Fraudulent brokers are another type of forex trading scam. In general, always avoid brokers who do the following:
- Are not regulated
- Do not provide transparency about fees, commissions, and spreads
- Do not allow a variety of platforms, payment, and account options
- Are evasive when asked questions and do not adequate customer service
- Have a fake address or telephone number
- Has a statement that they reserve the right to adjust fees or rules about withdrawing money or can close an account for any reason