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There are several precautionary measures one should take before investing in this Forex trading market to ensure whether or not they are legitimate. I got this information from Ez Chargeback - they had all there was to know about Forex Trading, the scams, and how to protect oneself!Â
1.   Research your broker
The first step to pursuing any sort of investment is ensuring that you know the broker and that you’ve done your research. Research does not simply include asking friends but it includes searching the broker or the company online, checking his credentials, checking for brokers on accredited websites that are in the safe broker sextons, checking customer reviews on Forex, and checking their previous trading history.Â
You need to do an in-depth survey and in-depth research on your Forex broker because you’re going to be investing and spending money hence it is imperative you check if he’s relatable. Please don’t call for their marketing tactics and do your own research. That’s something I learned late in my Forex trading from the acclaimed Ezychargeback website. This company specializes in helping you identify scams and possible scammers. They give you a list of red flags which will aid your research. They also specialize in reporting all sorts of scams and helping you retrieve your money from any fraudulent broker on Forex.
2.   Check your brokers' history
The second precautionary measure is to always check your brokers' history which includes other users' experiences with your broker. You can check that in customer reviews and trust me with the advancement in technology you’ll find out if your broker is a scammer. You simply need to check their trading history online.Â
3.   View the forex websites
The third and most important precautionary measure is checking the forex website for the broker's history. This includes the reviews of brokers since many forex websites have broker reviews and you can easily read them to assess your broker.Â
4.   Check the fine print
I don’t know how much I need to emphasize this! You need to check the fine print which includes everything on the contract or the paper they send you. It’s common for people to blindly trust people and avoid seeing the fine print which results in them being misled. Take your time and read the entire document and ask tons of questions.Â
If your broker seems to be rushing you into sending them money or signing that’s probably a bad sign and you need to refrain from working with them. That’s a red flag guy run away!Â
How to test your Forex trader?Â
If you think that you’re sold on by your broker but you still feel slightly skeptical about the legitimacy of this broker then the number one tip I can give you is to submit a small deposit first. You can test your broker by doing a small trade and then you can request a withdrawal.
If your broker is legitimate then they’ll deliver your funds immediately however if they don’t deliver and if you need to ask your broker, again and again, that’s probably a sign that the broker isn’t reliable.Â
Author Bio:
Shachar Agmon experienced Business Consultant. She is currently employed by Ezchargeback, that have one mission and that is to aid individuals in protecting their money through the power of knowledge about scams, recovery methods, and other innovative techniques and has been working for the company for more than a years now.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.