiable performance data and be willing to explain their strategies.
  • Regulation: Managed accounts should be operated by individuals or firms regulated by a recognized authority. Unregulated services are a significant risk.

The Most Common Forex Scams

Pyramid Schemes

The promise of huge returns is used to trap people into giving money for nothing in a pyramid scheme which is just one form of financial fraud. This plan works in a very simple way: a person will be asked to give a little amount as an investment and then bring in other people who will also give out money under the same pretense. The cash that the new entrants deposit is then apportioned as profits among the first investors, appearing that there are profits in the investment. Nonetheless, such schemes cannot last long because they depend on continuously bringing in new members to operate. This is where most participants lose out once again; at some point, the whole system collapses due to slow recruitment and fails to work any longer.

Within the foreign exchange market, pyramid schemes portray themselves as genuine trading chances or investment plans. Fraudsters can describe this as a managed forex account, an elite trading circle, or high-yield investment program. Normally, participants have to put some money into it at the beginning but they expect that they will also earn very well when they bring others onboard.The emphasis is typically on recruitment rather than actual forex trading, with returns being paid out of new participants' investments instead of profits from trading activities.

Signal Service Scam

Signal services offer trading recommendations that traders can use to make decisions. However, some signal services are forex scams designed to exploit traders. These scams often charge high fees for access to their "exclusive" signals, which are either ineffective or completely fabricated. The victims end up in a situation whereby they make continuous payments for signals that result in more losing trades than gains. Moreover, scam brokers on the forex list may partner with these fraudulent signal services to further exploit traders, making forex scam recovery even more challenging.

Managed Forex Account Scams

Managed forex account scams involve individuals or companies offering to trade on your behalf, promising high returns in exchange for a fee or a share of the profits. While managed accounts can be legitimate, many scams exist in this space. Scammers may fabricate their trading results, use clients' funds for personal gain, or simply disappear with the money. Because these scams often involve large sums of money, forex scam recovery can be particularly difficult, especially when dealing with unregulated or offshore entities.

Unregulated Forex Brokers

Operating without the oversight of any financial regulator, unregulated forex brokers pose a great danger to traders. The rules which are supposed to guard on traders like pricing transparency, trade execution ethics, and customer fund safety do not apply with these brokers. Most unscrupulous practices are carried out by unregulated brokers. These actions may include changing prices, denying withdrawal of funds or just simply running away with client’s money. Due to the fact that they do not follow any regulations, it is extremely difficult to recover funds in case of a forex fraud committed by one of these unregulated brokers. So be careful and watch your funds.

Social Media Scam

Forex scams thrive on social media. The so-called get-rich-quick schemes which are publicized through Facebook, Twitter or Instagram by scammers nowadays come along with a very interesting element; it will never be complete if such posts fail to show the fake lifestyles which they fund through trading in forex and which their followers must also identify. They lure victims with promises of high returns and minimal effort, often directing them to scam brokers on the forex list. Once victims deposit their money, they quickly find out that the profits were an illusion, and forex scam recovery becomes a daunting task.

Fake Trading Robots

Forex traders widely use automated trading systems known as “robots”. Despite their popularity among traders, many fraud cases in the forex market are related to fictitious robots with which one can make money easily without doing anything. Such robots turn out to be just one of the many ways through which people are deceived into parting with their funds by being promised that they will earn more money. Those who fall prey under such circumstances soon realize that either the robot is underperforming and losing their investment or it does not even function. As with other scams, forex scam recovery from a fake trading robot is difficult, especially if the scammer has disappeared with the funds.

How To Avoid Forex Scams?

Avoiding forex scams requires a combination of due diligence and skepticism. We have already given detailed instructions on how to detect a forex scam. Unfortunately, we can’t provide you here with scam brokers forex list because new players in this sphere appear every day. We can only give you a piece of advice. 

1. Research and Choose a Reputable Broker

The first line of defense against forex scams is selecting a reputable, regulated broker. The legitimacy of your broker is crucial to ensuring that your trading experience is secure.

