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Is Forex A Scam?

Discussion in 'General Forex Talk' started by shaunna75, Feb 6, 2011.

  1. shaunna75

    shaunna75 Private

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    Forex itself is not a scam, but there are a lot of scams that are connected with Forex just like any other investments. There are a lot of people who are looking of ways to scam new comers since they are gullible and don't have much knowledge yet with Forex. Forex trading is a real business where you can earn, but it does not happen overnight. You need to work hard and be patient for that to happen. Getting a Forex broker would help guide you and protect you from scam.
     
  2. itkraze

    itkraze Private, 1st Class

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    No Forex is not scam it is the real business and we can earn good and consistent profit from this business so it is necessary that trader should have proper trading skills and knowledge to earn generate the reasonable profit from risky Forex market.
     
  3. Whitesnake

    Whitesnake Corporal

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    Forex as such is not scam, but there could be scam forex brokers and fund managers so beware of them. :(
     
  4. fat_forex

    fat_forex Recruit

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    I never agree if forex stated as scam...
     
  5. Red Herring

    Red Herring Corporal

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    So what is your prescription? Make a list that a newbies should not do to avoid scam and post it. That should help.
     
  6. Pharaoh

    Pharaoh Colonel

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    What's up with resurrecting threads from years ago? Check Shauna's profile - last login was in 2011.

    I already wrote several articles that can save newbies (and not-so-newbies) from scam. You can find those and more here:

    Forex Basics Boot Camp
     
  7. Mozzy

    Mozzy Recruit

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    Scam is forex not, believe me, young padavan. Anyway, why would all of us even be here talking about scam thing. If nobody ever win at Forex, what would be the way for it to turn into the market with 4 trillion daily turnover (yes, I got it from wikipеdia)
     
  8. Pharaoh

    Pharaoh Colonel

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    Don't believe all the brokers who push the 4 Trillion per day. That's ALL currency exchanges. Think of how many USD Walmart has to convert into CNY every day to buy all that cheap plastic stuff they sell. Think of every UK company needing to buy something priced in Euros. Every conversion of one currency to another counts, including swaps between banks.

    Retail forex is a few buckets of water in that ocean of currency exchanges.
     
  9. manish88

    manish88 Recruit

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    Well when you are about to start trading in the Forex market, or if you already are, you need to avoid the scams.

    Here are some tips of how to avoid Forex scams:

    1 - Use your good sense. This is the primary thing you need to do. Evaluate carefully the product or the broker you are choosing. If you think they are offering you too much, be careful. It may be a scam.

    2 - Before buying a product or signing up with a broker, always read their webpages. Feel free to ask them your doubts. If they believe in their products and services, they will answer your questions.
     
  10. Floriano

    Floriano Recruit

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    No I am not agree that Forex is a scam. Forex is a real business and we can earn good money from Forex.
     

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