The world of Forex is an exciting one in which there is indeed a lot of money to be made ? which has led to a lot of activity by those who would like nothing more than to make themselves a little wealthier by defrauding others in a Forex scam. Most Forex products and services are legitimate, but would-be investors need to be careful to protect themselves from these unscrupulous operators. Even legitimate Forex products and services do not guarantee success, so how can you know if a given opportunity is legitimate or a Forex scam?
1. Unrealistic claims
All websites that are promoting a forex product or service will try to appeal to your wish to make money. That is what forex trading is about, after all. But if a site promises to make you millions of dollars virtually overnight no matter who you are and without requiring any work on your part, stay clear.
2. Huge earnings on trading account screenshots
It is also common for sites to provide images of their own trading account results to convince you that their system makes money. This is standard practice. A scammer will fake the screenshots using Photoshop, and it is pretty much impossible to tell.
While there is nothing wrong with having screenshots on a site, you should not make your decision based on them. Even genuine screenshots do not guarantee success for anyone ? the screenshots may have been taken using an entirely different system than the one the site is trying to sell you on!
3. No guarantee
There should always be a 100% money back guarantee offered ? one which does not require you to meet certain conditions (which often include investing huge sums). What you want is a no-hassle, no questions asked money back guarantee.
If you are buying a downloadable product such as an ebook or expert advisor, you can trust anything that is sold by Clickbank as far as refunds are concerned. Clickbank will always refund these items within 58 days of your purchase.
If you are looking into a membership site or a service, remember that the company will probably not provide a refund for payments already made ? what you need is a clause which allows you to cancel at any time without incurring any additional fees or penalties. You should never sign any 6 month or 12 month contracts for Forex services.
4. Bad press in the forums
These Forex websites will usually feature testimonials from “satisfied customers”. You’ll want to get proof that these customers are not in fact fictitious. While these testimonials are used by legitimate companies, they are also seen on the websoites of those trying to perpetrate a Forex scam.
Any Forex system, no matter how poorly conceived has probably made money for a few people who were simply lucky. What you want to know is how those who weren’t happy with the product or service feel about it. You can search web forums to find out what unsatisfied users have said ? are they unhappy because they didn’t instantly become rich, or is there something very wrong with the product or service? Find out what people are saying on forums ?this is the kind of research that can help you to avoid falling victim to a Forex scam.
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