Staying Away From Fraudulent Forex Trading Sites

Anything that involves getting rich online has become a prime target for scammers who take advantage of the popularity of such endeavors. Forex trading suffers the most from this because it is one of the most popular and most profitable. A lot of individuals have already fallen victim to scam sites that blind them with promises, and then take their money without giving anything in return. However, it’s easy to spot a scam site from the real thing, and here are some indicators you may use in your search.

  • Certification – Forex trading platforms have to be registered with the US Commodity Futures Trading Commission and the National Futures Association. However, it’s easy for any site to simply copy paste a logo of these agencies onto their site. The best recourse would be to email these agencies and ask if a particular trading platform is certified.
  • Easy Startups – Although it is generally easy to start trading in a Forex platform, a site that promises easy start ups should raise some flags. If a site only requires you to put in a few hundred dollars for you to be able to trade and promises you risk-free trading by offering some sort of safety net, then there’s something fishy going on. Platforms rely on startups to make money from their site, so if a site only requires a small amount of money for traders to startup, how can they make money off of it to stay operational for long?
  • Get Rich Quickly – A lot of people falsely believe that Forex Trading is a get-rich-quick scheme, so if they see a site advertise huge potential earnings without effort, they tend to believe it. However, a site that promises instant wealth is nothing more than a scam site. Ask legitimate Forex platform operators and they will tell you that most of their major gainers are people who accumulated wealth slowly and surely through well-placed transactions.

Anything that involves your money should warrant your full attention and discretion. Don’t be lured by the prospect of earning a lot of money with minimal risks and effort. There is no such thing as instant wealth in the world; most riches can be achieved through legitimate means with a bit of luck and a lot of effort.