CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.īetween 74-89% of retail investor accounts lose money when trading CFDs. These partnerships have proven to be great aids in the furthering communication between brokers and our visitors. All reviews remain unbiased and objective and immediate action will be taken against any broker which is found to be in breach of regulation. is an affiliate partner with various brokers and may be compensated for referred Traders. Past performance is no indication or guarantee of future performance. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Before deciding to invest in foreign exchange, or any kind of trading you should carefully consider your investment objectives, level of experience, and risk appetite. The high degree of leverage can work against you as well as for you. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. If you want to know more about this topic or have been scammed by a fraudulent broker, you can also contact us at If you get the basics right and choose a safe broker, you can then fine-tune your selection by trying out a free Demo account and by doing that, you can test the functionality of the site hands-on.Ĭrowdsourcing information about scam brokers can help others avoid falling into the traps set by disreputable brokers. Alternatively, the Broker Review section of our site gives a breakdown of the pros and cons of different brokers – but we only carry out reviews on brokers we rate ‘legit’. If you are looking to trade with a reputable broker, please visit the Forex Fraud short-list of trusted brokers. Cyprus Securities and Exchange Commission ( CySEC).Securities and Exchange Commission ( SEC) The Australian Securities and Investments Commission ( ASIC).This is a good time to remember that setting up with a regulated broker, ideally licensed by a tier-1 regulator such as those in the list below, is essential. If something looks too good to be true, then, unfortunately, it usually is. Making money from trading is hard enough without giving it away to a scam broker. Forex Fraud analysts can’t recall any instances of this scenario ending well. There are also reports of the “double-dip” where the platform’s support team advise that account holders are required to send more funds to their account to have their initial outlay returned that is a well-known red flag. While the Forex Fraud team are working with those contacting the site to gain more colour on the situation, it would seem that 500investments don’t pass the “sniff test”. This normally happens as soon as the clients ask for a Withdrawal.” They make unauthorised trades on behalf of their clients, then manipulate the trading rates. Their website looks professional, but they scam their clients for their money. To add to the misery of anyone with money at stake, the FCA ( Financial Conduct Authority) has released a cautionary note that “500 Investments/ Cabsy Holdings Ltd … may be providing financial services or products in the UK without our authorisation.”ĭirect feedback from members of the trading communities includes this update from a US-based trader who contacted us to say: Another signpost is the opinions of regulators. There are many tell-tale signs that a broker might not be legit, and one is that the site is down. One of the most worrying signs for anyone who has money placed with or is that the site is currently not contactable. The Forex Fraud team are constantly reacting to feedback from members of the trading community and need to share that we have recently seen an uptick in the number of adverse reports relating to 500investments.
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