When deciding to invest in forex, one of the momentous decisions is to choose in which FX broker it is going to operate. Marketing campaigns are usually quite aggressive and all focused on how much money you can earn. No doubt, you can earn a lot of money, but that if you are a good investor does not change regardless of the broker. What does change and much is the money that can be lost. It is your responsibility and there is nothing to say. What is not admissible in any way is to lose money because the broker is a scam and does not want to return it to us. That's why the first thing you need to make sure is that the broker is not a scam, check out broker review If there is the slightest suspicion of any type of scam, we recommend that you choose some other broker from our list available at the top of this page.
How to know if a forex broker is a scam
Indeed, the most important factor for you to choose the best forex broker to trade currencies should be security. But how do we evaluate if a broker has a chance of being a fraud? Here are some checks that should never be missing.
Regulations: FX brokers are companies through which financial markets are reached and, therefore, if they operate under license in an African country they must comply with a series of regulations. The most important of them is the MiFID. Knowing that a broker must meet its requirements is undoubtedly a guarantee of tranquility.
Physical address and contact information: Generally fraudulent brokers have no real physical addresses. Whether a broker has one or more locations is a small factor that helps us to trust him a little more.
Encryption of information: Few companies that are dedicated to receiving online transactions ignore this requirement, but if one is found, it is certainly not advisable to send them money, at least by telematic means.
Terms and conditions: Many of the problems in which brokers are accused of scams for not letting money withdraw are linked to welcome bonuses. That is why in Ubanker, if there is one, we explain them to you.
Methods of entry, withdrawal and requirements: Many times, they are annoying for customers, but having an identity verification process, before sending money to customers is mandatory. Without it, any scammer could withdraw your money just by getting your password.
Customer service: More than a security element, it is an element of tranquility. In any case, if you do a good job with the information you can avoid many unpleasant situations. Another small factor to consider.
By analyzing all these factors for each broker, you can better assess whether it is a legit platform or rather looks like a scam. In Ubanker we want to help you decide, but we consider it essential that you know what we are based on when making our statements.
Other factors to choose a forex broker
In addition to security there are other important factors, Ubanker in Nigeria: the broker to choose for you online investments. Luckily, there are currently many regulated brokers in European countries and licensed, so you can make your first selection among them and then analyze these other features to make your final decision.
The second fundamental factor in choosing a forex broker is its service offer, that is, in what currency pairs will I be able to trade? Besides forex, does the broker have other investment possibilities? Having a good diversity of offer is undoubtedly a great service for private investors, who have traditionally had to settle for operating in national markets, because of the expensive access to international ones. Other interesting factors are the possibility of investing from the mobile with an app that is stable, the existence of welcome bonuses and promotions and that has a good variety of methods of entering and withdrawing money.
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