Forex trading is always a risk. But if you decide to play in the foreign exchange market through a legal forex dealer, the probability of losing money will depend only on your skill and luck. And if a forex dealer works illegally, then the chances of losing all your investments grow to 100%. We will tell you how to distinguish unscrupulous intermediaries, what arguments they use and what will happen if you still believe them.
How to distinguish a legal Forex dealer from an illegal?
It's simple - you need to check if he has a license. This can be done on the Bank website (“List of Forex Dealers”). If there is no license, the forex dealer is working illegally.
What is the risk of trading through a foreign forex dealer without a license?
Foreign forex dealers (or those who pretend to be them) often refer to the fact that the currency market is international. And you can trade on it remotely from anywhere and through anyone. This is true, there are no technical limitations, but there is one "but".
If a foreign dealer violates your rights, for example, does not carry out your orders on time and correctly, you will have to defend your interests on your own. All disputes will be resolved in that country and according to the laws of the country where this company is registered. The regulator and court will not be able to help you.
That is why, according to the law, foreign companies are not allowed to operate in the financial market. So if you see an advertisement of a foreign forex dealer on the Russian Internet, then he is already breaking the law. It's up to you: is it worth working with a company that illegally attracts customers.
Often outright scammers call themselves “foreign forex dealers”. They take advantage of the fact that it is difficult for an ordinary person to check a foreign company. You are given access to the "trading terminal", you make "transactions", the amount of money in the account grows by leaps and bounds. In fact, you get access to a game that simulates trading. Its goal is to wake up your excitement and make you deposit as much money as possible into your account.
But as soon as you want to withdraw money from your account, insurmountable problems arise: program failure, technical delays, and so on.
At the same time, scammers not only do not return money, but also encourage customers to pay even more. They often require a commission for urgent withdrawal of money. Or they explain that you can only withdraw a round amount, for example, $ 10,000. And if you have $ 6700 on your account, then you need to deposit another $ 3300, $ and only then you will be returned everything. But then “new circumstances” appear, and this amount is also not paid.
I am offered to become not a client, but an employee of a foreign company - a forex dealer. Should I agree?
“Stable earnings in the foreign exchange market!” “Highly paid work in a large foreign company for everyone” - advertisements offer the position of a trader and attractive working conditions: telecommuting for only a couple of hours a day and high income.
You are offered to take courses on how to work in the Forex market. They promise to make you super pro in a short time. They ask for a moderate fee, they say, a million times less than your future earnings in Forex, or they are generally ready to teach you for free.
You can learn from anyone, but it's worth remembering: foreign companies have no right to attract clients in our financial market. That is, if your job responsibilities include attracting Russian clients, you will be breaking the law. However, it usually does not come to the conclusion of an employment contract.
In the best case, you just pay for training, but you will not get any stable high-paying job. At worst, you will be trained for very little money or even for free, but after that you will be lured to the website of an illegal dealer or a fraudulent resource where no real trading takes place. If you invest money in them, the chance to get them back will be zero.
This option is also dangerous because you are forced to invest more and more money, to spend more and more time on "pseudo-forex" - to the detriment of real work. As a result, there is a risk of losing not only money, but also the main source of income and, as a result, go into debt.
Forex dealer offers training. Is it worth it to agree or does it also carry some risks?
If training is offered by a legal forex dealer or educational organization with a good reputation, there is nothing to be afraid of. Licensed dealers often teach for free. They have a ready-made set of online courses, lessons or webinars.
You can go through training, practice on a demo account of a forex dealer with a license, and then start real trading through the same dealer, starting with small amounts.
If you are offered training by an unknown company, this could be a trap. All for the same reason: after training, you can be lured to the site of "virtual forex", where you will lose real money.
You should be careful: very often illegal immigrants choose a name for their company, similar to the name of a forex dealer with a license. Sometimes they even print the address of a legal dealer's website on business cards, but indicate their phone numbers. If for training you are offered to go to another site (and often it differs from the site of a legal dealer by just one symbol or another domain), they are trying to deceive you.
Where to complain if I was deceived?
If you believe that your rights were violated by a company with a license, file a complaint with the Bank. The regulator will check its actions. If it turns out that the organization violated the law, it will receive orders or even fines.
