As the field of online forex trading gains popularity so is the observed increase of scams related to forex which plague both the industry as whole and particularly the unsuspecting investors.
If you are new to the online trading of forex then there are two things that you should always remember before starting to trade. The first is that although it may appear exciting and hold a lot of potential for profit, forex trading is often complicated and risky and there are no easy, bullet-proof solutions or magic buttons up for grabs that will instantly lead you to profit. The second is that you should be extremely careful not to fall prey to one of the many forex – related scams, perpetuated by dishonest folks and swindlers who are constantly on the lookout for new victims.
These scammers bet on the unfamiliarity or ignorance of many traders with the online forex market and connive and scheme in order to mislead you into believing that they can earn you money fast and simple through forex trading. The problem with scams is the fact that most of us believe we cannot be misled, and this exactly why we often end up being ripped off and scammed.
To help all those interested in online forex trading be able to effectively identify and avoid forex related scams, we have compiled this survival guide which looks at different scams you could potentially fall victim to. Below is an outline of the chapters making up our guide, with a concise recap of what you could expect to find out should you decide to delve deeper into each matter covered by each topic:
Part 1: Forex broker scam
This chapter discusses in more detail the topic of forex broker scam. The information presented here is of paramount importance to every aspiring online forex trader, as a broker is always necessary to open an account through if you wish to start trading forex online. Because a broker is an indispensible part of your trading experience, as you simply cannot trade without a broker, forex broker scam is also unfortunately a very commonplace occurrence, since the field is absolutely plagued by swindlers. Learn how to avoid forex broker scam, though this enlightening section.
Part 2: Forex robots scam
The second chapter of our online forex survival guide deals with the issue of scam when it comes to forex robots. Aggressive marketing makes forex robots seem very attractive to traders, but unfortunately subscribing to such a service very often amounts to nothing more than plain fraud. Be better equipped to identify and deal with forex robots scam by reading this dedicated chapter.
Part 3: Forex signals scam
Forex signals services are also another common source of scam related to online forex trading. Unfortunately many traders are tricked into buying such services, but they end up making more harm than good. Find out why and how to protect yourself from forex signals scam through this interesting chapter.
Part 4: Forex managed accounts scam
Our fourth chapter discusses the scam associated with forex managed accounts, which are another popular method abused by swindlers in order to defraud many online forex traders, especially those who are totally inexperience and ignorant. Learn more about the pitfalls by reading this helpful section on forex managed accounts scam.
Having explored the most usual sources of forex related scam in the previous chapters, in the fifth chapter we present to you the regulatory authorities, whose mandate is to protect all traders and safeguard that the forex market remains free of fraud and scams. This chapter tells you what to do if you suspect a scam, through a detailed presentation of the pertinent regulatory authorities and watchdogs overseeing the retail forex markets in several jurisdictions across the globe.
Part 6: As a recap: Useful Q & A on Protecting Yourself From Forex Scams
This final section, in lieu of a recap, covers most popular queries submitted by our readers pertaining to online forex scam. Refer to this section as it may well contain the answer to one of your questions as well. In case you have any concern or query that is not addressed in this section of one of the previous chapters, feel free to email us and we will be happy to assist you.
By reading all the individual chapters making up our guide, you will be gaining the much needed knowledge necessary to help you be able to know when you encounter a scam and thus be able to avoid it. Scammers often employ very ingenious ways in order to mislead you and it is your job not to allow them to take you for a ride.
To make sure that a scammer’s fortune will not be made through “stealing” your own hard earned cash always investigate all aspects thoroughly before you invest. Don’t be afraid or shy to ask all the questions or queries you may have. Don’t become just an another unwary investor who provides an easy prey for unscrupulous promoters. Make sure you collect all the necessary information to help to assure no swindler can make money at the expense of your misfortune.
Scammers will not like you asking questions and this is a good and quick method to know they are out to deceive you. Therefore ask to make sure, who the company trying to get your money really are, which is the authority regulating them, how and where they will hold your money, how you can withdraw, if it is a broker, or how you can stop the subscription, if it is a forex robot or a forex signals service. Also make sure you have a clear picture of all the associated and often hidden costs, commissions and other fees, before parting with any money.
Also make sure you completely understand all the risks associated to and involved with trading forex online and have a clear view of what your genuine and realistic profit expectations should be. Do not succumb to unrealistic profit promises and only give your trust to someone basic on hard, solid evidence and not mere words, no matter how attractive and lucrative they sound.
Furthermore, as forex scammers usually want to blur your judgment and put pressure on you to make decisions in a rush, do not succumb to “one-time” or “limited-time” special offers, designed just for you! Those who seek to take your money are not doing you a favor, although they will have you believe so! Don’t take rushed decisions under false urgency claims. Take your time to research all factors and decide with a cool head and if you decide to say “no”, be firm and resolved and stick to your decisions, as the biggest skill all forex scammers have is their ability to trick and convince you into trusting them.
All these being said, not all stakeholders in the online forex trading industry are crooks. There are legitimate, trusted companies and service providers that could genuinely help you try out your knowledge and luck and hopefully make some money. What you need to do is to do your research and have dealings only with such trusted entities.
To assist you in your research remember than you can always consult independent guides suggesting honest brokers and service providers, such as the ones we feature on our site, as well as find out from the experiences, both good and bad, of other traders who often share their stories on forums, chat-rooms and other sites on the internet.
If you do your homework well then you have nothing to fear and you could end up successfully and lucratively trading forex online.