18:03 GMT+3 / 30.11.2023

How to choose a broker: read reviews, study the service

How do broker reviews help spot scammers?

The more popular online investing becomes, the more scammers appear in this industry. Their mission is quite clear: to find a gullible and inexperienced trader, extract money from him and hide. Cases like this happen every day. Therefore, before investing money somewhere, it is important not only to study the financial basics. The choice of a broker is no less important.

Signs of a fraudulent broker

Not all financial services companies in the market are cheating. Therefore, read objective reviews about brokers 2022 on TrustViper. The service carefully approaches moderation of responses and ratings. This will help minimize the risks. Your vigilance is also important. Please note the following before registering:

  • Aggressive cold calling advertising. Large companies usually do not use this method of promoting services. Moreover, they do not promise super profits over the phone.
  • Dubious sites. Any brokerage company should have its own web resource. If it is made "clumsily", stereotyped, then most likely you have a one-day company.
  • No secure connection. Pay attention to the address bar. The absence of a green padlock and the httpS protocol is already a reason to doubt the reliability of the company.
  • License check. The so-called international licenses of Cyprus, Gibraltar, Curacao are all "tinsel". The best guarantee is a Finnish license. the regulator of the country where you live.
  • Be sure to check the license number through the public registries of your fin. regulator (FMS, National Bank, etc.). Sometimes scammers post fake licenses on the site.

Also, the absence of contact information on the official website should lead to doubts. Many scammers do not publish anything other than an email address. Others give foreign phone numbers, which are unlikely to be called by an ordinary resident because of the high cost. The international broker has a representative office.

How to spot a review scammer?

Many review sites are often hyped and paid. But, having shown a little care, it is also not difficult to figure out such scammers. For example, when reading reviews about a particular company, you need to consider:

  • Similar messages praising the broker.
  • Too many reviews in just one time interval.
  • On the forums, messages are left by one-day accounts.
  • No replies to people's comments.

It is best to read broker reviews on trusted and trusted sites. For example, TrustViper has proven itself on the positive side. Its administrators carefully analyze reviews, do not allow spam and artificial cheating.

What won't a real broker do?

Absolutely, it won't put the client at risk. Therefore, it provides a trading platform, a personal account with a high level of protection, with SSL encryption. In addition, it uses only proven and well-known payment gateways. Also the broker will not:

  • Require a security deposit to withdraw early earned money. This is a trick of the scammers.
  • Will not delay the withdrawal of money, requiring new and new documents each time (it is enough to verify once).
  • Will not hide from the client, ignore his messages. As a rule, the support team responds within 24 hours.

There are ratings for reliable brokers. There are many companies among them that are ideal for beginners. Therefore, do not neglect such lists. TrustViper also presents a rating of brokers, about which reviews do not allow doubting their honesty.

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Trading in Financial Markets carries a high level of risk for investors. All materials are published for informational purposes only.