Identifying Forex Trading Scams And Keeping Them At Bay

Initially, Forex traders only had the market risks to fear. But today, scammers and cheats have made the Forex markets a dangerous place. The legitimacy of Forex trading is questioned by many due to the several lies scammers spread in the currency markets. 

Though there are a number of regulatory bodies like the NFA and the CFTC, many brokers still continue to lure in novices with false promises of profits. When they start off as beginners, traders are seldom able to differentiate between myths and facts, and as a result of this, they fall prey to the cheating broker's lies easily. As a newbie trader, it is crucial that you are aware of how scammers cheat in the markets and how you can stay away from them while Forex trading in India. 

forex trading strategies

 Here are some trading scams to stay away from:

1) Manipulating The Price:

As a beginner, you won't know more than half of what's going on around you while Forex trading in India. This gives brokers the perfect chance to cheat you by manipulating data. The simplest example for this is that they give you wrong entry/exit information, leading to your inevitable loss. However, they'll have made a good profit from the spreads paid! 

2) Empty Bonuses: 

Many brokers have the concept of bonuses. They promise loyalty bonuses to traders who trade with them for a long time, and even entry bonuses! While this isn't always a bad thing, because many reputed agencies do this too, cheats are always looking to connive the innocent trader into their schemes that ultimately drive the trader towards losses. 

3) Improper Stops: 

When you start off Forex trading in India for the first time, you'll not know much about placing stop-losses. Even with Forex Demo practice, this skill takes time to perfect. A bad broker will tell you to ask them for stop guidance and end up giving you wrong data yet again, watching you lose money as they make more. 

4) False Profit Goals: 

One of the easiest ways of tricking a trader is by promising money and profits. Brokers will approach traders, lure them in by promising them quick returns and telling that their investments will multiply overnight. However, that will never happen, and the trader's investment will only get subtracted overnight. 

As you begin Forex Trading in India, the market risks will keep you from seeing success. But with regular practice, you will see profits in no time. Reach out to our experts at WesternFX today and avail our world-class Forex brokerage. Backed by our seasoned professionals, you'll be able to avoid big risks and pocket profits consistently. Call us today to know more!

5 Things To Remember While Availing Forex Brokerage

The quality of brokerage availed plays a key role in deciding the outcome of your trades. In today's competitive foreign exchange market, profiting is a challenge. Without proper Forex trading strategies and charting tools, you are bound to lose your exchanges. 

However, backed by a knowledgeable broker, finding success won't take too long! Many novices are hasty as they begin and end up availing brokerage from inexperienced brokers or worse yet, from scammers. Who you hand your money to will matter a lot in Forex; there are a number of brokers who employ foul means to make money. The goal is to find a broker who is as invested in your success as you are!

demo trading account

Here are 5 things to keep in mind while availing Forex brokerage:

1) Regulation: 

Since Forex trading is such a risky domain with several loopholes for brokers to exploit, regulatory bodies like NFA and CFTC are in place. The first most important thing to check for is regulation. If your broker is regulated by a reliable body, you can trust the agency. Be wary however that regulation alone isn't enough to gauge a brokerage firm's reliability anymore! There are a few more factors to consider. 

2) Spreads And Commissions: 

This is where research comes in handy. You will have to compare the spreads charged by multiple brokers to ensure that the one you sign up with isn't fleecing you. Many brokers purposely put traders through bad trades solely to make spreads off of it! 

3) Demo Solutions: 

Working with a Demo Trading Account is an incredible way of gauging if your broker offers quality solutions. On a demo platform, you can place virtual trades and avail some guidance from the broker. If said guidance is worth, avail their brokerage. 

4) Customer Service: 

Many traders have similar complaints while Forex Trading in India - the customer service from the broker is bad. When you have trading doubts or want assistance through trades, it is your broker's duty to help you with it. And if the customer service is bad, it isn't worth your money. 

5) Ratings: 

Another easy way of finding the value of your broker is by seeing the ratings left by other traders. Either through forums or listings identifies what other traders have to say about your broker and make a move accordingly!

To succeed at Forex Trading in India is easier said than done. With the markets risky as always and the competition brimming, you will need the backing of an expert. Reach out to WesternFX! One of the leading Forex brokers in the markets, we house some of the smartest minds in Forex. Our professionals will provide you with top-notch brokerage at pocket-friendly costs! Guided by us, success will be in your grasp swiftly.