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With the click of a button, you can trade in the direction of Euro, British Pound, Japanese Yen, US Dollar or many other currencies. There are hundreds of currency pairs to trade, so there are plenty of options to find the ones that interest you the most.
Many ask themselves, “Can you get rich trading Forex?”. Although financial gains from Forex trading seem lucrative, it cannot be considered easy. A good business education, a properly funded trading account and an understanding of risk management techniques are essential.
Unfortunately, many unscrupulous people will attempt to defraud individuals through Forex trading scams. Forex scams will exist as long as there is a Forex market. As schemes evolve, scammers are always around, trying to steal your money. But could there be a solution to this problem?
Investment fraud comes in many different forms. Some scams are even named after their creators – such as the Ponzi scheme named after the infamous Charles Ponzi. Forex scammers tend to target novice or uneducated traders. The best way to not become a victim and avoid being scammed is to get a good education in Forex trading before you enter the markets.
Forex scams often present “too good to be true investment opportunities” as a way to convince you to part with your money. When you lack trading experience, scammers will try to take advantage of your optimism, your fears, and your lack of knowledge. Knowing the markets means you are no longer an easy target.
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What are Forex Trading Scams?
Forex trading scams can take many forms, but they all share the same basic purpose: to steal money from unsuspecting forex traders. Forex scams can include selling products that don’t work as advertised, impersonating prominent forex traders or investors to collect personal information, setting up fake websites that impersonate well-known brokers to steal deposits, and a long list of other unethical and ( in many cases) illegal methods of ripping off traders and investors.
Three Signs of Trading Investment Scams
1: What is a stock?
1) Trading Systems and Education Without Any Proof
There are a lot of scammers out there selling trading systems and education.
When you ask them to provide any proof of their business history, they avoid the question. There are also many traders who would offer their systems without a trading room or any services.
These types of scammers are sometimes referred to as “snake oil merchants”. “Snake oil” is a term traders use for bogus traders and trading systems that have no valid proof of their trading history.
2) Email Spam Asking for Personal Info
Scammers may also ask you for personal information, such as:
- Your full name
- Your phone number
- Your home address
Don’t give your personal information to someone you don’t fully trust. Be suspicious of brokers who do not provide you with a written risk statement. Even if it does, read the statement carefully because the devil is in the details.
3) No Background
Never work with someone who refuses to give you their basic information. Be it a broker, trader, educator or money manager. Always do a quick check online to see if a person or company is legitimate.
According to New York Magazine, a kid from Queens, New York City, USA made tens of millions of dollars trading stocks during his lunch break at Stuyvesant High School.
What actually happened is that it turned out that he never made any money and all his profits were made in a paper trading account.
What Kinds of Forex Fraud Are There?
In 2019 alone, the UK reported losses of approximately £27 / US$30.5 million due to cryptocurrency and forex fraud. Unfortunately, most of this consists of individuals who have been duped into handing over large amounts of their personal savings with the promise that they will grow.
Frontend Forex Fraud and Scams
Typical frontend forex scams include:
- Forex Ponzi/pyramid schemes: Fraudsters claim to represent a forex exchange, investment group or account management firm to recruit investors. In typical pyramid scheme fashion, a fee will be demanded and investors will be asked to recruit more people into the scheme. Some schemes may pay investors a small initial return to convince them that the scheme ‘works’, but inevitably the leaders eventually disappear with all the money invested.
- Fake signal/trade bot sellers:Scammers will claim to be able to tell their customers exactly when to buy or sell their forex based on expert knowledge or some form of trading software and charge a premium for these services. However, they are most likely charging money for a service that is simply fraudulent and using made-up numbers to “prove” the value of their software.
- Fake forex brokers/account managers: Some scammers may try to get inexperienced investors who would prefer to have someone else manage their investments. Fraudulent entities posing as a legitimate forex broker will offer to manage your investments either by managing your entire account or depositing your funds into an existing portfolio – but in reality they are just draining the account and reporting false returns until the fraud is detected.
- Fake investment fraud: Brands displaying a flamboyant lifestyle will recruit via Instagram or other social media, using their apparent success to attract “investors” to their fake forex exchange, while simply stealing all the money invested. In many cases, the lead marketer has nothing to do with the actual financial product, so his role is more comparable to deceptive advertising.
- Fraudulent affiliate marketing: Fraudsters who pretend to bring in new investors to a legitimate forex website, but instead use bots, scripts and other automation, as well as unsuspecting victims, to defraud the forex platform by receiving money for fake referrals.
Backend Forex Fraud Targetting FX Firms
For legitimate forex exchanges, brokers and account managers, backend forex fraud is an even bigger problem if security is not a priority. Where front-end fraud almost always relies on an element of trust, most forex exchange security gateway attacks require no human vulnerability.
Fortunately, fraud prevention solutions like SEON can be applied to user traffic to control backend fraud such as:
- Account takeover attacks,a particularly dangerous prospect in the forex industry. Since the nature of arbitrage opportunities and short forex positions suggests a large amount of liquidity to take a profit, a large amount of liquidity can potentially be drained from a hacked account.
- Bonus abuse for exchanges that offer any kind of promotional transactions for new registrations. This is done through fake accounts, setup manually or using scripts and bots.
- Onboarding fraud/impersonation, in cases where an entity might wish to remain anonymous or appear as someone else when trading forex. As forex transactions are regulated in major markets, registering under an assumed name or from an assumed location creates opportunities for criminal behavior.
- Money laundering is a major concern, although it does not directly target the FX platform. This is because by law companies are liable for any money laundering that occurs in their systems. Local and national authorities will fine or even shut down forex companies found to be curtailing money laundering or failing to carry out AML-related due diligence.
- Chargebacks are also a problem for forex exchanges, whether they are fraudulent or not. If you allow stolen credit cards to be used on your platform, there is always the possibility that the legitimate cardholder will ask the bank for their money back – money that you will ultimately pay. Meanwhile, the cardholder may themselves try to lie to the bank about the services they received or the charges on their card, with similarly bad consequences for you.
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Why Do People Get Scammed With Forex?
Currency trading has become a major industry in the online space and naturally comes with promises of profit – and risk. What’s more, regulation is constantly shifting and authorities are concerned about the possibility of money laundering. As a result, this is an industry highly targeted by fraudsters and scammers.
To understand how unsuspecting internet users can be tricked into handing over large sums of money, let’s first look at what financial opportunities a legitimate forex transaction can offer.
At the beginning of this year, the international volume of forex transactions averaged $6.6 trillion per day. How will this $6.6 trillion pie be further sliced to be distributed to investors’ wallets? In other words, under what pretext do scammers lure their victims?
All in all, the real profits (often calculated in hypothetical market value) that are derived from the forex industry come in the form of:
- Derivatives and speculation, where trades are made based on potential developments in market forces or related interest rates. These products can be used for purely profitable speculation or to mitigate losses from fluctuations. As they are derivatives, they are financial products that are not the currency itself, but rather a kind of insurance against currency volatility.
- Forex arbitrage, in which two parties agree to buy one currency and sell another on specific dates, either to profit from exchange rate fluctuations or to mitigate a loss in the same currency. Profits are generated from the differences between exchange rates, which requires large investments to show value. Although not technically illegal, it is largely frowned upon and often against the terms of forex exchanges.
Although there are legitimate (and massive) businesses operating and trading within the forex world, it is rare that individual retail forex traders – representing only 5.5% of all transactions – will be able to boast the kinds of returns that a scammer might advertise .
But waving around numbers like $6.6 trillion and terms like “foreign exchange options” to an unsuspecting public is enough to rub a new victim the wrong way.
Types of Common Forex Scams
The best way to protect yourself from forex scams is to detect them early and then avoid them. If you can recognize the signs of the most common forex scams, you’ll have a better chance of avoiding them altogether.
In the 20+ years I have been involved in the forex industry, I have witnessed a wide variety of forex scams and spoken to countless victims. Below is my list of the most common types of forex scams – keep your eyes open for these:
1. Unregulated (or lightly regulated) forex brokers.
These “brokers” are usually regulated offshore in jurisdictions with dubious reputations that often only require a business license and some sort of fee. If your broker lacks legitimate regulation, there’s always a chance they’ll engage in dubious (or downright fraudulent) practices.
Unregulated brokers are not required to report to a governing body, and if you become a victim of fraud, you often have no way to get your funds back. We would never recommend dealing with an unlicensed (or lightly regulated) forex broker.
