Signs that Your Forex Broker is Not Genuine

A forex broker is an essential professional in the forex trading business. The role of a forex broker is to help you with making the right investment decision. Using a good forex broker is the best way to succeed in trading.

A good broker should trade on your behalf and help you with making the right investment decisions. There are rogue brokers, and it might be difficult to choose among the many brokers available.

Not Concerned about your Privacy

A good forex broker should be concerned about your privacy. When you decide to use a forex broker, you will give them all your personal information including phone numbers and even your address. The broker should protect your information by not exposing it to a third party.

If you start receiving calls or e-mails from other brokers, there are chances that your broker might have exposed your personal information. The broker that you hire should be able to protect your personal information for security purposes.

No Communication

A broker should be someone who helps you with trading and even trading on your behalf. You should be in constant communication with your broker at all times. If the broker has a habit of not communicating when you need them, then this is not a good sign.

The broker should answer phone calls, e-mails or even get back to you whenever you need to talk. Poor communication is never a good sign when dealing with a forex broker.

Unrealistic Promises

Forex trading is just like any other business. You might make big profits, but you might also make significant losses. No one should lie to you that you will become rich overnight. Sometimes it takes months before you start making anything tangible.

A good broker should be open-minded and flexible. If a forex broker starts promising you huge profits, then there are chances that they are up to something. Forex trading is a business, and the future is always unpredictable.

Unauthorized Trading

A forex broker is supposed to trade on your behalf, but they should not make unauthorized payments or withdrawals. The broker should only make a decision when you contact them and give instruction.

If you notice that your broker is making an unauthorized transaction without informing you, then it is time to ditch them. Unauthorized trading is always a sign of fraud.…