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How to Avoid Forex Trading Scams in 2020

Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, CFDs, binary options, stocks, cryptocurrencies, etc. With new forex brokers popping up constantly, determining the legitimacy of a broker can be a real challenge. As a consumer, it is vital to research a company before depositing money to trade. At ForexBrokers.com, it’s our mission to assist you as much as possible with that research.

Most Trusted Forex Brokers Comparison

Taken from our forex broker comparison tool, here’s a comparison of the must trusted forex brokers.

Feature IG
Visit Site
Swissquote
Open Account
CMC Markets Saxo Bank
Visit Site
Trust Score 99 99 99 98
Year Founded 1974 1996 1989 1992
Publicly Traded (Listed) Yes Yes Yes No
Bank Yes Yes No Yes
Tier-1 Licenses 6 4 4 6
Tier-2 Licenses 3 1 2 1
Tier-3 Licenses 1 0 0 0
Authorised in the European Union Yes Yes Yes Yes

Questions to ask to avoid a forex trading scam

  • Is the broker regulated?
  • If regulated, how trustworthy is the regulatory body?
  • Is the broker offering profits or rewards for opening an account?
  • Is the broker offering a cash bonus for opening an account?
  • Is the broker offering automatic trades or signals to guarantee profits?
  • Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
  • If awards are cited, can I verify their authenticity?
  • If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due dilligence to ensure the company can be trusted?

1) Is the broker regulated?

Unregulated brokers do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.

How do I check if a broker is regulated? The easiest way to check a broker’s registration is to look for it at the bottom of the website. The picture below is the bottom of 12Trader, a broker we recommend avoiding. You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. All of these warning signs should make you cautious.

Now let’s look at the bottom of the homepage of City Index, a trusted and regulated broker.

You will notice 1) the company specifically warns of the risks involved in trading CFDs, 2) the company is registered in England and Wales and has posted an address, and 3) the company is authorized and regulated by the Financial Conduct Authority, and has posted a registration number.

Conclusion: A regulated broker is required to include proper risk disclaimers and regulatory information at the bottom of all their website pages. To make it easy for investors, ForexBrokers.com includes a Trust Score for each broker, which assesses overall trustworthiness based on where the broker is regulated and its history as a firm.

2) If regulated, how trustworthy is the regulatory body?

Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.

For example, let’s look at Evolve Markets.

The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading CFDs, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in St. Vincent & the Grenadines, it is not regulated.

This statement from St. Vincent & the Grenadines shows there is a warning against false claims of registration or license.

How do I know what regulatory bodies are legitimate?

Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:

  • FCA Regulated – Financial Conduct Authority – United Kingdom – (Great)
  • CySEC Regulated – Cyprus Securities & Exchange Commission – Cyprus (OK)
  • ASIC Regulated – Australian Securities & Investment Commission – Australia (Good)
  • SFC Authorized – Securities Futures Commission – Hong Kong (Good)
  • MAS Authorized – Monetary Authority of Singapore – Singapore (Good)
  • FSA Authorized – Financial Services Agency – Japan (Good)
  • IIROC Authorized – Investment Industry Regulatory Organization of Canada – Canada (Good)
  • FINMA Authorized – Swiss Financial Market Supervisory Authority – Switzerland (Good)
  • FMA Authorized – Financial Markets Authority – New Zealand (OK)

Conclusion: Double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides.

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3) Is the broker offering profits or rewards for opening an account?

Scam brokers often make claims such as “make $50 a day from a $250 investment” or “make 80% returns on profit signals” or “96% success rate.” These claims are a scam, regardless of whether they are being made for forex, CFDs, or binary options. Forex brokers should not promise returns at all, small or large. Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors.

This Wikipedia page on binary options does a great job of summarizing risks related to binary options:

“Many binary option “brokers” have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the Internet, and prone to fraud.”

Conclusion: If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. Save your money and STAY AWAY.