In some cases, brokers will simply lie about where they are based, registered or licensed. For example, the FCA recently announced that Unicorn FX was operating in the UK without proper authorization.
2. Binary options
Widely considered gambling, binary options are essentially an all-or-nothing bet on the outcome of an event (such as the timing of an asset’s price movement). A 2019 survey by the Australian Securities and Investments Commission (ASIC) found that 80% of binary options traders lost their money. ASIC, the Tier-1 regulatory jurisdiction in the ForexBrokers.com Trust Score rating system, has since banned binary options until 2031.
3. Clone firms
Fraudsters sometimes disguise themselves by posing as real brands (or in some cases, real people). Known as clone firms, these “companies” use fake emails, fake websites and illegitimate phone calls to trick victims into believing they are dealing with a reputable brand. Legitimate licensed businesses should be easy to contact and have a verifiable and legitimate registered office address.
4. Social media scams and imposters
Social media has made it easier than ever to lure unsuspecting traders into financial fraud. Forex scams can now obtain photos and personal information from the social media accounts of prominent traders, investors and businesses and use them to create fraudulent accounts on Twitter, Instagram, TikTok, YouTube, Facebook and all major social media platforms.
Scammers used (and continue to use) my name and likeness to get people to send them money or participate in forex scams. Some of these fake accounts even have thousands of followers.
5. Scam signal providers
Usually appearing in forums across the internet, scam trading signals typically make unbalanced claims regarding your potential profits and try to get you to pay a subscription (usually charging per day, week, or month) for access to the signals. That said, not all signal providers are scams – read our guide to the best forex signal providers to check out highly rated, legitimate forex brokers that offer trading signals.
6. Scam fund managers
A fraudulent fund manager, financial advisor or commodity trading advisor (CTA) may place a large number of trades (or a few massive ones) with the sole aim of generating more commissions for themselves – a process known as churning. Scratching can lead to big losses for you, while your money manager earns a hefty commission.
7. Scam copy trading providers
Scam copy trading providers will simply generate too many signals in order to churn your account and earn commissions at your expense. Real social media copy trading providers should have a viable business plan – check out our social media copy trading guide for my tips on the best and most trusted social media copy trading forex brokers.
Why You Should Educate Yourself To Avoid Trading Scams
Because Forex trading involves risk, losses are inevitable. Retail speculators almost always trade under capitalization and can be subject to problems with gambling addiction and misuse of leverage. Any speculator who trades without skill is essentially gambling.
Frankly, the large number of reports of money being stolen from brokers are the result of poor trading and not fraudulent brokers.
If unskilled traders spent time developing the right trading methodology, they would become better traders much faster and probably avoid Forex scams entirely because they would be better informed about the potential risks and what to avoid.
If you would like to start trading with Admirals, feel free to register for a demo account to practice with virtual funds.
Forex Scam Prevention and Red Flags
Scams in the forex trading industry have many guises and approaches from different angles. For an individual looking to expand their personal financial horizons into forex, education along with research will be key: Who are you investing with? Who can you trust?
Forex fraudsters will go to great lengths to obscure their true intentions, and recognizing obfuscation patterns will be a critical part of not falling victim to their nefarious schemes to the public.
It is important to note that the forex trading vertical is inherently risky. But higher risk means potentially higher rewards.
With this understanding, it becomes a little easier to use some common sense when evaluating a potential scammer’s sales pitch. Phrases and ideas to watch out for include:
- “Risk-free” investing is a phrase that gets thrown around a lot. But there is no such thing in investing. Similarly, be suspicious of entities that claim “there is no such thing as a bear market.”
- Unsolicited offers of any kind are generally a red flag. Anyone who approaches you individually should be treated with care.
- Time/quantity pressure is a common tactic where scammers suggest that the best deals are disappearing quickly and “get it now”. While the nature of any investment market means that fluctuations over time can mean returns on investment, legitimate companies do not have to force investors to sign up.
- Unrealistic ROIs are one of the most common warning signs to watch out for. Whether the scammer flaunts the luxury of an expensive lifestyle or simply promises huge returns, the reality rarely matches.
- Offers of favors in exchange for an investment along the lines of “I’ll even give up my usual commission.” or “It would normally cost you but.” and name-dropping are typical sales tactics that should put you on alert.
