How can I protect myself against fraud? You can take certain actions to safeguard yourself.
● Never offer someone cash to do a transaction on your behalf. Anyone who makes investments on your behalf without a license from the Financial Services Conduct Authority is breaking the law in FSCA.
● Never transmit money to someone you meet on social media; according to our study, Facebook and Instagram are the origin of more than 50% of forex frauds.
● Never believe a broker or anybody promising assured results. Profits are never guaranteed in high-risk speculation like forex trading.
● Always verify a broker’s regulatory status. Brokers that are subject to regulation must post their license numbers on their websites.
● Once you have a broker’s FSP or license number, you may check with the regulator to determine if it is valid.
● If your broker is not situated in local, other important authorities with searchable registries include the FCA in the UK, ASIC in Australia, and CySEC in Europe.
By installing the Brokersview app, you can prevent scams in forex trading the best.