It's no longer a secret that there are always common
forex broker cheats. This made us realize that you need a way to eliminate it. This makes the trading environment more satisfying, and all your trading efforts won't be wasted.
You generally already know that trading with a good broker is one way to ensure your success in trading. However, try to make sure first whether your broker is honest or not. This is one of the preventive steps to save your trading career.
In this regard, we also consider identifying your broker status as the right step. Because imagine if you already have a trading strategy that is well planned and controlled psychology, but the best forex broker that you choose cheated you in the back.
All the effort you spend will be in vain. So you need to consider all platforms, price quotes, and also order execution tools provided by the broker. Always ensure that your broker has no intention of manipulating their clients' trades.
Common Forex Broker Cheats You Need to be Aware of
In general, the risk of loss is not only caused by how you execute the trade. But this also has to do with how the broker plays its part in your trading career. Brokers might have a role in stealing your money discreetly, which is cheating.
Usually, brokers profit from commission frees or spreads from client transactions. However, the broker thinks it still needs to be improved. So that some brokers use these familiar forex broker cheats that harm clients, such as:
1. Stop Loss Hunting
They use the stop-loss hunter's strategy, which uses particular software to monitor client activity. They then manipulate the spreads. Brokers also employ particular experts to use this trick so that you can get more profit.
2. Mark Up Spreads
Some use mark-up spreads, which increase the pips space of the client. So this covers its spread markup by directly comparing the broker's feed. And this makes the broker profit from clients with extra pips to the spread.
3. Slippages
It would be best if you also were careful with slippage. This is one of the most popular forex broker cheats lately. Slippage itself is the execution of an order at the price which is not ordered but is at the liquidity providers.
4. Requotes
The explanation of the requote can be understood by the action where it is in trade execution, and the broker offers you a new and less profitable quote. So that you continue the entry.
5. Swap Manipulation
Swap Manipulation is a commission you must pay when you are in an overnight position. The fee is calculated from the difference in the interest rates of the currency pair. However, these are forex broker cheats which are moderate and can be overcome by leaving the market.
How Can You Anticipate Those Cheats?
And you have heard what cheats are generally carried out by
forex brokers. But we are not going to leave this problem alone. We will still help you with a few tricks that will help you free form forex broker cheats:
1. Requote is the Deal Breaker
2. Stop Loss Hunting
3. Know About the Broker's License
4. See the Testimonials and Reviews
5. Recognize the Difference Between Market Makers and Brokers
6. See and Read the Terms and Conditions Thoroughly
7. Careful
If you want the safest way, then choose a broker that is guaranteed to be safe. If we could advise, the Didimax forex broker is the answer to all this. We can guarantee that those who trade at Didimax will not regret it, and there is a high level of security without cheats.
Your trading is not only determined by how you execute the market. But some ways can be used against fraudulent methods from forex brokers. Nowadays, you can see many forex broker cheats, leading you to a rapid loss.