Identify fraudulent trading brokers
There has been a stereotype from past to present that trading brokers scam users. The scam is a serious problem, so how can the broker scam you? The article will summarize some conclusions from players, you will realize which broker is a scam if you believe these things.
Impact on prices
The user interface of each broker platform is not according to any common standards but is provided and completely modified by itself. However, indices, currency pairs, assets, and stocks are taken according to the general standard. Because asset prices change every millisecond so it is possible for brokers to have a slight impact on closing prices. Targeted at short-term players, where the price will not have too much difference. It is just that there may be some mechanism by which the price jumps in the wrong number, make you lose.
This theory can actually happen when you are completely dependent on the broker in terms of displaying trades.
Change the transaction clock
Brokers have the ability to change the timing of order without letting you know. As you know, the market price can sudden change in milliseconds. Then, in the last second, the exchange can reduce a second or add a second, as long as it satisfies the condition that you lose.
This is just theory, most short-term traders think about this. If you are trading Forex, don’t worry about it.
It is a trick, not a scam which is a method to stimulate your winning psychology. For the average person just starting out in trading, you will try with a demo account or with a small amount. Assuming you lose, you will easily find out that you are incapable and stop early. But if you win, you’re more likely to keep going because you think it’s so simple, you can make money from it.
Because of that, many Traders have assumed that if you initially trade with small amounts or play a demo, the winning rate is increased, otherwise, it’s decreased. So when you trade large sums of money, they take it all.
Internet connection is lost
It is both right and wrong to say that is a scam. At the same time, there are thousands of people trading on brokers between hundreds of different asset classes. Between hundreds of different assets, there will always be a few dozen assets that are applying indicators or patterns.
There was an error on the server side that caused the deduction to occur and the order was not placed. Hundreds of thousands of traders who hit the order button will get angry and hypothesize about losing their money.
There is also the theory that the broker already knew the one who put an excessively large amount. The broker proactively made errors to lock in money and prevent traders.
Of course, the money will be returned to your pocket after you report it to the Administrator. But you have lost the money that you assumed you will win. Causes feelings of inhibition for Trader.
Extend withdrawal time
Deposits are mostly very fast, but withdrawals are not. Send an email to the broker and you will receive a message like: “Please wait for verification of money laundering, financial check,…”. Although we agree the international transactions need that but are there some speed up? Most Fixed Time Trade transactions are tax-free and make money online, so you prepare to sue who now?
The most reputable FTT and Forex trading platform today
The fact is that 10% of the brokers in the world are truly effective and reputable. Those are Olymp Trade, IQ Option, and Binomo platform with high liquidity and transparent trading. This trading platform does not currently have any mistakes that make the community angry. We believe those are the best Fixed Time Trade and Forex brokers today. The friendly Olymp Trade interface, support tools, the ability to bring accurate Live data, offers, and online coaching help it become one of the best.