Forex trading in India is quite popular. Daily a great number of traders join the market to make money. As the active traders grow the number of brokers providing trading services also increases.
It becomes difficult for traders to find the suitable and legitimate trading platforms. Therefore, here we have analysed the five forex brokers to avoid in India. These platforms are scam and should not be traded with.
Indian Forex Brokers to Avoid
Forex is an active trading market. India has regulated its international currency trading market for the security of the people. However, the country still has fraudulent activities through fake forex brokers.
Below we have recognised the five forex brokers to avoid in India. So, let’s find out about them and ensure secure trading.
ProfitTrade
ProfitTrade is a 2017 based forex broker in India. However, the domain history of the platform is from 2011. It is a forex broker in India which does not have legal documentation to support its existence.
The company has negative goodwill in the market. It is said to be registered in Bulgaria and the Marshall Islands. The platform attracts traders with its fake promises of comfortable trading and access to a variety of assets.
Users are offered trading in currencies, cryptos, precious metals and stocks. Traders can choose from the tariff plans available and have margin trading with a maximum leverage of 1:200.
However, the platform is fake because:
- No legal protection is available
- Trading is without liquidity providers
- Unreasonable account blockages
- Negative reviews
1cOption
The 1cOption forex broker presents itself as a reliable financial platform online. It is a binary options broker that as per its the platform has leading market position. However, if we check the client reviews they are totally opposite.
They do not speak in favour of the broker. The platform has been operational since 2015 and has defrauded many financial traders. The company is registered at Marshall Island and does not possess any kind of trading licence.
Read also- Getcash23.com
The attractive offers of the platform are luring for traders. Therefore, it is suggested to be careful when choosing a financial broker. It is a scam and the reasons for the same are:
- Offshore registration
- Violates the law of international trade
- No brokerage licence
- Bad market reputation
- Has withdrawal issues
ASIC Trader
ASIC Trader is another scam trading platform. Indian traders need to be careful from this brokerage firm as it describes itself as a dynamic trading platform. The company states to have financial partners that are from large institutions.
Also, traders are promised advanced services, technology, customer support and instant trade settlements. The initial deposit of the platform is $200. However, the company is not a secure platform and has been blacklisted because of the following reasons:
- No stable operations
- Keeps changing the terms of cooperation
- No regulation and licence to operate in the financial markets
- Steals the personal data of traders
- Negative online reviews
Armax Trade
Armax Trade is a fake forex broker. It has been extracting funds from clients through its fraud and deceptive activities. Since 2019 the broker is operative in the market and it has a bad market reputation.
One cannot trust the platform for its fake activities and stealing of client funds. There are many negative reviews of the broker online. Also, the company has changed its regulators several times and which have been fake ones.
Therefore, it becomes difficult to trust the broker and trade with it online. Traders are suggested to avoid the platform to ensure secure trading.
CFDs100
CFD100 is another scam trading platform. It has been present in the market since 2018. The company attracts traders with its various trading tools, margin trading facility with leverage of 1:200 and the simple terminal to trade.
Traders can begin trading at the platform with an initial deposit of $100. Thus, a good platform for beginners. But the broker does not have any proof of registration, no trading licence and no certificate of incorporation.
The reasons of its been a scam are:
- Multiple regulators have suggested it as a fraud
- Refusal of withdrawal of funds of clients
- No legal documents to operate
- Customer service no available
Conclusion
The Indian market is having various trading platforms today to trade. But a trader needs to find a secure and reliable trading platform. In the article, readers can find the scam brokers which Indian traders have to be careful of.
ProfitTrade, 1cOption, ASIC Trader, Armax Trade and CFDs100 are the five forex brokers which Indian traders should avoid. The platforms are fake and steal data and funds of traders.