I think we can all agree that the internet is a shady place. Unfortunately, it isn’t all black or white, it is somewhere in the middle of most of it and we all have grown accustomed to that. Depending on what you try to do or find on the internet you will have a nice or a bad time, especially if you are not cautious.
Today we are talking about online trading platforms and the ways to tell if the one you chose is legit or a scam. Thanks to the expansion of crypto and the expansion of trading in general, with platforms that are easy to understand and use for those just starting, we have a lot of trading platforms that are designed to rob you of your money.
One thing that we can rely on is the heavy regulatory procedures when it comes to online or offline trading that somewhat clear the field of scammers, but since technology is advancing, the scammers are as well. This is why it is hard for these regulatory bodies to catch them all and this is why we all need to educate ourselves the best we can. Thanks to some research we can offer you the list of best and verified online trading platforms that you can check out right here – https://www.onlinetradings.co.za/.
Now if you are getting into the world of online trading and especially if you are looking for a good and verified trading platform you need to know some things that will help you, separate scammers, from legit ones. Below you will find ways to help you with that so read carefully.
Table of Contents
Before we start to go into somewhat complicated things, there is one thing that every one of us can and should do whenever we go into the trading platform hunt. You need to understand that this is the easiest way to do this and despite that, it can help you immensely. Using the method of basic search, you can immediately separate the legit and scam trading platforms. The way you do this basic search is all up to you but there are two general ways – either search for user reviews and threads online talking about that certain platform, or you can go through their site and look for their credentials, registrations and validations from reputable regulatory agencies. Both of these should take you no longer than one hour of your time, but the financial savings will be incredible. This is not a hi-tech search and this is nothing that will get you too deep in their operation, but it will provide a clearer picture of the trading platform you are thinking of going with.
Authorities that certain online trading platforms use are bad ones, and they are there to help them get started and to have something to show you that will soothe you. You need to know that there are authorities that scammers use the most and that, if you see them on your trading platform, you need to run away as farther as possible. The bad authorities that most scammers use are Vanuatu, BVI, and Seychelles.
These are shell authorities that are made for these purposes and most of these and similar authorities you will see in online gambling sites that use crypto as a form of gambling currency. These are authorities that will not and can not help you if your online trading platform does anything against you. If you want to find a reputable online trading platform that looks for those that are under the authority of FCA. They are the ones that can protect you, start sanctions, investigations, and plenty of other things that can benefit you.
If you already have an account at an online trading platform and it or its brokers are pushing you to make bigger deposits and start or continue trading with a bigger account you should take it as a red flag. Not all trading platforms can be seen through in the beginning and you may even decide to go with one that seems the best. After some time, brokers on that platform or the platform itself start suggesting you increase your deposit and open several positions with bigger investments.
Most of them will start with small deposits and then increase the deposit ask because there are new and bigger opportunities awaiting. Do not do that, and if this happens you should consider this trading platform a scam.
Can you withdraw your money?
If you suspect you are on a scam online trading platform, especially after reading this then you need to stop trading immediately. Try to withdraw your money and see if the platform will allow you to make a withdrawal of whatever is left there. If you are not allowed to withdraw then do not hesitate because there are means to fight this. If you made deposits over a bank transfer, Visa or Mastercard, Skrill or PayPal there are means to get your money back.
You need to go to your bank and start a chargeback procedure. The same thing will apply to Skrill or PayPal. Start the chargeback procedure and be patient because there is a good chance to get your money back. The most important thing is to stop trading and that you still have money in your trading account.
How did you make your deposits?
Another thing that should be a red flag when it comes to certain online trading platforms is the way they take your deposits. Any legitimate and good trading platforms will offer you several ways to make your deposit and they will include what we already mentioned above – bank transfers, master card or visa payments, Skrill or PayPal payments. If you run into an online trading platform that takes only crypto payments and other shadier ways of depositing then you should stay away. In this case, your options for refunding your money are very slim to none which is why you will need to hold to traditional ways of depositing money. If there is the possible use of your cards and with them, you get more protection as well.