The Internet has brought about a real revolution in our modern world. But beyond its many advantages, there are also some setbacks. The Forex world is no exception. Malicious, unscrupulous people set up various scams and deceptions
. In general, these scammers promise wonders to ignorant investors who easily fall into the trap. Update on Forex-specific scams.
There is no miracle technique for making money with Forex!
Offering a miracle technique to win in Forex is one of the ways scammers use to lure naive investors. Many traders then buy these methods, firmly believing that they will easily achieve success by trading in the foreign exchange market. Quite often, it is salespeople who are behind these fabulous and definitely misleading offers. They promise that Forex trading will be child’s play and guarantee success and wealth quickly acquired. But that is not the case. These are just fine words in the air: you have to be suspicious.
Another way to scam novice investors is to sell trading signals. In return for a more or less expensive subscription, they receive alerts letting them know that this is the right time to buy or sell. Here, these are generally signals retrieved from free interfaces. It is therefore possible to obtain them easily, without having to pay for them.
Common scams also include investment groups or clubs. These are usually forums, communities or sites that make promises too good to be realistic. New entrants then expect particularly high gains and returns on investment. In reality, it is a pyramid scheme: the old investors are actually paid with the new ones’ money and so on. In the end, everything collapsed and the last people who signed up lost their money. The company behind the scam then closes its doors, taking all the money from its traders..
To avoid becoming a victim of such fraudulent schemes, it is important to always remain vigilant and to be well informed about the operators to whom you will turn. In particular, rely on the black list of the AMF (Autorité des Marchés Financiers) to find out which brokers it is best to avoid. Moreover, as soon as you are promised to win easily and quickly in Forex, you can be sure that there is something going on. Always be realistic and lucid, it is impossible to win too fast and too easily in Forex. We advise you to consult our reviews on the Forex brokers on the site such as Plus500 or ETX Capital. If you want to access the websites of these brokers respectively, it happens here and there