Forex exchange scam
Forex scam, also known as a foreign exchange scam, is a trading scheme where scammers
convince people that they can gain profit easily in the foreign exchange market. It is a simple
trading system where a person gains high profit or loses everything. The foreign exchange
market is a global market for exchanging currencies. Trading takes advantage of this in
currency exchange rates. Most work of forex markets is done by MNC natural positions.
Investing in currencies, whether traditional currencies is different than investing in stocks or
When you start to trade forex, the first thing is choosing a broker who can work more
efficiently and wisely. Make a list of some brokers and according to their ratings, choose one
of them. In starting do not invest a large amount of money because it is a risk barrier with a
Some points to identify a fraud broker:
If you do not get any response from your broker, that can indicate a scam.
Try to invest a small amount of money and wait some time. If all will okay then start
investing in the large amount.
If some security problem occurred in trading then immediately talk with the broker.
Before investing, you can research the broker about any complaints and frauds.
Types of Forex Scam
Forex mutual fund Scams.
Trading robots scam.
Trading signals forex Scams.
Guaranteed returns Scams.
Unusually High Leverage.
Unsegregated Client bank Accounts.
How can a scammer convince people?
They believe that you can make a profit easily through news, advertisement, emails, social
media, community, etc. They can ask for your mobile number, personal details, adhaar
number, or any personal documents. They can assure you that you make money easily
without any loss.
Communication is most important in trading between a broker and a trader. If a broker does
not attend your call or reply to your emails then be aware, this is a sign that you can cheat by
the broker. Make sure that there is no complaint or fraud case about the broker which you
Make a complaint by filing in Scam Help Website.