Forex scams: Onlinemarketshare broker helps to distinguish a reliable broker from a fraudster
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It is not surprising that all brokers in the market declare their reliability and integrity. The problem is that this is not always true. Every year, dozens of brokerage companies appear on the market and fade away in less than a year. Brokerage companies are closing due to a wrong business model, due to problems with laws, or because they are fraudsters. How to distinguish an unscrupulous broker from a reliable company such as Onlinemarketshare broker?
Forex market regulation is carried out according to established rules and laws, national laws and regulations, and internal market rules for brokers like onlinemarket-share.com. The business rules for a financial company that is legal in one country may be a violation in other countries. But the difference in taxation is not the biggest issue. Much worse is the situation of money laundering or data theft.
The daily financial turnover of the Forex market exceeds $ 4 billion. It’s a large amount of money, and it attracts scammers that create non-trading risks for the trader. Fraud companies claim to work and act legally. A trader needs to understand the nature of the financial market to avoid scam. Onlinemarketshare forex broker suggests several distinguishing features that help you know how reliable a broker is.
Jurisdiction
How do brokerage companies resolve contradictions and bring their activities to the legal field? First, the company selects the country of registration. Cyprus is very popular in the forex market: this republic has mild requirements for financial companies, and the legislation allows high-risk financial transactions. There are so many companies from Cyprus these days that brokers who plan to stay in the market for many years choose other countries. For example, the Onlinemarketshare forex broker is registered in Hong Kong.
Wherever a brokerage company is registered, this is a specific signal that a trader should hear. If a brokerage company is registered in an exotic country, for example, the Republic of Tuvalu, it should not be trusted. It is impossible to find a regulator that operates in the Republic of Tuvalu. Onlinemarketshare warns: in the case of a conflict with such a broker, protecting your interests will be problematic. The activities of Onlinemarketshare are regulated by the International Financial Regulator, which is also registered in Hong Kong.
Customer agreement
During the registration in a brokerage company, the trader signs an agreement. This is an internal document that describes the terms of cooperation between the client and the broker. Onlinemarketshare reviews write that this agreement is the primary document regulating the relations of the parties and that it is the starting point for the litigation in case of a conflict. Before signing, this agreement needs to be studied carefully. In most cases of online trading, this agreement is placed on broker website in Terms section and determines rights and obligations of both parties in case of cooperation.
Several important nuances will point out the dishonest broker. For example, it is important to study the rights and obligations of the parties. Carefully read the user agreement and find out what exactly the company offers you. It is most likely an unscrupulous broker or just a scam if a company does not have any agreement published. Onlinemarketshare broker recommends avoiding such a firm if its representatives do not ask you to provide any documents or tell you that the agreement is unneccessary.
Regulator
As indicated above, the activities of each financial company should be regulated by special authorities. This means the following: upon registration, the company officially purchased the license and fulfilled some other conditions. The company also pays membership dues or another type of premium. This money is accumulated in a special insurance fund. In case of problems with the brokerage, the regulator should resolve the disputes of the parties and compensate for losses in bankruptcy. Moreover, if the company violates the rules of work, the regulator may revoke the broker's license.
There are many regulators in the market from different countries. A good sign is the registration state of the broker and the regulator is the same. It means they operate in the same jurisdiction and under the same rules. For example, Onlinemarketshare broker is registered in Hong Kong, and the International Finance Fund, which regulates this company’s activities, is also located there. If the regulator is registered in some exotic country, this is a warning sign. The regulator is not able to solve the problems of a broker from another state. Check the history of this institution: the easiest way to do this is to find its website. The longer the company’s history, the less is the cause for concern. The nature of the forex market does not allow its participants existing offline only. This is a scam. Onlinemarketshare broker recommends to stay with companies that place full package of agreements and KYC documents on their website - it’s a guarantee that the broker has all the proper background.
Trading terminal
A trading terminal is a software solution that helps a trader to open and close deals. International currency market is 99% digital nowadays, so it is a necessary instrument that allows you to participate in trades with other traders around the world. Onlinemarketshare broker uses the Metatrader4 trading terminal. This is a proven solution that has been around the market for over ten years. Thousands of traders tested it at work. MT4 is known as a convenient multi-functional program which has almost no failures and malfunctions. Therefore, the risk of technical problems with the program is minimal.
The use of custom programs for trading does not directly indicate that the company is a scam. But the level of data protection in the self-written program is unknown. It is also unknown if the software is stable at high loads, and whether it will slow down during peak hours.