4) Is the broker offering a cash bonus for opening an account?

When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker. For example, 1000Extra hints at a bonus of $1,000 with their vague promotional offer. If you click around trying to gather more information you are redirected to sign up for an account.

1000Extra is not regulated, has minimal information about the company, and has scam reports across the web.

Conclusion: In most regulated regions around the world, promotional bonuses for opening a new account are not allowed. The two exceptions are the United States, which is for US citizens only, and Asia.

Tickmill review

Tickmill

Leverage: 1:30

Regulation: FCA, FSA, CySEC

Min. Deposit: 100 US$

HQ: UK

Platforms: MT4, WebTrader

Found in: 2020

Tickmill Licenses

  • Tickmill UK Ltd authorized by FCA (UK) registration no. 717270
  • Tickmill Ltd Seychelles – authorized by FSA (Seychelles) registration no. SD008
  • Tickmill Europe Ltd (ex Vipro Markets Ltd) – authorized by CySEC (Cyprus) registration no. 278/15

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  • Our Review
  • Tickmill review User Reviews
  • Tickmill review News

  1. Is Tickmill safe or a scam?
  2. Trading Platform
  3. Accounts
  4. Spread
  5. Leverage
  6. Deposits and Withdrawals conditions with a minimum deposit and withdrawal fee
  7. Conclusion on Tickmill

What is Tickmill?

Tickmill is a new player among the brokers and online trading world since the company established in 2020 with its headquarter in London, UK as well offices in Seychelles. Tickmill strives to innovate a unique trading experience to their clients while understanding traders’ rights as the major part of the trade, for this purpose company continuously facilitates trading conditions.

Indeed, the broker develops rapidly and their yearly achievements are quite impressive. Recently Tickmill management responsibilities expanded, since additional part to “Tickmill family” been added in the name of a Tickmill Europe Ltd (ex Vipro Markets Ltd).

Trading Instruments

Tickmill Europe Ltd is fully licensed to provide the investment services of Agency Only Execution which deliver high-grade trading instruments 62 currency pairs, Cryptocurrencies (opportunity to trade CFD on Bitcoin, with margin 20% and 0 Commission per side, per 1 CFD) Bonds, CFDs and Precious Metals, with a minimum deposit requirement of only 25$, fluctuating spreads from 0.0 pips, some of the lowest commissions in the industry and no requotes, delays or interventions policy.

Awards

Tickmill as a new company has grown rapidly throughout only a few years so that the broker has been recognized by industry publications. Along with that Tickmill constantly runs a range of fascinating promotions, which helps to boost trading and enhancing even beginning traders possibilities.

Is Tickmill safe or a scam?

Tickmill is a multiply regulated broker is various jurisdictions, thus considered a safe broker to trade with. Tickmill trading name of a Tickmill UK Ltd and Tickmill Ltd Seychelles regulated as a Securities Dealer. The broker authorized and regulated by two major UK Financial Conduct Authority and by the Financial Services Authority of Seychelles, hence either entity includes strict regulations.

In addition, newly added to the company line Tickmill Europe Ltd (ex Vipro Markets Ltd) is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) and is a Member of the Investor Compensation Fund (ICF).

To ensure security and transparency of transactions Tickmill keeps clients’ funds in segregated accounts with trusted financial institutions, as per FCA regulations. In addition, clients are covered by the FSCS with investments up to £50,000.

Trading Platforms

Like most brokers the broker using as mainstay trusted and well-tried MT4. Trading platform available on desktop or tablet, in web or on the go with a smartphone. As well, though many among the brokers do not allow stop and limit orders placing close to market prices, Tickmill allows so.

However, the platforms have been enhanced with the span of useful tools:

  1. Autochartist – powerful technical analysis tool with automatic recognition feature
  2. Myfxbook AutoTrade – allows following of the strategies developed by the successful trader
  3. One Click Trading – trading through EAs (by the company statistics about 63% of the executes are placed by algorithms and EAs)
  4. Tickmill VPS – keeps EAs and signals active even while the trader is offline
  5. Forex Calendar – plugging market insights and news
  6. Forex Calculators – displays currency converter, margin calculators, etc.

Tickmill striving to reach the success trading among their client, hence they do not impose restrictions on profitability and allows all trading strategies including hedging, scalping and arbitrage.

Accounts

Tickmill clients can benefit from the various types of accounts with quite competitive trading conditions. Tickmill contends attractive packages and a new way of trading with low market spreads, no requotes, transparency and innovative trading technology. There are 3 main Account types in TIckmill’s proposal.

Islamic or Swap-Free Account, been added to the broker features recently too. These accounts comply with the Sharia law, which has exactly the same trading conditions and terms, but there is no swap or rollover interest on overnight positions, that is against the faith.

For a better understanding of the Tickmill pricing model and spread see the table below, yet as mentioned before according to the type of account trader will enjoy lower costs along with some commission per trade.

You can also compare Tickmill trading fees to another popular broker Forex CT.

Asset/ Pair Tickmill Fee Terms – Standard
EUR/USD 0.3
Crude Oil WTI 4
Gold 20

The overnight fee should be considered as a cost as well, e.g. EURUSD swap for long position is -11.742 while for short is 6.693 US$.

Leverage

Being a UK and European based regulated broker Tickmill follows strict guidelines set by the European authority ESMA. A recent update from the European regulator set a limitation towards maximum offered leverage levels, as ESMA recognized a potential risk in case very high leverage is used.

Therefore, clients of Tickmill Europe may use leverage up to 1:30 for Forex products, 1:5 for CFDs and 1:10 for Commodities.

Nevertheless and since Tickmill serves entity through Seychelles as well, the clients with opened account under this jurisdiction may enjoy high level of leverage.

Deposits and Withdrawals

For the Deposit or Withdrawal options broker using convenient methods with perform payments with ease and diverse.

Payment options including popular Bank Transfers, Credit/ Debit Cards, E-wallets Neteller, fasapay, UnionPay, dotpay, NganLuong. vn (only for clients of the Tickmill Ltd Seychelles) with available currencies USD, EUR, GBP, PLN.

Minimum deposit

The minimum allowed deposit is 100$, which is a fantastic opportunity for the trader of even very small size, in reverse 10$ is set for withdrawals.

Withdrawal

Moreover, at Tickmill a zero fee policy is employed, where no charges or fees applicable to monetary transactions. All deposits from 5,000$ also including zero fee policy and all fees up to 100$ will be covered.

Conclusion

Overall, Tickmill inviting clients with their attractive features such as a low minimum deposit (only 25$), technical solutions, a great range of instruments and interesting promotional campaigns. Moreover, the company’s strive to achieve targets quickly and effectively while posing Tickmill as a high-tech and trustable Forex broker, either to start or to gain new apex with.

The fact that the company been established only in 2020 and until now became one of the industry progress which stand in the leaders’ row, definitely means a lot. Also considering the fact, that company recently grow by establishing a branch of Tickmill Europe Ltd, which been done by the purchase of Vipro Markets Ltd.

Thus, Tickmill should be strongly considered while choosing the broker with whom a trader or investor will start his journey to the financial markets.

Nevertheless, it is always good to know your opinion about Tickmill which you may share in the comment area below.

No review found.

Global provider of FX and CFD brokerage services Tickmill has announced that it has sponsored the Kyrenia Triathlon Team at the IRONMAN Austria, one of the most exciting races in the world. Known to be one of the greatest challenges of endurance that Triathlon has to offer, IRONMAN Austria took place on 7th July 2020.

Tickmill as a relatively new player among the brokers that offers its services 2020 but already showed its significant impact on the trading industry by the number of clients and gains they report. The rapid development of Tickmills’ trading environment recently brings the fantastic achievement of a record increase in Net Profits consolidated for 3.

