After tons of new scam Forex brokers are out in brokerage business the new retail traders should choose best brokers in order to avoid the trap made by them, Some of the check list you have to check before you deposit with new Forex broker.
Not all Forex traders are bad but some of them will never hesitate to cheat you, followings are some of the scams you need to check. All Forex brokers will usually provide you tons of deposit options, because that money is incoming. But you have to check the withdraw option which is main, Because not all Forex brokers provide same kind of deposit option while withdrawing the money, they actually limit the withdraw option or they just make many conditions on the withdraw.
They will usually provide the withdraw on some providers who actually gives low level interest on withdraw or no fee for that. Other kind is some brokers will give you many withdraw option but with limitation like if you paid through credit card you can withdraw through same card only. Others are you can deposit through your same bank account which is indicates your name, first and last name of your trading account should match your bank account or other withdraw third party account.
Another problem with those third party withdraw is they will usually set a great limit for withdraw to your bank, like your minimum withdraw amount is nearly 500$ and among them 3 % or more may be the fees, Even in hard trading this withdraw will give you double head ache. Other method in the broker scam is stop loss or take profit delay, even you think this is small but imagine the broker doing same with 1000 of their clients even one trade delay with those 1000 clients will give them 1000+$.
For example if you made a trade and a stop loss or take profit too, the trade will not close because it was set by some code to make a delay close. Additionally spread may increase too much in some random time, you may not notice that because you cannot able to watch the trading screen all the time, So rapid widening Forex spread set by brokers are also a scam. So consider them before you deposit your hard earned money to them.
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