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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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TradeMinim
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 Aug 24 2019, 01:00 PM
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Getting Started
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QUOTE(mch11tango @ Aug 24 2019, 10:42 AM)
I met this scam broker hkdahui, they approached me via wechat id - anran393. Yesterday night about 10pm, I was trading via their platform AUD/CHF, suddenly the price dropped from 0.66500 to 0.64380 in a second. I traded 2lot, USD8K lost in a second.
https://pictr.com/images/2019/08/24/5NJEJ8.md.png
https://pictr.com/images/2019/08/24/5NJHEx.md.png
Luckily I did not bank in any money, the girl (anran393) transferred the money from her trading account and we starter to play with her info. When the profit accumulated to usd5++k, i planned to withdraw a small portion out just to test whether the platform is genuine. The broker reject the withdrawal as minimum requirement for withdrawal is fulfilling 120lots transaction or bank in another usd10k. I choose to fulfill the first criteria. She stopped feed me 'special forex news' then and i traded on my own. Until yesterday, the profit accumulated to usd8k++.
I request for profit withdrawal, and this was what happen yesterday. They computerized the price and all my profit gone.
Although i did not lost anything, but indeed a good lesson to me
The broker doesn't even have a decent website, no regulations, red flags everywhere! |
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TradeMinim
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Aug 25 2019, 10:06 AM
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Getting Started
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QUOTE(terrytan @ Aug 25 2019, 02:37 AM) Good sharing. Seems like these illegal FX operators found a new way to make money like online casino by giving advance credits.  And by fulfilling 120 lots in order to withdraw Is like telling the trader to give up risk management  |
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TradeMinim
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Aug 28 2019, 11:04 AM
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Getting Started
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QUOTE(DrFX @ Aug 28 2019, 04:26 AM) A simple way to learn how to identify myfxbook performance genuinity.
STEP 1: Check the broker whether it is genuine and a highly regulated broker
STEP 2: Check whether the live account is under tier 1 or 2 license
STEP 3: Check the broker reviews online, es. Forexpeacearmy
streamyx88,
Concerning the balance and equity, yes equity is the exact amount of real time value and balance is excluding open positions. We assume most of the trading come with floating or paper loss which is quite common and investors need to aware not only the equity, also check how much the Myfxbook account has make in the past history via PROFIT as well as the withdrawal and lastly how long the account on myfxbook has been trading. We preferred account with more than 24 months past performance, anything less need further review.
If it is an unregulated broker or offshore regulated broker, you may check with investor password. You can't monitor with your eyes as your eyes are not able to stick on the monitor 24/5. Thus the only way to identify fake trading is by copying the trades live to a genuine broker with proper license.
So eventually IT IS VITAL TO MAKE SURE THE BROKERS ARE HOLDING TIER 1 or 2 FX LICENSES. Why? Regulators are watching their business conduct all the times by impose strict requirements, high capital deposit, internal and external audit quarterly or even monthly, KYC, etc. Yeah, account with 1 year records are great, 2 years are awesome. Also need to keep in check your risk appetite, e.g drawdown vs gains.  |
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TradeMinim
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Sep 11 2019, 01:33 PM
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Getting Started
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QUOTE(johnnyzai89 @ Sep 11 2019, 12:18 PM) don't be naive. in the international level, no one cares about SC or BNM when choosing a broker, pick a broker that is regulated in a legit country (UK, Aussie/New Zealand) with the necessary licenses obtained and you should be quite safe. i usually tend to always avoid those that give out alot of sign up bonus and stuff Yeap Regulated in legit countries, FCA ASIC FMA. At least you are more "protected". Remember to go through all the fine prints that exists though |
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TradeMinim
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Sep 13 2019, 02:16 PM
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Getting Started
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QUOTE(streamyx88 @ Sep 13 2019, 12:42 PM) Why is Gold Tinkle - Genesis Business Group listed as scam investment in this thread ? 万銮国际和创峰集团 到底是不是骗局 Good points, but well uncle and aunties and youngsters won't even care They believe what they wanna see: MONEYThat's why MLMs and Scams can go on and on every cycle, even though the public has been educated but everyone still falls to greed |
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TradeMinim
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Sep 19 2019, 12:00 PM
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Getting Started
