Forex Scams Watch Out for Deceptive Forex Profit Taking Strategies
Forex Scams Watch Out for Deceptive Forex Profit Taking Strategies

Forex Scams Watch Out for Deceptive Forex Profit Taking Strategies

The Forex market is a genuine trading market where the worlds most currency are exchanged. Its anything but a trick in itself. Without the Forex market it is hard to exchange the currencies expected to purchase imports, sell exports, to go on vacations or do cross line business.

Forex Scams Watch Out for Deceptive Forex Profit Taking Strategies

The Foreign Exchange Committee at the Bank of International Settlements computed the net forex transactions to be worth over $5.1 trillion in 2019. With such large volumes of funds floating in a rather unregulated system, having no accountability, forex scams are definitely rampant and on the rise. In fact, according to Commodity Futures Trading Commission, the average forex scam victim loses as much as $15,000.

Forex Trading Scams: How to Spot and Avoid Them

The most common forex profit-taking strategy used by fraudsters is signal selling. A signal seller may be a retail firm, an individual trader, or a pooled asset manager who promises to trade on behalf of the investor. Signal sellers tout their rich experience in forex trading and convince individuals to hand over their funds to them. Unfortunately, some of these signal selling schemes are shams, wherein the investor loses all the money.

Other fraudulent forex profits taking strategies to look out for are:
 

Phony investment funds

High Yield Investment Program (HYIP) funds have gained popularity in the forex market over the last few years. These funds promise a high level of return in exchange for temporary lock-in of the investors’ funds. Unfortunately, most (if not all) HYIP funds are scams. So if you come across a deal that seems too good to be true, chances are it actually is!

Miracle software

The internet is flooded with advertisements of magic software that analyzes the forex market for you. Such applications are more often than not money-making gimmicks that add no value to your trades whatsoever. And, such tools are generally available on the internet for free.

Finally, to avoid forex scams, watch out for warning signs. For instance, if your broker hesitates to withdraw money from your account, it should immediately wave a red flag despite persistent requests. Remember, making profits in the forex market is about being smart and vigilant.

Recent Comments

Write a Comment

Related Bonus

Awex 50 USD Forex No Deposit Bonus
Awex 50 USD Forex No Deposit Bonus
02 October 2022 04:55 AM
OctaFX Champion MT4 Demo Contest Started
OctaFX Champion MT4 Demo Contest Started
01 October 2022 03:24 PM
Weekly Forex Forecast 3 - 7 October 2022
Weekly Forex Forecast 3 - 7 October 2022
01 October 2022 11:21 AM
Windsor Brokers Ultimate Trading Challen
Windsor Brokers Ultimate Trading Challen
29 September 2022 07:08 PM
Forex $100 No Deposit Bonus - Admiral Ma
Forex $100 No Deposit Bonus - Admiral Ma
28 September 2022 08:22 PM
NordFX Super Lottery, 100,000 Fund
NordFX Super Lottery, 100,000 Fund
28 September 2022 11:17 AM
HotForex 50 USD Forex No Deposit Bonus F
HotForex 50 USD Forex No Deposit Bonus F
28 September 2022 09:53 AM
TAKING ON SOCIAL RESPONSIBILITY, RADEX M
TAKING ON SOCIAL RESPONSIBILITY, RADEX M
28 September 2022 03:33 AM
VT Markets Launches 51 New ETFs Trading
VT Markets Launches 51 New ETFs Trading
28 September 2022 12:45 AM
$30 No Deposit Bonus & 120% Deposit Bonu
$30 No Deposit Bonus & 120% Deposit Bonu
27 September 2022 10:36 PM
$3000 InstaForex Chancy Forex Deposit Bo
$3000 InstaForex Chancy Forex Deposit Bo
27 September 2022 04:34 PM
ForexChief 100 USD Free Forex No Deposit
ForexChief 100 USD Free Forex No Deposit
27 September 2022 09:24 AM

Forex Featured Brokers

OctaFX

Free Trading Signals, Broker Type : STP/ECN Leverage up to 1:1000, 50% Deposit Bonus

Start Trading View Profile »
FXChoice

65% Crypto Bonus, Min: Deposit: 100 USD, Broker Type: STP/NDD, 50% Welcome Bonus

Start Trading View Profile »
HF Markets

Minimum Deposit $5, Leverage up to 1:1000 Broker: STP/ECN/NDD, 100% Trading Bonus

Start Trading View Profile »
Global Market

Minimum Deposit $15, Leverage up to 1:200, Broker Type: ECN/STP, 30% Welcome Bonus

Start Trading View Profile »
FXTRADING.com

50% Trading Bonus, Broker Type: STP/ECN, Leverage up to 1:500, $600 Welcome Bonus

Start Trading View Profile »
ATFX

Leverage up to 1:400, Minimum Deposit $100, Broker Type: NDD, 50% Deposit Bonus

Start Trading View Profile »
Awex 50 USD Forex No Deposit Bonus
02 October 2022 12:22 PM
Weekly Forex Forecast 3 - 7 October 2022
02 October 2022 12:05 PM
NordFX Super Lottery, 100,000 Fund
02 October 2022 11:44 AM
FX Trading 25% New Trader Programmme
02 October 2022 11:13 AM
Get 50% Moneta Markets Deposit Bonus
02 October 2022 08:45 AM
Get OctaFX 100% Free Trading Signals
02 October 2022 11:17 AM


moneta_footer.png
Best MT4 Broker
with lowest cost
Exclusive Access to
PRO Trader Tools
Free Trading
Signals
25% Rescue
Bonus New
Zero Swap Fees
on Gold