By: How To Become A Forex Trader.
Forex trading is a very popular money making means and it is being engaged by many out there today. Just like every other hot money making methods, forex trading has its own measure of scam activities. If care is not taken, you may fall victims to these scam activities in forex trading and lose your hard earned investment. This is why you must always seek information in forex trading to enable you identify scams when you see them and escape them without getting your fingers burnt. This write up is designed to open your eyes on the signs to watch out for regarding forex scams and how to avoid getting scammed. It promises to be highly informative.
Never believe if it looks too good
When you come by a forex trading strategy or system or forex trading information that looks too good to be true, you do not need any superhuman ability to know such information can only be false. If it sounds too good to be true, then it is most probably not true. If any particular website gives you promise of very big profit overnight, then the alarm bell in your brain should sound this out as a scam. The truth remains that forex trading is not as easy as many of these sites make it to look like; there is no easy walk to freedom when it comes to forex trading.
Take some time to investigate these get-rich-quick-in-forex sites and you will discover that they would only have some dollar bills blinking but no meaningful explanation on how to make huge profit. They usually come with flashy and extremely attractive graphics.
What does the general populace has to say
Before you believe anything any of these websites have to say about forex trading profit, ask other people around who also have ideas about forex trading. Does the outlet publicizing that particular forex trading strategy have their address listed on the forex material you are reading? If so, pick up the phone and give them a call. Use your discretion to assess their responses and determine if they are for real or they are trying to perpetrate forex scams. Talking with them will help you to determine if they can back up their products or not. Do not even do business with them if they do not have their brick and mortal office address listed on their sales page.
What does Google has to say?
Before you take their words for it, take some time to ask for Google’s opinion. A school of thought believes that “Google is your friend” and this seems to ring true even in today’s business clime. A simple Google search will protect you from falling into forex scams. Type the product name and add “scam” in front to find out if the product is a scam or not. If anyone had been scammed via this forex product, it will be shown by Google and this will protect you too from getting involved and getting scammed. If there are too many results pointing to this product as scam, then you should know that real people are getting scammed already by the same product.
There are times competitors seek to give other people’s products bad names by making up scam reports that are really none existent. This can be detected when you are making your search. If the number of scam reports coming up regarding this product is few, then it is possible competitors are responsible for such fake scam reports in an attempt to tarnish the image of the product. But this would not be the case if the number of scam reports is much.
Any presence on LinkedIn?
Before you take their words for it, take some time to check them out on LinkedIn. Many of the leading professionals have link on LinkedIn and the outlet selling this forex strategy or forex trading system should also have link on this social media site if they are truly the professionals they claim to be. If they are not found on LinkedIn, then you should be suspicious of their real intentions and your mind should go to forex scams. If they are true, then they should have built an audience over the years in forex trading and it should not be difficult to track them down in full representation of the top professional outlet they claim to be.
Watch out for the signal sellers
Do you want to hear the truth? Most signal sellers are pure scammers. So, watch out for them. They ask you to send in your money and they would trade on your behalf or send you signals and ask for money in return. Some of them may send you unprofitable signals, while others may even disappear into thin air after collecting your hard earned money. However, not all signal sellers are scammers, but most are. So, you should watch out. As hinted above, know their brick and mortal office address and verify such before you trust them with your money.
No get rich quick in forex trading
How else can you identify forex scams? Look out for those promising to make you rich via forex trading overnight. They claim their special never-seen-before trading system is 100% reliable. Never allow yourself to be carried away by this. The truth is no forex trading system can ever give you 100% return on investment. Every forex trading system has its down time. The forex market is ever dynamic and ever unstable. This makes it rather impossible for any forex trading system to give 100% positive outcome all the time.
Watch out for scamming brokers
Some brokers are scammers, pure and simple. All they are interested in is fleecing you. They would allow you to open account with them, trade and make profit, but they will not allow you to make your withdrawals. They would also tell you their terms and conditions are subject to change anytime without prior notice. So, watch out for them to safeguard your hard earned money. Find out also if their trading station is operating to your liquidity expectation. Do not be taken in by too many promotional materials and promises of high level performance; they are mostly signs of scam.