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Why are strict brokers safer than those that are not?
Brokers that loosen their requirements are much more exposed to fraud than those that do not.
Many clients have been complaining about the long safety procedure and identity verification, which can take at least a few business days to complete.
If the company keeps requiring clients to double-check their login details, verifying their identities multiple times, and confirming their intentions, people can easily back away and this means lower revenue.
Most companies wouldn't take such a risk in this dire economic situation, as customers are their sole source of income.
In the cost of satisfying their customers, brokers must face the risk of fraud. By lowering their security measures, they are practically exposing their vulnerabilities to the public. And in reality, one fraudster can cause greater harm than 100 legitimate customers can cause good.
Continue Reading at Fraud Trends that Brokers Should Watch for in 2023
How can I protect myself to avoid getting scammed by brokers again?
- Try again. You've already had the experience now and can choose better.
- If necessary, check them out with your local financial authorities, and ask what they can do if you are scammed again.
- Manage your money better, don't put them all in one basket. In addition to that, there are several things you can do to protect yourself further.
- Take immediate steps to protect your financial accounts and personal information.
- Contact family, friends, or support groups to share your experience and seek emotional support.
- Learn from the scam experience by educating yourself about common fraud tactics, warning signs, and ways to protect yourself in the future.
- Use the experience as an opportunity for personal growth and learning.
- Recognize that scams can happen to anyone, and it does not reflect your intelligence or competence.
Continue Reading at How to Recover from Forex Broker Scams
What are the risk of scalping for brokers?
Several downsides of scalping make brokers forbid this practice, including the risk of overloading the servers. Aggressive scalpers can even open multiple positions within minutes. The broker's server can be overloaded if many scalpers perform that action several times daily.
Continue Reading at Why Do Brokers Restrict Scalping?
Why do brokers usually not attach bonus withdrawal requirements?
Brokers usually do not attach specific requirements for the withdrawal of bonus profits because they are purely derived from the trader's hard work.
So if you focus on withdrawing this bonus profit, you will benefit more because you can make a profit from the extra money and not be burdened by the obligation to trade some ridiculously huge lots.
Continue Reading at How to Avoid Bonus Withdrawal Problems