The multifaceted nature of the Forex market makes it a fertile ground for FX trading scams. Mostly, the market is unregulated, being online. It attracts newbies and seems to promise and shiny. Anyway, if you put all those ingredients in a single cocktail, only, then you’ll realize how it can even dredge the drudge.
As one of the weird whales holding this world to exist, it is people striving for making them look for the things which are too good to be true. And this is the time when other people appear to promise you, let’s say, one-day fortune, making money while you are sleeping, guarantee the 100%-wealth, etc. And these Forex scam-folks often hit their targets as (alike our beloved government) they can promise and promise even more.
The first tip that I give you is beware of guaranteed profits. No Mr. Soros himself or the mighty providence can guarantee profits in Forex trading. However, scammers CAN – whether you are looking for an automated trading system or Forex signal providers. If you come across unbelievable track records, be pragmatic to look for a downside of the matter.
Have you seen the websites which actually look like an online Las Vegas with all of its flashing lights everywhere and big prints crying to you: “Earn Your Fortune to Buy Your Presidency” etc. I am joking for a presidency as It has already been sold… to me. But you certainly get my point.
I don’t mean that all of these flashy sites are illegitimate. However, a common sense advises staying away from such.
No support or contact information (email or phone number) is also typical fraud evidence. I would not give my money to someone without even speaking to him. So, in a nutshell: having a scamming-like look in Forex trading is mostly the same as being a scammer.
Teenagers, relax. I am not about… that health-caring issue. Analyzing Forex websites online, you will find ones, which actually address the problem of FX scams. Search for the independent reviews, whether you look up a broker, a trading robot or a signal provider. See if you find any reviews. No sign of it? So, it looks to be a part of the scam, which no one has written about and no one posted online.
Scammers are scammers, but the number of Forex trading services, which are legitimate, really impresses. Nowadays, with CFTC regulation and more transparent markets, Forex becomes the financial flagship which is respected by investors around the globe.
This multi-trillion-dollar industry helps a lot of people make their living by trading currencies. It’s their work. Mine and probably yours, if you’re reading this article. So, start learning the basics of fundamental and technical analysis in the way you would prepare for the common job. Trading Forex has never been a gamble, otherwise, this material would be telling you about the “777” jackpot.
As a conclusion, you should note: the more the market matures, the less space it leaves for scammers. Like any other Forex takes work, so do your “trading” exercises and research – this will make scammers hungry.