Recognizing a scam broker before it’s too late is difficult, even for experienced traders. There are a few key signs that can help you identify scammers. It’s always best to verify a broker before investing, but traders should watch for symptoms after they’ve invested as well.
Is the broker registered with a reputable financial regulator? Unregulated brokers have nobody monitoring them and enforcing standards, just how scammers like it. Does the broker’s listed address exist? In many cases, scammers use entirely made-up addresses. If a search for that address doesn’t show anything, or if it doesn’t show a commercial property, the broker is likely using a false address. Try calling their phone number before investing, see if somebody answers. If not, it’s probably a fake phone number.
If you’ve already invested and aren’t sure you’re the victim of a scam, watch for these signs. Are you having trouble making a withdrawal due to supposed technical issues or excessive verification requirements? Scammers often use these methods to hold onto your money. Are you unable to contact the broker by phone or email to resolve these issues? The broker likely doesn’t want you to contact them. Has the broker disappeared without a trace? At this point, you can be sure they are a scam broker.
What to Do?
Now that you know you’re dealing with scammers, you should put your trust in our professional team. We have the experience and tools necessary to retrieve your funds in the least amount of time. Call today for your free consultation.