Forex Scam Review – How to Avoid a Forex Scam

One of the characteristics of a forex scam broker is that the company has only been in business for one year or less. This means that the company is not regulated and cannot guarantee the safety of your funds. Furthermore, the company's founders are often unknown, which makes it risky to invest in their business.

eXcentral scam

EXcentral INT was formed in the year 2019 in South Africa. Although it is a relatively new broker, it has quickly become one of the most popular names in the forex trading industry. It is licensed by the Financial Sector Conduct Authority (FSCA) and is trusted by traders from around the globe.

This broker has a number of advantages, including the fact that it is fully regulated by the CySEC, a tier-one regulatory body for online trading. The company operates from Cyprus and also has offices in South Africa and Switzerland. It offers competitive spreads and does not charge commissions on forex pairs. It also offers several popular trading platforms, including cTrader and MT4. It offers both desktop and web versions of its trading platforms.

However, it is worth noting that eXcentral requires its customers to complete a verification process before they can make withdrawals. This process entails the submission of a photo ID and other documents that verify their identity. This process is generally quick, taking no longer than 12 hours. It is possible to deposit money before verification, but if your identification is invalid or incomplete, you will be charged a penalty.

Portfolio manager scam

Before investing in a portfolio manager, you should do some research and compare their qualifications. Investment scams can include falsely representing qualifications or promising unrealistic returns. Another common scam involves "churning," in which an advisor makes numerous unnecessary trades, which costs customers money and generally leads to poor investment returns.


Pump and dump scams are popular trading techniques that profit traders by taking advantage of their unfounded fears. They often operate in thinly traded stocks and over-the-counter markets, and are characterized by the lack of transparency. Many of these schemes involve the creation of "empty shell" companies that do not report financial data to the SEC. Moreover, these companies typically trade a million dollars or more per day.

Pump-and-dump scams are based on the fact that stocks rise and fall. In order to drive the price up, scammers spread hype about their stocks. Once the stock price goes up, the scammers sell their stake to new buyers. In this way, the scammers own a large percentage of the stock's outstanding shares.

Pump-and-dump schemes also use the same messages on social media platforms. Generally, these posts are paid. They may appear on Discord groups or on pages dedicated to investment or crypto enthusiasts. Such messages will have the same tone and appearance. This is a sign of a large-scale effort to influence investors' behavior.

Trading bots

When it comes to trading robots, it's always a good idea to check a few things out first. Most trading robots are based on historical data and they assume the market will remain the same. This means that even if a trading bot does work, it will need adjustments to keep it on track. It could also stop working altogether.

Forex robot scams try to attract novices by promising them huge gains with little or no effort. These promises are often misleading or made up. Even though forex robots can be profitable, they are flawed, and should be avoided at all costs. Professionals use software to analyze past performance and identify trends. Make sure the software you're considering has been independently tested and reviewed. There are many places where you can find such reviews, and you can even pay to get one.

While forex robots are vastly more sophisticated than humans, they still make mistakes. While robots do a better job of monitoring the market than a human, they can't create their own trade strategies. As a result, forex robots can't be used as an alternative to personalized trading.

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