User data protection
The data on the forex market means all the information about the trader and his activity. This is personal data specified during registration, data on the amount of money in the account, the number of transactions, and the amounts withdrawn from the account. All this information is considered secret. Attackers can use it to damage the trader activity or his or her property.
To prevent this from happening, reliable brokers such as Onlinemarketshare forex broker use different levels of data protection. Firstly, the company’s servers must be physically protected. The server room must be protected from unauthorized access. Also, it is crucial to maintain a constant temperature to avoid a malfunction due to overheating. The exchange of data between the user and the trader’s website must occur according to a secure protocol. On side of company, only a few employees with the highest access can see user information.
Two troubling signs indicate a broker’s dishonesty. The first sign is when the company does not mention the protection of user data. All well-developed countries have laws that oblige businesses to protect personal data. If the broker does not obey these laws, most likely it is a scam. Another alarming sign is if the company is trying to get secret information from you, for example, a credit card CVV2 code or credentials for a bank account. Onlinemarketshare and other reliable brokers never do this.
Account Blocking Rules
Unfortunately, unscrupulous participants who use brokers for illegal purposes also exist in the forex market. The most common causes are money laundering, illicit transfers, and so on. There are also attempts to withdraw funds to someone else’s card or e-wallet after third parties have access to the client’s account. Therefore, the brokerage company reserves the right to block the customer account. But the rules for blocking an account should be clear and transparent, as well as the mechanism for unlocking it when a client wants to regain access to his account. If there’s a sign that the account was created for illegal purposes, company can block this account account without notifications and explanations, otherwise there’s a risk of security breach.
Leverage
Leverage is financial assistance to a private trader who enters the market with the help of a broker. Leverage allows you to increase the size of the trading lot at the expense of the broker. The size of the shoulder can be different, from 1: 2 to 1: 1000. There is nothing unusual in leverage trading - although transactions of this kind are prohibited in some jurisdictions. In some countries, leverage is limited. A trader should remember that though leverage trading has a risk of losing money, it also brings a chance of high profit. Reliable brokers, for example, Onlinemarketshare, use moderate leverage, for example, 1: 300. You should be wary of the broker that offers massive and unrealistic leverage, for example, 1: 10000.
Miscellaneous
Several other signs will help to evaluate the broker. One of them is the quality and content of corporate site. Companies who’re not going to stay on the market would never invest any solid money in site development and functioning. And for others who care about their reputation website is the face of the company and the main channel of work. Bad website shows that the company does not intend to exist for long: most likely, having received the first deposits, it will disappear. If the site has a lot of errors and mistypes on it, or part of the functions does not work the way they should, it a sign of a possible fraud.
The history of the company is also a critical factor. Forex is quite a dynamic market, that’s why existing company cannot operate without receiving any reviews or mentions. New brokers are often better than old ones: they offer flexible terms to attract more customers. It is difficult for new brokers to compete with the heavyweights of the market. Onlinemarketshare has stood the first year on the market with dignity, earning good customer reviews.
Check out the reviews published. Besides, there are specialized sites that provide broker ratings. Be careful about such ratings: some websites can place negative reviews just to attract customers to some competitor. Young brokers do not immediately get into such ranks, so they may not be on the lists.
Thus, having checked the broker company, you will be able to determine the way it works, and whether it is worth trusting your money. Onlinemarketshare is a conscientious broker with flexible conditions and no commissions, which is suitable for both beginners and experienced traders, so it’s a good choice for those who want to trade on a regular basis.
Comments 30
To those of you who left negative comments — have you even worked with this broker?.. I mean, things you've been saying just sound like they were taken out of nowhere, and I myself have a ton of experience with this company that contradicts yours completely. These folks are really good.
I always had the opinion that as a sane individual you have to manage your finances by yourself and that includes all the investments you might make, but they had convinced me that a good broker might actually be more healthy for my finances. Was making some really valid points.
This broker? I'm surprised and a bit annoyed we still have discussions about them at this point. Come on, these guys has been analysed through and through a long time ago, they are decent, nothing has changed, why are we having this conversation again
I'd like to remind you that broker trading is a lot more than just a mean to improve you financial cituation, its kind of system and that system won't change for either large or small traders. So when you are talking about this company, for example, you really have to remember that and take it into account.
If you weed out all of the marketing and advertising techniques brokers use to lure you into cooperation with them, what's left is concrete facts, and in that regard this one looks pretty solid. I'd rather work with them than bet my money on some shady newcomer. The final choice is yours obviously.
