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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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Equity
post Jan 16 2022, 04:16 PM

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QUOTE(jack2 @ Jan 16 2022, 03:48 PM)
My friend asked me to.check as he is going to invest 100k USD and I told him no, is scam...and he kept.on asked me why, how, why, how ,if scam, why the co is still operating until now.

I stopped to response since he kept on repeating the questions when I have already told.

When people is brainstorm, no matter how you explains they won't get in.
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The greediness virus infected his brain.

Same here, quite common among those already brainwashed.

This is why i stopped explaining, let them learn their lesson soon.

Even they saw and know the facts, they have excuses for every reasons.

The worse i have heard of is "May be now they are real." mega_shok.gif
Equity
post Jan 17 2022, 05:30 PM

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QUOTE(-CoupeFanatic- @ Jan 17 2022, 05:01 PM)
I would like to apologize to my family, for being unable to pull you out while you were ahead despite trying my best. It has come to a point where the only solution is to watch you suffer when the music stops.

In hindsight, this could have been easily avoided had I convinced you that things were not as what they told you in the very first Zoom call, you weren't brainwashed then.

I am sorry.
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Yes you can try something if you want. Advise them to diversify and try genuine FX investment and eventually they will realise the different as well as the wrong of those FX SCAMs.

The very first question they should ask themselves, how can a "FX investment" has the same returns every month for many years. I dont think George Soros can do this even.
Equity
post Jan 18 2022, 01:47 AM

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QUOTE(zstan @ Jan 17 2022, 10:52 PM)
ah interesting insight. their offices in Labuan are quite fancy and they even reserved many parking lots for the office buildings with outrageous designs laugh.gif with low leverage they cannot make many accounts to go bust lol
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Which platform?
Equity
post Jan 18 2022, 11:29 PM

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QUOTE(klehfeh @ Jan 18 2022, 11:28 PM)
is Oanda considered ok ?
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Yes, it's a big broker.
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post Jan 29 2022, 05:13 AM

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QUOTE(TheKraken @ Jan 28 2022, 11:19 AM)
Net89 officially exploded today, many people crying
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Hmmm What is Net89?
Equity
post Feb 15 2022, 04:01 PM

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QUOTE(omron @ Feb 15 2022, 01:28 PM)
hi how about FXCM is these scam ??
am i concern as anyone been chased by ur IRB for playing as me interested this FXCM  ...

FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker for trading on the foreign exchange market. FXCM allows people to speculate on the foreign exchange market and provides trading in contract for difference on major indices and commodities such as gold and crude oil. It is based in London.
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Hi omron,

FXCM is one of the largest brokers in the world owned by Jefferies Financial (NASDAQ public listed company). They hold multiple licenses including UK FCA and Australia ASIC.

You may open a FXCM account here.

IRB will not chase you if you have paid your tax well.

This post has been edited by terrytan: Feb 15 2022, 04:21 PM
Equity
post Feb 17 2022, 03:59 PM

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QUOTE(Theone33 @ Feb 17 2022, 10:49 AM)
Hi Sifu,

I’m new to fx. Have any of you heard of Volo Capital?
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Another Indonesia platform? Hmmm doh.gif I wont touch any Indon owned platform.

Why la? So many top brokers, UK, Australia, Swiss, etc.
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post Feb 24 2022, 06:52 PM

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QUOTE(c64 @ Feb 24 2022, 12:26 PM)
https://www.gcmasia.com/en/

Is this another scam? My friend being approached.

The website above is quite misleading, shows what regulation by FCA blah blah, but that is Fortrade, which is a broker which i presume they use? So it has nothing to do with them.

https://www.fortrade.com/

Anyone has info on this one?
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Approached for trading or investment?
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post Feb 24 2022, 06:55 PM

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QUOTE(c64 @ Feb 24 2022, 06:54 PM)
Investment i belip. From Mandarin speaking group. My friend blur blur don't know anything about trading one.
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GCMASIA seems like a whitelabel of Fortrade and Fortrade is holding a few licenses. It should be fine. But best if your friend can provide the Myfxbook for checking if investment.
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post Mar 4 2022, 04:59 PM

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QUOTE(DiVaio @ Feb 27 2022, 02:52 PM)
Hi guys
How about aximtrade?
Legit or scam ?
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What do they offer? Self trading or investment?

AximTrade seems like holding an ASIC white label license but not a broker license.

Not good enough for a broker. You have plenty of better choices.
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post Mar 4 2022, 05:22 PM

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QUOTE(ecntrader @ Mar 1 2022, 06:48 PM)
gate 8  online payment legit or not?

global prime from aussie have that option.

should i try?
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GlobalPrime is a regulated broker. So no issue for any payment processor since they responsible for the client fund safety.

If you worried, can go for other brokers like below.

Pepperstone - https://trk.pepperstonepartners.com/aff_c?o...67&aff_id=16162
ZFX - https://my.zfx.com/reg/truely?agentnumber=Z941374C1
Axi - http://www.axi.com/int/live-account?promocode=871263
AIMS - https://cp.aimsfx.com/home/login#/register/...referrer=613255
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post Mar 4 2022, 05:33 PM

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QUOTE(eelkcaj @ Mar 4 2022, 02:28 PM)
That was a precious experience. A company also cannot simply trust neither to said a stranger?
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Indeed.
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post Mar 10 2022, 03:29 PM

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QUOTE(kygt99 @ Mar 5 2022, 01:50 PM)
Used to be their Singapore division's customer.

