Forex Scam or Foreign Exchange Scam
This scam will offer, what seems to be a legitimate, exciting new opportunity to invest in the foreign exchange market. The sale of the scheme seems legitimized through courses in trading or software that you can use. Your money is never actually invested but instead stolen by the con artist.
This scam is usually offered through ads in newspapers, radio, T.V or websites, giving you a feel that it may be safe. The ads always look legitimate and offer you an opportunity to invest in the foreign exchange market (forex).
They may also offer for you to buy software or sign up for trading classes.
As I stated earlier, your money is never invested but simply stolen. If it is actually invested, it was invested in something risky and you were never told of the risk which will leave you with only a little or none of your money.
Foreign exchange trading is run by large international banks with superior trained staff who have access to the best technology and million dollar trading accounts. It’s almost impossible to consistently beat these trained professionals at their own game.
How can you prevent it?
Call your local securities commission to check if the person is regulated and registered.
If you feel that someone is rushing you or pressuring you, be weary.
Do your research on the person and the investment before you come to a decision.
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