Steps to Take:

  • Check Regulation: Make sure that you always select a broker who is under the regulation of known financial bodies e. g. FCA, ASIC, or CFTC. 
  • Review Online Feedback: Seek independent reviews and feedback from other traders. Pay more attention to any repeated complaints about withdrawal issues, poor customer service, or suspicious trading practices.
  • Avoid Unregulated Brokers: Unregulated brokers do not follow most laws, so it may be almost impossible to get your money back if anything goes wrong. Steer clear from non-transparently regulated brokers at all times.

2. Be Skeptical of Unrealistic Promises

Forex scams often lure victims with promises of guaranteed profits, high returns, or risk-free trading. No legitimate trading operation can guarantee profits, as forex trading is inherently risky.

Steps to Take:

  • Question High Returns: If an investment service or brokerage offers very high profits at low risks, then you should be cautious about it. When something sounds too good to be true, it probably isn’t true.
  • Avoid Pressure Sales Tactics: Don’t let scammers push you into hasty decisions by using high-pressure tactics. Reputable brokers and services should provide you with enough time to decide on different options available without forcing your hand.
  • Seek Transparency: Indicate clearly the risks that come with forex trading. Stay away from brokers or services that underestimate the risks involved or guarantee too much.

3. Test the Broker with a Small Deposit

It is advisable to make a small deposit first and foremost before you decide to invest a lot of money with a broker. By doing this, one can assess the services offered by the broker, the trading platform provided as well as the ease of withdrawal.

Steps to Take:

  • Open a Demo Account: The majority of good brokers have demo accounts that you can use to assess their platforms without putting your capital at risk. First familiarize yourself with the platform and determine its trustworthiness.
  • Make a Small Initial Deposit: After getting comfortable, put a small deposit and observe how the broker treats your funds. Pay attention to trading conditions, speed of execution, as well as simplicity of fund withdrawal.
  • Test Withdrawals: Attempt a small withdrawal to ensure that the process is straightforward and that the broker does not impose unnecessary delays or fees.

4. Educate Yourself Continuously

Education is a vital instrument that can be used to mitigate forex fraud. If you are well knowledgeable on matters concerning forex trading and various modes applied by fraudsters, then you will have a better chance at recognizing and avoiding such things.

Steps to Take:

  • Read Reputable Forex Books: Take some time to go through books and materials written by trusted writers or professionals in forex trading. Understanding the market, its strategies, and risks will help you make smart and profitable decisions.
  • Follow Reputable Sources: Follow business news on reliable media in order not to miss anything important. It’s advisable to rely on data from reputable financial newspapers, blogs and forums.
  • Learn to Spot Red Flags: Familiarize yourself with common forex scam tactics, such as fake trading robots, signal service scams, and unregulated brokers. Knowing what to look for can help you avoid these traps.

5. Use Trusted Payment Methods

The payment method you choose can also protect you from scams. Some payment methods offer more security and recourse in the event of fraud.

Steps to Take:

  • Use Credit Cards or Reputable Payment Services: Paying by credit card often provides some level of fraud protection. Reputable payment services like PayPal may also offer buyer protection.
  • Avoid Wire Transfers to Unknown Entities: t is almost impossible to find or return money sent via wire transfer. Do not send money via wire transfer to any broker or service that you have not investigated thoroughly.
  • Check for Secure Payment Channels: Ensure that the broker's payment methods are secure and that they use encryption for online transactions.

6. Stay Away from Unsolicited Offers

As we already mentioned, unsolicited emails, phone calls, or social media messages offering forex trading opportunities are often scams. Reputable brokers will never call you or write persistent emails.

Steps to Take:

  • Ignore Unsolicited Contacts: In case you get some unrequested proposal, it is better to pretend that you did not hear anything about it. Honest brokers don’t call up out of the blue or post mails to people who could become clients.
  • Verify the Source: If the offer seems legitimate, do your own research. Verify the authenticity of the broker or service independently before taking any action.
  • Report Suspicious Activity: Whenever you come across suspicious messages, let the relevant regulatory authorities know about them. Reporting such acts will prevent other people from being defrauded too.

7. Keep Records and Documentation

Keeping thorough records of all your transactions, communications, and agreements with your broker can be invaluable if you need to pursue forex scam recovery.

Steps to Take:

  • Save All Correspondence: Keep a record of all emails, chat messages, and communication with your broker or service provider.
  • Document Transactions: Keep records of receipts, transaction logs, and account statements linked to your trade.
  • Monitor Your Account Regularly: Take time to go through your account statements as well as transaction history to check for any unauthorized or suspicious activities.

