The list of questions you can ask a forex trading platform to know that it’s legit and not a scam is endless. The questions can keep going on and on. So, that’s why it’s quite important to figure out the main types of questions and help you learn them. By learning the main questions that you should ask, you can make sure that you’re signing up with the right type of online cryptocurrency and forex trading broker. The questions are even more important if you’re new to online forex trading because a lot of such people don’t have any idea about what they’re dealing with.
Even if you’re an experienced online trader or Forex expert, below are some of the questions you’re bound to ask your chosen Forex broker platform. You should only sign up with your chosen brokerage firm if it satisfies all the below-mentioned questions with the right answers. So, let’s dive into those questions because the faster you choose a trading company, the quicker you can earn profits.
Are You Regulated as a Broker?
Firstly, you can always go through the forex broker blacklist to check whether your chosen forex trading platform is blacklisted or not. Secondly, asking this question is extremely important because if you end up with an unlicensed or unregistered online forex trading company, you can easily lose all your funds. That’s because in the online financial services providing industry, no firm is allowed to operate without a legal license and regulation. If a firm is doing so, then it’s most definitely doing so illegally and is probably offering illicit online trading services to traders.
You can always check for regulation, registration, and licensing at the bottom page of the official website of the forex broker that you have chosen after researching on the internet. If there is no mention of any regulation or licensing, it’s a great red flag that you should take note of. On the other hand, if the forex broker shows regulation without any delays, then you can proceed to some other questions.
Are You Offering Any Welcome Or Signup Bonuses?
It’s an important question because a lot of online trading companies on the internet offer bonuses and rewards to new customers. However, you must be aware that promotional offers that appear too good to be true or extremely difficult to get are red flags as well. It’s important to ask this question because learning the type of bonuses and rewards your chosen broker offers is also very important. If it turns out that the company is offering unrealistic bonuses and rewards, then you can stay away from it because it’s likely a trading scam.
Are You Providing Real Or Fake Trading Tools?
Most of the time, scam websites will come up with advertising slogans like automatic trading robots, high signup bonuses, and cash-back rewards that are too unrealistic. Make sure you assess your chosen online forex trading website for trading tools and features because an enormous amount of online traders have lost fortunes to Bitcoin trading robot scams.
Apart from regulation, you must make sure that the trading platform isn’t offering unrealistic trading tools and features like secret market insights that the company claims only it has. Furthermore, you have to assess whether the trading platform offers a demo account so you can check out the trading tools and features the company actually highlights in its advertisements.
If the company keeps encouraging you to sign up and invest high amounts of cash for huge rewards, consider creating some of your own questions and asking them to make sure you’re safe from scams.
You can only be too careful with your online trading ventures because scams and frauds are everywhere on the internet. If you want to start your forex trading journey in the right direction with the right platform, ask the abovementioned questions and make the necessary considerations before signing up.