Scam Brokers – How to recognize them?


Scam brokers – the darkness in trading.

Scam brokers is what we want to protect our students from. They have been for many years around and they have scammed many people. Something we can not change, but what we can do is to protect the new traders avoid the scam brokers.

This article is part from one of our courses, and it helps the new students avoid the Scam Brokers. Hello dear traders, this is Petko Aleksandrov from EA Forex Academy and I start with our first lecture about the scam brokers.

Basically, I will just talk a little bit about the selection of the broker.

The first thing you need to do, guys, is to choose your broker and for the purpose of the Ethereum trading course + 99 algorithmic trading robots I have choose Pepperstone, this is very huge international broker. Just to make it clear, guys, here we are not connected to any broker and we don’t suggest you to use any brokers or don’t take it as a recommendation at all. Just for this purpose of this course I had to choose one broker.

Of course, I’m always choosing the legit brokers because there are so many scam brokers, I will talk a little bit about it. Basically this is the trading platform that we are using Meta Trader:

Scam brokers also use MT
Meta Trader platform

The first thing you need to do is to choose your broker which provides Meta Trader, because Meta Trader is the only trusted algorithmic trading platform and here you will be able to attach as many Expert Advisors as you wish that you will receive from the course.

Basically how it’s working?

The broker is providing us the Meta Trader for free, we don’t pay for the service of Meta Trader and by this platform we have access to the market through the broker with the Forex, with the stocks, indexes. Everything that the broker offers and here you can see we have as well the Bitcoin, the Ethereum, the Dash and the Litecoin.

What we are focusing in this course is:

  • How to select the broker and avoid the Scam brokers
  • the Ethereum as a trading asset;
  • I will show you how I’m creating the strategies;
  • how I’m creating Expert Advisors;
  • and I will provide you in the course with the 99 Expert Advisors that I will create.

At the end of the day you will be able to select only the best performers.

Simply one more time the broker is providing us the Meta Trader, we use this trading platform to place here the Expert Advisors and they will trade for us and we will only follow the statistics and I will show you every single step.

The first thing again I say is to choose the broker. First of all, I would like to share with you one article that we have in our websites. So, our website is eaforexacademy.com. We have plenty of information there, guys, if you want to read it. And as well, in the FORUM, recently this is very new forum for 2017 and we have more people coming in and there are some actually very experienced traders that you can learn from:

How to recognize topic
Find the topic in our forum

You’re very welcome to register in the forum, it’s absolutely free just share your experience there, share your thoughts, share your questions. Actually we will answer you as soon as possible a little bit even quicker than the dashboard. But no matter you are writing on the dashboard, you are dropping us an email on info@eaforexacademy.com or you write in the forum you will always receive the answer very quick by 24 hours. Don’t hesitate to drop any questions.

What I am focusing is on this article here “How to recognize the scam brokers” I have even some comments from two hours that I didn’t have the chance to read yet, but what we are talking about here is how to recognize the scam brokers it was written by one of my colleagues – Svet.

But basically he is explaining how you need to recognize the scam brokers, what you need to know in order to recognize the scam brokers. Just very quickly over here, so you can read it in details if you wish:

Detailed information
Go over the points carefully to make sure you will avoid the brokers.

But the thing is that if you register for a demo account or a live account with any of the scam brokers:

  1. you will receive a call immediately. Simply, after you leave your details there, they will call you immediately. The first call you will receive is from the so called Account Manager or Specialist. Automated Robot with success rate to 80-90%, they will promise you.They will promise you many things that the professional trader will do the education for you for free, for a very small commission.
  2. the minimum deposit they will ask you is $250 but because there is a huge competition even among these Scam brokers, guys, some of them will go down to $100 for a minimum of opening the account. They will ask you for your debit or credit card details over the phone. Make sure never give that over the phone. It’s totally illegal.

After they take your money you will receive a call from their Compliance Department to ask for the documents, after that it’s very hard to make a charge back. And after that you will receive a call from the professional trader or so called manager a Senior Account Manager and he will start talking about the markets, he will make some profits into your account but those are not realistic, guys.

These guys don’t have an idea what the market is and they’re just pure sales!

They will just sell you what you need to hear, what you want to hear. Don’t trust this, don’t trust anybody over the phone, but yourself trust a knowledge that you gain. Very quickly here about the scam brokers, if you wish to know more details just read this article. There are actually people writing under that suffered already from these scam brokers, unfortunately too many nowadays.

But of course there are legit brokers that you can use and as well if you have troubles finding the broker just drop us an email at info@eaforexacademy.com and we will send you some names.:

Here to assist you
Drop us mail to assist you.

But again don’t take it like a recommendation or any suggestions. We just really want to protect our students from the scam brokers. We have already thousands of students that we have protected from the scam brokers, this makes me very happy and I really wish to continue doing this, because the scam brokers are some disaster really recently they will just take your money without anything to be able to be done.

The first thing choose your broker very carefully, and ignore all the scam brokers.

Ff you have questions write us an email, we will send you some name. For the purpose of this course I have chosen Pepperstone, once again we are not connected to this broker, we do not suggest you or we do not recommend you using it. It’s your personal choice which one you want to use.

Here I have opened one demo account with $50,000 and I will just talk for the demo account in the one lecture of the course. One more time simply said the broker is the company that will provide you the Meta Trader, you will be able to deposit some money in there and you will be able to trade all of these assets and by using Meta Trader we have the possibility to trade algorithmically by trading Expert Advisors or trading robots, this is the slang word-robot, the normal word is Expert Advisor.

As you can see here I have couple of accounts with Pepperstone, so if I have here two demo accounts, one real account in the middle but I always suggest you, to start trading with the demo account. Take your time, don’t hurry to place real money because it’s your money that you can lose, take it easy, take your time and start practicing with a demo account. So you can see I have opened a demo account with $50,000, and I will show you in the next lecture actually how you can open one.

I hope this was useful to you to recognize and ignore the Scam brokers. It is very important to choose the good broker before starts trading.

Thank you for reading. If you are interested for more cryptocurrency trading courses you can find them here on our website: https://eaforexacademy.com/academy/tracks/cryptocurrency-trading/