Forex scam artists are increasing in number with the popularity of Forex trading. As currency trading involves the transaction of money, often over the internet, a new breed of Forex scams is coming out very rapidly. Most of these scammers are doing their work through television, newspaper, print media or internet advertisement. Most of the experienced traders can spot these scams successfully but new traders have problems in identifying these scams. It is very essential to do a deep research about the brokerage firm with which you are going to open an account. Make sure that the company is reputed and reliable before investing initial money. Make sure that the company is under investigation by the SEC for fraud.
One way to recognize a Forex scam is when someone guarantees no risk while promoting a Forex system. The truth is that this market is very risky and if someone claims no risk then he/she is a liar or more likely a scammer. Successful Forex trading needs discipline knowledge and trading strategy and there is no magic way or software to assure that you will always make money in this market.
Another sure sign of a Forex scam is a website on internet that guarantees profits. There is no guarantee of making profit in the currency trading because it depends on how an investor performs. If it was possible to get guaranteed profit in the currency exchange trading then there was no need to start a business showing others the ways to get guaranteed profits. Those who guarantee profits can become a billionaire very quickly by trading, so why do they waste their time in teaching others?
Another very common and attractive method of these scammers is to promise employment opportunities for those who use their trading system. This is nothing but a trick to make you spend your money with them. They are just fishing the people who can invest their money in their enterprise. Just think why they promise to pay guaranteed return to the traders for using their system. They do so to attract the people in their training session and convince them to start online trading with real money in order to make good fortune.
All reputed websites related with Forex trading are a member of the CFTC or NFA. Make sure that the company is a member of any of these organizations before starting dealing with such companies. Remember that foreign exchange market is not a regulated system of exchanging money. In most of the cases, the scams are highly technical involving brokers who manipulate the prices in such a way that an average trader cannot identify them. So stay away from such brokers and deal only with a reputed broker.
CFTC is the federal agency which regulates the trade of currencies in United States. Contact CFTC immediately if you think that you have been a victim of any Forex scam.
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