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> How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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TSDrFX
post Dec 19 2016, 12:06 AM

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QUOTE(jack2 @ Dec 18 2016, 04:07 PM)
I didn't hear the investors of TripumphFX that invest in Gold Master can't get their money.

Are you sure?
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Yes, we have the confirmation. Perhaps Gold Master is the plan B for TriumphFX to scam another round. New investors will continue getting partial withdrawal until they end the game.

jack2, why your lowyat forum status is banned?
TSDrFX
post Dec 19 2016, 12:11 AM

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QUOTE(Alissa_1989 @ Dec 18 2016, 04:59 PM)
I see. just wondering are they still obtaining the tier 1 licenses (FCA etc) now ?
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FXPrimus has FCA registration, not license. Every European licensed brokers allow to register with any European regulators based on cross border regulation. The rules could amend soon after brexit.
TSDrFX
post Dec 19 2016, 12:21 AM

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QUOTE(AzureOfSky @ Dec 18 2016, 05:10 PM)
Anything on Mocaz?
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Mocaz Financial Markets Limited is Suite 305, Griffith Corporate Centre, P.O Box 1510, Beachmont, Kingstown St. Vincent and the Grenadines.

I will avoid them if i were you. It is an unregulated broker.

Hope this help.
TSDrFX
post Dec 19 2016, 12:25 AM

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QUOTE(xpmm @ Dec 18 2016, 05:48 PM)
i wonder why FXCM is in Singapore MAS Investor Alert List, Oanda Fxpro etc are not in the list.
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Our understanding is FXCM used to have rep office in Singapore without Singapore MAS license and their IB were actively solicit Singaporean. It may have caused them being listed on MAS alert list many years ago.
TSDrFX
post Dec 19 2016, 01:13 AM

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QUOTE(SKL @ Dec 18 2016, 11:02 PM)
1. How do u prove that is fake trading results ? U mean all fund manager trading results is fake or just impressive one only?
2. How do u check their trade are not real time ? can it be slippage?
3. Do u mean MT4 price movement are not real time follow the market?
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Thank you for your questions.

1. Our proprietary tool able to keep track all the trades LIVE and proven not all trades are opened at real time pricing.
2. Not real time mean when a new SELL position opened, the market price for EURUSD is 1.0452 but the trade manipulated to open at 1.0472 which immediately the trade gained 20 pips profits. But this trade does not forward to any liquidity provider, it's only show on the MT4 platform for the purpose of impress investors with fake results. Meaning to say that there is no real money generated from the trades.
3. MT4 is real, but the broker who manipulated the trades which make the trades not real. When any broker hold a MT4 platform license, they are capable of editing the trades from top to bottom including the open price, date, time, closed price, etc. You can verify this info with Metaquote, the software provider.

Above cases only happened in unregulated or offshore brokers where there are no strict requirements, rules and regulations. This method getting popular nowadays for scammers to cheat innocent investors. It's like an illusion, NOW YOU SEE ME. notworthy.gif


Jack_1
post Dec 19 2016, 05:50 AM

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QUOTE(DrFX @ Dec 19 2016, 01:13 AM)
Thank you for your questions.

1. Our proprietary tool able to keep track all the trades LIVE and proven not all trades are opened at real time pricing.
2. Not real time mean when a new SELL position opened, the market price for EURUSD is 1.0452 but the trade manipulated to open at 1.0472 which immediately the trade gained 20 pips profits. But this trade does not forward to any liquidity provider, it's only show on the MT4 platform for the purpose of impress investors with fake results. Meaning to say that there is no real money generated from the trades.
3. MT4 is real, but the broker who manipulated the trades which make the trades not real. When any broker hold a MT4 platform license, they are capable of editing the trades from top to bottom including the open price, date, time, closed price, etc. You can verify this info with Metaquote, the software provider.

