Forex-Social-Trading.eu is dedicated to providing you with information on the best Forex, Social Trading and CFD trading sites. The recommended companies are all licensed and regulated by respected jurisdictions. Our team of professional traders have tested all of the recommended sites which all have great technologies for online and mobile Forex trading. If you feel that you know something about the movement of Forex and stock market prices or if you simply want to take advantage and trade the fluctuations in the global markets then we have the right advice and information to help get you started. Whilst online trading of Forex and stock markets has been around for some time now, it has never been more easy to get involved and trade the markets from home or on a mobile device. There are many great solutions and products that exist for online trading which are explained below and in more detail on our Forex Trading Products page
Social Trading is a new and very exciting way for people to follow and copy the trades and profits of already successful market traders. By seeing successful traders trading strategies and positions opened you can follow and automatically copy any positions that these traders make, and needless to say you can benefit financially from these copied trades. Read more about this topic on our Forex Trading Products page.
HOW TO AVOID FOREX SCAM
Nowadays there is a huge number of Forex brokers online, some of them more than unscrupulous. So how do we choose a reliable broker and avoid falling victim to a Forex scam?
Wikipedia describes a Forex scam as "any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market." In practice how can you distinguish a reliable Forex trader from a scam one?
1) If you meet promises of high profits, that's a pretty sure sign of a Forex scam. Serious and reputable traders always remind you of the risks involved in Forex trading.
2) Check out if and where the broker is regulated. Is he regulated in your region? If not, there is a good chance you as a trader are not safe to deal through them.
3) A serious broker will always provide you with a broad and elusive educational material. Video Library, charts and world-class news feeds such as Reuters should be available on their websites and platforms.
4) Are the fees clearly stated? Are the spreads for currency pairs fixed and disclosed? Brokers that offer low or no spread are likely to be Forex scams as their spreads may widen suddenly when the market becomes volatile. You must look for brokers who guarantee fixed spreads, no matter what is happening on the market.
5) A serious and reputable broker will always make sure that you get support by a personal account service manager when you make your first steps in Forex trading. Do not get involved with brokers who do not offer personal support.
6) Your online broker must provide well-known Internet and payment security systems for your deposited funds. Check if the website is secured by VeriSign or SSL (the two main encoding systems on the net) and check out how credit card clearing is handled.
7) Even if a broker is online, are there real people and offices to back up their online services? Can you contact your broker by phone/skype to get one-on-one service from a human being? Don't be shy to call them and ask them about their security and complaints services. Just the way they answer can tell the story.
8) Nowadays, with the rise of social media you should check out how active your broker is on the main social platforms. Every serious company will have a well-cared of Facebook, Twitter and LinkedIN page where they share day-by-day, or rather hour-by-hour market information.