Three signs of foreign exchange trading fraud

Three signs of foreign exchange trading fraud

1. Trading systems and education without any evidence

There are many scammers selling trading systems and education. When you ask them to provide any proof of their trading history, they will evade the answer. There are also many traders who offer their systems without a trading room or any service. These types of scammers are sometimes referred to as "snake oil merchants." "Snake Oil" is a term used by traders for fraudulent traders and trading systems that do not have a valid history of trading.

2. Spam email asking for personal information

Scammers may also ask you to provide personal information, such as:

Do not disclose your personal information to people you do not fully trust. Be suspicious of brokers who do not provide you with a written risk disclosure statement. Even if you do this, read the statement carefully because there is a devil in the details. Keep in mind that data may become popular soon.

3. No background

Never work with someone who refuses to provide you with background information. It can be a broker, a trader, an educator or a money manager. Always check online quickly to see if this person or company is legal.

According to The New York Magazine, a child from Queens, New York City, earned tens of millions of dollars at a lunchtime at Stuartsent High School. The reality is that he has never made money, and all his profits are earned in paper trading accounts.

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