Don't get scammed when choosing a broker!

If you are following a recommendation from a super guru or his henchmen regarding a broker, make sure you are doing your due diligence.

Many of these scumbags have paid money to lawyers to start fraudulent lawsuits and persecute those that express their opinion, but they don't take the simple steps to ensure that they are following the directives from the NFA, SEC or FINRA.

If they are getting paid from a broker, whether it be stock, options, futures or Forex, they must disclose the relationship in "easy to understand" language.

Some of these cretins got away with murder a few years ago, getting their siblings, in laws or best buddies to be registered while they were paid under the table. Thanks to some people stepping up and making complaints, I'll bet that they are now under the watchful eye of many of the regulatory commissions.

Here's a way to check to see if any of the people that are "just telling you who they prefer" are really getting paid for you doing trades at these brokers. They then will call a crazy amount of trades so that win or lose, they still make money on you before you wise up. While highly illegal, these idiots think that an insurance policy and a half assed opinion from a horrible attorney will keep them out of trouble. Good luck with that!

P.S. Be especially careful with Forex. The way that it is setup, these clowns actually make money when you LOSE, so they are rooting against you and may give poor advice so that they make money. this applies to even the ones that act all nice and helpful. Nice, huh?

Finra:

http://brokercheck.finra.org/Search/Search.aspx

NFA (this is where you check FOREX as well):

http://www.nfa.futures.org/BasicNet/

Look up your favorites by name and see how they are preaching one thing, but doing the other. You will be surprised at how scummy these people can really be. Charging you for services, but then looking to get paid as your broker too? Sounds duplicitous to me.

Be safe and don't fall for the scams! If you feel you have been mistreated, report the deviants right away, you will be helping many people before they get scammed themselves!

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