Do you want to venture into forex trading but are unsure how to spot forex scammers? If that is the case, you have come to the right place. Despite efforts to regulate the forex market, rogue brokers manage to evade agencies and defraud novice traders. The risk of finding yourself in a scammers’ net is high, which calls for great caution. 

While it may not always b easy to identify a dubious broker, there is a place you can start. You can conduct an online search for reviews of the broker. A generic internet search can offer insight into a broker’s reputation or legality. Additionally, you can supplement this search by checking with the Financial Industry Regulatory Authority (FINRA). The agency will reveal if there are ongoing legal proceedings against the broker. Such diligence makes it possible to uncover scammers like Appealing Forex.

Appealing Forex disguises itself as among the leading brokers offering financial services. The broker claims to avail low-cost trading, fast execution, and raw ECN spreads. However, this tactic is all too familiar, and we doubt the broker has good intentions.  

Shady brokers like Appealing Forex use the tactic to persuade you to conduct business with them. To avoid such duping, ascertain that you are dealing with a viable forex broker. The review below shares inconsistencies we found with this broker, which are not exhaustive of the broker’s flaws.

Appealingforex.com Review

It is unclear who operates the broker’s website. On the same note, details of the founders and telephone contact for this broker are also missing. The omissions point to a lack of transparency on the broker’s part. Going by its website, the broker supposedly offers over 200 trading instruments enabling investors to trade metals, forex, indices, commodities, cryptocurrencies, and futures.  

 Appealing Forex makes several promises regarding its deliverable services. For instance, the broker allegedly partners with top-tier liquidity providers to give an institutional trading experience. Furthermore, the broker claims tForexer multiple deposit and withdrawal options. The broker does not mentForexhe said options, and we are skeptical that there is any truth.  

Investment Plan

An investment plan refers to various arrangements that an investor can enter into. Appealing Forex offers four investment packages. The Micro account has a funding requirement of $10. Next, the Mini account has a funding threshold of $500. Next, the Premium account requires at least $2500 to open, while the ECN account requires a $5000 minimum deposit. Investors in all the plans can Forexxpert advisors (EAs). However, swap charges apply to all accounts except the micro account.

The funding threshold for accounts above micro is relatively high. Given that this broker is not straightforward, it is not prudent to risk such an amount. Moreover, you can always find legit brokers offering accounts with lower minimum deposits, similar to Appealing Forex’s micro account.

Appealing Forex Deposit & Withdrawal Policy

We could not verify the deposit methods Appealing Forex accepts, as it is impossible to open an account with the broker. If the broker’s website infrastructure is incapable of account creation, we can only imagine how far its inefficiencies go.  

Also, tread carefully when opening an account, even with a functional platform. Usually, the incentives to open an account will frequently work against you when you want to withdraw money.

Regarding deposits, ensure that the broker has flexible options, including credit cards, wire transfers, e-Wallets and cryptocurrencies. This allows you to use a channel most convenient for you. On suitable channels, ensure that you can trace the recipient and file for a refund if necessary. 

Trading Conditions

Appealing Forex has not provided any legal documents. This is a malicious omission you should not condone. How can you enter into such a delicate contract without all the information?    

 It is also worth noting that availing of such documents does not imply the broker is off the hook. You must carefuForexead the documents’ fine print to understand all possible outcomes and contingencies necessary in such engagements. 

The only trading conditions Appealing Forex discloses are leverage and spreads. A glance at the 1:400 leverage tells you this is not a regulated broker, as brokers under regulatory agencies must comply with the 1:30 or 1:50 capping. The high leverage makes you susceptible to vast losses if the market goes against you. Hence, high leverage should act as a deterrence rather than an enticement for you.

Likewise, the spread of 2 is quite wide. Given the impact spreads have on profits, it is imperative to go for brokers with tighter spreads. This ensures that the broker does not earn much commission at your expense. Since legit brokers offer spreads below 1, there is no reason to limit yourself to a bogus broker.

Appealing Forex Trading Software

The platform that Appealing Forex purports to offer is a desktop version of industry-standard MT 5. Unfortunately, the download link is broken, making it impossible to verify whether the platform exists. This is yet another indicator that this is not a reliable website. 

Even if it were to provide the MT5 software, it is capable of manipulating the platform, given its rogue nature. Such manipulations will give you the impression that you are making money, while in the real sense, you are not. It can also manipulate the platform by requoting entries and stop-hunting. 

 Regulation Status

As a seasoned trader, you are undoubtedly aware of St. Vincent and the Grenadines’ reputation. The country is a haven for seedy brokers as it does not regulate its forex market. The local laws in the country also make it hard to prosecute illegal brokers internationally. Such hindrances make the country the perfect jurisdiction for scam brokers. Since you cannot charge the broker, Appealing Forex will defraud you and get away with it.   

As a precaution, only deal with compliant brokers operating in heavily regulated jurisdictions. This way, you can be sure that you are not risking your investment with phony brokers. Again, this ensures that you are protected from fraud and manipulation.

Why we Recommend Regulated Brokers

We encourage investors to engage brokers under the financial watchdog’s oversight for several reasons. First, investing with regulated brokers is safe as you are protected from zero balance. Additionally, you are eligible for compensation by such brokers if the broker becomes insolvent. This is possible because of the mandatory guarantee funds these brokers contribute to. Similarly, in case of a dispute with such a broker, you can pursue legal action against it. Lastly, your funds are secure with a regulated broker since they are segregated into separate accounts.

Verdict

Before venturing into forex trading, familiarize yourself with the intricacies of the market. These include regulations, requisite trading conditions, and trading software standards. When you become conversant with those mentioned earlier, you are better positioned to tell a viable forex broker. 

This also helps you to identify tip-offs that a broker is fake. Such signs include omitting vital information, lack of regulation proof, outrageous trading conditions, dysfunctional trading platforms, and unsubstantiated claims. If you find a broker with such traits, avoid engaging with them for whatsoever reason, as this will end in frustration.   

 

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