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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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troller2
post Feb 25 2017, 12:20 AM

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QUOTE(shinren @ Feb 24 2017, 04:39 PM)
Dude i don't know you can't read, because i said i'm newbie in the reply.
I post this because i don't see anyone provide screenshot for the active order that actually being placed to verify if it's live or not. I just want to know, because i actually invest some money in it.

I'm newbie and willing to learn but at least i don't act highly like Mr Know Everything like you do. You are probably those kind of jerk that backstabbing your colleague and promote yourself infront of boss in workplace, or those %$@@$ that blame your teammate when you died @ dota2.

Dude that was my 1st post in this forum since i register @ 2010, i didn't even know how to reply earlier.

But i know you'r a bad guy.
*
I lol'ed reading your post. but come on, jack2 is a nice guy. go slow on him.
shinren
post Feb 25 2017, 12:41 AM

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QUOTE(jack2 @ Feb 24 2017, 05:48 PM)
He was talking about LIVE TRADES via MT4 platform and not via WEB CABINET.
What your 4 eyes SEE is trades shown in cabinet.
His mean is IGOFX investors (who place investment in managers) have no MT4 and the account information is just like wallet. But you were talking about self-trade via MT4 if you are trading yourself. Not investing.
Again, your daily confirmation email is your own MT4 trading account. Not the investment account.
Again, other regulated brokers have copytrading service or anything that Igofx is offering. So your personal opinion is not strong enough to support this mistery.

You seem to be a newbie but not really a newbie that has self defensive to give questions and self answered.  thumbsup.gif
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Bro i just here to learn and now i understand it from you. People asking nicely you don't have to step on ppl first before sharing your thoughts. Anyway thanks bro, no hard feeling.

I guess i have to withdraw and close acc after i earn enough though.
Even it's scam, stuff like JJPTR a lot of people still earning money. So i guess, it's your own risk to pour money in stuff like this.

Between, some1 told me FCA license has new regulation that they do not allow copy trade is that truth?
TSDrFX
post Feb 25 2017, 05:22 AM

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QUOTE(shinren @ Feb 25 2017, 12:41 AM)
Bro i just here to learn and now i understand it from you. People asking nicely you don't have to step on ppl first before sharing your thoughts. Anyway thanks bro, no hard feeling.

I guess i have to withdraw and close acc after i earn enough though.
Even it's scam, stuff like JJPTR a lot of people still earning money. So i guess, it's your own risk to pour money in stuff like this.

Between, some1 told me FCA license has new regulation that they do not allow copy trade is that truth?
*
It's not truth. Basically UK FCA will not entertain SCAM FX like IGOFX. We know IGOFX keep saying they are getting UK FCA license to lure innocent investors like you, IGOFX will never get UK FCA license even though they are not doing copy trades. They have misused the copy trades term where in fact they are not doing any genuine copy trades. It's just a cartoon show that showing investors unreal trades via cutie web based report.

Stuff like JJPTR and IGOFX are games, not genuine investment. Play at your own risk.
TSDrFX
post Feb 25 2017, 05:30 AM

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QUOTE(jack2 @ Feb 24 2017, 05:48 PM)
He was talking about LIVE TRADES via MT4 platform and not via WEB CABINET.
What your 4 eyes SEE is trades shown in cabinet.
His mean is IGOFX investors (who place investment in managers) have no MT4 and the account information is just like wallet. But you were talking about self-trade via MT4 if you are trading yourself. Not investing.
Again, your daily confirmation email is your own MT4 trading account. Not the investment account.
Again, other regulated brokers have copytrading service or anything that Igofx is offering. So your personal opinion is not strong enough to support this mistery.

You seem to be a newbie but not really a newbie that has self defensive to give questions and self answered.  thumbsup.gif
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Nice 1, jack2! thumbsup.gif
jack2
post Feb 25 2017, 08:41 AM

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QUOTE(shinren @ Feb 25 2017, 12:41 AM)
Bro i just here to learn and now i understand it from you. People asking nicely you don't have to step on ppl first before sharing your thoughts. Anyway thanks bro, no hard feeling.

I guess i have to withdraw and close acc after i earn enough though.
Even it's scam, stuff like JJPTR a lot of people still earning money. So i guess, it's your own risk to pour money in stuff like this.

Between, some1 told me FCA license has new regulation that they do not allow copy trade is that truth?
*
Yaya, sorry lah for my behaviour....
SUShighlowyat
post Feb 25 2017, 12:23 PM

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QUOTE(DrFX @ Feb 25 2017, 05:22 AM)
It's not truth. Basically UK FCA will not entertain SCAM FX like IGOFX. We know IGOFX keep saying they are getting UK FCA license to lure innocent investors like you, IGOFX will never get UK FCA license even though they are not doing copy trades. They have misused the copy trades term where in fact they are not doing any genuine copy trades. It's just a cartoon show that showing investors unreal trades via cutie web based report.