Above cases only happened in unregulated or offshore brokers where there are no strict requirements, rules and regulations. This method getting popular nowadays for scammers to cheat innocent investors. It's like an illusion, NOW YOU SEE ME.  notworthy.gif
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I see, I re-interpret your statement to server side and client side for a technical engineer. the data from the server side can be changed to a faked data on one time moment, and then client side see the faked data in his MT4 since they did not verify the data in TV channel. hmm.gif
Alissa_1989
post Dec 19 2016, 06:14 AM

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QUOTE(DrFX @ Dec 19 2016, 12:11 AM)
FXPrimus has FCA registration, not license. Every European licensed brokers allow to register with any European regulators based on cross border regulation. The rules could amend soon after brexit.
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Just want to avoid my personal confusion. 1) regulated means some portion of money will be given back if broker/bank bankrupt (similar to PIDM in Malaysia) ? 2) Licensed means government permission to operate the business?
jon_sawai
post Dec 19 2016, 09:57 PM

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QUOTE(DrFX @ Nov 14 2015, 05:16 AM)
How To Check Is the Forex Broker Genuine :thumbsup:  Or Scam devil.gif

What sort of trader would not like the assistance of a broker that he can rely on? Most new traders struggle to find a genuine forex broker who is transparent and provides a great forex trading experience. There are several reasons for this, but one of the major reasons is the mindset of the traders themselves. As most new traders are lured into the forex game through a fake forex broker as an easy way to make money, they have a wrong image about the forex market and hence do not know how to get long term success. Most of us know that forex is one of the most volatile markets in the world, and due to its floating nature, the prices of the currencies cannot be predicted. But the question of how to identify weather a forex broker is genuine or not depends on several factors. You can also check the various internet websites like forexstars and other to get reviews about the various forex brokers. Here are some ways how you can check the authenticity of a forex broker.
MAKE SURE THE FOREX BROKER IS WELL REGULATED
Only trade or invest with top tier licensed brokers/banks who are under tier 1 and 2 licenses for highest protection. For example, in the event of a Swiss broker/bank bankruptcy, traders and investors are given up to CHF100k capital protection.

Tier 1 licenses under: US NFA, UK FCA, SWISS FINMA, JAPAN FSA, SINGAPORE MAS.
Tier 2 licenses under: European financial regulators, Australia ASIC, Canada IIROC.

AVOID UNREGULATED BROKERS OR OFFSHORE REGULATED BROKERS (Vanuatu, Seychelles, St. Vincent, Belize, etc)

Traders and investors can check with their corresponding regulatory agencies that check the credibility of the forex brokers. They include the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) in the United States, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the United Kingdom, Australian Securities and Investment Commission (ASIC), Swiss Federal Banking Commission (SFBC) and FINMA, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN) in Germany and Autorité des Marchés Financiers (AMF) in France.
Analyze the Website
We all know that in this age of peerless internet technology, coming across fake content is totally possible and one must first check the website first for a clear picture of the reviews. Some websites are meant not for the viewers but an organization’s attempt at getting more affiliates. In such cases you have to judge for yourself whether the reviews are real or are posted through automated software to get more viewers.

Check the Comment Box
Some sites are highly moderated along with the viewer’s comments that appear on the website due to the fear of spam. If a website allows regular users to comment on their posts that is a great sign of openness. But if your comment doesn’t appear immediately on the website and is stuck in the moderation phase forever, you certainly do not want to waste a lot of time reading your reviews on such a website. Several times unanswered comment boxes also indicate the website’s poor activity.

Only Promote Genuine Reviews
There are several websites that post a review and also refer the viewer to a broker’s website as several broker’s pay the sites to promote themselves. While there is nothing wrong in referrals, the viewers must also use their full discretion when it comes to judging whether the reviews are genuine or not. Try to avoid websites that also provide a referral link in a review that also redirects the user to the broker’s webpage.

Transparency Is A Must
The best way to know whether your forex broker is a fake one or not, is to look for his list of clients. While several fake brokers might tell you that it is against the law to disclose such information, the reality is the total opposite and no genuine broker would be afraid to share the list of his clients. Genuine brokers use their network of traders more as their work portfolio and you can always judge the authenticity of a broker through the profiles of the various clients and traders that he deals with. More transparency in a broker’s activities will instill more faith in the clients.

Look At How The Broker Works
While this would be like judging a book from its cover, forex brokers can be judged based on how they deal with their clients. If the forex broker holds each client’s funds in a segregated account approved by the traders, then it is quiet likely that you’re working with a genuine broker. Make sure that the broker has a valid proof of operating under a government regulation.

