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Learn Forex Trading / Currency Trading Tips
How
Do I Identify A Forex Scam?
There is plenty of opportunity for unscrupulous
people to make money fraudulently by launching a forex scam.
Unfortunately there are always people who will part with money
too fast in the hope of making more. However, we cannot assume
that a system has to make money for everybody using it in order
to be genuine. So what are the signs of a real 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.
So although having screenshots on the site is not in itself
a problem, you shouldn't pay much attention to them. Even if
they are not faked, you don't know that the person followed
the exact system you are buying in order to obtain those results
... and even if the figures are 100% genuine, it certainly
does not mean that you will achieve the same results.
3. No guarantee
There should be a money back guarantee on any
product and you should not have to jump through hoops to
get it. Look for
a "no questions" guarantee rather than something
that says you must have followed all instructions to the letter
before you can qualify for a refund. Following the instructions
may include investing more money than you have.
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 at a membership site or a service, refunds
on past payments may not be offered because of the time that
the company will have put in to providing the service for you
during the time that you were a member. However, you should
check that you can cancel at any time without incurring further
charges. Don't sign up for something that locks you in to a
contract for 6 or 12 months.
4. Bad press in the forums
All products will show you recommendations and testimonials
from satisfied customers. If you want to be sure you can ask
for evidence that they are real, and a genuine business will
usually find a way for you to contact the person if there is
not already a link given along with the testimonial.
But even the worst trading system will have some users who
were just lucky. What you want to know is what the unsatisfied
customers are saying. There will be some for every product,
no matter how good, and you need to find them and sift through
their comments. Are they just unhappy because they didn't make
a million dollars overnight, or was there a genuine problem
with the product? Search for them in online forums to get a
clear idea of which products are worthwhile and which ones
might be a forex scam.
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: 2009
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