You have been highly successful with trading currencies with this new offshore Forex broker that you have been trying out of late. You have doubled your money, told all your friends about it, and now it’s time to withdraw some of your winnings and have a party. But, your withdrawal requests get ignored; customer service does not return emails; and suddenly, your account is frozen. Then they suddenly disappear.
Forex traders cringe when they hear stories like these. They know full well that it could happen to them, too, at any time. But, wouldn’t it have been better if you had performed a little more due diligence up front before you ever wired your hard-earned capital to these culprits? In the first place, Forex trading is high risk, but choosing to use a broker in another country is fraught with even higher risks. Some of the best Forex brokers are overseas, but why take the chance?
Stopping a scam is all about never getting involved in one in the first place. Make no mistake about it; the criminal element in our society is well trained in how to separate you from your money. Awareness is your first line of defense. Here are a few tell tale signs that might indicate a potential Forex scam in progress:
Put ego aside — Let caution be your guide!
by Sara Mackey
ForexFraud.com is a comprehensive website informing traders on how to avoid becoming the victim of Forex fraud and scams - whether from brokers or individuals. To learn more about how to protect yourself and what to look for in a forex broker, please click here.
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