Forex Scams – What Do I Look For?
Written By: Ray Caran
Forex Brokers scam is any trading scheme used to defraud individual traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market.
In this type of case, investors may be promised many thousands of dollars in profits in just a few weeks or months. Often with an initial investment of $5,000 or less you will get rich. The investor money is never actually placed in the market through a legitimate dealer, but simply diverted, stolen for the personal benefit of the con artists.
Be aware that there is a unique organization - The United States Commodity Futures Trading Commission (CFTC). This agency regulates the trading of Forex currency, commodity futures and options contracts in the US and fights against companies involved in illegal or fraudulent sell of currency, commodity futures and options.
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How do I protect myself?
There are five essential aspects of foreign currency market a beginner trader should be aware of:
Forex Fundamental Analysis
Forex Technical Analysis
Money Management
Forex Trading Psychology
Forex Brokerage
Understanding these five aspects will help you to successfully invest in the Forex Market and not get scammed.
Here are five ways to help you find the best Forex broker and avoid Forex scams:
1. Find out if the broker's company is a registered futures commission agent. Get the brokers NFA ID number. Beware of dealing with affiliates who may be associated with legitimate brokers but operate on their own.
2. Make certain the registered FCM has substantial assets. The minimum required by the NFA is $250,000.
3. A 3 to 5 pip spread is normal in liquid markets, such as the major currency pairs, and fees are typically charged on only the buy side.
4. Requotes should be rare. If you get requoted more than a couple of times per year, something is fishy.
5. Get a good information provider, and compare the brokers offer in the open market with others. Is it in step with the market? Or is it off? If it is off, they might be trying to profit from that difference.A
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Most Forex fraud and commodity fraud is committed by firms located in South Florida, Southern California or outside the United States. Russia is currently a major source of investment fraud. Never make a check or bank wire payable to ANYONE other than a FCM registered with the NFA.
A high number of cases of Forex fraud is instigated by firms located in the United States and brokers of the firm and were at one time registered with the National Futures Association and have had their licenses revoked.
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