Forex trading is a type of investment that many people talk about. Lately, many people rely on trusted brokerage services like Pepperstone to make forex transactions. Therefore, there are so many Forex brokerage companies that have sprung up in various countries. However, you also have to be careful because sometimes some forex brokers scam their customers, unlike the trusted and regulated brokers like Pepperstone. You can check out if you want to know the minimum deposit in Pepperstone.

If you get trapped by fake forex broker, the funds you allocate may disappear. Therefore, understand the main characteristics of a forex broker who carries out a scam:

No Official License

An official forex broker, like Pepperstone, must have an official license registered with an official institution in the country. You can check in advance whether the broker has an official license or not. If the broker does not have an official license, you should immediately stay away because it is certain that the broker intends to deceive you. If you make transactions with a broker without an official license, you do not have insurance if anything happens to the funds you allocate.

Bonus Awarded Is Unclear

Another characteristic of a scam broker is that the bonuses offered are unclear or unreasonable. Many novice investors fall into the trap of a scam broker because of the large bonus offers. You have to be more careful when brokers give huge bonuses because usually, it is just baiting to attract young, innocent investors. It’s a good idea to try to discuss first with your colleagues or friends who are already in the world of forex trading. It’s no surprise if they recommend trusted brokers with clear bonuses like Pepperstone.

Bad Service

Usually, a scam broker will have bad customer service. It could be that they have very slow response times or don’t have a live chat feature on their website. If you feel uncomfortable with a forex brokerage service that doesn’t consider you a customer, it’s a good idea to immediately leave such a broker and switch to more reliable brokers like Pepperstone.

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