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Forex Scams
By John Bekian, Thu Dec 8th

In recent years, investors have witnessed increased number ofinvestment opportunities and offerings. While the complexity andsuccess of these investment products vary, technologicalinnovation has made the market one of the fastest growthareas. Many of the leading brokers reported up to 500%rise in the number of new retail customers. However, the growthof the market has been accompanied by a sharp rise inforeign currency trading scams. Many of these scams arepromoted on the radio, television, newspapers and the Internet.Investors who fall victim to these schemes, often lose all oftheir money. As an illustration, let�s examine the facts of arecent case involving fraud and its consequences. Wlearned of a foreign currency trading opportunity through aninfomercial on the radio. K, the owner of a assetmanagement firm, spoke during the infomercial, promising viewerssignificant profits with minimum risk. After seeing theinfomercial, W contacted K, and later attended a seminarpresented by K and his firm. The seminar was so convincing thatW wrote a check to K for $100,000. Several months later, Wreceived statements (which were false) from K�s firm reflectingsignificant returns on his initial $100,000 investment.Thereafter, W attended another seminar and decided to investmore money. W took a loan and invested another $800,000 in K�sForex trading operation. Short while after W�s secondinvestment, the Securities and Exchange Commission filed acomplaint against K and his firm for engaging in a scheme todefraud investors. K�s firm�s assets were frozen, including the$900,000 invested by W. A receiver was appointed to distributethe remaining assets of K�s firm to defrauded investors. Theassets were distributed on pro-rata basis with no legalpreference given to any of the victims. Since K�s firm�s assetswere not enough to satisfy all of the defrauded investor�sclaims, W received only about $22,000 of the $900,000 heinvested. Since a whole book can be written on the varioustactics and methods used by scam artists, in this article,I will focus on the major warning signs that one needs toidentify to avoid falling victim to swindlers.

1. Promises of Little or No Risk If you encounter a firmthat claims to have developed a foreign currency tradingstrategy that carries very little or no risk, stay away. Thereason trading can be very profitable is because it alsocarries a very high risk of loss. The market is veryvolatile, and, without good money management, an investor canlose most if not all her capital within few days. Thus,individuals and firms who make claims that are far from marketrealities, as is riskless trading, are really after yourmoney.

2.Guarantees of Large Profits Beware of firms that guaranteelarge profits in trading. These so called �guarantees� aremere ploys to entice investors and make them believe that theirmoney is safe and that they will

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definitely make large profits.Such claims are simply untrue, because even the bestprofessional traders cannot guarantee that they will make aprofit any given day. The market, as most financialmarkets, is very unpredictable. Hence, be suspicious of suchclaims and those who make them.

3.Employment Ads For Traders Many trading firms useemployment ads to attract individuals with capital to tradeusing their systems. The employment ads, which often appear innewspapers and on the Internet, state that a foreign currencytrading firm is looking for individuals to teach them how totrade the foreign currency market using firm capital. Those whoreply to the ad are convinced by the firm that they will make afortune trading currencies if they participate in the firm�straining program. During the training process, which oftenoccurs on a demo system, the novice traders are encouraged andtold that their demo trading records show that have madesignificant profits, that they are ready to make real money andwould very successful. Despite the firm�s assessment of thenovice trader as a brilliant newcomer, no firm capital isprovided to the trader, instead the excited novice is told touse her own capital to trade using the firm�s platform. Inaddition to various fees imposed on traders using the firm�splatform, the firm makes money as an introducing broker.Each time the novice trader trades through the firm�s system, agood part of the spread charged by the broker is shared and goesinto the firm�s coffers. After few months, the novice traderloses all of her capital and leaves. The firm, having mademoney during the novice trader�s short stint, moves on to newtraders eager to become rich trading foreign currencies.

4.Is the Firm a CFTC or NFA Member Before you sign a checkand give your capital to a company, make sure youinvestigate the entity. Check to see whether the firm,with which you want to do business, is registered with theUnited States Commodity Futures Trading Commission or theNational Futures Association. Many scam artists falsely claimthat their firms are registered with the CFTC or the NFA to gaina perspective investor�s trust. Do not trust anyone, researchthe firm and the background of the individuals involved beforeparting with your hard earned money.

The Internet has paved the way for many new opportunities forretail investors. The market is both exciting and fastpaced. Investor�s who are careful and diligent are likely toavoid the perils of this market, and will profit from the growthand opportunities of foreign currency trading.

About the author: John Bekian is the founder of www.electronicforextrading.com, an informative resource for novice andprofessional traders.

currency trading broker articles:

Gone are the days when stock market was limited to the rich who paid brokers to manage their portfolios. Thanks to online investing, now there is a multitude of business savvy middle class individuals who indulge in the trading game. Web sites like Forex offer opportunities to nearly anyone to start investing in the stock market and earn money as a stock or currency trader.

