How to check if a forex broker is safe? What should you do if you encounter a scam broker?
2022-10-24 13:52:52
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How to check if a forex broker is safe?

FxGecko reminds you that you should "ask, check and confirm" before registering and depositing with a forex/crypto trading platform.

Don't blindly believe their claims that they are legally regulated, that they work with a big company, that they are part of a group, etc.

Taking a few minutes to check the broker's qualification information on FxGecko APP, or posting directly on FxGecko asking about the broker, can help you avoid some potential scams.

When viewing forex trading platform information on the FxGecko APP, you need to focus on 5 pieces of data.

1. Rating: If the broker's rating is low, indicating "high risk", please stay alert.

2. Regulatory information: If the regulatory status of the company is not "Regulated", please avoid it.

3. Company overview: Check whether the company's name and contact information are complete and whether the business status is normal, otherwise please stay alert.

4. Related companies: If the company is associated with companies that have run away, ceased operation, delayed withdrawal, false marketing, abnormal operation, etc., please stay alert.

5. Complaints: If the company has been complained by customers that they cannot withdraw their funds and the complaint has not been answered and resolved, please stay alert.

In short, if a platform looks like a scam or even seems risky, don't even give them your money.

If you want to choose from legitimate brokers, you can refer to the top 50 forex brokers on FxGecko APP.

r/FxGeckoAPP - How to check if a forex broker is safe? What should you do if you encounter a scam broker?

【Tips】: When you can't find the broker you want to check in FxGecko APP, you can provide the name, website and other information of the broker you want to check by submitting a complaint, and FxGecko staff will add a review of the broker based on the information you provide.

If you already trade with a broker, what do you need to do?

1. Save all emails and attachments they send.

2. Download a copy of their terms and conditions.

3. Keep a regular history of all your trades; preferably once a week and before each withdrawal request.

4. If it is a multinational company, make sure you know which branch you are sending money to before you do so.

5. If you have a dispute with a broker or have encountered a scam broker and need help from FxGecko, you can file a complaint on the FxGecko APP and share details about what happened. Remember to provide...

A. Their company name/website.

B. Your country/region.

C.Your account number.

D. The amount they owe you.

E. Reasons and requirements why they won't let you withdraw your money. (Keep a record of your e-mail correspondence with them)

Be careful to edit out your private information and do not post your contact details publicly.

When you submit a complaint, FxGecko's customer service will send your complaint issue to the broker or exchange you are complaining about for a solution; as well as tell you which law enforcement agencies you can report the scam to; and expose the scam to warn others not to be scammed.

Generally speaking, legitimate brokers that are still in operation, after receiving the complaint information sent by FxGecko, will generally actively deal with the related complaint issues in order to maintain their clients' reputation and better their business activities.

If a broker that is still in business is slow to address customer complaints, FxGecko will expose their behavior and warn others to stay away from the broker.

If the broker you are complaining about is a scam broker and has run away with the money (the website is not accessible or does not respond to any of your messages), FxGecko recommends that you gather evidence and seek help from the local police as soon as possible. FxGecko will continue to expose these scams and tell you where you can report them.

Warning: Be wary of online hackers or "recovery companies" that claim to help you get your money back, especially if you have to pay in advance, which is a "recovery scam".

The way to download the FxGecko APP.

FxGecko reminds you that you should always be cautious when you come across investment opportunities that promise high returns with little or no riskThese are likely scams.

You should "ask, check and confirm" before investing.

You can check the regulatory licenses, security scores, customer complaints and other information about global trading platforms at FxGecko to avoid any potential scams.

Click here to recognize common investment trading scams to avoid being scammed.

Statement:
The content of this article does not represent the views of fxgecko website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!

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