LST-Ic experts: Scammers promise too much

Despite the fact that Forex like any other flourishing market is crowded with scammers, detecting them is not too difficult. When you know how the market works, of course. But what if you don’t? You still have a wonderful chance to use the knowledge of someone else. Our scam review prepared together with LST-Ic representatives can be a good point to start exploring this market.

Good news for starters – Forex market may seem difficult, but when it is about detecting fraudsters, it is definitely not as complicated as rocket science. An experienced trader can detect a scammer pretending a good broker to deal with just in couple of minutes or even faster. Would you like to have the same X-ray vision and preferably not because of bitter experience? We’ve thought you would. That’s why we’ve asked executives of Forex broker LST-Ic several question on scammers, their distinguishing features, their approach and tactics in general.

Question: What is the first feature of a Forex scammer that comes to your mind?

Jonathan Singh, LST-Ic development director: Scammers promise too much, that is the first thing to know. If you see a company saying “we will give this and that, and here’s some more, it’s free, and don’t forget your bonus for signing up, just relax and we’ll earn you some money” – just close the tab with their website and look for some other brokers.

James Lee, LST-Ic CTO: True that. I would also mentioned “guarantees” of anything, like bonuses, profits, whatever. It’s trading, you know, nothing can be guaranteed here. LST-Ic is a legit broker, and our message is very clear – we don’t guarantee profits and can’t offer risk-free deals. Not because we don’t want to, but because it is nonsense.

Q: So if the broker doesn’t offer anything special it is legit?

JS: Not special, but anything unrealistic, that would be the right formula. What is broker’s role? To offer you gifts and bonuses and earn money for you? Nope. As James said, LST-Ic is legit broker – we provide you the opportunity to trade and tools to do it as easy as it is possible. Not more, not less.

JL: And another thing – we never ask you to invest more money, never advice to do so, and never offer you anything in exchange for additional funds deposit. You are the only one to decide on your deposit’s size. Unlike scammers, LST-Ic doesn’t do it.

Q: And what are the key features of good broker to deal with?

JS: Take a tour; examine its website for several minutes. It is enough to understand what company is, where it is registered, to find its contact details and to understand what exactly it does and how much does it charge for it. If you are not able to do it – you are most likely wasting your time and risking your money.

JL: Yet another characteristic feature: good broker would answer your questions. It doesn’t matter what exactly you ask – either you want more details about the company or you need some further explanations. Unlike LST-Ic, scammers just don’t have enough time and resources for that.

Q: OK, you say LST-Ic is legit, but what if I find some scam list which mention your company among fraudsters?

JS: I would not trust these scam lists much. It is the favorite trick of some competing brokerages – “most of our competitors are scammers, just look”. Just call LST-Ic fraudsters is definitely not enough. Always ask yourself if there are facts behind the statement.

JL: Simple situation – let’s say I am a client, and I am sure that LST-Ic are fraudsters. What would I do? I would write a review and call LST-Ic fraudsters, let other people know it. I am not going to look for 9 more scammers to create a top 10 Forex scammers, or 19 more to create top 20.

Q: Sounds reasonable. What about typical scammer tricks, how do they make people give them money?

JS: They are using all possible ways to introduce themselves to their potential victims, and as we said before, their offers are about anything but trading itself. We say “come trade with us, our platform is fast and reliable”. They say, for example, “deposit just EUR1000 and win brand new Ferrari”. 

JL: Most of their tricks are for beginners who know nothing or almost nothing about Forex and trade in general. Who needs sophisticated schemes when good old frauds work perfectly? Therefore, you can protect yourself. If you know, for example, what pyramid or Ponzi is, how it works, you most likely would recognize them anywhere. Some basic knowledge on market principles would be enough to start with, and the rest comes with practice. Fraudsters are far not so dangerous when you know the way they think and act and when you avoid unnecessary risks.

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