It is important to note that Forex is a Web site that is used by investors who are self directed. It is not for the weak of stomach, and all investors need to be comfortable with some amount of risk. And, unlike other trading sites that trade in stocks, Forex is mainly a currency trader. Access to the foreign exchange market is given through an account, and you can invest in one form of currency or another, hoping to make money off of the way currency values fluctuate.

While the main point of Forex is to allow access to the foreign currency market and allow you to make trades, the Web site does provide many tools to help you make better-informed decisions. That said, it is important to realize that trading Web sites will not take responsibility for losses, and most of them charge commission or charge a flat rate for each transaction.

Forex has a learning center for users. It provides exhaustive information about the foreign currency market. It is particularly useful for people who are not familiar with the currency trade. It helps them by explaining how the market works and how to read the market.

Another more advanced tool is the Forex trading section. This builds on the knowledge gained from the learning center and helps you learn specifically how to use Forex. In addition, Forex offers tools such as tutorials on how to read the quote board, how to understand bid and ask, and the method to figure out the high and low. The training is comprehensive enough to help you watch and understand the market trends and decide what to do.

The free practice account offered on the Forex Web site is one of the most helpful features. It opens up a mock account stocked with practice money to help investors get started without much apprehension. As you read the charts and quotes, and buy and sell you get an idea of how much money you have made or lost. It is like a warming up exercise before you actually get going in the currency market.

The Forex website makes available all the charts and investing tools to the investor along with comprehensive real-time charting and research to get on with the investment process. The training tools at the Forex help you better understand and use the charts and the research. You can set up an account with Forex with amount as little as $250 in your account and once you become member of the website you get access to more advanced charts and tools to foray in the market.

If you are looking to learn how to trade better and earn money for a vacation, or even for retirement, you can do so with the help of Forex and its direct access to the currency exchange.
Article Source: http://www.ArticleJoe.com
About the author: Jimmy Jooves writes exclusively for Forex Fun, there's a wealth of knowledge on the website, plus their free newsletter is well worth signing up for too. If you want to read more Forex articles go to: www.forexfun.com/articles
Click here for other unique forex articles.

By Gone are the days when stock market was limited to the rich who paid brokers to manage their portfolios. Thanks to online investing, now there is a multitude of business savvy middle class individuals who indulge in the trading game. Web sites like Forex offer opportunities to nearly anyone to start investing in the stock market and earn money as a stock or currency trader.

It is important to note that Forex is a Web site that is used by investors who are self directed. It is not for the weak of stomach, and all investors need to be comfortable with some amount of risk. And, unlike other trading sites that trade in stocks, Forex is mainly a currency trader. Access to the foreign exchange market is given through an account, and you can invest in one form of currency or another, hoping to make money off of the way currency values fluctuate.

While the main point of Forex is to allow access to the foreign currency market and allow you to make trades, the Web site does provide many tools to help you make better-informed decisions. That said, it is important to realize that trading Web sites will not take responsibility for losses, and most of them charge commission or charge a flat rate for each transaction.

Forex has a learning center for users. It provides exhaustive information about the foreign currency market. It is particularly useful for people who are not familiar with the currency trade. It helps them by explaining how the market works and how to read the market.

Another more advanced tool is the Forex trading section. This builds on the knowledge gained from the learning center and helps you learn specifically how to use Forex. In addition, Forex offers tools such as tutorials on how to read the quote board, how to understand bid and ask, and the method to figure out the high and low. The training is comprehensive enough to help you watch and understand the market trends and decide what to do.

The free practice account offered on the Forex Web site is one of the most helpful features. It opens up a mock account stocked with practice money to help investors get started without much apprehension. As you read the charts and quotes, and buy and sell you get an idea of how much money you have made or lost. It is like a warming up exercise before you actually get going in the currency market.

The Forex website makes available all the charts and investing tools to the investor along with comprehensive real-time charting and research to get on with the investment process. The training tools at the Forex help you better understand and use the charts and the research. You can set up an account with Forex with amount as little as $250 in your account and once you become member of the website you get access to more advanced charts and tools to foray in the market.

If you are looking to learn how to trade better and earn money for a vacation, or even for retirement, you can do so with the help of Forex and its direct access to the currency exchange.

Article Source: http://www.ArticleJoe.com

About the author: Jimmy Jooves writes exclusively for Forex Fun, there's a wealth of knowledge on the website, plus their free newsletter is well worth signing up for too. If you want to read more Forex articles go to: www.forexfun.com/articles
Click here for other unique forex articles.