8. Trust Your Instincts

Finally, it is important to always rely on your gut feeling. If a situation appears odd or sounds too perfect, then it possibly is. Being careful and overlooking some chances is better than becoming a victim to a forex scam.

Steps to Take:

  • Pause and Reflect: If you’re feeling pressured or uncertain, take a step back and reassess the situation. Don’t rush into decisions based on fear of missing out.
  • Seek Advice: If you’re unsure about a broker or service, seek advice from a trusted financial advisor or experienced trader before proceeding.
  • Be Cautious: When in doubt, it’s always safer to keep out of it. Protecting your capital is more important than taking unnecessary risks.

Most Trusted Forex Brokers

After the previous part of the article, we can conclude that choosing the right forex broker is a critical decision for any trader, as it can significantly impact your trading experience and success. Due to its vast nature with little regulation in many places, the forex market requires traders to rely on trustworthy, honest brokers that follow strict rules. Below is a review of some of the most trusted forex brokers, known for their robust platforms, strong regulatory frameworks, and excellent customer service.

1. IG Group

Established for over four decades now, IG Group remains among the most reputable firms in foreign exchange trading. It is under the regulation of some of the topmost regulatory bodies including FCA in the UK ensuring that it is a good choice for traders’ safety.

Key Features:

  • Wide Range of Markets: IG offers access to over 17,000 markets, including forex, indices, commodities, and cryptocurrencies.
  • Educational Resources: The broker provides comprehensive educational materials, including webinars, tutorials, and a demo account for beginners.
  • User-Friendly Platform: IG’s trading platform is intuitive and packed with advanced charting tools, making it suitable for both novice and experienced traders.

Regulation: FCA (UK), ASIC (Australia), and other global regulators.

2. OANDA

OANDA is a well-known forex broker with a reputation for transparency and integrity. Founded in 1996, OANDA is regulated in multiple jurisdictions and is praised for its fair trading practices and customer support.

Key Features:

  • Transparent Pricing: OANDA is known for its transparency in pricing and does not charge commissions, making it appealing for cost-conscious traders.
  • Flexible Trading Options: The broker offers flexible trade sizes, including the ability to trade micro-lots, which is ideal for beginners.
  • Advanced Trading Tools: OANDA’s platform is equipped with advanced trading tools, including API trading, which allows for the integration of custom algorithms.

Regulation: CFTC (USA), FCA (UK), ASIC (Australia), and others.

3. Forex.com

Forex.com is a globally recognized broker that offers a comprehensive trading experience with a focus on forex markets. As part of GAIN Capital, Forex.com benefits from the stability and resources of a large financial group.

Key Features:

  • Wide Range of Forex Pairs: Forex.com offers over 80 currency pairs, making it one of the most extensive offerings in the industry.
  • Powerful Trading Platforms: The broker provides access to both the MetaTrader 4 (MT4) and its proprietary Advanced Trading Platform, catering to traders of all experience levels.
  • Great Research Tools: Forex.com offers a branch of research tools, including daily market analysis, trading signals, and economic calendars.

Regulation: CFTC (USA), FCA (UK), ASIC (Australia), and others.

4. CMC Markets

Having been in operation since 1989, CMC Markets is a well-regulated broker that provides various trading instruments and is recognized for being dependable and innovative.

Key Features:

  • Next-Generation Trading Platform: CMC’s proprietary trading platform is famous for being highly developed and having more than 80 technical indicators and automated trading capabilities.
  • Extensive Range of Instruments: CMC Markets offers over 10,000 trading instruments, including forex, indices, commodities, and shares.
  • Educational Resources: The broker provides a wealth of educational resources, including regular webinars and market analysis, making it a great choice for traders looking to improve their skills.

Regulation: FCA (UK), ASIC (Australia), MAS (Singapore), and others.

5. Saxo Bank

Saxo Bank is a Danish investment bank known for its premium trading services and extensive range of financial products. The broker is particularly popular among high-net-worth individuals and professional traders.

Key Features:

  • Wide Range of Asset Classes: Saxo Bank offers over 40,000 instruments, including forex, stocks, bonds, ETFs, and options, providing unparalleled diversification opportunities.
  • Advanced Trading Platforms: SaxoTraderGO and SaxoTraderPRO are highly regarded for their powerful features and customizability.
  • Global Reach: With a presence in multiple countries, Saxo Bank provides global market access and strong regulatory compliance.

Regulation: FSA (Denmark), FCA (UK), ASIC (Australia), and others.

While the forex market offers significant opportunities for profit, it also comes with the risk of falling victim to scams. It is important to know how one can identify and prevent such fraudulent activities so as to keep safe all the money put into investment. As we already mentioned, there’s no established scam brokers forex list, so always be skeptical of offers that seem too good to be true, and trust your instincts when something doesn’t feel right. Remember, the best defense against forex scams is education and vigilance. 

FP Markets granted a “Best Trade Execution” award at the Ultimate Fintech Awards 2022

Posted on by itsupport
FP Markets got Best Trade Execution award

FP Markets celebrates its 17th year anniversary and continues its award-winning streak by receiving the “Best Trade Execution” award.

ASIC-regulated global CFD and Forex broker FP Markets has received a prestigious award “Best Trade Execution” at the Ultimate Fintech Awards 2022 ceremony taking place on the final evening of the iFX EXPO International at Columbia Beach in Limassol.

This Australian-regulated global Forex Broker FP Markets offers over 10,000 trading instruments offering traders access to CFDs across Forex, Indices, Commodities, Stocks, Bonds and Cryptocurrencies, making it one of the largest offerings in the industry and offers eight platforms, including MT4, MT5 & Iress. 

Craig Allison, FP Markets Head of Europe, Middle-East, and Africa, commented: “We are delighted to be recognised as the industry-leading fintech for trade execution and receiving this prestigious award is confirmation that our hard work and commitment to excellence are appreciated by our clients and recognised within the industry.   The “Best Trade Execution” award recognizes and rewards the company that consistently offers their clients competitive pricing, fast execution, market-leading technology, and service excellence and at FP Markets we pride ourselves on these attributes and always providing our clients with the ultimate trading experience."

An Ultimate Fintech Award is a high recognition award among the online trading space fintechs. Ultimate Fintech has years of experience in the fintech which helped them to set high standards for both brokers and B2B service providers and show traders what they should consider when selecting the best companies to trade and do business with.

Orbex Celebrates 10-Year Anniversary

Posted on by bar
Orbex Celebrates 10-Year Anniversary

Global financial services provider Orbex recently celebrated its first decade in operation as a regulated FX broker. 

The celebratory event occurred on October 17th, 2020 in Limassol, Cyprus, the town the company has called home since its inception in 2010. 

The evening brought together members of the HQ staff, Orbex business partners as well as his excellency the Mayor of Limassol and various esteemed members of the Limassol Municipality, in a gala filled with music, fireworks and gifts of appreciation.

The 10-year anniversary was not the only milestone being celebrated, however, with a host of other accomplishments marking this year as a success.

Most notably, the company recently enhanced its trading conditions and account types, offering its clients spread as low as zero. 

The company also continued its 10-year streak of a 100% clean regulatory record, a remarkable achievement considering the strict European framework that CySec-regulated firms must abide by.

“It is a testament to the values that Orbex is founded on that the company has maintained a decade of strict adherence to the rules of our nation’s highest regulatory authority. I am proud today to celebrate this occasion with a local company that leads by example” said Limassol Mayor Nicos Nicolaides. 

The anniversary comes just one year after Orbex secured its FSC license under Orbex Global Ltd., considerably increasing the number of clients the company is geographically able to serve across the globe, as well as significantly raising the available leverage for those eligible to trade with the Mauritius-based Orbex entity.

“When I started Orbex in 2010, I wanted to establish a financial services firm that was known first and foremost for its ethics and transparency. Now, one full decade later, I am beyond proud of the reputation we have built and the loyal community of traders we have created” said Orbex Chairman Abdullah Abbas. 

In addition to the regulatory developments and expansion of financial tools, this year, Orbex also brought home the title of Best Forex Broker 2020 MENA & EU, awarded by Global Banking and Finance Review. 

This award has been added to the impressive list of titles Orbex has obtained over the years, including “Best Trading Education Provider”, “Best Analysis Provider” and “Best FX Forecast & Strategy Provider”, in keeping with the company’s philosophy of promoting an informed and responsible approach to the forex markets. 

“I stand here today humbled by many things; by the hard work and dedication of the Orbex team, by the successes that we have achieved, and by the bright future I see for our brand in the years to come. I am beyond excited to enter this new decade, more passionate and dedicated to serve traders responsibly than ever” Abbas Added.

About Orbex

Orbex Limited is an award-winning global forex broker, fully licensed and regulated by CySEC. Headquartered in Limassol, Cyprus, Orbex specializes in the provision of access to the world’s largest and most liquid financial markets.

Orbex Global Limited is fully licensed and regulated by FSC Mauritius and headquartered in Ebene, Mauritius.

The companies offer multiple asset trading including forex, indices, commodities and metals. With a focus on research, analysis and enhanced security of client funds, Orbex upholds a reputation of seasoned expertise within the industry.

Posted on by bar

EverFX becomes Sevilla's FC latest sponsor

EverFX logo

EverFX, a forex broker has become an official sponsor and global partner for Sevilla FC.  The company's logo will appear on the front of the first team's shorts from this Saturday at the Santiago Bernabéu. EverFX signed a deal until the end of the current football season in Europe with an option to extend the validity into next year.

Sevilla FC and EverFX, a FOREX company, have reached an agreement for the company, who has its headquarters in Cyprus, to become an official sponsor of the team. Sevilla is Europa League’s winningest team and one of Spain’s most successful football clubs.

Sevilla FC logo

EverFX is a trade name of ICC Intercertus Capital Limited. ICC Intercertus Capital Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). EverFX is a broker of CFDs on forex, metals, commodities and more, offering retail and professional traders the liquidity and state-of-the-art platforms to trade derivatives over the internet.

The CEO of EverFX, Georgios Karoullas, has commented on the deal: “This is an agreement we’re equally proud and excited about. From scouting players and nurturing young talent to winning on the highest level, Sevilla FC have set the standard for excellence both on and off the football pitch. EverFX wants to share and amplify everything this great football club stands for and we’re happy to embark on this journey with such an elite team.”

Sevilla FC's website states that the team and the broker operates under the same values of justice, transparency and competition, so it was the perfect choice to collaborate with.

Posted on by bar

OANDA makes its leadership stronger with new appointments

OANDA review

Online multi-asset trading services and currency data and analytics company, OANDA Global Corporation has further strengthened its leadership team with two key appointments designed to help the firm execute its aggressive growth plans in the near future.

Mark Chesterman has been named Head of Trading, responsible for leading the global trading team, quantitative analytics and research groups from the firm’s London office. He has an extensive background in global capital markets and foreign exchange. A 14-year veteran with IG Markets, Chesterman held a variety of positions throughout his tenure including Head of FX and Futures, however most recently he served as Chief Operating Officer with Stater Global Markets.

Chesterman will report directly into Kurt vom Scheidt, who has accepted the newly-created role of Chief Operating Officer. Originally hired as Chief Product Officer earlier this year, vom Scheidt will now lead the Trading, Product Management, Financial Risk, Business Operations and Solutions for Business teams, playing a pivotal role in supporting OANDA’s continued growth in his expanded capacity.

Chief Executive Officer, Gavin Bambury commented, “A seasoned professional with more than 30 years’ experience in the financial services sector – not to mention first-hand experience of working at OANDA – Kurt was an obvious choice for the role of Chief Operating Officer. He is perfectly placed to help drive product improvements, oversee the trading infrastructure and manage financial risk.”

Bambury continued, “Over the course of the coming months, we will continue to strengthen the OANDA team with a series of strategic hires designed to help accelerate business performance, improve our customer trading experience and fuel company growth. OANDA has an exciting year planned for 2020, and we’re fully committed to making sure we have the best possible talent in place to help us achieve our goals.”

OANDA is a technology-driven, a financial services corporation founded in 1996.Company’s regulations are divided by geographical region of the company presence: OANDA Europe Limited – authorized by FCA (UK), OANDA Asia Pacific Pte Ltd – authorized by MAS (Singapore), OANDA Australia Pty Ltd – authorized by ASIC (Australia), OANDA (Canada) Corporation ULC is regulated by the IIROC. You can read our full OANDA review here.

Posted on by bar

BDSwiss Fundamental Analyst on German Elections 2021

BDSwiss Fundamental Analyst on German Elections 2021

The veteran fundamental analyst and Head of Investment Research at BDSwiss Marshall Gittler has shared his insights, views and projections on the upcoming  German Elections Report  and its impact on the EUR forex pairs. As the German Elections are getting closer, traders are already attempting to identify the biggest potential winners and losers in the forex and EU stock markets. 

German Election in the Focus

The German federal election will take place on Sep. 26th. This is the first such election in 16 years that won’t have Angela Merkel on the ballot. As Germany is the pivotal economy in Europe its future strongly influences the continent and the currency. So everyone wants to know if there will be a drastic change after 16 years under Merkel. 

Due to specifics of the Germany’s electoral system, it is difficult for any one party to form a government on its own, meaning that coalition governments tend to be the rule. 

Distribution of seats in the 19th electoral term

The polls show the CDU/CSU is leading, but with the Greens, rather than the SPD, in second place. As usual, no party is likely to be in a position to govern by itself. The focus, therefore, is on what parties might form a coalition and how they need to compromise in a coalition that might affect their policies. 

Statistics of elections

Currently, the only two-party coalition possible seems to be the CDU/CSU and the Greens (the so-called “black/green” coalition). Gittler believes that it is the most likely outcome of the election now. 

According to Gittler, these two parties have similar views on infrastructure investment, social policies, and climate change, although the Greens are more aggressive on the latter issue. But there are also big differences in some of the aspects of the parties. The CDU/CSU doesn’t want any tax hikes and wants to keep the debt brake and balanced budget target, while the Greens on the other hand want a wealth tax, higher taxes for the top income earners, want to make the debt break more flexible, and support a common EU fiscal policy and reform of the SGP. 

Trading days before and after elections

At the moment, US fiscal policy is making a bigger contribution to growth there than EU fiscal policy is, but in coming years as the US winds down its extraordinary policies and the EU’s NGEU fund continues to disburse funds, the EU’s fiscal contraction should be less acute than the US’. That may be one-factor supporting EUR/USD. If however, Germany goes back to ploughing the furrow of Teutonic rectitude, EU growth could slow and EUR/USD move still lower.

Visit bdswiss.group to access Marshall Gittler’s full German Elections Report and get a complete breakdown of what we can expect from the markets before and after the elections. 

Posted on by John Porter

Forex Trading Scams

We are here to answer all typical questions traders might have, with an increasing flow of trading scams offering sophisticated solutions and target, actually, everyone with promises of miraculous gains, high returns, and chances to trade in Foreign Exchanges, CFDs, Binary Options or other derivatives to "get rich almost instantly" rises day by day.

  • As Scammers primarily target individuals in order to obtain their money or personal information. It's crucial for everyone to be vigilant and equipped with knowledge on how to safeguard themselves against scams and identify fraudulent offerings.

How does Forex Trading scam work?

A forex broker scam in simple words refers to fraudulent activities posing as legitimate forex brokers provided by dishonest individuals or entities. Scams typically deceive traders by misrepresenting their services, manipulating trades or prices, withholding funds, or engaging in other unethical practices to exploit unsuspecting clients for financial gain.

