Whether you are new to trading or have been here for a while, you must have figured that forex trading is one of the most popular methods to earn money. And the majority of the traders opt for it because it has such a good reputation and everyone knows that it’s bound to help you make money. That is why so many traders try to trade forex as soon as they join the market, even if they are not that prepared. And it usually leads them to get scammed by fake forex brokers. If you have experienced that, then you know it does not feel great at all, and that is why you should be aware of forex brokers which are fake.
The first forex broker you should avoid is FX NextGen, and this is a broker that offers traders CFD and Forex trading options. The company has proudly declared that it is licensed from Georgia, but that information has not been proven true. This firm is also not regulated, which is a red flag since it can lead you to getting scammed on-site or by others. So it’s best to avoid it altogether. Then there is also a broker by the name of Calibur who does not have a license. This is also a CFD and Forex broker, but it is a very recently initiated company that has done a lot of damage. It started in 2020, but the reviews have not been great since it took advantage of many users. And there are many other fake forex brokers, too, like Titan FX, FTE FX, etc.
What To Do?
The best way to avoid getting scammed is by checking if a broker is licensed or not, and this helps you stay away from those brokers who intend only to harm you and steal your money. However, that is genuinely not worth it, so the best thing to do is research a broker before choosing it. And if you have become a victim to a fake forex broker, then look up Money Back. This company helps customers recover their stolen money by collecting evidence, tracking scammers, and bringing them to light. The company requires traders to share all the evidence they have with the recovery team so they can use it to track the scammer. Other than this, you have to cooperate with the team and follow everything they say. Otherwise, the process can become difficult.