Forex (foreign exchange of money) can be very unregulated. This market has high potential to both gain and lose. This combination of high potential to gain and soft regulation has attracted fraudsters around the world. Forex is a popular lure that scammers use to make millions of unsuspecting investor. Let me start by showing you a Forex scam. If you want to know more about forex trading, you need to read here about forex brokers by FXCM.
Google takes minutes to search, and I quickly discovered a few Forex frauds. This is one example. Their site ranks at the top of Google search results because they have purchased Google advertising space. Website claims that they guarantee 200% income per month, minimum deposit $5000 and maximum deposit $999999. Investment time is 30 days. Fast withdrawals. For a novice Forex trader, it sounds unbelievable. It takes me only a few minutes to send my cash and I can soon earn 200% per month!
Continue reading to find out that they use a lot of flowery terminology to describe HOW they trade. They discuss the “security and stability” of their company. They use headlines like “Professionalism”, trust, reliability and, my personal favorite: “Process Ability”. They wrote under “Process Ability” that the scam is easy to spot for Forex traders, if you only spend five seconds on this site. Anyone who isn’t familiar with Forex’s immense potential for profit will be able to see the scam.
How can Forex novices avoid Forex scams, while still finding genuine Forex products and services.
First, keep in mind the old saying “If it seems too good, it probably is.” Forex is not a guarantee of return. Forex can be very profitable, but it’s not easy. It can also be difficult to keep a weekly consistent profit. Forex companies that claim to be an automated Forex platform should be avoided.
Two. The company offering the opportunity is worth looking into. A quick review of the company registration can show inconsistencies, just like the case. Although the company claimed it was established in June 2012, the website was registered on July 2012. The company also provides false contact details for business in the registration.
Never surrender control over your money. Forex allows you to control your money and not allow it to be sent to someone other than a licensed Forex broker. You retain control over your Forex account even if the broker manages it.
Talk to Forex professionals. Numerous Forex opportunities are verified. If you feel the opportunity is genuine, they will be happy to speak with you. Before you invest in Forex products, make sure to contact the responsible person.
What are the risks involved in trading Forex? Forex trading is high-risk. It is important not to be misled by a company that refuses to acknowledge your request. It doesn’t matter if you’re looking at a Forex managed account or automated account, Forex education or Forex signaling, it doesn’t matter. If they offer something that is Forex related, they should inform you of the risks.
Your emotions shouldn’t take over your life. It’s thrilling to be able make 200% per year. Sometimes, this excitement can lead to people losing touch with the real world. They desire to believe that there is something real, and they are willing to overlook the obvious.
Forex can be a viable investment opportunity. Forex traders can make a decent living trading the Forex markets every day. Forex scams are not to be trusted. They are. To avoid falling prey of Forex scams, be smart.