Forex Signals – Red Flags You Should Look Out For
Do not be a victim of Forex scams, which can be described as schemes and trading positions that individuals use, advertised and leveraged to trick traders into believing Crypto broker legit that they can gain a monster profit over night by buying into their brokerage or their online systems. Michael Dunn of the US Commodities Futures Trading Commission has said that the currency market is rife with many nefarious individuals who would seek to take advantage of the vulnerabilities of new and budding investors to turn a quick profit.
There have been thousands of fraud cases and even more have cropped up online, ever since the internet was paired with Forex, and many online brokerages popped out. The average Forex trader who has been netted in by these scams have been known to lose more than $15, 000 dollars. One of the red flags you should look out for are websites who promise an insane amount of money in profits, guaranteeing overnight profits with an initial investment of a few thousand dollars. Typically, these ‘investments’ you need to give out would typically be in the $1, 000 to $5, 000 range. The money that you invest will seem to be deposited into a brokerage account, but in actuality, is diverted into many several small accounts across the world where a withdrawal will be immediately made some few thousand miles away.
Although there is a special task force that has been setup to rid the internet of these Forex scams, there are still hundreds of them online, and the ease of the internet has allowed them to plant themselves on several different hosting sites and maintain their livability online. Another one you should look out is the sale of Forex software. There are literally thousands of Forex based software and programmes available online, and only a small percentage of them are considered to be developed by legitimate sources. The rest are just rehashed Forex software or low quality programmes that have no use whatsoever. They often make sweeping statements in regards to the quality of these programmes and offer outrageous claims and money back guarantees. In reality, these software programmes or even e-books, are just simply scams for networks of people to make money.