BinomoFX Review Is binomofx.com Scam or Should I Trust This Broker

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Newlife-capital.com Review: is Newlife Capital Scam or Should I Invest?

Newlife Capital Review: Scam or Paying? newlife-capital.com claims it could make you good profits from poultry investments. How true is this? You may have come across many systems on the internet promising you quick fortunes, the truth is that majority of them turn out to be scams. In this review of Newlife Capital, we provide you information based on our investigations and user experiences to help guide you make the proper decision.

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NewLife Capital Scam Review: Disturbing Things Found

Most of this scam quick-profit investment schemes are HYIPs. What is a HYIP? It is a just a type of ponzi scheme. Initial investors only get paid when new people sign up and invest, what this means is that you are under pressure to bring in new investors so that you will get paid. As soon as the amount of new investor drops, the owners do away with the money invested, and the site is closed down since there is no longer enough money to pay initial investors. Those that benefit most times are the first investors. The system is not sustainable because it will surely shut down abruptly leaving your money trapped in the hands of the scammers that set it up initially.

Most of them provide a registration certificate and so-called evidence of payments. Don’t be deceived, anybody could get a sham address and certificate most especially from the Company House in UK which most of them use, for just £5. These companies claiming to be located in the UK or similar countries are not in actual sense located there.

newlife-capital.com is not a legit investment platform. Don’t be deceived by their promises.

Conclusion

Everyday we get complaints of people been scammed. Most people fall for these schemes because of the sweet promises of making huge profits within a short time. On a serious note, legit systems exists but scams are very very numerous. So you need a guide to help you make a good decision. We have made it our duty, by exposing scams.

Is Your Forex Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key Takeaways

  • If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
  • To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
  • Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
  • If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
  • If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

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Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

  • Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
  • Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
  • Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
  • If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

Traders-Trust.com (.eu) Review Visit site

About Traders-Trust.com (.eu)

Traders-Trust is a forex broker. Traders-Trust offers the MT4, MT4 Web and Mobile forex trading top platform. Traders-Trust.com offers over 40 forex currency pairs, cfds, commodities, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

  • Information
  • Live Discussion
  • Video
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Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $50
Established: 2009
Address: 56 Theodorou Potamianou Aphrodite Court, 4th Floor, Limassol , 4155, Cyprus
Contact: [email protected], 0044 203 1295899
Regional offices:
Regulators: CySEC #107/09
Prohibited countries:

Yes

Yes

Trading platforms: MT4
Web Trading:
Mobile Trading:
Currencies: (40+)
Cryptocurrencies: (15+) Bitcoin, Litecoin, Ethereum
CFD: (10+) Gold, Silver, Stock Indexes, Oil, Other Commodities

Yes

Yes

Yes

Yes

Yes

EAs/Robots:
News Spike Trading:
Scalping:
MAM:
PAMM:
Deposit Methods: Bank Wire, VISA, MasterCard, Bitcoin, bitwallet, FasaPay, Neteller, Skrill, WebMoney
Withdrawal Methods: Bank Wire, VISA, MasterCard, Bitcoin, FasaPay, MyBitWallet, Neteller, Skrill, WebMoney

Live discussion

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Consumer Reviews

Service use: Live

Length of use: 0-3 Months

I earned 35k USD from this company last week on 9 March 2020, they forfeited all my profit. Saying prohibited trading.

On their website, saying ANY EA or trading style is allowed. I scolded them, but nothing we can do.

I suggest those want to open an account at Trader Trust, DO NOT JOIN IT. You are allowed to lose money here, whereby they will like it. IF YOU EARN OR EARN A LOT OF MONEY FROM THEM, THEY WILL FORFEIT YOUR PROFIT.

SCAM BROKER, SCAM MANAGEMENT.

This is one of the worse brokers I have ever dealt with.I lost almost $2000 with them.I think that they are responsible for my loss in most cases.It seems that they trade against some clients though they claim to be pure STP.They have different ways to steal clients’ money.For example-when a trade is in profit ,they steal from a portion of the profits.I am not sure how some clients placed positive feed back for them.

Another thing is that though they have negative balance protection policy ,this is not inn action.For example -one time I had -$7 and they took that when I redeposited

How can I use some delay in the market execution? When market execution of order by clicking the mouse on the button buy/sell, I only send the order to the current market price. Then liquidity providers executed at the current market price and all Internet delays only worsen the exercise price.

To see problems ,make traded based on 5 minute candles.If you trade based on long time frames ,you may not notice the dishonesty.

Finally,I no longer recommend this bucket shop

Account Opened : February 2020
Very transparent Broker with good support services.
No problems with withdrawals.
I never had any “Requotes” (I’ve met in others).

Compte ouvert : Février 2020
Broker très transparent et très bon support (commercial & technique).
Je n’ai jamais rencontré de problèmes concernant mes retraits.
Concernant les “Requotes”, à ce jour, jamais observés.

French Trader, Paris, France

this broker is a complete scam
i work with them as an ib,they stopped my rebates on 25 jan 2020 till now,they refused to give me one answer why they did so,i sent many many emails to claim my rights starting from may and till now i only received one email that they are investigating and nothing happened till now,i also placed an advertising banners for them on my website for a cost of 1200 usd from december 2020 they paid me about 560 usd on 2 payments and till now i’m trying to get my money
i filed a claim on cysec and waiting to get an answer
i’ll post the cysec reply when i get it

beware of this broker they are scam

I’ve been trading with TT for couple of months and were very happy with the service they provided. I turned my account from 3k USD to over 20k USD. Everything were great until the EURUSD big movement on 30.11.2020.

My EA started trading short with big lots and tight SL – over 25 lots total opened, from 0.01 to around 2.6 each trade. What was my surprise when the price went straight thru my SL and went much higher. I tried to close the trades manually but was getting off-quotes all the time. Margin call didnt work as well. I had floating loss of over 25.000 USD (account balance around 20.000). Finally, after 15 minutes all the trades were closed, leaving my account with something around 2-2,5k USD.I contacted my two friends, who are trading similar EA’s and they had exactly same problem – trades closed afrer 15 minutes. The difference is that they were trading microlots!

I spoke with Traders Trust support for two weeks and they say it’s not their fault – those the real markets condition they say.

So, if you want to trade knowing that your SL can be ignored for God knows how long, Margin Call doesnt work as it should – Traders Trust is a place to go!

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