How to know your broker when investing First Time in Forex Trade?

First Time Investing 🎓
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1

As a beginner or First Time Investing in Forex Trade, how to identify my broker is genuine or not?

2

Hi there,

Thank you for your message. First of all, I would recommend checking the following article where we outline some basic warning signs that can help you spot possible scammers and keep your investments safe: https://brokerchooser.com/forex/regulation/scams.

To highlight a few:

  • Make sure the broker is regulated at least by one top-tier regulator, such as the UK’s Financial Conduct Authority (FCA) or the US Securities and Exchange Commission (SEC)
  • If a forex broker is very pushy (keeps calling, emailing, etc.) - that’s a red flag
  • Double check how you can withdraw your funds from the broker. Withdrawal restrictions or excessive extra costs are suspicious. Deposit and withdraw a small amount as a test
  • Cosmic high returns are never realistic

In addition, you can find reliable and regulated brokers here: https://brokerchooser.com/broker-reviews.

If you have any further questions, please let me know.

Best regards,
Andris

3

Hello Andris,
Thank you for your reply.

It will be very much helpful for me if you kindly suggest about the following broker :

BankeFeX : Scam or Legit ?

Website : https://bankefex.com/

Thanks & Regards,
Sudipta

4

Hey Sudipta,

Thank you for reaching out. I have conducted some research on BankeFeX and unfortunately it seems to be a scam. Please don’t send them any money.

The reason is that BankeFeX is not regulated by a top-tier regulator. Although their website mentions that they are regulated by the Mwali International Services Authority (MISA), but I checked their license number and unfortunately it’s fake as it belongs to another company.

Also, the design and structure of the website is similar to other fake brokers.

If you have any further questions, please let me know.

Kind regards,
Andris

1 Like
5

Hello Andris,
This is to inform you that I have already opened an account with BankeFeX and made initial deposit $119.74 (Rupees Ten Thousand in Indian Currency) and after 2 times trade, Balance in my trading account is $123.37

So, I want to know, is there any hope to receive $123.37 to my account by withdraw from my trading account through Bank Transfer?

Please let me know.

Thanks and Regards,
Sudipta