Fraudulent forex firms have highly colonized the forex area. Unfortunately, due to the lack of regulatory authorities, these continue to grow and thrive. These firms like to make the most out of young traders who are too naive to understand the tricks and tactics used against them. It seems like there’s a long way to go before these are fully curbed and until then the responsibility to research and avoid such firms lies on the shoulders of the traders.
These firms put in all the effort to conceal all the features that can help you identify them as fake but if you look at these closely you can find at least one feature that will help you figure out quickly if the firm is trustworthy or not. We cannot deny how they have been tricking tons of traders every day but certain ways have been devised by experts that can be employed to stay safe from the threat posed by these firms.
The Investment Center Broker Mr Phillip Sanders is an expert who has studied these matters rigorously. He has closely seen many platforms that were both authentic and non-authentic. He believes that one can easily catch a fake forex firm because no matter how hard they try there are always some loopholes left uncovered which direct your attention towards the unreliability of the firms. He has explained a few ways to find a fake forex firm.
A fake firm wants to plunder irrespective of the way they have to adopt. There are fake firms that not only wish to damage your forex career but their goal is to get money through any other possible ways. One of them is forcing you to install suspicious apps, download .exe files, open malicious attachments and links. This way they can gain access to all the data in your laptop and then exploit you easily. A good firm would never ask you to make any suspicious installation. If you are ever expected to do something similar, always contact customer support and seek answers to any questions that arise in your mind. Before downloading anything, always run a google search to confirm if it can lose any threat to your data and personal information. You should also install reputable and trustworthy antivirus and security software that blocks downloading of any malicious files.
It has also been observed that many fake forex firms spam users with emails or add an additional step right before the final sign-up option where the customers are expected to provide personal information like full name, mobile number, residence address, credit card details, etc. Some of this information has to be provided to the authentic ones also for transaction and payments but they have software that keeps it safe using an encryption mechanism and there is no correspondent asking for such information but the software. If you are ever urged by a representative or an individual to share such information without providing satisfactory answers regarding the privacy of data, you should immediately leave the forum.
Fake forex firms make use of very cunning methods to trap you but if you stay cautious, you can definitely dodge them.