Don't get caught up in forex scams

[BigBigFan]

I'm seeing a whole lot of posts for various "investment" sites that say you can send them a small amount and then earn interest payments from it while the site invests it in forex for you.

The catch is that these are all fly by night sites, created hundreds at a time, and you will get a payment, or two, but then suddenly the site will vanish and you will lose money.

The payments you get will never add up to the total amount you paid. They only pay you a little bit to encourage you to help them sucker others into their site by talking about it in forums. They like to target forums... don't buy it.

Typical scam setup is an original post talking about a forex investment or investment site and then someone else posting a payout proof in that thread... don't fall for it! The big forex exchangers don't spam in forums.

Some may be legit, yes, but many are not. Do your homework and get phone numbers to verify against real addresses for starters.

 

[win2win]

HYIP's they are called. They are just pyramid schemes and someone loses money eventually. This Wiki page says all you need to know http://www.google.co.uk/url?sa=t&rc...woCABA&usg=AFQjCNEdt0Lo6Zeuc5_RIHjqWDbdKtPD_g

 

[Nymph]

Sadly, a dear friend was caught in Forex's tangled web a year and a half ago. He foolishly decided to invest $10,000 he could have invested with an actual broker, on a new Forex site. Needless to say he did not receive a single payment after spending hours building that number up for his cashout. It's quite sad, really, and some of these cons seems to span the entire spectrum of online trading, like binary options. I'd go with a trusted site that has actually been in business for a long time. Never trust them when they say they've been helping traders for over 10 years or whatever their claim may be, search for forums dating back that long to see if they are legitimate.

 

[thebrad]

Great thanks for the warning i remember someone tried to tempt me into this obviously i said no because i knew a bit about these scams but when talking to someone i knew he had been scammed by this so i was totally aware of the dangers.

 

[strata12123]

Only invest in Forex when it is with a legitimate broker and someone who has proper credentials.
The most common mistake most people make is that they invest online without even checking for sure if the websites are legitimate or not(most of the time they are not). Most people also get blinded by lines on the websites like "10 years and counting" or "Trusted and Licensed" and other taglines that are just said by those websites to attract gullible investors that they will just con out of money from.
It really is quite alarming that people still fall for these types of scams.

 

[Rube]

Putting money into an HYIP (high yield investment program) is a form of gambling. Only the owner of the program is guaranteed to make money. Most of them pay out for a while, to encourage new investors and re-investment, and they inevitably stop paying after a while. It is possible to profit by getting in early, but it is important not to "invest" any money you cannot afford to lose.

I have also seen websites that make investing in forex look easy and encourage people to try it for themselves. I am sure I'm not the only person who has difficulty following financial charts and graphs, and I know I would be hopeless as a trader. Some people are fooled into thinking it is an easy way to make money, but unless they can follow the markets and understand exactly when to sell and when to buy, they could end up losing a lot of money.

 

[vida_llevares]

Thanks for the tips. Might have fallen prey to their trap, too.

 

[Yorozuya]

Yeah, the forex scam is all over the web now... I see their ads everywhere so it must be very profitable for them. But not for the participants I see forex related ads on facebook targeted towards my country which is very sad because the ones who will fall for it are desperate people who already have close to no money...

 

[strata12123]

Yeah, the forex scam is all over the web now... I see their ads everywhere so it must be very profitable for them. But not for the participants I see forex related ads on facebook targeted towards my country which is very sad because the ones who will fall for it are desperate people who already have close to no money...

I've seen their ads on Facebook too!
Since then, I have always warned my close friends and Facebook friends as well not to get sucked into those pesky Forex scams on Facebook.

 

[Robert Butterton]

I would never look into investment unless it were a small online business. Things like stock in todays market is just out of control. The banks could go bust at any moment in the UK, who has the money to invest in anything anymore.

 

[Nymph]

It's true; if you are ever going to invest online, either do it with an investment company with their funds, an actual broker with an experienced financial adviser, or don't do it at all, because you will be sorry. You may as well "invest" those funds in a casino instead, because trading stocks online is a lot like gambling with how hectic and highly unpredictable it can be.

I would never look into investment unless it were a small online business. Things like stock in todays market is just out of control. The banks could go bust at any moment in the UK, who has the money to invest in anything anymore.

Funny you should mention how fragile the banks are in the UK at the moment. If I ever become particularly wealthy, I will definitely opt to spread my funds across multiple accounts in different countries. This way if something ever goes wrong where I live, it's no big deal.

 

[wasi90lk]

HYIP sites are not legitimate, they are illegal and everyone must avoid these sites.

I lost hundreds of dollars in these useless sites, thankfully I am done with them now.

 

[bsge11]

I see a lot of these forex scams myself. I see a lot of these forex sales pages promising you a bot trader for a small investment. Those are the forex scams to look out for.

 

[Nixon Marcion]

well I heard about etoro and its not a scam at all from what I have heard. I am willing to try forex but thanks for all the information about it. I will now be take caution before going into it.

 

[RomanAnthonysMama]

Thank you for posting this. I am a firm believer that it should never cost money to make money. If any websites ask for funds in any way, shape, or form, then I take it as suspicious and I do more research to make sure it's not a set-up. I've made thousands of dollars online, and not one website has asked me for a dime.

 

[TheDerpMan]

I'm still baffled at the people who fall for these kind of scams. They're very easy to avoid, and very obvious. If someone asks you for money promising a massive return without any information, I would be very sceptical.

 

[sam]

Is there any way to know what sites are actually going to deliver on promises? What sites have you found to actually be helpful and not just take your money and run?

 

[penny101]

So a lot of them Forex ads are scams? I am glad l came across this discussion because l was not aware of this scam, those scammers always find new ways to get at the public and by the time people realise it's too late. A piece of advice regarding Forex investing GO TO THE PROFESSIONALS when investing money.