Fake Forex Brokers List in Philippines 2023

The Philippines is one of those countries that are most susceptible to fraud and scams in forex trading. Sadly, there are a number of forex scammer list Philippines who take advantage of the advantage of unsuspecting investors. These fraudulent brokers are known as forex scammers.

So, it is mandatory to avoid fake brokers to save your hard-earned money. However, if you are a newbie or have no time to verify the broker, we have made a list of scam brokers in Philippines . You can check this fake forex brokers list in Philippines before choosing a broker.

We have made this list using the investment scam checklist instruction provided by the Securities & Exchange Commission of the Philippines.

Investment Scam Checklist By The Securities & Exchange Commission Of the Philippines

The Securities and Exchange Commission of the Philippines (SEC) has released a checklist for investors to help them identify investment scams. The checklist includes tips on how to identify fraudulent schemes, such as forex scams in Philippines, pyramid schemes, Ponzi schemes, and advance-fee fraud. Additionally, the checklist provides information on how to avoid being cheated, such as being aware of red flags and never giving out personal information to strangers.

The goal of the SEC’s checklist is to find out the forex scammer list Philippines and stay away from them.

What Should You Seek to Avoid Forex Scammer List Philippines ?

When you are looking for a best forex broker in the Philippines, it is important to do your homework and verify their credibility so that you can avoid forex scammers list Philippines. Although forex traders are always on the lookout for reputable brokers, it can be difficult to determine which brokers are actually reputable and are not scam brokers in Philippines. Here is the top info you should verify to validate the credibility of your forex broker.

SEC Regulations and License

You should also ask the broker if the company is regulated in the Philippines or anywhere in the world. Hence, this will give you an explicit and informed idea of whether or not they are a reliable company to work with. However, if the broker denies providing any info regarding regulation, you better stay away from them and should list them as forex scams in Philippines. It is highly essential to know the background of the broker you are working with.

Reputation

You should never just go ahead and sign up for a broker without checking out their reputation first. You need to know if they have been in business for a long time and if they have been around for a while. You can search and check the internet to see what people have to say about them.

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Fee Structure

You will need to know about the fees you can expect before you sign up for a broker. Some brokers charge unnecessarily high fees, so you need to make sure you know what you are getting into. If you see an exaggerated fee structure, it is a red flag.

Refund Policy

You will want to make sure you are not going to get ripped off. You can ask for a refund if you are not happy with your broker. So, as the broker, if they have any refund policy. However, most forex brokers don’t have an easy refund structure. So, make sure you understand the potential broker’s refund policy before you sign up.

Education Material

Currently, almost all the regulated brokers require to offer education material for the new traders. So, if you are a new trader, then you need to find a broker who offers educational materials. These education resources will help you learn more about forex and the markets.

Ask the broker about their offerings on education. If they have no education material at all, you may ignore it. But, if the broker is reputable and licensed, you may stick with them.

Customer Service

The best brokers will have good customer service. If you have any questions, then they will be able to help you. So, do research about the broker’s current customer service. You can find reliable info in forums or community groups.

When Must You Avoid a Philippine Broker?

You should be cautious of any fake forex brokers list in Philippines that offers too many incentives to open an account with them. The best brokers will offer you a free demo account if you are interested in opening a real account. Following are some of the red flags.

• Don’t want to provide any information about them, including license number, regulatory information, and more.
• Some brokers will only offer limited information about the services they offer. You should be wary of these brokers. They might not give you the information you need to make the right choice.
• Unclear or exaggerated investment objectives.
• Lack of details on the investment process.
• High-risk investments with low potential returns.
• Unsolicited offers to invest money in schemes without providing adequate information.
• The offering of investments in schemes that are not registered or do not comply with the regulations.
• Some brokers will charge very high fees. These can add up quickly, and you might end up paying more than you would have paid if you used an online broker that was cheaper.

These tricks will help you to avoid forex trading scams in Philippines.

Final Words

In this post, we provide you with a comprehensive list of forex scams in Philippines. We also provided you with tips on how to avoid falling into their trap.

Be careful of those who seek to take advantage of you in the foreign exchange market. There are many scammers out there, so be sure to do your research and sort the findings before making any transactions. If you ever have any questions or concerns, don’t hesitate to reach out to a trusted friend or us.