- Request to transfer money ASAP, especially by bank transfer or post, as opposed to a verifiable online broker’s gateway. Beware of any voice that forces you to transfer money on any time scale.
- Inconclusive background information about an individual or business entity is always a red flag. Established forex traders will have a significant online presence. Be sure to research any entity that appeals to you. Make sure you carefully research any credentials provided, as many scammers will link to a valid financial institution to later request transfers to an unrelated account.
This last piece, the identifying information, is a good pressure point to lean on when deciding whether or not to trust an apparent forex investment group. Any valid account manager or broker should be willing to answer your questions to create an environment of trust. Any reluctance to provide information should be considered a sign of potential risk. Look for inconsistencies in the information provided, especially where the money is being sent.
You can also use reverse email or reverse phone lookup tools to find out if the person you spoke to is who they say they are. You can try it below by entering a phone number or email address to see a full profile of their online presence.
Maintain a suspicious attitude when it comes to online investments in general and do not hesitate to consult third parties such as the FCA Warning List or other qualified professionals.
How to Avoid Forex Trading Scams
The best way to avoid investment scams is to take your time. Don’t rush your decisions – and make sure you weigh all the pros and cons first.
Finding a reliable Forex broker is not an easy task, but in the long run you will benefit from investing your time. The first step you should take when you come across a Forex broker or agency is to Google their business name.
Look for customer reviews on reputable sites. If there are none or they are fake, you should stay away from that service provider. In addition, you can browse scam reviews to see if the forex broker is as reliable as it claims.
Also, don’t forget to find out if there are any legal actions pending against the broker.
For example, you can:
- Visit Forex forums and see whether there are any complaints about fund withdrawals, and if so:
- Contact the user who posted the complaint and ask for more details.
Perhaps the user was mistaken or confused, but it never hurts to ask. A proper background check will minimise your risks.
Keep Away From Opportunities That Seem Too Good to Be True
Easy money? In any case! Don’t believe anyone who tells you it’s easy to make money with something like ”20% profit per month”.
This is complete nonsense because Forex and CFD (Contract for Difference) trading requires a lot of vetting time, education, patience and quick wits to be profitable. There is no easy money here. However, if you take your time and learn how to trade properly, you can get another source of income.
Further Steps You Can Take To Protect Yourself
Be sure to compare the regulations of the regulatory agency with the terms and conditions on the broker’s website to find discrepancies and anomalies in their terms and conditions.
If you don’t trust your own judgment or simply don’t have the time, seek the advice of a licensed financial advisor. In addition, you can request proof of business registration before registering with a forex broker.
Be sure to read all the fine print when opening an account. Sometimes fraudsters use account incentives against the merchant when it comes to withdrawing funds.
For example:
- If you receive bonus funds and wish to withdraw them, a Forex scammer may deny you that right due to its terms and conditions.
Don’t forget that when you start live trading – always trade a small volume for a short period initially, and then attempt a withdrawal. If everything goes smoothly, it’s safe to deposit more funds.
The availability of a Demo account is another indicator of a good or bad broker. If you don’t get offered this option, or are discouraged from demo trading, this is a strong indication of a Forex scammer.
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Questions to ask to avoid a forex trading scam
- Is the broker regulated?
- If regulated, how trustworthy is the regulatory body?
- How do I know what regulators are legitimate?
- Is the broker offering profits or rewards for opening an account?
- Is the broker offering a cash bonus for opening an account?
- Is the broker offering automatic trades or signals to guarantee profits?
- Is there any credible information about the company on its official website, such as its history, financials, or headquarters’ address?
- If awards are cited, can I verify their authenticity?
- If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?
We’ll go through each of these important questions in detail below, to make sure you have the information you need to avoid forex scams.
1. Is the broker regulated?
Unregulated brokers do not have to report to a governing body. If an unregulated broker cheats you in any way, whether through “glitches” or “glitches” that cause slippage in their system or raw withdrawals that never arrive – you’re out of luck. Since unregulated forex brokers have no oversight and do not report to any governing bodies, traders who have been scammed have little recourse but to post a negative review.
There are three things that indicate you are dealing with a trustworthy, regulated forex broker:
- City Index has a disclaimer that warns of the risks involved when trading CFDs. There are no unbalanced claims or profit guarantees.
- City Index is registered in the U.K. under its parent company, StoneX. A registered business address is provided.
