Forex Trading Scams – How to Detect Frauds
It is easy to see that online Forex trading is fast becoming a phenomenon – and a profitable phenomenon at that. Not only are people buying the products, but satisfied customers are also spreading the word. Apparently, this fact is not lost among online and offline scammers who are after a quick buck.
Unfortunately, many of those who are genuinely interested in Forex trading are now being scammed by unscrupulous individuals and companies who are fleecing victims of their hard earned cash… in exchange for a chance to be part of a pyramid hiring scam. In order to safeguard yourself from these con artists, here are some things you should consider the next time you look for a Forex trading system, both in the online and offline markets.
1. Look or ask for credentials, particularly from the people who made the Forex program or software. Try to know for certain if they have been trading for a long time already; and that they are registered and licensed to teach or advice people about this volatile market. Incredibly, most of the creators of these trading systems know very little of Forex trading. In fact, it would be safe to say that many of them have never traded successfully before or traded at all. However, they do know a lot when it comes to aggressive marketing and smooth talking.
If you are looking online, try to see if these websites offer technical support or customer feedback support where you can ask questions and get straight-to-the-point answers before you buy their product. If you feel you are given the roundabout, or asked to buy the product first in order to get some answers, then you know that these are certified scammers.
On the other hand, if you are attending Forex trading seminars and the speakers are not particularly receptive to queries; or vague about how the system works; or focus more on asking you to market their products – then these are indications that you will only be wasting your time, money and energy on their bogus system.
2. When it comes to online companies, it is imperative to seek out only the websites that privacy (or security) policies, money back guarantees, and direct contact lines (not an 800 number.) Without these, it would be better to skip the websites altogether. These are the basic consumer safeguards in the virtual market.
Some bogus companies are third party affiliates who capture their patrons’ personal information and sell these to other scam companies. Those that do not offer money back guarantees are the typical fly-by-night frauds that literally run off with your money as soon as you hand it over to them. Or, in some cases, they might even charge your credit card with bogus products which you never bought or will ever receive. A direct contact line assures you that the company has a home base, and that you (or the authorities) can trace their operation, for legal purposes.
3. And lastly, a Forex trading system should focus on trading… and just that.
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