So what have we learned?
Scams ARE real!
Yes! Really bad people are out there trying to make a dishonest living. However, unlucky for them, you are smart!
You know that the only way to succeed in currency trading is to learn from square one and gain trading experience!
Now say this three times out loud:
“I will not fall for no-risk robots! I will not succumb to guaranteed returns! Lastly, I will not be lazy and let someone else trade me lucky charms *cough* I mean my money for me!”
Now that we have that over with, let’s close out with some questions our viewers have asked us countless times!
Q: How can I protect myself from fraud?
A: Easy. Be educated. Be smart. Know what a scam looks like. Anything that seems too good to be true usually really isn’t true.
Q: How do I choose a forex broker?
A: First and foremost, make sure the broker is regulated by a national agency. DYOR. Research, research, and do more research!
Q: Can forex managed accounts be trusted?
A: If your forex manager is yourself, yes! If not, I’d exercise extreme caution. But if you’re persistent and want to find out the hard way, do a background check and make sure the person has proper licenses and certifications.
You should find out if the person’s forex activities are regulated and by whom. If the person is not regulated, you may be exposed to additional risks.
Q: Are forex robots profitable?
A: It’s possible, but because they’re usually built for a specific set of conditions, their profitability, and how long it may be profitable depends on the market.
Like human traders, they can go on long profitable runs, have a long string of losing trades in a row, or see-saw somewhere in-between.
If you take anything away from the school about them, just don’t think they’re a “set-and-forget” solution to trading; they must be monitored closely as well.
Q: Who do I contact if I suspect fraud?
A: There are specific organizations depending on your location.
United States:
CFTC: https://www.cftc.gov/LearnAndProtect/RedressReparations/index.htm
NFA: https://www.nfa.futures.org/complaintnet/complaint.aspx
United Kingdom:
FCA: How to complain
ActionFraud – the UK’s national fraud and Internet crime reporting center: https://www.actionfraud.police.uk/
Australia:
ASIC: How to complain
Scamwatch: https://www.scamwatch.gov.au/report-a-scam
Cyprus:
CySEC: How to complain
Singapore:
MAS: How to complain
You can find a comprehensive list of regulatory organizations for different countries here.
Q: Where can I capture me a leprechaun?
A: Look for a unicorn. Where you’ll find a unicorn, you’ll find a leprechaun!
So remember, forex scams DO exist.
Be wary of them and hold onto your hard-earned money.
The good news is that there ARE legitimate forex companies out there.
Make sure you do thorough research on a company if you are thinking about giving them a shot.
Ask other forex traders on the forums if they’ve had experiences with them.
There is a wealth of information on the Internet so do your homework, use your head, and you’ll be just fine.