- City Index company is authorized and regulated by the Financial Conduct Authority (FCA), and has posted a verifiable registration number.
2. If regulated, how trustworthy is the regulatory body?
Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.
3. How do I know what regulators are legitimate?
There are a number of regulatory bodies that grant licenses to forex brokers, and not all regulatory licenses carry the same weight. For example, obtaining a license from the Commodity Futures Trading Commission (CFTC) to operate in the United States is much more complicated, expensive and therefore more important than registering with the FSCA (Financial Sector Conduct Authority) in South Africa.
4. Is the broker offering profits or rewards for opening an account?
Scam brokers often claim: “earn $50 a day from an investment of $250”, “make 80% return on profitable signals” or “96% success rate”. These claims are a scam, regardless of whether they are related to forex, CFDs or binary options. Forex brokers should never promise returns, small or large. Simply put, if a broker promises to make you money, it’s a scam. Other common fraudulent practices include advertising images of expensive cars that are given away to lucky investors.
5. Is the broker offering a cash bonus for opening an account?
When an unregulated (or lightly regulated) broker offers an abnormally high cash bonus that is unclear on the details, you are probably dealing with a fraudulent broker. For example, 1000Extra was a scam forex broker that is no longer in business. You can see in the screenshot below that they advertised a $1,000 sign-up bonus – but with no further context. The broker’s website used a classic scam tactic: get users to click on a promotional link that takes them directly to an account registration page.
6. Is the broker offering automatic trades or signals to guarantee profits?
Some fraudulent brokers offer automated trading services and claim to be powered by “robots” or sophisticated algorithms that can guarantee a profit. These brokers claim that their robots use trading signals to generate money. Often these brokers focus on cryptocurrencies or binary options.
7. Is there any credible information about the company on its official website, such as its history, financials, or headquarters’ address?
If there is no information about the company’s executive team, physical headquarters location or phone support, it is most likely a scam. Scam brokers don’t want any names, locations or contact information associated with them when they inevitably get into trouble.
If you cannot find honest reviews of the broker you are interested in, do not sign up for an account.1`
8. If awards are cited, can I verify their authenticity?
Lots of scam forex brokers claim to have won some impressive awards. Most of the time the award will say something like “Best Broker 2015”. Often the source will be either invisible or unreliable.
Other times, a fraudulent broker will display valuations from reliable media outlets, but the valuations are simply fake. This screenshot is from a former scam broker called 12Trader. 12Trader chose to promote the apparently fake valuations from Bloomberg and The New York Times.
If these awards were real, you could click on the link to see them (or easily find them by running a basic Google search).
9) If a big corporate sponsorship is being promoted (i.e., sports team or famous athlete) by a forex broker, am I still doing my due diligence to ensure the company can be trusted?
Never assume that a broker is trustworthy because they sponsor a football club or professional athlete. Just because a company pays to be the main sponsor or has their name on the jersey doesn’t mean they should be trusted.
A great example is the recent collapse of FTX. FTX threw (probably) huge amounts of money at high profile athletes like Tom Brady, Shaquille O’Neal, and Steph Curry to promote the FTX exchange. Now, in the wake of FTX’s spectacular collapse, these athletes and spokespeople are being sued by investors.
Most Trusted Forex Brokers Comparison
Taken from the forex broker comparison tool, here is a comparison of the forex brokers to trust.
Top Seven Ways to Spot a Forex Scams
1. If something seems too good to be true, it probably is.
If you are considering investing in something that seems too good to be true, this should serve as a reminder to investigate the details of the offer more closely. Always read the fine print and make sure you read your broker’s terms and conditions carefully.
2. Watch out for anyone asking you to send them cryptocurrency.
Fraudsters prefer to pay in cryptocurrencies because such transactions are irreversible and difficult to link to a person’s real identity. If a person or company specifically asks you to pay for their services with cryptocurrency, be careful. Legitimate forex brokers accept payments in different currencies and different deposit methods – even through PayPal.
3. Beware of people on WhatsApp or Instagram posing as financial advisors.
There is a growing number of self-proclaimed financial gurus and influencers on social media trying to convince their followers to send them money in alleged forex schemes. In my experience, it’s never wise to make decisions about how to invest your money based on the advice of social media influencers.
