How to determine: a fraudster or an honest broker?

There are a large number of black brokers in the Forex market. But this is not a reason to abandon the career of a professional trader. Before you start, you should learn how to identify potential fraudsters in order to maintain financial stability.

First of all, consider the company’s experience in the market. Look at the broker reviews on specialized sites. Try to evaluate the organization by a set of parameters:

  • the size of the minimum deposit;
  • leverage;
  • spread;
  • commissions and surcharges;
  • trading terminal.

Success of your further activity depends on all these parameters. But do not pay attention to the frankly “fabulous conditions.” Too attractive conditions – this is a bright sign of scam.

Check for licenses through the official registrar. Remember that even the official website may display false information. Next is to compare the type of activity with the name of the license. Do not forget about the term of the document. Overdue licenses may indicate potential threats to the trader.

Another indicator is the broker’s reliability rating. Such information can be found on the Internet in the public domain. This rating is updated every year, so stay tuned for the data.

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