Forex signal scams: 10 red flags to check before you pay

Red flags

1. "Guaranteed" profits, or a fixed monthly return. No real trading result is guaranteed.
2. No third-party verified account. Screenshots and spreadsheets can be edited. Ask for a Myfxbook or MQL5 link.
3. Only winning trades are shown. A real record includes losses and drawdown.
4. A very short or reset history. A few good months prove little.
5. Pressure to open an account with one specific broker. "Free" signals often exist to earn broker commissions from your deposit.
6. An offshore or unregulated broker is recommended. Check the broker's licence on the regulator's own register.
7. Hidden recurring charges or a refund policy you cannot find.
8. Lifestyle marketing: cars, cash, "quit your job".
9. Anonymous operators with no company name or address.
10. The name appears on a regulator warning list. Search the FCA Warning List and the CFTC RED list.

Where to check

• FCA Warning List (UK)
• CFTC RED list (US)
• CFTC advisory on trading systems sold online
• How to verify a Myfxbook track record