If the company that deceived you does not have a license, you need to write a statement to the police. Attach to it copies of all the documents that you have: contracts with a forex dealer or those who call themselves that, money transfer checks, all reporting documents, screenshots from the site. Do not delay handling. The sooner the scammers are exposed, the fewer people will be harmed.
How to distinguish a legal Forex dealer from an illegal?
It's simple - you need to check if he has a license. This can be done on the Bank website (“List of Forex Dealers”). If there is no license, the forex dealer is working illegally.
What is the risk of trading through a foreign forex dealer without a license?
Foreign forex dealers (or those who pretend to be them) often refer to the fact that the currency market is international. And you can trade on it remotely from anywhere and through anyone. This is true, there are no technical limitations, but there is one "but".
If a foreign dealer violates your rights, for example, does not carry out your orders on time and correctly, you will have to defend your interests on your own. All disputes will be resolved in that country and according to the laws of the country where this company is registered. The regulator and court will not be able to help you.
That is why, according to the law, foreign companies are not allowed to operate in the financial market. So if you see an advertisement of a foreign forex dealer on the Russian Internet, then he is already breaking the law. It's up to you: is it worth working with a company that illegally attracts customers.
Often outright scammers call themselves “foreign forex dealers”. They take advantage of the fact that it is difficult for an ordinary person to check a foreign company. You are given access to the "trading terminal", you make "transactions", the amount of money in the account grows by leaps and bounds. In fact, you get access to a game that simulates trading. Its goal is to wake up your excitement and make you deposit as much money as possible into your account.
But as soon as you want to withdraw money from your account, insurmountable problems arise: program failure, technical delays, and so on.
At the same time, scammers not only do not return money, but also encourage customers to pay even more. They often require a commission for urgent withdrawal of money. Or they explain that you can only withdraw a round amount, for example, $ 10,000. And if you have $ 6700 on your account, then you need to deposit another $ 3300, $ and only then you will be returned everything. But then “new circumstances” appear, and this amount is also not paid.
I am offered to become not a client, but an employee of a foreign company - a forex dealer. Should I agree?
“Stable earnings in the foreign exchange market!” “Highly paid work in a large foreign company for everyone” - advertisements offer the position of a trader and attractive working conditions: telecommuting for only a couple of hours a day and high income.
You are offered to take courses on how to work in the Forex market. They promise to make you super pro in a short time. They ask for a moderate fee, they say, a million times less than your future earnings in Forex, or they are generally ready to teach you for free.
You can learn from anyone, but it's worth remembering: foreign companies have no right to attract clients in our financial market. That is, if your job responsibilities include attracting Russian clients, you will be breaking the law. However, it usually does not come to the conclusion of an employment contract.
In the best case, you just pay for training, but you will not get any stable high-paying job. At worst, you will be trained for very little money or even for free, but after that you will be lured to the website of an illegal dealer or a fraudulent resource where no real trading takes place. If you invest money in them, the chance to get them back will be zero.
This option is also dangerous because you are forced to invest more and more money, to spend more and more time on "pseudo-forex" - to the detriment of real work. As a result, there is a risk of losing not only money, but also the main source of income and, as a result, go into debt.
Forex dealer offers training. Is it worth it to agree or does it also carry some risks?
If training is offered by a legal forex dealer or educational organization with a good reputation, there is nothing to be afraid of. Licensed dealers often teach for free. They have a ready-made set of online courses, lessons or webinars.
You can go through training, practice on a demo account of a forex dealer with a license, and then start real trading through the same dealer, starting with small amounts.
If you are offered training by an unknown company, this could be a trap. All for the same reason: after training, you can be lured to the site of "virtual forex", where you will lose real money.
You should be careful: very often illegal immigrants choose a name for their company, similar to the name of a forex dealer with a license. Sometimes they even print the address of a legal dealer's website on business cards, but indicate their phone numbers. If for training you are offered to go to another site (and often it differs from the site of a legal dealer by just one symbol or another domain), they are trying to deceive you.
Where to complain if I was deceived?
If you believe that your rights were violated by a company with a license, file a complaint with the Bank. The regulator will check its actions. If it turns out that the organization violated the law, it will receive orders or even fines.
If the company that deceived you does not have a license, you need to write a statement to the police. Attach to it copies of all the documents that you have: contracts with a forex dealer or those who call themselves that, money transfer checks, all reporting documents, screenshots from the site. Do not delay handling. The sooner the scammers are exposed, the fewer people will be harmed.