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MTrading Review

Overview

A Forex broker MTrading provides services to traders around the world. It has a good reputation and offers favorable terms of trade.

Details

Broker MTrading
Website URL www.mtrading.com
Founded 2020
Headquarters Belize, Belmopan, Mountainview Boulevard, Garden City Plaza, Office 5
Support Number +7-495-268-14-61
Support Types Chat, phone, email
Minimum 1st Deposit $100
Minimum Trade Amount $1
Bonus Bonus up to 50%
Leverage 1:1000
Spread from 0 points
Free Demo Account Open Demo
Regulated
Regulation IFSC (№ IFSC/60/270/TS/14)
Account Types Demo, M.Premium, M.PRO
Deposit Methods Bank cards, MasterCard, Visa, Skrill, Webmoney, QIWI Wallet, Neteller, etc.
Withdrawal Methods Bank cards, MasterCard, Visa, Skrill, Webmoney, QIWI Wallet, Neteller, etc.
Number of Assets 100+
Types of Assets Currencies, commodities, CFDs for metals, energy, indices, stocks, crypto-currencies (Bitcoin, Ethereum, Litecoin, Ripple, etc.)
Account Currency USD, EUR, RUB
US Traders Allowed
Overall Score 3/10

Full Review

Of course, you’d like to know whether MTrading is a scam or a trustworthy company you should stick with. We’ll answer this question below.

Working since 2020, MTrading has already managed to show its strengths. Its offices operate in the Asia-Pacific region, Africa and South America. The company provides instant support for traders around the world. For successful trading in the financial markets, the company offers high-quality services and up-to-date software solutions. The broker has introduced the Electronic Communications Networks system (ECN), which guarantees better execution of orders and reduces the likelihood of slippage in trade. The company works with segregated accounts, which ensure the safety of investments from force majeure.

Traders can access online trading in currencies, crypto assets, metals, indices, and shares as well as energy carriers (oil and gas). The company boasts favorable working conditions (accurate quotations, one of the best spreads on the market, competitive deposits, and various methods of withdrawal), information support, and professional services. All of this is designed to make trading comfortable for both professionals and newcomers. Traders can make use of one of the best MetaTrader 4 platforms, which is excellent and easy to use. It can really improve the overall efficiency of your trading. You can also work in mobile versions of these trading terminals.

Special attention is paid to the security of the platform, so it’s no wonder that many traders highly praise its reliability. MTrading ensures the automatic trading of advisers. With the help of the MACI program, you can generate revenue by using auto-copying of successful traders’ deals. It’s also possible to open accounts to invest in the MAMI.

The site of the broker is highly informative. It provides enough materials about the terms of trade, terminals and affiliate programs. The company also offers expanded opportunities for training, proving that it’s truly interested in the growth of financially literate consumers. The website presents a lot of books, video lessons, seminars, webinars and actual analytics from professionals.

Replenishment and withdrawal of funds

MTrading offers different options for replenishment and withdrawal of funds. To start real trading and replenish your trading account, you need to register with the broker (registration is very fast) and deposit the required amount by choosing a convenient method of transferring funds (the minimum deposit is $10). To deposit funds, you can use an expanded list of modern payment options – from conventional credit cards to electronic payment systems:

  • Bank transfers
  • Plastic cards (Visa and mastercard)
  • Skrill
  • Webmoney
  • QIWI Wallet
  • Neteller, etc.

Funds are available for trading right after payment (if you work with electronic payment systems). The withdrawal of funds is possible only for authorized and verified traders, and withdrawal is carried out within 24 hours (electronic payment systems).

Complaints about MTrading

Despite the fact that the broker is very young, the Internet contains a lot of reviews about its work. Some traders note the positive aspects of cooperation with the company: the provision of professional analytics, profitable trading conditions, a wide selection of assets, and low spreads on the market. Besides this, customers also note a simple, quick verification procedure, an ability to copy transactions, and good performance of the MT4 terminal.

