Forex scams and frauds are increasing at higher rate these days. The United States Commodity Futures Trading Commission is the federal agency that controls the trading of Forex currency, commodity contracts in the United States and takes action against firms suspected of illegally or dishonestly selling Forex currency, commodity futures and options.
Forex Scams and Frauds in Forex Brokerage
There are a lot of fraud and scam in Forex market as in other businesses. In this connection most of the law enforcement and controlling agencies are fully aware of who is long lasting Forex fraud and where they are located.
In recent years there has been a sharp rise of Forex fraud and scams. Buyers should be watchful to investment fraud, scams in the persons of companies that sell Forex currencies and commodity brokers claiming that customers can make a lot of money with little risk. If it sounds too good to be true it then probably is.
One of the first things you must learn about the Forex market is that although it is enjoyable and exciting, there is no magic button that will instantly turn your pennies into millions of dollars. You may have already heard about Forex scamsthat are filling the marketplace. These companies purposely mislead people into thinking that making money in the Forex is easy and that they have found the “Magic Solution” to raking in bucks with a simple click of a button.
Sadly, the number of Forex scams is rising. The Commodities Futures Trading Commission (CFTC) released a report citing that in recent years, they have seen a sharp increase in the rise of Foreign Exchange scams. The CFTC warns consumers to be cautious of sales solicitations in newspapers, radio or television. You’ve probably even seen some of these companies. I hear about them all the time from people whenever I try to explain the Forex. The first thing they say is that they think the Forex is a scam. That makes me so angry! The Forex is a tremendous investment opportunity for people and because of these scammers; they miss out on a good way to make money. Beware of these forex scams and start making some good trades.