Beware of FOREX Scams
The Forex market is a haven for all those investors, traders & Brokers with millions of transaction being done daily & that is big money. Greed for gaining faster money by traders opens the door to all sorts of scams & fraud activities & in the end the Forex scam poor investor or the trader suffers.
The major countries where fraud took place are countries like Russia or in South Florida or South California. All the Forex Consumers must be alert to such fraud companies that attract investors by giving false sales pitches that assures or guarantees big money with minimum risk. Do not get impressed or hooked to their Ads or circulars or their websites where it all may sound good and rosy.
To check such fraud agencies & to take action on arise of any such suspects, the federal agency that is CFTC or United stated commodity Futures trading commission monitor and investigates such areas & alerts the consumers.
It’s a rule that all the Forex dealers must disclose their service fees or charges levied on consumer. There should be no hidden charges. If there is a charge take more that $ 50 then it should be reported as a fraud.
For can settle any sort of rising disputes, if arisen with the Firm at the CFTC. To check if the company or firm you are dealing with is registered with the CTFC, you can check by going through its consumer fraud alert page. You can do further investigate your self by verifying if the person who had contacted you works for that company & also check the company address & contact nos since most of them post fake credentials on their websites.
The best tip that will give a strong signal that the Firm is a fraud can be confirmed when they mention that trading will be done on the interbank market. The interbank market includes all the bigger financial institutions & banks only. This statement is enough for you to stay away from associating with the firm.
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