There are also negative reviews, which mostly relate to the following problems: issues with the terminal (lag, freezes), problems with the support service (long processing of applications, managers often don’t respond to requests), and problematic withdrawal of funds, including bonuses (long withdrawal, refusal of withdrawal without an explanation of the reasons). As for positive things, it should be noted that the company’s managers work with feedback, trying to reduce the negative aspects and resolving the users’ problems.

If we find complaints about MTrading, we will post it on social media. Follow us to be well informed:

Is MTrading a scam?

Regardless of the fact that MTrading is one of the youngest brokers in the Forex market (here you can learn the whole truth about Forex), the company has already demonstrated its good reputation. It has achieved great success, providing a wide range of financial services and some of the most favorable terms for trading and having a large base of traders around the world, which is constantly increasing.

The Internet already offers different reviews about the company, both positive and negative. The company’s managers keep track of the comments and sort out the claims, which shows that the issue of customer satisfaction is of great importance to the company. All of this suggests that MTrading isn’r a scam. It’s a serious organization that has come to the Forex market to take a strong position. One of the factors of the broker’s positive image is the provision of a reliable Metatrader terminal for trading.

As an advantage, we note the availability of bonuses, professional support and an extensive base of training materials – in many respects the company demonstrates a thoughtful policy of working with the users. The availability of the MTrading certification is also a significant step toward earning the trust of the clients. Should we consider MTrading to be a scam? At this stage of the company’s development, we think it’s too early to draw such conclusions, but you can protect yourself by working properly with your personal manager.

Regulation of the broker

The activity of this broker is regulated by the IFC International Financial Services Commission IFSC of Belize (No. IFSC/60/270/TS/14), which guarantees the security of trade. Please note that membership with the broker is suspended due to the prolongation of the contract; information on this issue can be monitored on the IFSC website.

Bonuses from the broker

Each trader of the company can count on a 50% bonus.

The bonus is valid for the first deposit. It allows you to receive additional funds for trading on the broker’s site. Detailed conditions for the bonus should be specified by the personal manager.

Conclusion

Forex Trading Broker MTrading is a young company that has already earned high ratings as one of the leaders of Forex trading. It provides high-quality services and profitable terms of trade. The broker has a large base of traders and different reviews. We can say that the company is actively developing. The company’s experts keep monitoring reviews on the Internet, which proves that the company is eager to learn the opinion of its users. We hope that discussions on the thematic forums will contribute to further improvements in the services provided.

We should also note that MTrading has not completely shown itself yet, so it’s too early to evaluate it as a reliable or fraudulent company. However, the responses of traders who are waiting for this article can not only change the broker’s rating on our web portal but also warn market players of possible problems.

Reviews

Ive had a bad trading experience with a slum broker a couple of months ago. Its was impossible to get a withdrawal after several attempts. I hired a recovery solution firm to get my money back.

MTrading is an average broker, but I personally give it a much higher rate. It’s very comfortable to trade with, there are approximately 100 different assets, and you can always use analytical materials that are presented in the most convenient way. Spreads are narrow floating and are from 0 for some assets. And even crypt spread starts from 2%. The broker provides a leverage of up to 1:1000 and 1:5 for crypt. I used to think that it’s pointless to use CFD for crypt, but recently MTrading canceled crypt expiration and you can keep orders open for a long time. This helps sometimes at least not to lose on the fall. Of course, it’s necessary to monitor the margin and control the stop loss. Crypt short positions swap is 10% and long positions swap is 30%. I trade with currency pairs, crypt and shares there. But I think this broker has not enough shares. There’s only about fifty. Everything has always been fine with funds withdrawal.
It was a surprise for me to see someone saying that MTrading doesn’t pay. My acquaintances and I have no problems with funds withdrawal on MTrading. I don’t know, maybe he hasn’t passed the verification or he is from India?

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