Are Forex Trading Platforms Rigged
Scams have become a part of the everyday trading on the Foreign Exchange market for almost the last 10 years, giving rise to the question “are Forex trading platforms rigged” in any way. It has become increasing obvious that traders are being very cautious about who they do business with. It is becoming an ever increasing nuisance for the Forex trading markets.
It goes without saying that nothing is without attack from scammers and con artists; they are literally everywhere. The Forex trading platform was actually intended for big wig investors and banks, not individuals, but that has changed. There are thousands upon thousands of individuals trying to tap into this market, many more than that have gone bankrupt.
On average the individual Forex trader loses about $15,000; this could be daily, weekly or monthly, on scams. And while there are many legitimate brokers and companies’ genuinely looking to help Forex traders, there are several more who are out to make themselves rich. This has been proven by the North American Securities Administration Association which states, "Off exchange Forex trading by retail investors is extremely risky and even outright fraud."
It’s extremely important to watch out for con artists claiming to be legitimate dealers. These con artists come in all shapes and sizes, so called, company wise. They might have the most legitimate looking web-sites and best so called, "Testimonials" out there. But really, it doesn’t cost that much to create an online forex trading platform with a professional looking web site. These con artists claim they can get you the largest profits "guaranteed" which to anyone should be a red flag; "hello!". Anything that says guaranteed is obviously a scam, because nothing is ever guaranteed, EVER! However, here is a link to one of the Good Guys!
In 2008 the CFT or Commodity Futures Trading Commission sought to find a solution to this problem and created a special task force to deal with these types of fraud in the Forex market. But while that is great or even comforting to know, it’s even more to important to realize that they Forex market is a zero-sum game. Just like nothing is actually guaranteed, the same goes for this. While one wins, the other loses… ultimately causing the one with the biggest account to go bankrupt.
Make yourself aware of what’s going on in the Forex market. Forex scams to look out for include, but are not limited to: selling software that promises large profits, improperly managed accounts, false advertisement, and just outright fraud by con artists claiming to be brokers or investors. Think of Forex trading as gambling (because that’s actually what it is) and think about how if your undercapitalized what you might be subject to; that’s right, gamblers ruin… meaning… you’ll get in way over your head and lose everything.
There are many companies out there already that have criminal investigation’s pending, so be smart and do a background check before you make a decision to use any one company or top rated robot Forex software. Here are just a few names of convicted scammers: Greg Gibbs forex scam, Russell Cline, Russell Erxleben, Richard Matthew, Jr. and Joel N. Ward. And lets not forget the Wincapita company that is under criminal investigation. There are many more to name, so go online and do a search for yourself. Find the companies to stay away from and heed the warnings.
Additional Forex Trading Signals Information
The popularity of the foreign exchange markets makes it very prone to fraud. No more so than Forex trading.
So what are forex scams. Well they are a means by which criminals set up a Forex trading platform to deceive Forex traders.
It is becoming very popular for some people to create a Forex Robot and use it a means to scam people out of their money.
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2 comments
Learning Forex on September 23, 2009 at 3:43 pm
[...] is also a great way to know who the important people in the Forex world are and what they do. It’s often been said, "To be the best, one must learn from the [...]
Beginners Forex Course from BeginnersForexCourse on January 29, 2010 at 2:01 pm
It’s true, you have to make sure you do the research and ensure they are legitimate before choosing your broker.