  • With an alert in your mind that scams do exist, any trader or investor should deal with any business offering or uninvited contacts very carefully. In fact, it is harder to detect scam if you're a beginner in trading world, since all Broker would mention they are "regulated, safe and trustable with excellent serivce provided". However, a detailed check of the information about the potential broker, especially its official legal data stand at the glance of any further steps, along with compliance to high service-providing standards and of course implementation of protective tools.
  • Many firms pretend to be a legal entity or username, or registration number from the regulated broker while pretending to be official but in fact, are just clone firms or Brokers that are offshore based which are not considered safe (Read Here Why to Avoid Brokers from Belize). Scammers also might claim to be an overseas firm and initially succeed to look like a real brokerage, as technology is getting smarter, however still be fraudulent Broker by nature.
  • In fact, Most of the information can be fakely claimed, while official license data is always open through the regulator's websites and accessible at any time, so examine it carefully. Besides Top-Tier regulation always update list of unlicensed and fraudulent companies, so good to do research too. See snapshot on How to Check Broker License from FCA UK Regulatory website below.
  • The reality is that only officially regulated brokers should accurately state any sentence and provide the exact service as every word mentions on the website, since the authority checking on it. In return, the rest of the “firms” can promise whatever looks and sounds like a very attractive investment opportunity with the highest potential gains, but in fact, no one guarantees its nature. Just because the information looks official and true, it does not mean it is.
  • Furthermore, there are many other tricks frauds use, alike as the scammed traders report most often the broker will allow a very small initial deposit as an exclusive offering, run an attractive, allegedly smooth trading experience and even process some withdrawals just to give a successful impression that there is nothing to worry about. But further many issues will appear from being silent to Blocking account. See comments from real traders for one offshore Broker Hugos Way
  • Besides, typical tactic after seeing first success trader may invest more money, in many cases Broker representative also pushes traders to increase deposit promising higher returns, while in fact no one can tell you how much to invest, you should define amount you wish to trade with only yourself! Yet, sooner or later returns are ending, the account might all of a sudden become blocked, or the trader will face manipulation on price feed during a trading session and the balance will be gone to zero claiming trader made his own mistake.
  • Another typical scam issue happens with withdrawal processing, the funds getting stacked in the account or the trader receives ignorance, with no response, or the company is accused of unreasonably withholding the money of its clients.

Unfortunately, these practices are very common among frauds and every trader should size the actuality of non-regulated firms that simply operate traders, their accounts, and funds in their own way, with no reporting or control from any authority, therefore those firms most likely scams.

How does Forex Trading scam work?

How to protect yourself?

Even though the authorities and legal institutions taking serious steps to protect clients through public education, guidelines about investment services, and constant monitoring of the market offering with an updated list of recommendations, as well as companies that should be avoided. There are thousands of new scams appearing every day and year, so of course, none of the authorities or watchdogs can keep an eye on all of them. Therefore, every trader should follow certain guidelines in order to recognize rather the trading offering worth attention or you should protect yourself and avoid any further contact with the company. This list of recommendations on How to Avoid Trading Scams includes:

  • Do not open or click on suspicious links, and keep your devices and computers secure.
  • Be very cautious while dealing with any representative, as the scammers may reach you out through any available source like email, social media, various chats, or websites while will try to get into your trust. A further scenario will go to an attractive offering in quick and high gains with no bother, which is indeed hard to resist, yet safety always first.
  • Keep your personal, identifiable, and money information secured, never share any sort of documentation with representatives personally. Do not agree to send money or give credit card details to someone, as well as beware of unusual payment processing methods and payment requests, which often include virtual currency like Bitcoin.
  • Do not respond to rush in account opening or call to act immediately due to some sort of “hot offer”. Scammers usually use high-pressure tactics to get you to fund the account soonest possible, but it is not a good idea to make a fast decision without prelaminar careful review and consideration of all risks involved.
  • Always verify the broker’s registers before dealing with any firm in official sources and do not choose only Offshore or Unregulated Brokers (for example, see the snapshot of Capital.com FCA license on the regulator's website) and check on their reputation, as well as read Forex Brokers reviews. Probably, if the firm is not authorized it is a high risk to be a scam. Also, you can always check Warning lists issued by the industry authorities and of course, you should run your own research see comments from real traders and consider strongly any issues, as well as review the List of Brokers to Avoid.

What to do if you got scammed?

In case you got already scammed you should report a scam to specified Regulatory authorities in your country and better to access a specialist for advice on your following steps, however there are many scammers claiming to returrn Forex Looses as well, so be cautious in this point too. The Regulators like UK’s FCA, Australian ASIC, Cyprus CySEC, and others provide an open and well-guided complaint procedure, therefore you should contact authorities immediately in case there are any concerns of being scammed, see snapshot on Complaint Form below.

You can Submit Trading complaint to the respective authorities by these links:

If you traded or invested with a non-regulated entity or offshore Broker, in fact there is no investment protection applied, and it is almost impossible to get any response since the Broker obliges almost to nothing, yet try to complain to your local authority. Besides, there is no established compensation, unlike the Regulated Forex Brokers provides.

