Beware of online Forex Trading Scams

While every one of us is likely to get excited by the prospect of making quick dollars through online Forex trading, it is advisable to remain wary of fraudulent websites that claim to make you super rich within a matter of months! It is a pity that at first glance, such Forex trading scam websites do seem very much above suspicion – they use the right terms, drop just the credible phrases etc. – and that is how people like you and me are lured into transacting on such websites.
But with a little bit of digging around and keeping your eyes peeled for Forex trading scams, it is quite easy to give them a wide berth.

One such website that looked as if it was completely genuine recently had me going through it. But the moment I saw that they were asking for all my personal information including my complete bank account details to be passed on to them through an insecure website to a vague fax number located outside the US, my antennae were up.

I immediately closed the online site but decided to see how many such sites did exist on the net and how many people’s bank information was being collected for scamming purposes. This is when I was in for a thorough shock because there are scores of such websites out there on the net, with pop-up advertisements on many of the popular sites and blogs.

Say you visit a money making suggestions forum and find a pop-up ad that promises quick bucks for you won’t you be curious to at least see what it is all about? This is just the sort of ruse the Forex trading scammers use to attract the attention of the unsuspecting public who are only too eager to believe they can invest just a wee bit and magically earn thousands of dollars.

One more thing that I could make out was that these Forex scam websites post their advertisements on sites that are most frequently visited by foreigners and making them their prime targets. Forex scamming frauds also operate by advertising in foreign newspapers and on Radio in remote areas; they are making major headway through pay per click and pay to read websites too.

Given so many risks in getting involved with online trading sites, it would seem to be a good idea to stick to good old reputable Forex brokers for carrying out your Forex related transactions. You can further protect yourself from getting misled by reading about the key words that are typically used by Forex scammers here: http://www.cftc.gov/opa/enf98/opaforexa15.htm which has been put up by the CTFC or the Commodity Futures Trading Commission.

You can also avoid getting cheated by being alert and following certain thumb rules while surfing online “Take any money making scheme – whether it is Forex trading or any other - that sounds incredible with a pinch of salt” and “Always think of the safety of your precious money before you invest it or part with your financial and bank information”.

[posted by : OFP on Mar. 03, 2012]


TAGS: investment, forex, online, forex trading, scams

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