• Home
  • About Us
  • Authors
  • Submit News
  • Contact Us
  • Privacy Policy
  • Sitemap
The Hack Post
  • Hacking News
    • Cyber Crime
  • Cyber Security
  • Technology
    • Internet
  • Entertainment
    • Gaming
  • Business
  • Science / Health
No Result
View All Result
The Hack Post
No Result
View All Result

How To Avoid Getting Scammed In Forex Trading

Sofia Peterson by Sofia Peterson
July 14, 2018
Scammed Forex Trading
Share on FacebookShare on Twitter

In trading and transactions, one can expect a fair amount of scams and unscrupulous individuals trying to take your hard-earned money. In Forex, it’s no different- after all, this is a market that can put out $5 trillion dollars on any day in currency trading.

Suffice to say, Forex scams exist, and it’s in your best interest to know them all. Here’s how you can differentiate a scammy operator from a legit Forex broker.

Clone Forex Trading Firms

Clone firms are those who use the FRN, or Firm Registration Number of existing brokerage companies who are actually accredited and authorized to trade. It only takes a few minutes to determine if the FRN is a clone or if it’s the real thing.

Signal Seller Scam

Signal sellers offer a Forex system that can pinpoint the highs and lows of trading for profit by monitoring currency pairs. These companies claim to have professional recommendations or someone who’s had it made by Forex trading.

Signal Sellers can either be manual (requiring input) or automated. Sifting through legit signal sellers may be a bit tricky, though. The best way to be sure is to open a practice account with a reputable broker or via a paper money account with limited funds.

Managed Forex Accounts

In this Forex scam, investors are offered investment fund management services by capital managers who claim to be highly-skilled brokers. Along the way, these companies lure you in with promises of making big money in a relatively short time, with terms such as guaranteed profits and high returns being used. All of this is set up on the firm’s trading platform or through a managed account where they make trades on behalf of the client.

The main hook of a phony Forex management brokerage is that they will make you lose control of your investment. Telltale signs include huge promises, unrealistic profits and false records of “success”. In the end, the investor makes nothing and loses all he has.

Remember that if it’s too good to be true, it probably is. Do some research and only go with well-established legit Forex brokers to prevent being scammed!

Tags: Forex Trading
Sofia Peterson

Sofia Peterson

Sofia is a contributor at The Hack Post who loves to write about Technology. She also enjoys reading books and swims during her free time.

Next Post
Mechanical Keypad

Is The Mechanical Keypad Type Better For Gaming?

Latest Articles

5 Software Programmer Passive Income Streams To Explore In 2022
Technology

5 Software Programmer Passive Income Streams To Explore In 2022

August 16, 2022
How To Keep Track of Your Cryptocurrency Portfolio
Business

How To Keep Track of Your Cryptocurrency Portfolio

August 15, 2022
Everything You Need to Know About Cloud Computing
Technology

Everything You Need to Know About Cloud Computing

August 15, 2022
What are the Main Branches of Agriculture?
Business

What are the Main Branches of Agriculture?

August 15, 2022
The Positives to Note About Automatic Software Tests
Technology

The Positives to Note About Automatic Software Tests

August 12, 2022
Should We Allow Someone Else To Manage Our Computer System?
Technology

Should We Allow Someone Else To Manage Our Computer System?

August 11, 2022
Step Into the Future of Performance Management with Data-Based Feedback
Technology

Step Into the Future of Performance Management with Data-Based Feedback

August 10, 2022
How to Position Security Cameras Correctly and Where to Put Them
Technology

How to Position Security Cameras Correctly and Where to Put Them

August 10, 2022
Starting a Dental Practice Essential Tips You Must Know First
Science / Health

Starting a Dental Practice: Essential Tips You Must Know First

August 8, 2022
4 Ways To Earn Passive Income
Business

4 Ways To Earn Passive Income

August 6, 2022
10 Tips to Create a User-friendly Interface
Other

10 Tips to Create a User-friendly Interface

August 5, 2022
What is a Postage Meter
Technology

What is a Postage Meter

August 5, 2022
  • Home
  • About Us
  • Authors
  • Submit News
  • Contact Us
  • Privacy Policy
  • Sitemap

The Hack Post © 2019

No Result
View All Result
  • Hacking News
    • Cyber Crime
  • Cyber Security
  • Technology
    • Internet
  • Entertainment
    • Gaming
  • Business
  • Science / Health

The Hack Post © 2019