Forex Trading Scams
Forex trading scams, the forex market ranks among the largest trading markets in the world but as the popularity of forex trading continues to grow, forex trading scams are as well popping up by the day.
Newbie forex traders with little experiences are usually the target for online forex scammers who typically use the guise of online forex trading to scam the unsuspecting victims of their hard earned cash.
This article will share with you several signals for online scams so you can avoid falling victims to the traps of these scammers.
Many types of scams
Popular forex scams:
There are many types of scams on the internet today and most of them not only look very legitimate at first glance but they are also very compelling.
Companies promising their customers information on the type of trades to make on a specific day are popping up by the day. Such companies typically charge their customers a fee per week or per month to “update” them regularly, but in essence, they hardly improve their trading. If someone had a magic formula to the forex trading market, would he/she be selling it out for a few hundred dollars? Of course he/she would want to keep it a secret.
Guaranteed investment funds:
There has also been a proliferation of guaranteed High Yield Investment Programs, or HYIPs, that promise unreasonable, guaranteed rate of return (as high as 12%) on investors’ capital. As with any trading market, forex market cannot offer guaranteed interest rates and this is the first forex trading scam signal to watch out for. If anything, it doesn’t sound economically logical that a singe trader can consistently make a profit of 12% per day as that would destabilize the world’s economy in a matter of days if not months.
What most of these HYIP companies essentially do is to use new investor’s money to pay older investors and so on. In the event that no more investors are enrolling, the companies shut down and run away with all the cash remaining in their hands.
Plenty of software online
There is plenty of software online that promise to figure out the best moves for the traders. Do a simple Google search and you will come across hundreds if not thousands of them retailing for as high as $5,000. Most of these will do nothing than just provide you with simple information that you can as well find online for free.
In conclusion, the old adage, if it is too good to be true think twice holds true for the forex trading market. Follow your instincts and engage the sixth sense to avoid falling for the forex trading scams that many people have fallen into. Also, remember that forex trading is risky and nobody with good intentions would try to convince you otherwise.
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Forex Trading Scams