Stuff like JJPTR and IGOFX are games, not genuine investment. Play at your own risk.
*
Are you someone from BNM or finance ministry staff. im just curious
JayceOoi
post Feb 25 2017, 04:57 PM

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Parked for more IGOFX info...
yan7
post Feb 25 2017, 09:47 PM

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http://www.bnm.gov.my/documents/2017/20170224_FCA_ENi.pdf
greenpips
post Feb 25 2017, 10:01 PM

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QUOTE(yan7 @ Feb 25 2017, 09:47 PM)
No worry. Nothing will be happened.
SUShighlowyat
post Feb 25 2017, 10:34 PM

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From: Fairtex Bangplee


QUOTE(yan7 @ Feb 25 2017, 09:47 PM)
Liberty Reserve under forex trading hmm.gif this list is fcuked up
Jack Ma not happy with this because no igofx

TSDrFX
post Feb 26 2017, 01:40 AM

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QUOTE(highlowyat @ Feb 25 2017, 10:34 PM)
Liberty Reserve under forex trading hmm.gif this list is fcuked up
Jack Ma not happy with this because no igofx
*
We can't find 1MDB on the list too. hmm.gif
SUShighlowyat
post Feb 26 2017, 01:54 AM

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QUOTE(DrFX @ Feb 26 2017, 01:40 AM)
We can't find 1MDB on the list too. hmm.gif
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Liberty Reserve is payment processor but listed as forex trading
Please get your staff to correct it
shinren
post Feb 26 2017, 11:39 PM

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Sup guys, so if i want to trade by myself? Which broker shall i go for as a newbie? I don't quite understand the different between each of them aside from spread.

Pick 1 from the list @ the first page? Anyway is Zulutrade good? Should i just go with their recommend for AAAFx?
AIYH
post Feb 26 2017, 11:46 PM

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QUOTE(shinren @ Feb 26 2017, 11:39 PM)
Sup guys, so if i want to trade by myself? Which broker shall i go for as a newbie? I don't quite understand the different between each of them aside from spread.

Pick 1 from the list @ the first page? Anyway is Zulutrade good? Should i just go with their recommend for AAAFx?
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So far I only used plus500 and xm.

Plus 500 have higher minimum lot size trading and varied between different instruments, and also lower margin leverage and also varies between instrument, but it does allow trailing stop loss and offer stocks and bitcoin instrument trading.

XM has an account option to have low spread (but with commission) and also use mt4 contrast with plus500 using its own platform, but mt4 dont have traditional MACD, hard to use it on android sweat.gif
SUShighlowyat
post Feb 27 2017, 12:57 AM

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From: Fairtex Bangplee


QUOTE(shinren @ Feb 26 2017, 11:39 PM)
Sup guys, so if i want to trade by myself? Which broker shall i go for as a newbie? I don't quite understand the different between each of them aside from spread.

Pick 1 from the list @ the first page? Anyway is Zulutrade good? Should i just go with their recommend for AAAFx?
*
ZuluTrader not a broker but social trading platform
AAAFX need min 300 deposit
As a newbie, open a cent account 100 with any recommended broker in DRFX list
Alissa_1989
post Feb 27 2017, 01:36 AM

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QUOTE(AIYH @ Feb 26 2017, 11:46 PM)
So far I only used plus500 and xm.

Plus 500 have higher minimum lot size trading and varied between different instruments, and also lower margin leverage and also varies between instrument, but it does allow trailing stop loss and offer stocks and bitcoin instrument trading.

XM has an account option to have low spread (but with commission) and also use mt4 contrast with plus500 using its own platform, but mt4 dont have traditional MACD, hard to use it on android sweat.gif
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Do XM still have local depositor now?
shinren
post Feb 27 2017, 05:25 PM

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QUOTE(highlowyat @ Feb 27 2017, 12:57 AM)
ZuluTrader not a broker but social trading platform
AAAFX need min 300 deposit
As a newbie, open a cent account 100 with any recommended broker in DRFX list
*
Cent acc mean micro or mini? Anyway there's this swissquote that contact me, are they good? it's in the genuine list though.

I just got a demo with aaafx in zulutrade, so far so good though.
LeonRayz89
post Feb 27 2017, 05:32 PM

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QUOTE(DrFX @ Dec 13 2016, 02:16 AM)
How To Check Is the Forex Broker Genuine thumbsup.gif  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. Aetos
26. XM
27. Tickmill
28. AVATRADE
29. Exness
30.
31.
32.
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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hi, can u show me the evidence of the vortex assets & VTX premium as scam ?
coz my friend have intro it to me ~ & i have check online but not much found.
please advise. TQ
Macau
post Feb 27 2017, 05:43 PM

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QUOTE(shinren @ Feb 27 2017, 05:25 PM)
Cent acc mean micro or mini? Anyway there's this swissquote that contact me, are they good? it's in the genuine list though.

I just got a demo with aaafx in zulutrade, so far so good though.
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AAAFx's spreads are different for demo and real account, they offers ultra tight spreads for demo account but you will not able to get this kind of tight spreads in real account.
jack2
post Feb 27 2017, 06:13 PM

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QUOTE(Macau @ Feb 27 2017, 05:43 PM)
AAAFx's spreads are different for demo and real account, they offers ultra tight spreads for demo account but you will not able to get this kind of tight spreads in real account.
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How could this broker offers diff spreads for demo and live account when both are totally not same condition...

It is totally tipu orang

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