|
Forex trading seems to be very charming as well as profitable, but once you truly jump into the forex water, it becomes clear that it is full of frauds and scams. Beware of some of those forex frauds and scams. It is not wrong to call forex market mysterious. Forex market is famous for offering high return on investments, but it carries a lot of risk as well. Risk in the sense, that there are several different types of forex frauds and scams out there that are waiting for you. Generally speaking, a forex fraud is something that dodges forex traders after promising to deliver them very high profit on trades or something. Thousands and thousands of traders lose millions of dollars every month with the courtesy of the scams. An average trader loses around $15,000 when he becomes a prey to such a forex fraud. I am sure no one would like to lose $15,000 for nothing. A lot of forex frauds take place in forex market every day. Among many other types of forex frauds, forex robots carry worst frauds with them. Forex traders lose thousands of dollars every month via these scam forex robots and software. You must have seen several forex robots that promise to increase your profit by 200% or 400% or even 600%. More than 97% of these forex robots, software and advisors are scam. There is nothing better than traditional manual trading. You will not be surprised to know that a large number of forex brokers encourage or promote or generate frauds and scams. Forex brokers use different methods to get extra commission from traders. One of the most common types of frauds that is associated with forex brokers, they actually intentionally churn or block accounts to get their share out of them. It has also been noted that a large number of forex frauds result from incapability of brokers. Most of the brokers have been found incapable of handling trades and managing accounts. In case of managed accounts, brokers intentionally or unintentionally mismanage accounts that result in huge financial loses. And when they do it intentionally, it is solely for the purpose of filling their pockets with money. A large number of brokers offer extremely high leverage to new traders which is also considered as a fraud. This high leverage results in loses, and brokers then earn commission from this high leverage. So you see, forex market is full of frauds and scams. For new traders, things get quite tough since there are lots of frauds and scams waiting for them. You must keep your eyes open. It is your own responsibility to safeguard yourself from all those forex frauds. There is no way to differentiate between legit and scam schemes and brokers. All you can do is find facts and figures through internet. The more research you will do, better it is. Meet different traders and people. Read different articles. Read customer and trader reviews. Get help from fore forums. Keep yourself updated. Learn. Do whatever you can do to keep yourself safe from scams and frauds. There is no shortcut, no tool, no technique to help you in fighting against frauds. You must deal with them by your own. You have to fight your own way. For information and advice on the forex market click here.
Related Articles -
click here, forex brokers,
| 
