Learning About Global Forex Trading Schemes Online
Learning About Global Forex Trading Schemes Online
Forex is a foreign exchange market that trades on a global basis. It is a big money business that is attracting investors all over the globe, including newcomers. Newcomers are advised to look out for global Forex trading scam offers on the Internet when entering into the market. Many trading schemes are used to defraud new traders, and even established traders.Some scams are used to convince traders to expect higher gains or profit by trading in Forex and making substantial deposits into an online account. The global Forex trading scams reported in 2008 by United States Commodity Futures Trading Commission was dubbed the "fraud du jour who also sent out alerts about scammers". FX (Forex) has long been beleaguered or plagued by the scammers who prey on vulnerable people according to New York Times, who also reported in 2008 that the average victim lost $15k. Swindlers put traders at a serious risk.Some of the investors who were scammed were promised $10,000 in profit gain in just a few short weeks, or months. Swindlers advised the investors to deposit $5k to gain such profit. The swindlers who convinced the investors to make the large deposit would never place the money into a foreign exchange account; instead, they would deposit the funds into their own hands or into their bank accounts. Due to these illegal actions, CFTC posted national bulletins, informing the Forex communities that new changes were coming.CFTC recorded in 2008, that the organization would be setting up a special task force to combat growing scams in Forex. By 2010, new rules were proposed by CFTC, which the organization put a limit on leverage. The new limits were set to 10 to one, depending on the number of fraudulent practices, or improper practices, which is listed below:Some of the behaviors CFTC asked people to look out for, and used to structure the limitations included unsophisticated marketing targets, unresponsiveness to consumer complaints, lack of lucidity pricing, transaction executions, solicitation of fraud, low net worth, vulnerable individuals, elderly, and so forth.Professionals call the Forex market a "zero-sum game". What this means is simple - that it is whatever a trader gains, another trader loses. Yet when brokers earn their commissions, and are paid for transaction costs, these sums are subtracted from all the traders' results, which returns a "negative-sum", thus creating a game.A fraudulent schema that comes to mind is the Ponzi scheme. Some people may have not heard of the scheme, but it occurred in the early 20s. The Ponzi scheme often involved practices such as offering investors more money in exchange for larger investments. Before long, millions of dollars was swindled from investors by the con artist. This same global Forex trading scam occurs today.
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