The CFTC has been taking notice of the rise of forex trading scams in recent years and has set up a phone number to help traders avoid becoming a victim. The telephone number will ask for personal details and offer a promise that the market will not go down. Be wary of brokers who ask for such information and make sure you understand the risks involved before trading with them. This article provides you with tips to avoid being ripped off by forex traders.
Firstly, make sure that the broker is registered with the FX authorities. While the number of Forex scams has reduced over the years, it is still imperative to choose a regulated and reputable broker. For example, you should never deal with a company that has spreads that are eight or more pips, as this is a sure sign of a scam. Instead, it is advisable to stick with a broker who offers a two- to three-pip spread.
Additionally, it is important to choose a registered broker. This way, you will be assured that the company is legit and will not steal your money. If the company is not registered, you must submit a claim form online. If you have lost money in a Forex scam, you should contact your local attorney to file a claim. This way, you can get your money back. If you are a victim, you can use this number to fight for compensation.
The number of scammers in the Forex industry has decreased significantly over the past few years. This is why it is important to choose a registered broker and use a phone number that is independent of the company. Even if a broker’s website and phone number are legitimate, the spreads between real and fake companies are often seven to eight pips. This means that a registered broker has fewer fees to charge and you can trade with them in the best possible way.
Having a contact number for a Forex broker is essential. The number will help you to talk to the company’s customer service representative. The company should have a dedicated contact number for a reason – it’s in your best interest to be protected. You must be aware of the currency quotes and make sure they have specific meaning. You need to know what they mean before making a trade. Also, make sure you understand what the number means.
Besides having a phone number to contact the company, a website’s website should have a contact page for any questions or problems that you might have with the company. The contact page will also contain the company’s address and email address. If you have any questions, you can ask a forex dealer’s contact person by phone. You can also call their headquarters to ask for a copy of their documents.
Many people are concerned that Forex scams are everywhere. However, the reality is that forex scams are rare, and the market is a legitimate, 24 hour marketplace. A reliable forex broker will have a contact number that can assist you with any concerns. When you have a problem, you can call the company’s customer support line and seek assistance. You should also make sure to ask whether the company has a phone number for a forex dealer.
Another tip for avoiding Forex scams is to learn the trade. While trading Forex is not a game of chance, it can be profitable if you know what you’re doing. To avoid losing money, practice on a demo account. Then, you can practice on the real money with a real account and earn profits in the long run. It will take you a long time to learn how to properly trade.
While the foreign exchange spot market is the largest market, it is also the most volatile. The forex spot market is where most of the transactions occur. This is the market where currencies are traded in real-time. During a transaction, the foreign currency is physically exchanged. This makes it very popular with holidaymakers. In the future, it will be used as a reserve for investments by governments. If you are unsure of the terms of the FX trading site, you can call the broker and ask for clarification.