Scammers in Forex – Types of Scams and Ways to Avoid

 Scammers in Forex – Types of Scams and Ways to Avoid

 

Well like anything else online there are scammers in Forex too. The Forex is highly attractive and not just for potential traders but for scams and scammers. I remember Broker check  seeing somewhere on the internet that the average victim to Forex scams loses $15,000. I dunno about you but that figure is extremely high in my opinion, some of the scammers are Forex brokers themselves so you have to be careful when choosing a broker. A lot of bad Forex brokers out there refuse to transfer funds to you once you request a withdrawal.

There are also a lot of products that promise you riches overnight in Forex and other fake products that just DO NOT work. Don’t get me wrong there are a few products out there for sale that works wonderfully, like some automated robots. But you have to be careful of which ones you purchase, some of these automated robots just put your accounts into negative and you lose money. Most of the Forex products being advertised don’t help you make anything at all, and you just end up wasting money on those products which do squat.

Always remember never to test products you buy on a LIVE account, that’s just common sense. I normally do tests for about 2 months on each product that I buy and also be sure to do back tests (on meta trader platform). If the product checks out to be good after testing, then I always go LIVE after. Just a reminder the market is always changing so the product you buy might not work if the conditions changes, this is when updates are offered to you from the place you bought the product from. Try to find a review of the product before you purchase anything, I normally just jump to the chase and look for a lot of ratings and replies in the reviews.

 

 

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