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Is Forex A Scam?

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

  1. Whitesnake

    Whitesnake Corporal

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    Forex market itself is certainly not a scam. But there are scam fund managers and brokerage firms which will cheat you of your money. Hence, be very careful while dealing with fund managers always look for the regulated firms for investing your hard earned money.
     
  2. Kavinander

    Kavinander Recruit

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    I have years of experience trading and according to me forex isn't scam.
    I don't know why you put this question
     
  3. bigdolly

    bigdolly Sergeant Major

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    Where have you been practicing for so long time? Did you switch trading platforms or still trade with only one broker?
     
  4. Quinuiacl12

    Quinuiacl12 Recruit

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    Forex is not a scam but forex market contains a lot of scammers. Forex is a pure businessof currency exchange in which you are dependent on the price level of the currency pairs. If you are thinking it as a scam then stay away from this market. Thanks!
     
  5. FmrBrokerExecutive

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    This is a good thread.
    One is indeed scamming themself if you trade with £1000 and expect to ever make a living trading or double your account and then be surprised when you blow it out.

    It amazes me how many traders say they "just want 30% a month or so" and don't realize that if you had a million dollars that would be billions in a matter of not that many years with compounding.
    The best real hedge funds do 10% a year or so. The aggressive Forex traders have these big returns but it never lasts.

    Be realistic or don't be surprised when your account blows out.
     
    7Bulletin likes this.
  6. Quinuiacl12

    Quinuiacl12 Recruit

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    I know that there are a lot of scammers that are scamming people using the forex platform. We shouldn't blame the forex market just because of these dirty fish. You need to act smart and keep a look-out for such people. There is a big chance you will not be able to recover the money.
     
  7. Morning1234

    Morning1234 Private, 1st Class

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    I think there are honest Forex offices. And even know many of those. There are also fraudsters from Forex, which under the guise of Forex lure money from gullible people. Honest Forex dealers do not manipulate quotes, and pay profits. However, in the global Forex market, whose quotes are broadcast, there is a conspiracy of bankers against small traders. Of course, the institutions will think how to throw a crowd.
     
  8. Mathy

    Mathy Recruit

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    i noticed almost everyone writes forex isn't a scam. No of course forex is't scam. Forex is a big lottery i think.
     
  9. Etedus12

    Etedus12 Corporal

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    Everyone here is writing that Forex is not a scam, and I totally agree. I'd rather say it's the easiest way to make or lose money from home. With the right strategy, you can make a lot, but a single mistake can sweep your account dry. Forex is a game of thorax. That's how I call it
     
  10. 7Bulletin

    7Bulletin Private, 1st Class

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    Forex market itself is not a scam, but it is full of scammers to an extent that potential new traders even fear to venture into trading. The truth is, there are legit brokerages and there are scammers as well. Before signing up for a forex account, ensure you do your research well and go for a regulated broker to protect you from scammers
     

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