The forex market is huge and there are many participants. When you have decided to become a forex trader, you also need to equip the most basic knowledge to protect your pocket from risks and forms. forex scam always lurking. Here are some types of risks and scams that you need to be aware of.
Market risk when trading forex
When playing forex you lose money and you think forex scam? Not really! The unofficial statistics show that 95% of forex traders are at a loss. Yes, you know how high this percentage is? So forex is not an easy place to make money for most people. You should consider carefully before participating in this market.
You should only allocate part of your idle money into forex. Absolutely not borrow money to play forex.
Forex scams with poor quality courses
There are a lot of failed investors, with little experience, with the skills to seduce customers to open training centers, thousand-dollar courses. Their main income comes from your training fees, not from forex investments. They sell trivial knowledge for thousands of usd. Meanwhile you can learn online with full knowledge from basic to advanced. So not involved in the investment, you have lost money right from the parking lot.
One of the leading free knowledge-sharing websites in Vietnam is the site fx24.net this.
Scams sell forex robots
Many people make money by selling forex robots. Certain types of robots work in certain market situations, but most will burn you out of your account. Think about it, if that robot could earn money for them then nobody would sell their treasure to others. But because of your love of money, you are easily seduced by their words and arguments that sound reasonable.
Many more fraudsters. After convincing you that their robots make very good money, but they don't sell. They only let you rent a robot by paying fees or sharing profits, and often with the condition of opening an account due to the floor they introduced. But either way, they are either entitled to the floor's fees, or are shared profits when the robot generates money. When a robot burns your account, only you can suffer the consequences.
Scams in forex investment trusts
There are some traders who have illusions on their abilities. They think they are good and look for people to entrust them to invest in the household and then share the profits, while they have no evidence to prove their ability. The evidence is reasonable only the winning results in a certain period, but they did not show you the time when the account was burnt tinged!
In addition to the illusion traders, there are many people who intentionally cheat. There are 2 types of scams like this:
- The first type is to entice you to open an account at an un reputable forex broker that colludes with the exchange itself. The goal is to give all your money to the floor and then they share it with the floor.
- The second type is less guilty. They are essentially brokers, often organized in teams. They often come up with trading strategies and entice you into their team. Finally, for example, you entrust money to them to eat and share profits. So they have just been your profit sharing and just enjoy the commission of the floor. However, usually after a few weeks, at most, a month or two, the account is burnt, all losses you incur.
Risk of opening an account at fraudulent forex brokers
There are two types of forex market. Large and reputable forex exchanges will register to operate under the law. Refer: The prestigious forex floor in the world. However, there are undergoes that are not registered under any law, these are fraudulent forex brokers. When opening accounts at these exchanges, they will use tricks to deplete your account. So when participating in forex trading, the first thing is you must open an account at a reputable forex broker in the world.
Besides the real forex scam floor as mentioned above, there are not necessarily fraud. This type is called unreliable exchanges! They though registered to operate under the law, but they are not large exchanges. They do not register to operate under the law in prestigious countries such as England, Australia, Cyprus, ... They also do not register to operate under many laws. They only registered to operate under the laws of a small, unreliable country with low licensing costs. When you open trading accounts at such exchanges, they will have many tricks to deplete your account.
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Author: Pham Khuong
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