How to choose a forex broker or crypto exchange using information on the Internet

If you are a novice trader or just want to try yourself in cryptocurrency, binary options or forex trading, the first thing to do is to choose a reliable service provider.

June 9, 2020

If you are a novice trader or just want to try yourself in cryptocurrency, binary options or forex trading, the first thing to do is to choose a reliable service provider. An inexperienced person can easily fall for the advertisement of a fraudulent company that imitates the activities of the exchange and simply steals user deposits. These can be fly-by-night companies that promise big profits, but then run away with client funds, or dishonest brokers who falsify data for years, as a result of which users lose money, confident that the deposit is drained due to their little experience and inability to trade. In some companies, the trader’s problems begin when trying to withdraw earned money, since almost everywhere, replenishment of the balance is possible without verification, but when withdrawing, it turns out that verification is difficult even with all the necessary documents in hand. So how can you avoid falling into the hands of scammers when choosing a broker? The article is intended to answer this question.

How you can’t choose a broker

  • Firstly, do not get fooled by bright advertising and even by the “advice” of bloggers and world stars. Basically, they don’t trade, they just get a fee for filming a video. Even if you are interested in such advertising, be sure to check the organization on third-party sources (the next section will be devoted to this).
  • Secondly, videos of “professional traders” on YouTube like “How I invested a thousand rubles in MMM trading, earned a million and left to live in Malta” are fakes. Often, either the poor are filmed in them for several hundred rubles, or this is a referral who has not invested a penny of real money in this scam, is looking for an army of victims, from which he will receive his 5 or 10% if he has time.
  • Thirdly, you don’t even need to look at the reviews section on the exchange sites themselves. At best, during moderation, all bad reviews were removed, but most likely these reviews were written by the exchange employees.
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So how do you know where the real exchange is, and not the scam?

Choosing a broker or stock exchange wisely

Where can I find real reviews from crypto exchange users to read what people are complaining about? Better yet, there should be ratings of brokers based on independent evaluations of traders, and with information about whether the company pays. There are such specialized sites, for example, which have this and many other information useful for choosing a reliable broker. What can be useful for us, for example, the specified site:

  • a large amount of useful information about brokers and exchanges has been collected (trading conditions, company history, legal information);
  • there is information about whether the company pays or nodded;
  • many ratings that greatly simplify the choice for a trader;
  • testimonials from real users, listing all the problems that may be encountered when working with an organization;
  • blacklists of non-payers;
  • publications about all types of deception that a novice trader may encounter;
  • and most importantly, when registering using the links from the portal, you receive a rebate – that is, a part of the referrer’s referral reward.

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