The Forex market defines as a legitimate trading market where the world’s currencies are traded. It is not a scam in itself. Without the Forex market it would be difficult to trade the currencies needed to buy imports, sell exports, to go on holidays or do cross border business. However, with high leverage positions which, in theory, have the potential to make traders a lot of money and because there is no centralized/regulated exchange, scammers take advantage of the situation and therefore the inexperienced traders desire to enter the market.
Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.
If your broker doesn’t answer you, it’s going to be a red flag that they’re not searching for your best interests.
To make sure you are not being duped by a shady broker, do your research, confirm there are not any complaints, and skim through all the fine print on documents.
Try opening a mini account with a little balance first, and make trades for a month before attempting a withdrawal.
If you see buy and sell trades for securities that do not suit your objectives, your broker could also be churning. If you’re cursed with a nasty broker, review all of your documents and discuss your course of action before taking more drastic measures.