GCG Asia Forex Trading Shares Tips on How to Check if Your Forex Broker Genuine or A Scam

Welcome back to GCG Asia’s official website where when we’re not working on developing trading apps and scam detection software, we’re publishing content on our blog on all things finance, investing, forex trading, articles on how GCG Asia works, and more!

This time we’re tackling the issue of scam brokers and fraudulent trading platforms and how to spot them. In this article, our team of experts in GCG’s Malaysia office and in Singapore have put their heads together to come out with a few tips on how forex traders out there, especially newcomers, can do their due diligence to spot the difference between legit brokers and the not so legitimate brokers.

In every business, brokers, and customers establish a formal corporation to sustain their financial growth. However, based on the data researched by GCG Asia Forex Trading, most of the registered online brokers are mostly scams. Therefore, it is crucial to identify every broker you are working with to ensure their profile and background. As mentioned by GCG Asia Forex Trading, to solve the great brokers from the weak and the renowned ones of the deceptive ones, you should go through several procedures before we deposit many funds with a broker. This is also called a security procedure to ensure both parties are clear of any wrongdoings and fraud for future investment plans.

Nowadays, people will do everything to get money because of the economic downturn. Therefore, as stated by GCG Asia Forex Trading, it is best to check everything before starting your investment with any financial brokers out there.

Here are few tips from GCG Asia Forex Trading on how to check if your forex broker is genuine or a scam:

Check the website

As the first step by GCG Asia Forex Trading, be sure to look up and search for any forum posters or websites that promote a specific broker. This can be easily searched by using the search engine method for more precise results. However, it should be noted that the advertisement may be genuine, but if you go back and discover that just one broker is promoted, then you should most likely identify yourself with the broker. GCG Asia Forex Trading note that this is highly crucial. The websites should be the first thing that will lead you to the level of authenticity portrayed by the brokers. In general, as stated by GCG Asia Forex Trading, you cannot purposely insert false information on an official website because people can sue you for leading misinformation for the public. It should also be considered that you should be very particular with the negative reviews on the websites, if there are any. GCG Asia Forex Trading mentioned that people would not bring up anything wrong if you are doing okay.

Check all the data available on the company

In GCG Asia Forex Trading, it is advisable if you make sure that there are no complaints that money cannot be withdrawn or if there are any withdrawal problems. If possible, contact the broker and inquire about your experience from every specific detail. Apart from that, GCG Asia Forex Trading highlighted that you ought to read the contract of all papers when an account is created. Any statements made on any application will be recorded in the data, which will be difficult to trace if the brokers are using very secure technology to encrypt all personal information from other users. Incentives to establish an account may frequently be used to deposit funds against the dealer. For example, if a trader deposits $500 and receives a $150 bonus and subsequently goes bankrupt and tries to withdraw part of his surplus money, the broker may claim that the bonus money is not withdrawn. GCG Asia Forex Trading stated that the fine printing would assist in ensuring that you comprehend all eventualities in such cases.

Start a trial session with the broker.

GCG Asia Forex Trading highlighted that the platform may be tested with a bit of transaction with modest lot sizes and can be withdrawn. There is no practical incentive for a broker to retain your money. If any problems occur during the transaction process, be ready with the details you have collected to confront the broker. GCG Asia Forex Trading suggested that you record all the engagements made between both parties to ensure clear evidence in case of wrongdoings.