But in 2021, they kicked all South East Asians other than Singaporeans out because customers complain leverage too low (because Singapore's MAS doesn't allow super crazy high leverage).

All South East Asians other than Singaporeans customers were asked to re-open with their BVI division. Oh, and BVI's regulation allows super crazy high leverage.

One thing about Oanda is their swaps (they name it Finance Cost). It's pure usury.

For example, as of 5 March 2022, their short Brent Crude Oil is -34.30% per annum. If you happened to short Brent Crude Oil you will have to pay 34.30% per annum pro-rated by number of days of your positions being opened.

You need to earn 34.30% a year just to break-even!!! That's insane!!!

Their BVI division only have MT4 and MT5. No fxTrade. Although they say they are going to add fxTrade but didn't say when.

Other than that Oanda's kind of okay.

But I didn't go back to them as BVI doesn't lend confidence at all.

I went for another MAS broker.

Hope this helps. If you need any other info regarding Oanda do ask, haha. If I know the answer I'll try to answer them.
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Yeah swap can be pretty dangerous some times especially big broker. Well it's also depend on which side you are on.
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post Mar 10 2022, 03:30 PM

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QUOTE(makantido @ Mar 10 2022, 12:08 PM)
I used eightcap. Ok ke?
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It's an ASIC regulated broker. Should be OK.
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post Mar 11 2022, 04:28 PM

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QUOTE(kygt99 @ Mar 11 2022, 09:13 AM)
True indeed. But we as traders for sure we will keep switching from long to short and vice versa non-stop to look for profit opportunity, surely we will be in the negative side of the swap sometimes. Putting the swap rates so high is crazy. I've never seen a single other broker with swap rates like theirs. Not even one. Even big brokers don't do that.

This broker really is not viable for commodities. FX pairs still ok. But their commodities swaps are crazy.

Plus, some products even have negative swaps on both long and short. You can't escape. Have to pay usury rates no matter how.

Some say they started to do this after CVC Capital Partners bought them. I can't verify this because I wasn't trading commodities before they took over. Anyhow this practice is definitely non-conducive for commodities traders. FX is still ok.

Haha, I guess getting kicked out was a blessing in disguise.  thumbup.gif
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Beside, you may have to check whether your swap is charged on Thursday morning roll over period, it could be triple swap which is very common among brokers.
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post Mar 28 2022, 04:45 PM

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QUOTE(Yota @ Mar 28 2022, 03:44 PM)
Hi guys just wonder. Do you feel safe to leave your acc balance 100k usd for trade?
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Yes for genuine top tier broker. Personally will never do so for fishy or scam broker.
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post Apr 14 2022, 04:58 PM

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QUOTE(sidmirpuri @ Apr 14 2022, 01:34 PM)
Hi Everyone, thank you for your contributions and discussions, I gained a lot of knowledge.

I have a question - are there any genuine recommended FX PAMMs?

I am looking to invest, your help is appreciated.

Thank you.
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Hello sidmirpuri,

You can check out the MAM/PAMM of these portfolio managers. https://www.vesbolt.com/our-portfolios
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post Apr 16 2022, 03:29 PM

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QUOTE(ecntrader @ Apr 16 2022, 08:44 AM)
please la dont invest to all this scam..just trade for urself.. 

how hard to trade to forex just open high low of your daily chart. trade from that area. hit sl. then move on. take atleast 1:2 RR. forex can easy give that. not like sohai bursa malaysia.

but need good broker lah. no deposit bonus broker. no shit IB ..

if u really master that mean can can go like 1:3 and above RR. go trade for prop firm like FTMo something. one trader just get 15k payout in my telegram group.
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I am not sure which one you think is a scam. But if you think VESBOLT trading with Swissquote Bank, Pepperstone, FXCM, Axi, ICM Capital also scam, i think something is wrong with you.

Not everyone a super trader like you. I am curious how well you can trade, mind to share your Myfxbook? May be you can become our trader as well.

This post has been edited by terrytan: Apr 16 2022, 03:33 PM
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post Apr 17 2022, 06:12 PM

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QUOTE(ecntrader @ Apr 17 2022, 02:47 PM)
LOL no need la bro. it ok smile.gif
i am sorry k . i dont talk about your vesbolt actually. i talk general to all scam investment using crap broker ..  all rampant at facebook and somehow BNM will take action we all suffer.. that my intention bro smile.gif

. i respect you actually not side with scam broker and goodluck on your fund firm k smile.gif

my strategy only to play lottery la bro with prop firm.

i pay fee for prop firm. then go yolo hit target.. funded and then i trade conservatively. if blowout also. then re try and repeat.

i lose so much also.
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Thanks for clarified. Everyone here are against fake and scam brokers like you do.

Good try. thumbsup.gif
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post Apr 19 2022, 09:44 PM

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QUOTE(howszat @ Apr 19 2022, 08:16 PM)
One that does not pay out your profits.

But first, you need to make a profit, before you know the broker will pay out or not.

Small profits are not a problem. It's when they give excuses for not paying out the big profits.

If you are sure you have got a winning formula, go for an ECN broker.
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Hi howszat,

Payout or not, that's not about good or bad. That's scam or genuine. I think you cant differentiate between these.

Bad brokers can payout but they do funny things to make sure you lose money like slippages, swap, etc.



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