Forex Scam – Don’t Be A Victim
A forex scam is unfortunately not uncommon these days. Many scams have been emerging in the forex foreign exchange market as unscrupulous people all over the world are setting up unregulated businesses online to take advantage of those looking to make a quick buck from forex without realizing that to be safe, foreign exchange trading must take place through a broker, bank or licensed company.
Forex, or FX, is the foreign exchange market, where currencies are traded between different companies, banks, businesses, and governments located in different countries. The currency market is very volatile and it is possible to make or lose large amounts of money in a short time. The possibility of making a lot of money is attractive to many people, of course, and they often do not take into account the risks.
Even without scams there is a great deal of risk in forex trading. An expert with good knowledge of the markets can often predict the rise and fall of currencies against one another but an unexpected disaster such as a terrorist attack or hurricane will make any prediction worthless. So it is important never to commit more than you can afford to lose.
Check out our reviews:
FAP Turbo Review
Forex Megadroid Review
Forex Autopilot Review
In the last five years, with the help of the internet, forex trading has become all the rage. Banks are the number one source for forex trading to take place, where a trained and licensed broker will complete transactions according to your instructions. Commissions are paid on the transaction.
However it is also possible to invest through ‘managed accounts’. This is a little like investing in the stock market through managed funds instead of having your own broker. With a forex managed account you do not decide for yourself when to buy and sell, but you invest a certain amount of money and the managing company makes all the decisions for you. The important thing here is to make sure that the company you are planning to invest with has a good track record, is a well established firm and is permitted to do business in your country. Is the company a member of any trade associations or professional bodies? More and more retail customers are investing in ‘managed accounts’ without paying much attention to the small print. You should always know exactly who you are giving your money to, and be sure that you will get it back. If the advertisements seem to promise huge profits without warning you of the risks, be careful: you could be about to fall victim to a forex scam.
From The Archive
[broker name] is a purely a scam they are located in [country] and their main source of incoe is to scam the people and the get the money from their credit card and people have lost their hard earned income and i request not to invest neither open the forex accts with the [broker name].
Once u open the acct u will never realize the money comes out of the credit card with out ur approval and they will put ur money towards the market and make u loose all the money.
I am making sure that this message should reach to every single person in North America where they are targetting the innocense people
Sorry Jazz I had to edit out the name of the company that your complaint was about. It could have been libellous.
I did not just delete the comment because it does raise a good point. When you open an account with a broker that you have not dealt with before, it may be better to fund it from a bank wire transfer, not a credit card. As Jazz says, when they have your credit card number they can charge it again and again, but if you send money direct from your bank account they cannot take any more. It takes a few days longer but you can use the demo account in the meantime. Also, check around on forums for consumer reports on brokers before you invest.
Jason