Get a FOREX education or get scammed.

TLenyk · 05-03-09, 05:34 PM

Forex trading has become a profitable and popular market to trade. There are many positive aspect of FX trading. To be success in the forex currency trading market you have to educate yourself and do your homework. After you have educated yourself on the FOREX, you will need to research the brokers that you will be working with.

Have you ever heard of the saying, "buyer beware"?

Many people have gotten scammed with trading foreign currency on the Internet. There are web sites that have been created and look legitimate. But, someone has gone to a lot of trouble to build a bogus site and steal your money. Don't get me wrong there are a lot of good sites and products on the market. People are making good money trading the FOREX just research your products and your forex brokers before investing.

When looking for a forex broker research the geographical location he or she is located. It is my opinion to stay away from financial institutions that are based in unregulated or under-developed countries. Not to say that you there are not good and honest forex brokers in an unregulated country. The job of the broker is to protect your money. So working in a country that has some rules and regulations is a good start.

It is my opinion; some of the better forex brokers are located in Australia, England, Japan, Germany and America. Make sure their website uses the language that you speak and read. Some websites publish data and information in several languages.

Look for the brokers license number. Call around and see if they are registered with the local regulatory agencies. These regulatory agencies should act like watchdogs. These "watchdogs" should be closely associated with the financial and investment industries where the broker is registered. These organizations are set up to impose strict regulations that watch over your investment. Some of these regulations could require; that customers and operation funds are not commingled. Your hard earned money is to be put in a solid and reputable bank. Funds are withdrawn only when you request the funds to be withdrawn.

Not only does cyberspace have bogus forex sites. There can be fake regulating organizations being created. A forex forum or forex blog is a great place to get information. Go to a few forums and or forex blogs to gather the facts. Look for discussions on brokers or start a discussion yourself.

Here is a list to help you from being a victim of a FOREX scam

If it sounds too good to be true stay away.

If you recently have come into a windfall or a retirement fund be careful. There are a lot of deceitful characters out there after your money. Allocate a small amount of your money for trading until you see it grow. Not everyone can trade successfully.

If someone guarantees you a large return on your money, run!

Use caution if a broker says, you can make$1000.00 week trading forex. If, it were that easy everyone would be doing it.

Hold onto your wallet tight, if you here someone says; we have access to the interbank market.
The 'interbank market' is not a physical place. It is a loose network of currency transactions that are negotiated between large financial institutions and other big companies.

Stay away from infomercials. Some infomercials encourage you to recruit other people such as your friends and family.

If after trying to solicit information and you are still in doubt about the credentials of a particular company, look elsewhere. There are a lot of creditable forex brokers and retails. And unfortunately, there are a lot of people trying to set up bogus websites and fraudulent companies.

This article is not meant to scare you. Just to make you think before you leap into the FOREX market. Do your due diligence, start will a small investment. Start with a demo account or a forex mini account and then decide if foreign currency trading is for you.

finvik · 06-03-09, 05:55 AM

For more details you can visit my signature.

realFXpips · 26-03-09, 09:52 PM

Good advice there TLenyk. Hope the newbies are listening.

Cheers!

trader123 · 27-03-09, 06:04 AM

This is a good Forex Education Program: TradingEducationProgram.org.
The trainer used to work as an investment manager in a hedge fund.

05-03-09, 05:34 PM	#1
TLenyk Junior Member Join Date: 2nd November 2008 Posts: 9	Get a FOREX education or get scammed. Forex trading has become a profitable and popular market to trade. There are many positive aspect of FX trading. To be success in the forex currency trading market you have to educate yourself and do your homework. After you have educated yourself on the FOREX, you will need to research the brokers that you will be working with. Have you ever heard of the saying, "buyer beware"? Many people have gotten scammed with trading foreign currency on the Internet. There are web sites that have been created and look legitimate. But, someone has gone to a lot of trouble to build a bogus site and steal your money. Don't get me wrong there are a lot of good sites and products on the market. People are making good money trading the FOREX just research your products and your forex brokers before investing. When looking for a forex broker research the geographical location he or she is located. It is my opinion to stay away from financial institutions that are based in unregulated or under-developed countries. Not to say that you there are not good and honest forex brokers in an unregulated country. The job of the broker is to protect your money. So working in a country that has some rules and regulations is a good start. It is my opinion; some of the better forex brokers are located in Australia, England, Japan, Germany and America. Make sure their website uses the language that you speak and read. Some websites publish data and information in several languages. Look for the brokers license number. Call around and see if they are registered with the local regulatory agencies. These regulatory agencies should act like watchdogs. These "watchdogs" should be closely associated with the financial and investment industries where the broker is registered. These organizations are set up to impose strict regulations that watch over your investment. Some of these regulations could require; that customers and operation funds are not commingled. Your hard earned money is to be put in a solid and reputable bank. Funds are withdrawn only when you request the funds to be withdrawn. Not only does cyberspace have bogus forex sites. There can be fake regulating organizations being created. A forex forum or forex blog is a great place to get information. Go to a few forums and or forex blogs to gather the facts. Look for discussions on brokers or start a discussion yourself. Here is a list to help you from being a victim of a FOREX scam If it sounds too good to be true stay away. If you recently have come into a windfall or a retirement fund be careful. There are a lot of deceitful characters out there after your money. Allocate a small amount of your money for trading until you see it grow. Not everyone can trade successfully. If someone guarantees you a large return on your money, run! Use caution if a broker says, you can make$1000.00 week trading forex. If, it were that easy everyone would be doing it. Hold onto your wallet tight, if you here someone says; we have access to the interbank market. The 'interbank market' is not a physical place. It is a loose network of currency transactions that are negotiated between large financial institutions and other big companies. Stay away from infomercials. Some infomercials encourage you to recruit other people such as your friends and family. If after trying to solicit information and you are still in doubt about the credentials of a particular company, look elsewhere. There are a lot of creditable forex brokers and retails. And unfortunately, there are a lot of people trying to set up bogus websites and fraudulent companies. This article is not meant to scare you. Just to make you think before you leap into the FOREX market. Do your due diligence, start will a small investment. Start with a demo account or a forex mini account and then decide if foreign currency trading is for you. Last edited by Customer Services; 16-03-10 at 03:36 PM.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

06-03-09, 05:55 AM	#2
finvik Member Join Date: 15th January 2009 Location: vertu Posts: 34	For more details you can visit my signature.

26-03-09, 09:52 PM	#3
realFXpips Junior Member Join Date: 27th June 2008 Posts: 21	Good advice there TLenyk. Hope the newbies are listening. Cheers!

27-03-09, 06:04 AM	#4
trader123 Senior Member Join Date: 7th June 2008 Posts: 209	This is a good Forex Education Program: TradingEducationProgram.org. The trainer used to work as an investment manager in a hedge fund.