No trader can afford underestimating the importance of cooperation with a broker; I'd advise to check some serious ones like the this company.
The stock market is basically a giant auction with lightning-fast deals, so the question of success and failure is basically a question of cooperating with broker with enough agility and wits. OnlineMarketShare is among the better ones I suppose.
Once you begin to understand how the trading works in general, the understanding of importance of working with a decent broker like this broker will surely come along.
So, I was thinking about changing my broker and decided to ask around about this company here… what do you think guys, are they OK? I've found them when I was researching the market, and they look somewhat better than most competitors I've managed to find, but I really do need good advice before I make a decision.
They clearly deserve all the reviews, in fact, they are doing quite good, when you compare them to any other broker out there… they might be not the ultimately best overall, but they are really good in any aspect you might want to look at them for.
So, my experience was mostly positive, and I'm amazed that so many people still didn't find a ny good broker… have you heard about, you know, arguments? Did you ever make a research of the market? The decision about choosing a broker is too important to be based upon something else.
Didn't spend much time with this company, only a couple of weeks, my whole trading career, lol… still I think they are quite decent. I don't have any arguments to substantiate my opinion, it's just a few good trades and a $35 addition to my $250
I was never big about giving estimates to things, but you guys are say so much strange things… come one, this broker deserves to be called good at the very least. Yeah, I know, they have their flaws, but who doesnt right. The important thing is that they get the job done and are good at raising profits. That is all I care about.
Ye, I've been working here for a while, but my experience isn't huge by any standards. I'm quite average when it comes to trading, but even I was able to see that their terms of cooperation are absolutely superb to anything you can find on the market after a quick research. And they stick to their promises, keeping my profits steady and high.
Im honestly amazed every time I see some negative comment here… you guys are talking about a broker company with the BEST terms of cooperation currently, no one can really compete with them, and you still find reasons to be negative? Well, it's your loss, I guess.
I respect this company a lot, it's just that their trading terminal choice is somewhat dubious… Why would you stick to Metatrader ONLY? I love working with them and they are objectively great, but this strange trading terminal decision keeps bugging me sometimes.
What I especially respect about OnlineMarketShare is the way they talk to you when you get in contact with their customer care service. I’ve no idea, how high in the brokers’ chart they currently are, but their support is really good.
So, guys, anyone here who was cooperating with OnlineMarketShare? I’m currently considering them as a broker option and would really appreciate all the experience you could share.
Working with OnlineMarketShare for seven month was okay, but then all this mess began and I had to leave. I can't name a single part of our cooperation that didn't suite me.
I’m not sure I would be in the trading business right now if it wasn’t for OnlineMarketShare’s great terms of cooperation. These guys know how to lure new clients in.
What's happening with all those negative broker reviews? Did any of you haters even work with this broker company before, or are you just making up facts? I've been working with these dudes for a long time, they're really cool and I'm staying with them for sure.
This company is really interesting in their unorthodox way of doing business. Don't let is scare you off though: they are every bit as effective (and even more effective sometimes) as your next broker. They might seem a bit complex for a beginner, but believe me, it's a good thing.
I’ve got a call from this nice young man who said something about thi broker and trading… I don’t know much about things like that, but the conversation itself was really pleasant and he managed to make me interested.
This broker can become a real good partner for you. Of course, it depends on your knowledge and if you're experienced enough to exploit all their benefits. If you believe you are, dont miss them, it would be a great opportunity wasted.
I've got some experience with this broker myself… can say nothing but the good things. Not a magical pill by no means, don't het me wrong, its just a great and proficient broker. You dont see such companies every day.
If you're looking for a decent broker — this company will surely do you some good. To me it looks like they have all it takes and when they encounter any challenges, they do their best to overcome them. Would I recommend them? Definitely. At least give them a look, maybe they're just what you need.
My last few trading months we not all that succesfull… hope my recent cooperation with this company will be able to change the state of affairs somehow, I've heard a lot of good things about them.
Awesome broker company. It's really good to see that they haven't been stagnating since I've worked with them. Currently I'm in a completely different sphere, not trading anymore, but if I ever decide to come back, these guys will be my first call.
Whatever you «experts» might think about this company, you cannot change what I know with your reviews… I worked with them for several months, and those were the most successful months in my trading career. These folks do know their job and are doing it perfectly, so fight me.
It's not like someone's paying me for advertisement, but I must say that this company is my personal favorite when it comes to brokers. They are completely decent in everything that matters in their field, from support specialists to spreads, and that is why I'm planning to stick with them in the future.