Foreign Currency Trading Scams
Unfortunately, not all websites and brokers out there are out to provide the best services. Many are actually foreign currency trading scams that prey on new investors. There isn’t just one kind of scam, there are many different ways investors may be taken for loads of money in the foreign currency business.
Bad Brokers
One common scam is shoddy brokerages that operate like bucket shops. These trading scams operate on the idea that most traders lose money, and thus do not place trades representative of their clients positions. Instead, bucket shops work like casinos and offer nothing to back trader’s forex positions.
Autmated Scams
Other foreign currency scams include automated trading programs. These programs, which are sold online directly to consumers, are almost always a downright scam. They offer their buyer’s riches, thousands of dollars per day just for letting the automated computer system trade currencies by itself. The fact of the matter is this: if you had a million-dollar trading program, would you sell it online for $100? Call me greedy, but I wouldn’t. You wouldn’t either.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment