Fucking brokers again? You’re joking.
You were warned that this would happen, weren’t you? So, we’re… going to revisit this subject again, but from a slightly different angle (all of it, all of it, for the last time).
In general, it’s not difficult to choose brokers these days. It was quite complicated in 2013-2016, you had to be an expert. Thousands of companies and 99% of them wanted to pick your pocket. Those who went through that school now do really well.
The newcomers entering the market now are very weak and don’t have that experience, and the market has calmed down and there are fewer problems, but they… still exist.
A near-ideal company should be like that:
- doesn’t try to talk to you;
- at least 5 years on the market;
- strong jurisdiction;
- without annoying managers and “tempting” offers;
- convenient and automatic methods of depositing funds;
- they don’t impose bonuses and other “gifts” that only benefit the broker.
It’s easy to verify this data. All these pieces come together. Managers? Sign up, go through the verification and immediately understand whether you will be contacted in an annoying way or not. A good broker will call once to say hello and ask if you need help or not.
Do they call often, offer “VIP-analytics”, give you signals, lure you in with all sorts of methods? Immediately block them on the phone and forget about them.
YouTube and Telegram traders
A number of companies still use the black marketing scam that was used a few years ago.
On demo platforms, where it’s not said that it’s a demo, these “traders” pretend to trade and attract inexperienced flesh. Telegram especially stands out here, there are all kinds of “rich traders” who post pictures every day with lots of dollars (yeah, that’s not even a joke).
A screenshot of one of the thousands of Telegram channels with signals, where newcomers are captivated with such creativity.
They all give negative signals (remember that there are no successful signals in nature). Since the market is a probabilistic field with a random checkmate, part of the fees go to these people. The newcomer, confident that the mess is over, pours in a lot of money and then gets acquainted with another part of the same statistics, where he will lose everything. It’s lovely.
Catching all these clowns isn’t difficult. On these channels, Instagrams and YouTubes, you’ll find, in a different sequence on each, the following 4 elements:
- Car. The signalman will definitely drive something (usually Mercedes or BMW, this is clearer to his poor audience) or take a selfie against the background with an independent look.
- Money. Photographs of money tied up with rubber bands will always be used. Dollars and roubles. That’s what’s in use in binary options, what’s in Forex, what’s now in cryptocurrencies. Option – screenshots of Sberbank.Online, Privat24 and other banking interfaces with large numbers.
- Apartment / house. Photos and videos of a “prosperous life”. Macbook on the back of a leather sofa. Minibar stocked with expensive alcohol. Window overlooking the city of Moscow. Large television.
- Of course, photos / videos of the resort, where the “successful trader” trades on the beach or in the hotel on a laptop while drinking a cachaça.
All these citizens are simply exploiting the naive dreams of their audience. A couple of pictures of a beautiful life and a poor man with a salary of a thousand reais starts out shaky. And then he is caught in the loving hands of signalmen and brokers who work according to these schemes.
What have you come across before? It’s not surprising. Yes, these are all basic techniques designed for people in need. A poor person becomes primitive when they see a fairy tale about a rich life. And they’ll fall for it – because the other person knows how to cheat ideally, especially when the lack of money is knocking on the door and it’s just debt to pay off.
There are brokers who specialize exclusively in such methods. So as soon as you notice that all the “traders” of some brokerage firm post the above photos and suspiciously often show off on YouTube, you can take a deep breath – in front of you is not a brokerage firm, but a hole where all your money will disappear without a trace.
Deposit
Immediately ignore brokers who demand more than 10 dollars. With the exception of some American or British ones.
Amounts over $100 for a beginner cannot be deposited categorically. And it’s only possible after practicing with a demo account, working with minimal funds in real life and continuously studying the fundamentals of technical analysis.
There are also brokers who ask for $500-1000 in one go. Apparently, they’re a bit crazy. And so are those who fall for it.
Withdrawals
Remember – almost all brokers, without exception, allow you to withdraw funds in the same way as you deposited them. There are additional restrictions, usually associated with credit cards.
That is, the deposit that was entered from it is displayed on the card and the rest – in a bank account or another method you choose.
The commission for transfers should be small. Zero is now rare, especially as a limited offer. If it exists, that’s good.
There should be as many withdrawal methods as possible. The more, the better. Cryptocurrencies are also a good addition (it’s very convenient to withdraw in bitcoin now, plus it’s easy to withdraw).
The broker should be a mini-bank, with as much variety as possible. If that’s the case, great.
Withdrawing to e-wallets
Understand e-wallets as:
- Webmoney;
- PerfectMoney;
- AdvCash;
- Neteller.
This is one of the best methods for depositing and withdrawing funds. Fast bank transfers can take up to 45 days according to regulations, and everything arrives very quickly, sometimes instantly. There are more and more brokers where payments are automatic.
E-wallets receive money very quickly, no employees or financial monitors examine your transactions, and you can cash them in a variety of ways. Even in cash, even on a card linked to your account. You can even immediately request an offshore card with home delivery.
So I recommend getting the WebMoney and Advcash wallets right away.
Inactive account
More and more brokers are charging a certain amount if you don’t visit them. Pretty good, huh. This is done to wake up “sleeping money”.
What’s that? Less than 90% of new traders lose enthusiasm within the first month. But they have an amount in their account, for example 50-60 dollars.
Hope still lives within them, but disappointment is greater – and they won’t enter the platform again. As a result, millions of idle dollars have accumulated in brokerage accounts. And they need to wake up. If they don’t wake up, the brokers keep the money.
The scam is very common. Fortunately, there are brokers where the opposite is true – they don’t take money there, but they charge an annual percentage. Another logic works here – it’s better to be inactive with us than with the competition.
Oops. While some withdraw money to keep in their account, some offices charge interest on this.
Moreover, the interest is calculated by the payment systems themselves. For example, Perfect Money charges 4% per year in dollars. Webmoney has a credit exchange where you can earn money by issuing loans, earning an excellent percentage. There are many other examples of passive income, which we’ll discuss separately.
Explore, see what’s available.
Comparing quotes
You’ll find that the quotes – numerical values – are always different between the broker and on the charts. This is good. This is how Forex works – an unregulated interbank market.
However, although the figures may differ, the price action should be identical. How to check this – take a reliable source of quotes. For example, a live chart, set the same time period (e.g. 30 minutes), choose an asset and compare the candles and movement.
Most of the time, the differences are found on a 1-minute chart. In a very active market, differences are normal. But from 5 or 15 minutes, there should be no difference.
There are also brokers who round quotes to a certain sign. For example, for a 5-digit quote only 4 digits are used. This is normal and should also be taken into account when working with short expirations.
Fake Brokers
At this point, let’s assume that you have at least a rough understanding of how to choose the right broker. My task was to give you not a fish, but a fishing rod and teach you how to use it.
Years go by, brokers change, but the principles of your choice remain unchanged. Always and everywhere the same techniques are used, the same advertising.
Worthy companies always differ from unworthy ones in exactly the same way. If you learn to make the right choice once, that knowledge will stay with you for life and in all markets, without exception.
So make the most of that time. Invest. Read the small print. The boring rules. This section is in your selected broker’s FAQ. Pay attention, man.
Don’t be fooled by the primitive, just because you’re poor, or by your wallet – the mind has to be the guide. A decent company will never lure you in with basic advertising. No “dollar tied with a rubber band” will get from the screen to your pocket.
Only when your choice becomes reasonable and conscious will you find your broker, with whom you will work peacefully for many years.
