You open a newspaper and you read the news that Mr. XXX has been scammed by the forex broker and cant even get back the money or file a complaint against them? and then you get shocked as you are planning to open an account with forex broker to trade forex.
So how can you avoid being broke or scammed like Mr. XXX ?
Here is important guide to help you choose the forex broker that you can be comfortable with putting your money in.
Step 1 : Try choosing a regional broker who has an office nearby your place.
Step 2 : Check for the documents that show there registration and where they come under jurisdication.
Step 3 : Check them on NFA and CFTC websites as these are regulatory authorities in USA.
Step 4: Make sure they meet capital requirements as provided by regulatory authority.
Step 5 : Try to conact with the clients or customers who use there services and verify from them asking them the experience and advantages and disadvantages of the broker .Ask them about their withdrawal experience.
Step 6 : After you are convinced go through all the agrrement rules before you sign up with them.
Step 7 : Deposit only half of the capital you wanted to invest , then trade and try to withdraw . If everything goes smooth go with the full capital .
Step 8 : Frequently contact the customer care of the broker and make sure that they are prompt in helping out any of the problems you have.
Step 9: Create a forum for the users or if already is there then use it and keep checking it to learn for any problems other clients or users are facing. In case more number of complaints start to arise make sure to withdraw the capital to remain safe.
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