All Forex traders know that the market is the biggest financial market in the world. There are many who know what they are doing and who are in a position to pick the most reputable forex brokers. However, there are many more forex traders who are new to the market and inexperienced at knowing what to look out for to avoid being burnt by the many forex scams and unscrupulous brokers out there.
The large banks and institutions are not altogether innocent either and their terms and conditions are not normally checked by traders before signing. They assume that they are reputable and therefore fair. More often than not these terms and conditions are entirely weighted in favour of the banks.
The best way to avoid problems with your forex brokers is to know what to look out for before signing up and parting with your hard earned money. Like any legal relationship, carrying out the correct due diligence beforehand is key to avoiding problems further down the line. Problems such as difficulty in making withdrawals, strange foreign jurisdictions, sending money to foreign jurisdictions, ignored phone calls, difficulty in making contact with your broker: these are all problems frequently encountered by many forex traders.
Most forex brokers guilty of these activities are more often than not scams. However, the larger more reputable institutions, while not carrying out scams have their own methods of covering themselves in the event that markets turn on them.
What does a savvy forex trader do when he has agreed a stop-loss execution only to find out that because of market volatility his stop loss is not executed and the slippage he experiences is many more times wider than what he thought was ever possible?
Forex’s lawyers have vast experience of advising clients on matters relating to the Forex markets. They can advise on what to look out for before problems arise and if it’s too late they can assist you in recovering your funds. They have worked successfully and recovered thousands in investments made by forex and binary options traders who never thought they would recover their hard earned investments.