Check the Broker’s Portfolio
After you have checked how the broker works and the long list of his client’s, you still need to see if the clients are earning regular profits or not. Doing a short background check on how the various traders are performing with a particular broker is one of the best ways to know a broker’s authenticity. Forex is a highly fluctuating market and to ensure profits one requires having a really keen eye and a really honest forex broker.

Forex trading is a risky business and requires a lot of experience and skills, to earn profits over a long term period. Hence it is highly important that the new traders must check the genuineness of a broker to experience a non-stressful forex trading environment.

List of Genuine Forex Brokers
1. Forex.com (Gain Capital)
2. FXpro
3. Swissquote Bank
4. Oanda
5. Interactive Brokers
6. Dukascopy
7. City Index
8. FXDD
9. FXCM
10. HY Markets
11. Admiral Markets
12. ThinkMarkets
13. EasyForex
14. Saxobank
15. ADS Securities
16. LMAX
17. ATC Brokers
18. LCG
19. ActivTrades
20. IC Markets
21. Synergy FX
22. IG
23. CMS Forex
24. AxiTrader
25. Pepperstone
26. XM
27. Tickmill
28. AVATRADE
29. Exness
30. Aetos
31.
32.
33.

List of SCAM Forex Brokers !ALERT!
1. LiteForex
2. GSM Financial Group
3. RCFX
4. Maxim Trader
5. ODFX
6. TriumphFX
7. WFX
8. Eu Trading Group EUTG (NewTradeFX)
9. IBS
10. FXUnited
11. YouTradeFX (EUTG)
12. UFXMarkets
13. GVF
14. TP Eagles
15. Efzinitus
16. IGOFX
17. Vortex Assets and VFX Premium (Eu Trading Group)
18. KBFX
19. JJPTR
20. SFX Markets
21. FXMAC
22. Capital Foster Advisor
23. Otex World
24.
25.

In case you have invested or trading with any of the scam brokers above, try your very best to withdraw your money back ASAP. If you can't take out your money, file a report or complaint to your local regulator. In most cases, it does not help as scam brokers do not hold any licenses and end up regulators unable to trace them.

Feel free to share your experiences with any other brokers and allow us to add on to above lists.

Based on all the information we provided, i hope it helps new FX investors or traders to differentiate and identify real/scam FX.

We welcome everyone who required due diligence or advise to check the genuineness of a FX brokers. After all, it's FOC. icon_question.gif

Moderator, please do not move this topic to join with general Forex spread as it will served as a WARNING to those new to Forex. Thank you.
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jon_sawai
post Dec 19 2016, 10:03 PM

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hi. JJPTR is now well known everywhere. please give some advice on this as it is under scam alert. tq
jack2
post Dec 19 2016, 11:53 PM

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QUOTE(jon_sawai @ Dec 19 2016, 10:03 PM)
hi. JJPTR is now well known everywhere. please give some advice on this as it is under scam alert. tq
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brows.gif brows.gif brows.gif brows.gif brows.gif
TSDrFX
post Dec 20 2016, 02:11 AM

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QUOTE(Jack_1 @ Dec 19 2016, 05:50 AM)
I see, I re-interpret your statement to server side and client side for a technical engineer. the data from the server side can be changed to a faked data on one time moment, and then client side see the faked data in his MT4 since they did not verify the data in TV channel.  hmm.gif
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That's correct. There is no way investors can monitor the MT4 platform every seconds 24 hours a day to check whether the trades are open at market price.

You can only check by a specific system design to keep track 24 hours on VPS.
TSDrFX
post Dec 20 2016, 02:13 AM

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QUOTE(jon_sawai @ Dec 19 2016, 10:03 PM)
hi. JJPTR is now well known everywhere. please give some advice on this as it is under scam alert. tq
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It's a game or ponzi scheme you can call it...
hideto79
post Dec 22 2016, 08:04 AM

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Hi drfx,

What about ikofx,fxcoliseum and FxCitizen?
Thanks
Jack_1
post Dec 22 2016, 10:57 AM

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QUOTE(hideto79 @ Dec 22 2016, 08:04 AM)
Hi drfx,

What about ikofx,fxcoliseum and FxCitizen?
Thanks
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Drfx went Christmas holidays.

