Caution on Forex Trading Scams

by Gily Tenorio on October 11, 2010

in Financial Education 101

Foreign Exchange Trading or FOREX trading is becoming popular recently. There are lots of website offering forex trading for its customers. Actually, it is an old business. However, online FOREX trading is somewhat a new emerging business.

Forex trading is a billion dollar industry and many people are wanting to be a part of this industry. Recently, many websites are sprouting about forex trading. Maybe you received some emails from them, promising you to profit a lot from forex trading.

Actually, I also encountered forex trading in the past. It came to a point that a customer representative called me many times to deposit money for my account through credit card or direct deposit from the bank.

On those times, I really want to make money online or look ways to earn money aside from my job. So it is really tempting that you will earn a lot of money from forex trading as they promised.

However, I did not continue to pursue forex trading because of many scams reported by the victims. Before I invest my money, I make it sure the investment is legitimate or not scam. If there’s a doubt of its legitimacy, I opt not to invest in it.

Forex trading is one of those which is doubtful. If you search in the Internet, you will encounter many reported scams about forex trading. It is the reason I chose not to invest my money in forex trading.

You know there are many legitimate ways to make money online and you will know that in this website. As of this moment, I suggest not to invest your money in online forex trading. You can invest your money in other ways such as in time deposit, mutual funds, stocks or bonds. They are good investments and you will know that they are not scams.

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