How to protect yourself from Forex broker scams? Let's explain by example FinancesLabJohannes Röll 09 / January / 23 Visitors: 35
The stock market has long been a favorite place for fraudsters. They create schemes, come up with more and more tempting offers, and work according to the pyramid principle. Even if it seems beneficial to cooperate with a service, do not be lazy to read reviews of forex brokers in order to get as much information about their activities as possible. All decisions should be weighed because the safety of funds depends on it.
FinancesLab is a good broker. This company is worth being trusted as the legality of its work is confirmed by a set of valid licenses. There is a regulator, audit results, and financial statements.
The terms and conditions are clear, nothing is hidden from the users. All the terms and conditions are spelled out in the agreement, and a section is dedicated to informing about the risks. In addition, the risks are informed by a personal manager who contacts the client after registration. To open an account, it is not necessary to make an advance payment. Here is a direct withdrawal of Forex transactions.
Training is another advantage of the platform. It is absolutely free and the training materials are informative and interesting. There are no face-to-face courses or seminars.
The tools can be used after registration. Obligatorily after, it is necessary to pass verification. One of the additional protection measures allows to save money in the account and data.
FinancesLab legit and does not work on prepayment. All payments are indicated in the contract. Also, the company never sends details by e-mail. Financial transactions are carried out through non-cash payment systems.
There is no need to install third-party applications for trading. There are standard terminals available for download. FinancesLab pays tax income for clients, so everything is fair.
What can a dishonest service give away?
If a company is trying to hide reporting, this should be an alert. Plus, no license and no regulator, and no secure connection on the website. This means you're facing yet another scammer and it's best not to get involved. Of course, you might think FinancesLab scam, but the broker's credentials are fine.
Here are some of the signs that also help to recognize scammers:
- errors in text boxes and names. Information cannot be copied, there is no SSL certificate;
- dubious trading terminals. Black brokers like to impose obscure platforms without using standard MT5 and MT4. A normal company will not create a third-party application, especially if it is not related to the stock market;
- making profits only through PAMM accounts. This is not a trader's only source of profit, nor is it their main trading tool;
- behaviour. Scammers are intrusive, often intimidating and use cold calls. They also like to post on social networks and apply maximum psychological pressure;
- methods of depositing/withdrawing money. Basically, unscrupulous services offer to make payments via electronic payments or personal bank cards;
- down payment, bonuses, withdrawal restrictions.
Scammers almost always offer to take paid training or buy an unreasonably expensive course. They are now active on social media, selling infomercials through bloggers and media personalities. FinancesLab is not a broker forex scammer. The broker has free training and the authenticity of the site is confirmed by a digital signature.
How to protect your money?
To ensure that the personal account cannot be hacked, you will need to create a complex password consisting not only of numbers but also of letters. During verification, it is important to give a valid phone number and up-to-date information. Here's what else might help:
- antivirus on the computer and phone;
- two-factor authentication (if provided by the company);
- codes to confirm any transactions.
FinancesLab never sends details by email, as all financial transactions are done via payment systems.
Also, remember that customer service does not contact the user without asking. It also does not use social media as a communication channel.
If you don't want to risk your funds, don't download third-party applications, especially those that provide remote access to your device. Is FinancesLab fraud? No, as it only offers to install verified trading terminals.
The company can be trusted. There are no preconditions to the contrary. Everyone is paid and no debts have been detected. All clients can take free training. There are compensations and an affiliate program.
Question: - Do staff members use hidden numbers?
Answer: - No. All of FinancesLab's fixed contacts are on the website.
Question: - Is there a mobile app?
Answer: - Yes.
Question: - Can I trade at night?
Answer: - Yes. The broker works 24 hours a day.
Johannes Röll was born 1978 in Brilon,Germany. Graduated RWTH Aachen University. Over the past ten years he worked as Head of the plastic card team, where he was mainly responsible for the development of the distribution, Head of sales Department and Financial Analyst,where he got experience in planning and support sales figures for branches. For the present he works as freelancer