If you are looking for a way to make money online without much effort, then forex is the best option. You just need some funds and knowledge about forex. However, many people lose money and blame forex trading.
People lose money because of various reasons. The failure to identify a fake broker from a good one is by far the most common reason as to why many people lose money. So, in order to become a good forex trader, it is important that you know how to identify a fake online broker.
#1: Broker’s Official Website
To identify a fake broker, the first and foremost thing you have to do is check the broker’s official website. Some of the things that you see there will help you decide whether the broker is fake or genuine. You may find some standard options, but you should try to find out what is different. For example, if you observe that the forex broker has added a number of reviews to the site and that all of them appear to be common, then it is quite possible that it is a new broker who is trying to earn money quickly through an affiliate.
#2: Location of Comments on the Site
Most businesses provide a comments section on their websites. It enables users to write as to what they think about the company and what their experience has been. If the broker you have chosen is providing a comments section, it is good. However, if the comments section is missing, then it might be a fake website. Typically, the comments section is provided at the bottom part of the web page.
#3: Check the Affiliate Link
It is not bad if an affiliate link is provided. Only thing is that it should not be for cheating users. In some of the reviews of various brokers, you might find ‘landingID=3’ or ‘affiliate=fxsite’ as link extensions. The site owner must clarify this on the website. If not, then you must exercise extreme caution when choosing to work with the broker.
#4: Forum Members
All broker sites provide a separate forum section to help users share their problems and get solutions from other users. Before choosing a broker, you must take a look at the number of members available in the forum. Forum section of popular broker sites will have many members and varied threads. If the information available in the forum section of a broker’s website is limited, then it could be a fake forex site.
#5: Internet Research
After identifying a broker, search for reviews on the broker’s online platform at some of the trusted review sites. Read and understand what others are saying about the broker. However, you must sure that it is an honest review. Otherwise, you may have problems with the broker.
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#6: Customer Service
Check the quality of the customer service that a broker provides. See how quickly the broker responds to your calls and resolve problems. If the broker’s response is not up to your expectations, then the broker might either be a new or fake.