In addition, you should keep an eye further, as those who became victims of scams are likely to be targeted again by other companies, as simply scammers sell out the information about potential investors further on.

Submit Trading complaint

Conclusion on Forex Trading Scams

In conclusion, Scammers can trick you with a strong attempt to convince you of their genuine financial trading service, yet getting only to hand over money, so it is important to exersice caution. You should make sure that offering or investment advice from the company or representative is a legal and strictly overseen service.

We advise seriously considering only reputable financial advice or guidance before investing, as well as doing your own research. Always check on the firm attentively, read out the Forex Brokers Reviews, confirm registers, and do not rely only on the information provided by the potential company only through its webside. And of course, better choose your trading brokerage among Regulated Forex Brokers and avoid solely offshore-based firms from popular offshore destinations like Belize, Vanuatu, SVG, Mauritius etc firms.

If you think the company or another is likely to be a scam, do not deal with them any further and report the broker to the particular authority.

Vantage FX goes through a major rebrand

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Vantage FX logo

One of the leading global CFD brokers, Vantage FX, has announced its rebranding. The idea is to reflect the company’s evolution into an all-encompassing, global financial services provider.

Head of Sales, Marketing and Partnerships of Vantage FX, David Bily has commented on the announcement: "The company’s rebrand and new tagline, “Trade your way” represents a significant step in the company’s evolution. We are redefining who we are, driving change and shaping the future of a pure client-centric financial services provider."

Vantage FX brand ethos has always been built on transparency, trust, credibility and an exceptionally strong service offering as a CFD broker. These are the principles that have kept the company not only running seamlessly for the past decade and growing rapidly over this time, but it is something that it is continuously evolving that will aid in delivering what company's clients truly want.

The “Trade your Way” tagline is to show that regardless of clients' trading style, preferred instruments or financial goal, the company got them covered. Vantage FX has extended its instrument offering, reduced the costs of trading, and also placed a great deal of emphasis on onboarding client service staff that can support the clients in an increasing number of languages.

Vantage FX team of developers have created a brand new multilingual website, client portal, and improved IB portal, all offering an engaging design, a very effective user experience, and a suite of new features and functions that have been implemented at the request of the  clients and partners. 

Bily has also added: "If 2019 is anything to go by, Vantage FX’s existing clients, as well as the new-comers are sure to benefit from what 2020 will bring. Vantage FX are in the process of introducing even more products through their already extensive global Share CFD offering, as well as implementing further improvements to trade costs and the infrastructure to support the increasing number of traders that are switching from other brokers, and those who are joining for the first time."

You can read our full Vantage FX review here.

RoboForex Receives the License of the National Bank of the Republic of Belarus

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National Bank of the Republic of Belarus logo

RoboForex, an international financial company, has received a license from the National Bank of the Republic of Belarus. Its affiliated company was listed in the forex companies registry in accordance with the country’s current and local legislation.

To enter a new market, RoboForex and RoboMarkets joined their expertise and financial technology efforts to provide their clients with the best possible quality of services. After careful consideration, the Companies made a decision to use the RoboForex brand for offering their services in the region. The decision was motivated by RoboForex’s sound experience in the provision of financial services, wide brand awareness among CIS clients and the ability to provide competitive trading conditions corresponding to its clients’ needs.

RoboForex Review

Over ninety-seven Forex trading instruments, Metals, Commodities, Indices, and CFDs on stocks will be available for the clients of the Company. Access to trading operations will be made through the MetaTrader 4 platform.

Andrei Dziarnovich, CEO RoboForex BY, is commenting on the event:

“Receiving the license of the National Bank of the Republic of Belarus is a very important step of our expansion in CIS countries. Our key priority is to lead the industry whilst providing quality services on global financial markets, attractive trading conditions, and reliable protection of our clients’ interests.”

RoboForex Group recognized by the most respected experts of the Financial Market while operating since 2009 through 2 world companies RoboForex with operation around the world and RoboMarkets Ltd that support countries if the EU and the EEA. The company serves numerous clients around 800,000, from 170 countries and brings support in 18 languages, with the focus to develop trading offering by innovative technology solutions and numerous modern tools for trading. You can read our full RoboForex review here.