Glen Howell – CEO of Regenesis Markets comments on how people can get scammed by unregulated forex brokers and how they can avoid that from happening.
“It is very important to identify brokers that are reliable and transparent when you’re looking to trade forex. The forex market is the largest financial market, leaving opportunity for some scam artists who just want to steal money from people. The best way to ensure the safety of your investments is to trade over a secured platform which can only be provided by regulated brokers.
“In order to protect yourself from a forex scam, educate yourself on Forex trading, do thorough research on the broker you are wanting to partner with and know how to check a broker. Most forex scammers get clients with ‘attractive’ offers that come with quick profits and no financial risks.
“As a reputable, leading provider of Contracts for Difference (CFDs), Regenesis Markets prides itself in providing its clients with a hassle free, professional experience that is achieved through the company’s dedication to its core values of compliance, ethics, transparency. The company is regulated by the trading facilities on shares, forex, commodities, ETFs, options and indices using innovative trading technology.
“Experienced and educated traders are unlikely to fall under the trap of scammers. The best way to protect yourself from being scammed is to constantly educate yourself on forex. If you know and understand how profit is earned on forex, you are less likely to fall for scam that promises fast and huge profits.
“We are currently living in difficult times and if you are wanting to go into trading, it is important to make sure that your money is being handled by a reputable broker. Forex brokers that are regulated prioritise providing their customers with high quality customer service. A credible broker stays updated as the knowledge of current developments contributes to a good reputation and the provision of great service.
“To avoid falling victim to a forex scam, make sure that you always use a regulated that has favourable reviews and a good reputation and is also 100 % transparent. Below are some questions that you need to ask before dealing with a forex broker:
- Is it easy for you to contact the customer service?
- Has there been any legal action taken against the company?
- How quickly do they respond to your queries?
- Is there a physical address for the broker?
- Are there any complaints or bad reviews on the company?
- Is there a proper binding contract in place?
- Do the offerings seem too good to be true?
- Are there any good reviews/articles on the company?
“Dealing with a broker that is in compliance with the (FSCA) ensures that despite whatever may happen in the trading market, you maintain final control of your money”, concludes Howell.
An FSCA-regulated company, Regenesis Markets is a leading provider of Contracts for Difference (CFDs), delivering trading facilities on shares forex, commodities, EFTs, options and indices, using innovative trading technology. The company has offices in South Africa, Nigeria, Tanzania, Mauritius, Botswana, Zimbabwe
For more information on Regenesis Markets please visit their website on: https://www.regenesismarkets.com or contact them on +27 10 446 9958 or via email on: [email protected]. You can also follow them on Linkedin/Twitter @RegenesisMarket or on Facebook/Instagram/Youtube @RegenesisMarkets.