Instead of keep asking these forex brokers, why don't you add the reliable broker which was stated in the first page to your wish list. Forex is a world of varying, so ppl need to equip to the ability to adapt based on varying situation, don't behave as stubborn child since ppl willing to give advice for free. It is hard to verify the correct, but it is easy to falsify. Try to avoid those have potential to go wrong before too late.
hideto79
post Dec 22 2016, 11:57 PM

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QUOTE(Jack_1 @ Dec 22 2016, 10:57 AM)
Drfx went Christmas holidays.

Instead of keep asking these forex brokers, why don't you add the reliable broker which was stated in the first page to your wish list. Forex is a world of varying, so ppl need to equip to the ability to adapt based on varying situation, don't behave as stubborn child since ppl willing to give advice for free. It is hard to verify the correct, but it is easy to falsify. Try to avoid those have potential to go wrong before too late.
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Then I wait for him to come back! anyway if you like reliable let me give you one for mt4 citifx (Citibank also a Liquidity provider) smile.gif
TSDrFX
post Dec 23 2016, 01:33 AM

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QUOTE(hideto79 @ Dec 22 2016, 11:57 PM)
Then I wait for him to come back! anyway if you like reliable let me give you one for mt4 citifx (Citibank also a Liquidity provider) smile.gif
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We understand CitiFXPro has shut down it's operation as a FX retail broker in 2015

I am not sure which CitiFX are you talking about. Hopefully not the fishy one.

FXCM and Saxo Bank Acquire Citigroup’s CitiFX Pro Client Book
FXCM's US and UK entities will take over clients of Citi's respective regions, while Singapore business will be transferred to.
http://www.financemagnates.com/forex/broke...ro-client-book/


TSDrFX
post Dec 23 2016, 02:02 AM

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QUOTE(hideto79 @ Dec 22 2016, 08:04 AM)
Hi drfx,

What about ikofx,fxcoliseum and FxCitizen?
Thanks
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Thanks for checking with us.

All above added to scam broker list.

Merry Christmas!
hideto79
post Dec 23 2016, 09:15 AM

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QUOTE(DrFX @ Dec 23 2016, 01:33 AM)
We understand CitiFXPro has shut down it's operation as a FX retail broker in 2015

I am not sure which CitiFX are you talking about. Hopefully not the fishy one.

FXCM and Saxo Bank Acquire Citigroup’s CitiFX Pro Client Book
FXCM's US and UK entities will take over clients of Citi's respective regions, while Singapore business will be transferred to.
http://www.financemagnates.com/forex/broke...ro-client-book/
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Not sure Citifx? hrm what about J.P. Morgan market (also known a Liquidity provider). Another popular forex been took over by RHB/rhbgroup, call rhbinvest or maybank call maybank-ke in sg are this also genuine?
etoro now day also very popular for lazy trader like me is this genuine too?
No offence but Genuine topic for free.

Merry Christmas. HoHoHO

This post has been edited by hideto79: Dec 23 2016, 09:20 AM
akingko
post Dec 23 2016, 10:09 AM

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Hi, I'm new to forex this thing and last night one my friend asked me to join IGOFX... I'm abit worry its scam so I done some research and I found this thread. Just wanna ask... is anyone can introduce any genuine forex trader or broker ya?
cherroy
post Dec 23 2016, 10:21 AM

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QUOTE(akingko @ Dec 23 2016, 10:09 AM)
Hi, I'm new to forex this thing and last night one my friend asked me to join IGOFX... I'm abit worry its scam so I done some research and I found this thread. Just wanna ask... is anyone can introduce any genuine forex trader or broker ya?
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Please be reminded.

http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm
QUOTE
Illegal Foreign Exchange Trading Scheme refers to the buying or selling of foreign currency by an individual or company in Malaysia with any person who is not a licensed onshore bank or any person who has not obtained the approval of Bank Negara Malaysia under the Financial Services Act 2013 or Islamic Financial Services Act 2013.


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