Chinese Association of Idaho State University (CAISU)
To Learn 7 Must-know Tips for Safe Forex Trading in 3 Mins!
The following thoughts were shared by WikiFX with you.To get more news about 7 Must-know, you can visit WikiFX news official website.
1. If it looksawesome.
Some forex websites that promise to make huge profits automatically soon, which should raise your first suspicion. There’s no free lunch in this market. They always try to sell such products which only have one page of attractive profits without no serious explanation. They only allow you to see how much dollars you can get,and you never see the negative information on their website.
2. Talk toCustomer Support:
WikiFX suggests talking to people in the company before you are ready to trade. Because they will help you, especially novice, to choose a product which is best-suited for you. On the other hand, after talking with people who work in the company, you can find that they know their products well. But you still need to verify that they really stand behind their products.
3. “GOOGLE”is your best friend.
This method is the simplest, but it is often overlooked by people. Using Google to search the product helps you find problems. For Nigerian, Nairaland forum is a good place to capture the information of illegal brokers. You can google “illegal broker” or “scam” or”sucks” , then you will find lots of scam cases of real people who have already suffered.
4. Spot scammers.
As we all know, there are so many people pretending to be the staff from Binomo and Olymptrade to defraud investors on social media platforms. It has been proved that although the two companies are illegal brokers, they have official customer services support. So don't send money or provide personal information to suspected brokers, who always try to get your money or information by false messages, calls or emails.
5. Don’t deposit easily at any platform for a promise.
Scammers always promise you a high return in a few days without any paper contract, and payment is conducted by mobile money transfer. They always ask you to pay extra money so that you can withdraw the money deposited. If you do so, they would disappear with your money. While, legal brokers provide contract and formal transfer link for you to protect your legitimate rights and interests.
An legal broker in the market will be regulated by at least one authority.A stamp from the NFA, FSA, CFTC or another reputed institute in a normal country doesn’t mean that the company is bona fide, but it’s better than nothing.
7. MT4 system
MT4 is a trading tool for each trader. The trend of currency will be shown on it. So when brokers claim that they are doing forex business without MT4 system, and tell you they can promise you twice or triple profits if you invest, please be careful with them.