38. What Brokers Should You Avoid?

November 15, 2022
According to their types, you should avoid false brokers, MLM (Multi-Level Marketing) brokers, and copycat brokers, and problematic brokers.

Here are some types of brokers that you should avoid:

  • False Brokers. This type of forex broker is usually able to provide trading services for clients who register, especially when they are just launching and boosting many promotions to attract clients. It's just that fake brokers don't have a clear identity. They do not reveal their true identity and tend to falsify information such as office address, regulations, phone numbers, etc.

  • MLM (Multi-Level Marketing) Brokers. This broker does not make money by spreads and commissions from their clients' trades. Instead, they promise investment programs with consistent and fantastic returns. They will encourage their clients to invite as many new members as possible as their downlines. Deposits from these new clients are the source of their income.

  • Copycat Brokers. The appearance of this type of forex broker is no joke because it dares to resemble official brokers that already existed. So it can be said that scam brokers deliberately imitate other brokers who are already popular in order to attract many clients and take their deposit money.

  • Problematic Brokers. These brokers are not exactly frauds, but they can't provide a good service to their clients. Some symptoms of a problematic broker areed withdrawals, bad customer service, inconsistent terms and conditions, negative slippages and requotes that happen too often, stop-loss hunting, and other technical problems that should not happen so frequently.

Education (46)

1. What Is Forex? 2. Why Does Forex Market Exist? 3. What Drives the Forex Market? 4. Why is Forex Trading Popular? 5. Can I Get Rich in Forex? 6. Are You Curious? Want to Discover More about Forex Trading? Meet Demo Acount! 7. I'm a Newbie, How to Master Forex Trading? 8. What Forex Knowledge Should I Conquer? What Are the Steps to Go Thorugh the Journey? 9. What are Software and Glossaries in Trading Forex? 10. How to Read the Forex Market? 11. How to Practice Forex Trading? 12. How to Ride on the Forex Wave? 13. How to Prepare Basic Trading Requirement? By the Demo Account? What about the MT4/MT5? 14. What is Bid-Ask Spread? 15. What is Pip? 16. What is Lot Size 17. What is Leverage in Forex Trading? 18. What is Margin? 19. When to Trade Forex? 20. What is the Most Dominant Market in Forex? How is the Characteristic? 21. What is Chart in Forex? 22. What is Candlestick? Why is It the Most Popular Chart in Forex? 23. What is Technical Analysis? 24. What is Fundamental Analysis? 25. What are MT4 Indicators and How to Use Them? 26. What is Risk in Forex? 27. What is the Psychological Effect in Forex Trading? 28. How to Compile a Strategy Template? 29. How Long Should You Practice in a Demo Account? 30. When Do I Need to Start Learning about Brokers? 31. What Exactly Does a Forex Broker Do? 32. Can I Trade Forex without Broker? 33. How Much Money Do You Need to Trade in Forex Brokers? 34. How to Choose a Good Forex Broker? 35. What is Regulation? And Why Should Regulation Exist? 36. Why Should You Choose Forex Brokers with Top-tier Regulations? 37. How to Choose Forex Brokers Based on Your Need and Where You Are From? 38. What Brokers Should You Avoid? 39. Is There Any Broker Scam in History? How Bad Is It? 40. What are the Most Popular Brokers in The World? 41. What are the Best Brokers For Entry-Level Traders? 42. What are the Best Brokers for Traders with Minimum Deposit Capabilities? 43. Which Broker Provides a Demo Account and Easy Setup? 44. Which Broker Provides Easy Registrations? 45. What and How to Deposit on Forex Brokers? 46. What and How to Withdraw from Forex Brokers?




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