Wealth Recovery/Forex

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HOW TO IDENTIFY FOREX SCAMS

Forex scams will be around for as long as the Forex market exists. As schemes are evolving, scammers are always somewhere nearby, trying to extort your money away. But could there be a solution to this problem?
Investment scams take many different forms. Some of the scams are even named after their creators – such as the Ponzi scheme, which comes from infamous scammer Charles Ponzi. Forex scammers tend to target beginners or uneducated traders. The best way to combat this, and avoid getting scammed is by getting a good Forex trading education, so you are aware of everything before you enter the markets.
Once you master the markets, you are no longer an easy target. Forex scams often use phrases like “a too-good-to-be-true investment opportunity” as a way of convincing you to part ways with your money. When you lack trading experience, swindlers will try to exploit your optimism and fears. Here’s where Forex scammers step in and make you exciting offers.

Spotting a Forex Scammer

The most important giveaway of a Forex scammer is the guarantee of unusually large profits with little or no financial risk. First of all: there’s no such thing as a 100% guarantee. If there was, there’s no way traders would share it with other market players. Some of these offers may sound very attractive, especially to trading beginners. But as the saying goes, the only free cheese is in the mouse trap. The bottom line is this: if something sounds too good to be true, it probably is.
Here a few simple rules to follow in order to avoid scammers:

  • Remain safe and don’t run after empty promises
  • Be especially wary of software that claims to have found a ‘secret formula’
  • Do not install any programs until you are certain they won’t damage your computer

Another giveaway is that scammers never register with any regulatory authority. Remember – true brokers always provide proof of their legitimacy. If you suspect that a Forex agency is lying about their regulation, you can contact a regulatory authority who may be able to provide a list of regulated companies, and a list of cases opened against regulated companies. This will help you understand which Forex brokers to avoid.

Educate Yourself and Avoid the Risks

As Forex trading carries exceptionally high risk, losses are inevitable. Retail speculators are almost always trading under-capitalised, and are subject to the problem of gambling addiction and improper use of leverage. Any speculator who trades without skill is essentially playing against the market as a whole, which has nearly infinite capital, and they will almost certainly go bankrupt as a result.

In all fairness, a large number of the reports of money being stolen by brokers is a result of weak trading, and not scam brokers.

If unskilled traders spent time developing a proper trading methodology they would become better traders much quicker, and would likely avoid Forex scammers altogether, as they would suitably informed about the potential risks and what to avoid. Most retail traders should be able to use almost any trading platform with any broker, and see very little difference in their results – it’s that simple.

Once you accept your losses, trade with a trading system, and master your market, it will be much harder for you to fall for a scam.

 

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