Monday, July 30, 2012

Broco Company Shut Down.. Be Cautious With These Forex Brokers

broco SCAM

After the announcement by CEO of BROCO Company Mr. Maltsev  “ Starting tomorrow, we will stop the activities of all companies included in the «Broco» group of companies.”  there are lot of traders who have Account with BROCO have SCARED about there money. After a Raid by investigators on BROCO offices they have made this announcement.


Significance of such Things For Indian Traders:-

There are lot of Foreign Forex Broker companies like Broco who are Promoting their business in India. Due to many attractive offers like “100 % Bonus” Indian Traders Get attracted towards them. They make payment to them but there are a lot of concerns to think about such companies.

Concerns about Foreign Forex Brokers:-

  • It is a simple thing that one can observe that why Top Indian Companies Like Motilal Oswal, GeoGit BNP Pariba, Edelweiss, IIFL and many others are not offering trading in forex … it is as simple that it is not allowed by INDIAN Laws. But still people get attracted with these Foreign Brokers who are not regulated by Indian Laws.
  • These Foreign Brokers also Offers INDIAN STOCKs and MCX Futures, Indian INDICES like NIFTY to Trade on their platform. But anyone observed that are they members of Indian EXCHANGES?? Answer is No.
  • So How they offer trading? And How it is Done?:-   For any trade there are two parties one buyer and one seller but as these brokers are not Members of Exchanges their clients are not trading with anybody against them but the company made Software Trades Against them.. so there may be some trick in these software's so as to make company profitable.
  • Where Money Goes?:- Your Money is not went in Indian Accounts, it has been gone mostly in Foreign Accounts where Action can be taken by Indian Laws or it is Very Difficult. So guys beware trading with Forex Brokers.

For Further Reading,
BROCO SCAM, Forex Brokers India


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