Top 5 Ways the Forex Industry Has Earned a Bad Reputation
Yes, we’re really going to try to start this conversation. No, this is not why you should avoid Forex or consider the scams as a possible client. This is all about the very real Crypto broker legit dilemmas that tarnish the image of the industry and diminish the activities that take place. The marginalization of Forex has been a problem for brokers trying to promote their services and a stigma has been applied to traders as well. Who bears the brunt of the responsibility for the downward spiral of the industry? Hint, hint: It’s everybody involved.
- Brokers Pushing for Deposits in Any Fashion
Yes, the economy is in bad shape and businesses will go the extra mile to make sure money is in their coffers. Does it excuse ridiculously low minimum deposits? Does it excuse sales calls after a few days of using a demo? Does it excuse reckless cash back and leverage propositions?
If it seems like the Forex industry has taken a few tips from the casino gaming industry you are likely rather observant. Casinos and poker sites use rakeback bonuses, comps, and VIP Points to generate loyalty and they use deposit bonuses to get you in the door. Forex firms acting like casinos tarnishes the reputation of the industry and the trades that are taking place. The poor actions of the brokers make the action that takes place on the world’s most liquid and active market look insignificant and silly.
Deposits at ridiculously low levels is also a problem, $1 deposits are silly. Then again, any broker taking deposits under $250 should really leaving you scratching your head. Forex is not a trip to the horse track, racino, slot machines, nor is it the lottery! People should trade an amount that they feel comfortable trading, but would take the trading action seriously.
By acting like casinos, brokers are diminishing the credibility of the foreign excha