Forex (foreign trade of currency) can be a market that has high potential for both gains and losses. Soft regulation and high potential to profit have attracted swindlers from all corners of the globe. Scammers profit from Forex’s lure to make millions. Let me share with 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 just a few seconds, and I’m able to quickly locate Forex scams. Here’s an example. This company purchased Google advertising space. Their website is on the first page for my search. Website says: “Guaranteed 20% Incentives per Month”, Minimum deposit: $5000; Maximum deposit: $999.999; Investment length: 30 days; Fast Withdrawals This website is amazing for novice Forex traders. All I have to do is send my money. I’ll soon make 200% per month!
You’ll see they use lots fancy language to describe how they trade. They talk about funds, stability, security and funding. They have headlines that include “Professionalism”, trust, and “Reliability” on their “About Us page. My personal favorite is “Process Ability”. “Process ability” is what they used to call it. Real Forex traders can spot fraud in less than 5 seconds. This scam seems almost unbelievable to the uninitiated.
How can a Forex beginner avoid Forex scams?
First of all, don’t forget the old saying, “If it sounds too good to be true, then it probably is.” Forex is not a guarantee of returns. It is not possible to guarantee that you will make 200% per month. Forex can be extremely lucrative, but it’s not always easy. A weekly return is rare. Be skeptical of any Forex company that claims it offers automated Forex systems.
Two. Two. Two. Research the company offering the opportunity. It takes only a few moments to examine the company website registration. The company claims the website was created in June, even though it was registered in July. Their site registration also includes false contact information.
It is important that you keep control of your money. Forex brokers must be fully licensed to have access your money. You have the right to control your money and your Forex account even if funds are managed for you by someone else.
You can talk to Forex people. Many Forex opportunities exist. If the opportunity is legitimate, the company would be delighted to talk with you. Never invest in Forex products without speaking to the responsible people.
Do they explain the risks associated with trading Forex? Forex trading can be a risky investment. A company that denies this may be misleading. It doesn’t matter whether the company offers a Forex managed trading account, an automatic Forex trading platform, Forex education, Forex signals, or any other Forex product. They must inform you about any Forex-related products they offer.
Don’t let your emotions take over. You have the potential to earn 200% per month. Sometimes, excitement can blind people from the reality. They want to believe something so strongly, they forget the facts.
Forex trading can be a good investment option. Forex trading is a lucrative business opportunity. Forex traders are making a good living by trading the Forex markets. Avoid falling for Forex scams that seem too good to be true. Because they are. You can avoid falling for Forex scams using common sense, and the advice I’ve provided.