How to day trade forex successfully cloned
Is this something you should be worried about? They even use the license number of regulated brokers to fool traders into opening accounts with them! These firms made use of site domains based on variations of the names of the real firms whose identities they are copying. Although these firms are London-based, they appear to be targeting the Chinese market, as trading volumes continue to rise in Asia.
Prior to this, the FCA had already issued warnings on Singapore-based clone brokers pretending to be affiliated with U. As I always emphasize, constant vigilance is key in avoiding falling victim to these scams. Apparently, these firms also employ boiler room tactics by pressuring clients into opening accounts or depositing more funds.
If something sounds too good to be true, then it probably is! A recent development of this is the automated trading system which will trade automatically for an inexperienced trader. An example of this is Forex Pro Island, an automated trading system for forex which will trade automatically for a trader and claims on its website to be so profitable a user will be able to give up his job. Do these scams amount to fraud? Can the individuals recover the money?
There have been various smaller market crashes halting trading during the early stages of the coronavirus crisis in Flash crashes have also occurred occasionally, e. As these derivatives are not dealt on the market, they are not affected by the suspension of trading.
Nevertheless, a broker may decide to suspend trades. This may be unfair to, and could punish, traders with open trades at the time, thereby benefiting brokers as the counterparty. This raises the question of at what point and at what prices are the trades closed by the broker, if it has the power to do this, and whether it is unfairly and intentionally benefiting from the suspension?.
Whilst the margin provides the customer the scope for making large profits, it provides a threat if it is breached. This could easily be brought about by a few, or even a single disastrous trade. Bonuses have been an important device for some brokers to encourage customers to continue to trade.
The terms usually state that a bonus cannot be withdrawn until trading has exceeded typically twenty times the amount of the bonus. Further, the amount that may be withdrawn is not just limited to the bonus awarded but to that proportion of the total funds i.
All this adds to customer complaints that they are unable to withdraw funds and the refusal by brokers to refund balances is a common complaint by customers. Final remarks I have attempted to show how difficult it is for the customer to consistently make profits from forbin, if not impossible, without inside information [4]. All the broker needs to do is encourage customers to keep trading as they will eventually lose their money. Nevertheless, in some cases, brokers act unscrupulously, unethically and, in some cases, fraudulently, to hasten this.
It is not surprising that when they have lost, customers complain and blame the brokers and regulators. The problem for regulators and legal advisers is: are the complaints valid? It is outside this paper to list the instances when they have acted against individual firms but it is clear that regulators are so concerned about this that they have effectively banned binary options and are looking at CFDs and spread betting more carefully [5].
I have also shown that forbin is not an investment but effectively betting. Whilst it may be argued that financial instruments such as commodity futures and actual options contribute to market efficiency and perform a useful economic role by providing financial assistance to producers, forbin is outside the market and traders are just making wagers on price changes and, therefore, are contributing nothing to the economy.
These traders are, effectively, dealing on a casino and losing potential investment opportunities. Whilst hedging and speculation are acceptable and fulfil a useful economic role, day trading based on guesses does not, and customers should not expect anything other than to lose their money. There are, of course there are exceptions. I know of a trader who made a huge amount of money over a few trades over two days by depositing a few thousand pounds and making large wagers using the maximum permitted margin.
When he tried to withdraw his winnings, the broker informed her that his trading was in breach of the terms and conditions of the user agreement and would not pay his winnings. I have shown here that forbin has recently grown in popularity because of the turbulence in the asset markets. Clearly this is likely to continue as, at the time of writing January the economic effects of Brexit, the Trump presidency and the coronavirus are likely to continue.
Further, online gambling on the asset and financial markets is convenient for those isolating or furloughed, the winnings are potentially huge or at least are believed to be and the markets are largely unregulated can only encourage the attractions of forbin.
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