Wherever there is money around, you find scams around it. If you are a trader in Forex market, this is not new for you. But if you are new to Forex trading then this is something you should know and be aware of.
You need a broker for trading in any financial market. Forex market is not regulated. So you need to be extra careful while choosing a broker.
You can follow the below points while choosing a broker.
1. Avoid brokers that belong to third world countries and those who don't even state where they are based.
2. I am hearing a lot of broker scams these days. Get all the details of the broker you want to choose. Strictly avoid them who do not give their full details including address and phone number.
3. The forex broker you choose can not trade against you. There are lot of brokers out there doing this. Be aware of this situation.
4. Do good research and read reviews on the broker you want to choose.
5. Observe what other traders think about him, his executions,and even inquire about the customer support he is offering. Visit his website and find out his details.
Remember that if the broker is allowing you to trade for just $100, then he might want you to have a big leverage. Using big leverage out of small amount is not a good idea.
You can get ripped off with a loss. You might lose your entire amount.
So go ahead and do deeper research to find good and solid forex brokers.
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