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Let me tell you why. They design a full-fledged trading platform that meets the features offered by legitimate forex brokers. But the only difference is that these are not working in the forex market; instead, they are just stealing money from you, and you think you are losing your money in the market.

Therefore, such brokers should be avoided because they have caused many traders to lose their money. Pyramid Schemes These types of scammers are really smart in what they are doing. You will be amazed at how clever they are, but their motives are not good at all. They will make a platform that will be the same as a normal broker.

They will take money from you, and you will think that you are investing your money in the market, but all of your money will be going into the pockets of scammers, which will never be returned easily. Such scammers are not only a part of the forex trading market but other markets as well. So traders from every market should be cautious about them.

Conclusion As you have gone through some of the brokers, which are usually scams, I hope to help you distinguish between a legitimate broker and a scammer. If you want to be safe and secure from these scammers, you can take help from Claim-Justice because it offers its services to inexperienced traders who are facing any scam or losing their money in one. Take action and contact Claim Justice for scam help.

All global traders and investors are warned by several listings to avoid using this broker. There is a UK-based telephone number offered but the broker cannot be reached on this. Owned by LOK Marketing Limited, it is an offshore broker that is registered in Vanuatu through the Vanuatu Financial Commission, which is not a trusted or strict market regulator because of the low requirements to obtain a license. The broker lists telephone numbers in Britain, Germany, and Bulgaria which is extremely suspicious seeing that the broker is not licensed in Europe.

Nigerian traders are warned not to deal with this broker and to report any unsolicited contact. However, because many scam brokers originate from this jurisdiction, Nigerian traders are urged to ensure that they research the broker and confirm that it is legitimate before making deposits.

There is no record of regulation or license number, with the regulatory status of the broker not indicated on the website. There are several red flags to identify scam brokers such as continuous unwanted marketing, the guarantee of profits, struggling with withdrawals, no company history or regulation, and so on.

How can Nigerian Traders avoid forex scams? How can Nigerian Traders check the regulation of brokers? Nigerian traders can verify the regulation of a broker by consulting the market regulator of the region in which the broker is based.