There’s stock fraud, and then there’s just these shady stock brokers that you can’t trust. This is some of the things that I’ve encountered as a newbie stock market trader.
So I decided to put my fingers in the stock market and do a little trading of my own. I joined this group and did some binary options trading. Just within the first month, I have learned a lot about trading and most especially about more scams on the internet.
Within this post, I want to show you exactly what these stock brokers have up their sleeves, so you know what to expect if you do decide to do some trading and get involved with these brokers.
5 Reasons You Can’t Trust Shady Stock Market Brokers
1. It’s their job
I don’t know how this can be considered a job and how these brokers are even still around. In order for these employees to get paid, they need you to invest a lot of money, win or lose.
If you don’t deposit any money into your broker account, these guys don’t get paid. I really don’t see how they can live with themselves knowing that you’re about to lose a lot of money.
2. They Don’t Care How Much You Win or Lose
When these guys get paid, they get it through your initial deposit. So if you’re going to start off with the usual $200 or $250, they will stop you in your tracks, so you can invest more.
I have had one of my brokers ask me to deposit $20,000 if I “really wanted to make money”. I mean come one, who goes around with $20k just ready to blow on anything and everything?
This is more irritating than anything, really. I had to take the call in private, because I felt like I was committing a crime!
3. They Control Your Trades
This is what ended my binary options trading “career”. Remember how I said I traded with a group? Well we were all on the same trade. Same time, same trade, same everything.
I was in the green, until the very last second, then I lost the trade! Everyone else in the group had won, but me. How shady is that?!
I complained to my broker and told her I just got scammed and all she did was delete me from Skype and never called me again.
4. They’re Hustlers
I remember when I used to get calls like at 3 am. Even if I told them the time in my country, they still insisted that I make a deposit to start making money.
Are you serious? They have no respect and all they want to do is make money off of you. If you want to trade, trade on your own. Don’t feel pressured because of their scam tactics.
5. Me, Me Me!
In the end, they don’t care about you. Well, at least these scammers. They only care about themselves and making them money, so once they get paid, you can forget about them helping you.
Don’t get me wrong, there are completely legit brokers that will try and make you money, because it’s a win/win situation.
For others, they will do nothing but try and take your money, without a care in the world.
Well, there you have it. The 5 Reasons you can’t trust these shady brokers. If you do plan to do some trading, make sure you have a legit broker in your hands or you will fall victim to another trading scam.
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