4. Don’t be drawn in by the promise of guaranteed returns.
Be wary of anyone who makes wild claims, promises huge profits or uses the word “guaranteed” in relation to ROI – these are huge red flags. No investment or investment opportunity—not even AAA-rated, fixed-income government bonds—guarantees a profit.
5. Look for broker reviews from trusted sources.
In addition to checking that the broker is regulated and verifying its credentials, it’s important to read reviews from unbiased sources – just like when you buy something on Amazon.
6. Reference regulator blacklists and scam broker lists.
It is always wise to make sure your broker is not on a blacklist or warning list from a national regulator.
7. Always verify your broker is regulated.
Go to your broker’s website, find out their license number and regulator information (which can usually be found in the footer of their website) and then verify with the relevant regulator. It’s also a good idea to have the broker’s representative send you an email from an email address that has the same domain name as the one you verified to make sure you’re not dealing with a scammer (scammers are more common than you think).
Scam Forex Brokers Examples
Now that you understand what Forex scams are and how to protect yourself from them, it’s time to look at some fraudulent Forex brokers. You can follow any popular online forex trading forum or website like TradersUnion which regularly updates its list of scam Forex brokers. Not only will it help you stay informed, but it will also help you withdraw your funds immediately if you work with a blacklisted broker. Here are some of the most popular scam Forex brokers you need to know.
4XP
4XP was founded by capital market traders and retail entrepreneurs but turned out to be a scam. Therefore, we strongly recommend that you do not work with this online Forex trading platform to keep your money safe.
Reason for Blacklisting
Online Forex broker 4XP failed to fulfill its commitment to traders and its partners. According to most online reviews from real-time customers, it was impossible to withdraw funds and all deposits were frozen.
770capital
770capital promises to offer reliable services and advanced features for Forex trading. But due to its suspicious notifications, we do not recommend you to opt for this online Forex trading platform.
Reason for Blacklisting
The financial authority license that 770capital shows regarding its regulation does not exist anywhere in the world, which is a clear sign that it is a fraudulent Forex Broker.
Adamant Finance
Adamant Finance is another Forex broker that has a lot of negative feedback online. Most of the online reviews directly state that this platform is an outright scam. Therefore, we do not recommend cooperation with this company.
Reason for Blacklisting
Adamant Finance is not regulated by any financial authority. In addition, the user agreement offered by the company does not even include the required financial commitment, and there is no explanation for this behavior.
What can I do if I have been scammed?
If you suspect you have been scammed, the first step is to contact the appropriate authorities, such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).You should also contact your bank or credit card company to report the fraud and request a chargeback. It is also important to file a complaint with the Federal Trade Commission (FTC) and the Internet Crime Complaint Center (IC3). In addition, you should consider seeking legal advice to understand your rights and options for recovering your funds.
It is important to realize that recovering money can be difficult and may require a lot of time and effort. Fraudsters often use tactics to hide their identity and make it difficult to track them down. However, by reporting the scam and taking appropriate legal action, you can help detect the scam and potentially prevent others from falling victim.
In conclusion, forex trading can be a legitimate and profitable form of investment, but it is important to be aware of the potential for fraud. By being vigilant and taking the necessary precautions, you can protect yourself from becoming a victim of a forex scam. Stay informed and stay safe in the world of forex trading.
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Frequently Asked Questions
Is forex a pyramid scheme?
On its own, forex trading is not a pyramid scheme. Multi-level marketing strategies occur in plenty of industries, however, so keep an eye out for the signs below. See more on this in our article about whether forex trading is a pyramid scheme.
Can you trust forex trading?
Trading forex and the foreign exchange market is a legitimate market and business, where you buy and sell the world’s currencies. It is not a scam in itself if you are dealing with a regulated broker. Trading involves risks, and you need to make sure you understand the market, and your attitude toward risk before you start trading. New traders can be impatient, seek more money, and hope for huge profits, but fall prey to forex scammers. To avoid being scammed, make sure you educate yourself about the market, learn the warning signs, and trade forex with a trusted broker, which is regulated by a top-tier regulator.
Can a forex broker steal your money?
A forex broker cannot steal your money legally, but sometimes scam brokers do steal. You could be lose your money rapidly once that happens. Before choosing a broker to start forex trading, make sure you go through the checklist in this article, and if there are warning signs, choose a different broker. There are plenty of legitimate forex brokers.