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Forex: How Brokers Fight Fraudsters

If it's money, there are always folks who want to acquire them in devious ways. 

There are perhaps millions of fraudsters and scammers out there, targeting both brokers and traders.

If you are a trader, there are various ways of countering scammers—one is reporting these fraudulent schemes to the police.

On the other hand, Forex Brokers have robust systems to squash fraudsters and bring them to book.

One way of protecting their interests is through compliance. 

This gives them a solid footing. 

The second is by account segregation—mostly in line with applicable rules. 

Accordingly, attempts by nefarious agents hit a solid brick wall. 

Another neat way brokers use to fight scammers is by clearly indicating their official communication channels in email or social media. Getting verified, especially, is a huge boost.

Additionally, Forex brokers can protect their interests and those of their clients through continuous education and sensitization campaigns.

Keen to learn the forex market? Check out our other explainer articles in our Learn Forex blog. 

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