Apiary Fund Blog

Spotting a Forex Scam

[fa icon="calendar"] Jul 16, 2019 6:02:00 AM / by Lukas MacMacKen

One thing that is rampant these days is scams. Whether it be an email promising you riches for helping royalty or someone promising to double money you wire them, they are all over. In the trading world, there isn’t an exception. This is especially the case with FOREX since it is not a centralized market such as the stock market. But there are a few things you can look out for when you're getting started to make sure you don’t get roped into a false trading company.

One thing that should be most concerning is a company that isn’t registered with any of the FOREX regulatory entities. For FOREX, brokers should be registered with the CFTC and the NFA. Companies and brokers registered with these bodies will show up with a search on their databases. You can see Apiary Fund reviews by looking up NFA ID: 0431891 or by going here:

https://www.nfa.futures.org/BasicNet/Details.aspx?entityid=w%2bBZQzbVSB0%3d&rn=Y.

Any complaints against the company can be found there and what the regulatory bodies have done or will do about it as well.

Another great source of reviews to check is the Better Business Bureau. They're a central hub for customer complaints and rank companies on a A+ to F scale depending on how the company operates and actions it takes to be a safe choice for consumers. If you look for Apiary Fund reviews on the BBB site, you will see an A+ rating there. Other things you can find on the BBB page for your broker is customer reviews and complaints that may have been filed and what was done to correct them for the customer.

Other things to avoid with FOREX companies is the promise to make money because of no loss strategy or an all knowing auto-trader. FOREX is a volatile market that can change direction at any time. Any system, no matter how great the person who made it has losses. Anyone saying they will teach you the strategy that will not lose you a trade in your life, you just have to pay an outright fee is lying. Some strategies may have minimal losses or losses that are offset by the wins, but no strategy is only winners. And the all knowing auto-traders, they are just entries and exits that are based on specific signals in the market. They are just as fallible as any human trader, if not more due to lack of foresight in certain instances.

You may also want to avoid “one strategy only” schools. One strategy is great if it works for you. Some FOREX scam companies will give you the one strategy you’ll ever need and that’s it. If that strategy doesn’t work for you, you’re out of luck. Apiary Fund reviews strategies for all time frames and types of traders to make sure you find what fits with your schedule and trading capabilities. Not everyone can do scalping and not everyone can do long-term. A good company should have a range so you can find what will work best for you.

With FOREX not being a centralized market, it can be easy for scams to arise. This is one of the reasons FOREX has a bad rap compared to other trading. As long as you work with a reputable company and know what to look for, FOREX can be great. Know what you're looking for and don’t be afraid to call the company and ask questions. Make sure you are comfortable with who you are dealing with and you should have the results you deserve.

Topics: Broker, apiary fund review, reviews, rules, scams

Lukas MacMacKen

Written by Lukas MacMacKen

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