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Correct Information About Broker

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Pankaj D Costa
2738
Pankaj D Costa  

Dear All, In my practical experience, I saw in my country, some dishonest people doing business under scam broker and they hardly work for them to get big amount. Recently one broker has launched their business via country agent. Last year, I faced one scam broker and losses my amount. I saw, these scam broker also mentioning all the positive signs, which is really tough to understand for lot of traders. Example: ASIC regulated, Licence no, contact details etc etc. But all these informations are false. Even when we are going to check in the google search and scam list, we are not getting proper information. Because, when one broker done scam activities, after that some peoples posting negative post / scam listed etc.

What is the perfect way to check the valid licence / informations?  How can we check targeting broker house is really forex regulated or not? Need advice.

Thanks. 

Stuart Browne
6493
Stuart Browne  
nirob76:

Dear All, In my practical experience, I saw in my country, some dishonest people doing business under scam broker and they hardly work for them to get big amount. Recently one broker has launched their business via country agent. Last year, I faced one scam broker and losses my amount. I saw, these scam broker also mentioning all the positive signs, which is really tough to understand for lot of traders. Example: ASIC regulated, Licence no, contact details etc etc. But all these informations are false. Even when we are going to check in the google search and scam list, we are not getting proper information. Because, when one broker done scam activities, after that some peoples posting negative post / scam listed etc.

What is the perfect way to check the valid licence / informations?  How can we check targeting broker house is really forex regulated or not? Need advice.

Thanks. 

Yeah it can be tough to sift through the good from the bad/fake sometimes. As I'm in Australia and you mentioned ASIC, I'll concentrate just on that. You can search the ASIC database to see if a company is actually registered and get all of their details by going here: http://asic.gov.au/online-services/search-asics-registers/. You would need to do a similar search on the corporate watchdog's site in the country any broker is regulated in.

Searching for reviews on brokers can be hit and miss, as even the very large forex websites can be infested with fake glowing reviews. But I guess what I'd be looking for more than good reviews is the amount of bad ones! ;) 

Pankaj D Costa
2738
Pankaj D Costa  
Filter:

Yeah it can be tough to sift through the good from the bad/fake sometimes. As I'm in Australia and you mentioned ASIC, I'll concentrate just on that. You can search the ASIC database to see if a company is actually registered and get all of their details by going here: http://asic.gov.au/online-services/search-asics-registers/. You would need to do a similar search on the corporate watchdog's site in the country any broker is regulated in.

Searching for reviews on brokers can be hit and miss, as even the very large forex websites can be infested with fake glowing reviews. But I guess what I'd be looking for more than good reviews is the amount of bad ones! ;) 

Thanks. Its true, scam broker handling very smart marketing team, their main job is to post good and positive review to blog, forum, sites etc. So, its really tough to understand about reality and fake.

I have some idea about ASIC. Last year when I faced a big problem with one broker in my country, that time I had send several complain to ASIC, because scam broker mentioned ASIC regulated. But sorry to say that, I did not get good feed back from ASIC. They cooperated and collected all the documents from me and every 15 days they send update that, we are working. This way they passed 3 months and within said time, broker shut down their business and gone. Then I informed to ASIC, you took 3 months for query, but 3 months is enough for a scam broker. 

Suppose, one new broker launched and ASIC regulated and deposit 100 million (Example) to joint stock as a security money, then that broker start scam and earn 200 million from the market traders, as per complain ASIC start query and passing 1,2,3 months, what is the use for traders? Mean time broker gone. 

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