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Author Topic: List of brokers to avoid as a newbie;  (Read 4003 times)

Offline Eliza Abrams

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Re: List of brokers to avoid as a newbie;
« Reply #15 on: March 19, 2017, 12:26:47 PM »
The UK Financial Conduct Authority (FCA) alerted forex brokerage FX Jupiter  is a clone firm of an entity authorized by the watchdog.
 The entity pretends to be associated with authorized companies Jupiter Asset Management Ltd., Jupiter Unit Trust Managers Ltd., Jupiter Fund Management plc and Jupiter Investment Management Group Ltd., which are registered in England and Wales. However, the clone is not related to any of the genuine entities.

Offline Anton Devcich

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Re: List of brokers to avoid as a newbie;
« Reply #16 on: March 19, 2017, 04:06:05 PM »
For the traders who are particularly newcomers choosing a right broker is more difficult task, because lots of trading brokers in retail market place and most of them are found to be scams.  We have to avoid the broker which is not regulated and restrict any kinds of trading techniques with scalping and hedging.

Offline Paul.Trafford

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Re: List of brokers to avoid as a newbie;
« Reply #17 on: March 20, 2017, 10:40:27 AM »
The UK Financial Conduct Authority (FCA) alerted forex brokerage FX Jupiter  is a clone firm of an entity authorized by the watchdog.
 The entity pretends to be associated with authorized companies Jupiter Asset Management Ltd., Jupiter Unit Trust Managers Ltd., Jupiter Fund Management plc and Jupiter Investment Management Group Ltd., which are registered in England and Wales. However, the clone is not related to any of the genuine entities.

Thank you for sharing this Eliza ! Here is the office news from FCA themselves - https://www.fca.org.uk/news/warnings/fx-jupiter-clone-firm . I also manage to catch the news on leaprate - http://www.leaprate.com/financial-services/rules-and-regulation/fca-warns-against-chinese-forex-clone-scam-website-fx-jupiter/ . It is good to update each other, regarding scam brokers (proven of course). Maybe have a special topic, regarding scam brokers, I dont know just thinking out loud here. What do you think Donna ? ( Or maybe there is such topic, that I have missed ? )

Offline drunkfx

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Re: List of brokers to avoid as a newbie;
« Reply #18 on: March 20, 2017, 05:56:16 PM »
I wonder Is it possible to arrange legal pursuit against them? Or they can operate freely without fear a punishment can reach them once?

Offline Paul.Trafford

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Re: List of brokers to avoid as a newbie;
« Reply #19 on: March 21, 2017, 09:38:13 AM »
I wonder Is it possible to arrange legal pursuit against them? Or they can operate freely without fear a punishment can reach them once?

It depends if they can reach them, what this means is , if legal authorities can find them it is quite possible to prosecute them. But the main problem with fake brokers and companies is that, they have fake addresses fake faces, so it is very hard to get to them.

Offline Peter Nevill

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Re: List of brokers to avoid as a newbie;
« Reply #20 on: March 27, 2017, 12:23:26 AM »
For leading a secure and comfortable trading life with certainly we the traders have to choose the right broker. Otherwise it is not possible at all to lead a comfortable trading life at all despite of good trading knowledge. we can avoid the brokerage which does not regulated by the high authorize in this market place.

Offline Eliza Abrams

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Re: List of brokers to avoid as a newbie;
« Reply #21 on: April 28, 2017, 11:40:57 AM »
The FCA issued another warning about a clone of a legitimate company. The regulator has warned that the company Global Marketing Online Limited / ADS Securit(i)es is a clone of the properly regulated forex brokerage ADS Securities London Limited.
Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm, FCA said in its notice.

Offline Corey Anderson

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Re: List of brokers to avoid as a newbie;
« Reply #22 on: April 28, 2017, 05:36:50 PM »
May I know the reason of your list? Whatever, traders need to avoid all of non-regulated Forex brokers! In addition I seem, novice traders may use education friendly trading platform, which brokers provide daily market analysis! But again, regulation is the key point here! By the way, please add more info about your list!

Offline Eliza Abrams

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Re: List of brokers to avoid as a newbie;
« Reply #23 on: April 29, 2017, 11:43:09 AM »
I believe the reason for the list is to warn newbies of potential frauds they could encounter.
When I was a newbie, I was very naive and trusting, to be honest. Too naive and trusting for my own good, and I also didn't know how to search for information about the broker I was about to work with. I got scammed a few times, once it was particularly painful.

Offline Eliza Abrams

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Re: List of brokers to avoid as a newbie;
« Reply #24 on: May 10, 2017, 11:50:29 AM »
The FCA issued a new warning about yet another clone scammer - the forex broker Stratton FX is a clone of the fund management and advisory company Stratton Street. 
According to the watchdog, Stratton FX is not regulated and provides a non-existent street address in London as its headquarters, while claiming it is licensed by the global financial oversight bodies in the UK. Since the FCA is the only organization overseeing the activities of forex brokers and they havent licensed this company Stratton FX is straight up lying about it and pretending to be the actually licensed company Stratton Street.

Offline Eliza Abrams

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Re: List of brokers to avoid as a newbie;
« Reply #25 on: December 02, 2017, 02:22:38 PM »
Another warning about a clone company from the FCA  - the forex broker NBLFX and more precisely its owner Niru Bala/Numex Foreign Exchange Corporation (UK) Ltd is a clone of an FCA-regulated company. The company in question is Numex FX and it is non-operational, but its license exists and the clone company is claiming it is theirs, together with the address, phone number and name of the regulated company. 
Always research the company you want to work with and don't trust blindly the information they give you.


Offline indicator

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Re: List of brokers to avoid as a newbie;
« Reply #26 on: December 03, 2017, 01:07:45 PM »
I want to know about XM broker. Is it good for newbies ? I mean if I want to trade with $1000 , is it safe to put this money in XM?

Offline Eliza Abrams

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Re: List of brokers to avoid as a newbie;
« Reply #27 on: December 14, 2017, 03:14:28 PM »
The Belgian regulator FSMA has issued a warning about ten Forex brokers operating in the country without a license.  Among them is the Trade24 broker, which has multiple warnings written against it by various regulators all over the world - he Ontario Securities Commission (OSC), New Zealands FMA and Belizes IFSC, which warned that Trade24 is displaying a fake license. Clients are complaining they cannot withdraw their money.

Two other brokers also draw the attention - CMS Trader and Markets broker.

The former has warnings from UKs FCA and the OSC and clients have complained about scams.

The latter has been described by clients as a scam, fraud and gangsters who stealing money from said clients.



Offline resistance

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Re: List of brokers to avoid as a newbie;
« Reply #28 on: Yesterday at 01:46:45 PM »
I want to know about XM broker. Is it good for newbies ? I mean if I want to trade with $1000 , is it safe to put this money in XM?
I think you need seeking more information regarding with these broker, because start with 1000$ included big amount capital, indeed I am never trade on these broker so still no experience about quality broker xm, or if want to test broker hence may start with smallest money

 

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