There are plenty of impostors in the Forex market who target inexperienced retail speculators. The Internet has allowed individual investors to participate in this currency exchange market - a market that was previously a realm of banks, hedge funds, and large financial corporations. In spite of the presence of regulatory bodies, traders who are inexperienced can also become targets of fraudulent market makers. The growth of the Forex market has also led to the rise in foreign currency trading scams.
Forex trading is risky. Currency exchange rates are affected by a lot of factors and can change quickly. A trader has to analyze market patters and should know when and how to react. As many traders will say 'do not invest any amount of money you cannot afford to lose'. One should check the background and track record of possible companies that will manage your Forex account before doing business with them. Regulatory agencies such as the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA) provide a list of registered trading firms as well as information on companies that have committed irregularities and those that have been charged with fraud. Check whether the Forex firm is registered with the CFTC or NFA.
So, if you are looking for a trading firm to do business with, then -
- stay away from opportunities that sound too good to be true.
- beware of any company that guarantees large profits.
- stay away from companies that promise little or no financial risk
- avoid hypothetical or back-tested trading results and ask for actual trading track record.
The author reviews and examines online business opportunities and scams related to internet marketing, affiliate programs, work at home jobs, etc.. Feel free to contact him at http://www.FreeScamReview.com
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