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QUOTE(johnnyzai89 @ Sep 19 2019, 11:55 AM) you are full of bullshit.. Wealth consultation? tell me what license you have to do that? and if your clients face any losses, are you going to be responsible? i've seen far too many people like you.. wealth consultation and fund manager? LMAO don't make me laugh pls Probably he's just acting as affiliate/sales person to gather funds and earn commission |
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TradeMinim
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Sep 29 2019, 08:03 PM
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Getting Started
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QUOTE(arbysburger @ Sep 29 2019, 07:02 PM) Yea confirm mia is scam yet he got jioed to another one called sixmos. I want to find out what is it. If you wanna join and get burned just do it |
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TradeMinim
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Sep 30 2019, 10:11 AM
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Getting Started
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QUOTE(dwRK @ Sep 30 2019, 06:34 AM) People wanna get rich quick...comes here for validation, and when told is scam don't believe... because, well, wanna get rich quick... People believe what they "see" That's why MLM business always thrive in Malaysia. |
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TradeMinim
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Oct 7 2019, 06:51 PM
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Getting Started
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QUOTE(shinzu23 @ Oct 7 2019, 06:20 PM) Anyone heard of EssenceFX? They're claiming 1-3% daily profit, up to 30% profit per month. I'm in their Whatsapp group, all Malays. Tried asking how they work, they said to deposit money and "dapat balik modal" in x no of months. They do copy-trading, apparently Verified results mana? What broker are they using? btw 30% profit per month is NOT REALISTIC and certainly not possible. RUN |
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TradeMinim
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Oct 8 2019, 09:40 AM
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Getting Started
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QUOTE(DrFX @ Oct 7 2019, 11:08 PM) We are proud of our elite contributors. You have helped many innocent investors.  Sometimes it's really simple, do some homework (searching online) before entering into anything. But well some people just love watching their money burn |
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TradeMinim
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Oct 10 2019, 10:16 AM
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Getting Started
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QUOTE(masheemaroo2906 @ Oct 10 2019, 09:34 AM) Tried to find the details of Next Empire, but I couldn’t find it... Ehhh don't promote here la You answered the answer yourself. No web presence? BIG NOCome on, when you put money in bank you can go for CIMB, Maybank, Hong Leong... Why go for Ciplak Xone Bank? You feel sale with your money in it? Run as far as you can mate. If not you can't withdraw any funds later on  |
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TradeMinim
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Nov 15 2019, 10:23 AM
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Getting Started
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QUOTE(metalslug @ Nov 15 2019, 09:37 AM) anyone can confirm juno trade is a scam or not? A copy trade platform www.junomarkets.com Juno Markets Limited is incorporated in the Republic of Vanuatu  Nice small tiny island don't you think? |
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TradeMinim
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Nov 17 2019, 01:25 PM
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Getting Started
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QUOTE(metalslug @ Nov 15 2019, 11:48 AM) forexpeacearmy has very good rating though. been around for few years. Anyone tried? Ratings can be easily manipulated. Give me a thousand, I can give 50 raving reviews for you Cut it short, just be wary and stay clear. There are tons of other legit brokers and channels, why go for this? Trade safe and thread safe mate |
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TradeMinim
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Dec 26 2019, 07:24 PM
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Getting Started
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QUOTE(aspartame @ Dec 26 2019, 06:30 PM) Guys, what are u guys trying to do in forex trading? Just forget about forex trading totally. There is no way you can make money from it. First, if u r scammed, then money gone. Second, if broker is genuine, sooner or later money will also be gone. Dun ask me why. Just forget about it. This is my last warning to you guys. Yeah, forget about stock trading and cryptos too, forget about doing business, all got risk. Just earn money and put FD  |
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TradeMinim
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Jan 8 2020, 01:03 PM
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Getting Started
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QUOTE(PrintHelloWorld @ Jan 3 2020, 09:02 PM) Got some update on CK, recently announced their yearly "Golden Era" bs program, promising you 500% a month (in other words you will be Bill Gates in a few years)! They really desperate for new members now as friends involved also desperate for new "clients", their IG page also become like FX guru. Hard to wake them up as couldn't find their company name under BNM or SC blacklist. Probably gonna collapse soon... Probably a last run for the cash |
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