Hi guys
Excuse my ignorance, but I was wondering if someone could help me understand how "scams" work. Hypothetically speaking, let's for arguments assume that FXTA.com is a scam (I don't know if they are or aren't, but just trying understand what occurs in this situation). How does the "scam" (again I am being hypothetical) actually work?
1. Does the underlying broker need to be complicate for it to work? I.e. how do they actually syphon off funds?
2. If the underlying broker is solid, would that make it harder to get the underlying funds?
3. What about FXStat - is it possible for FXStat to verify accounts that are fake?
Sorry, I am being a bit clumsy here, but trying to wrap my head around how FX scams work. Again I am not implying that these guys are scammers, just want to understand the process.
Thanks
PB