Education

Scams In The Forex Industry And How To Avoid Them

Forex trading (and trading in general, regardless the market and instruments you choose) has been, is and will be a way out for many people around the world. A way out of the financial burden. You may not be aware but most of the money in the world are in the hands of just a few people. This unequal distribution among the world’s population is what causes many to look for an alternative way of making money. Watch the short clip below i think you will find it interesting:

Nowadays when internet and computers are irreplaceable part of our lives and the financial world has developed to an extend where literally anyone with a few bucks can start trading, many are taking advantage and try their luck in this game. Unfortunately for most, luck doesn’t help. You can’t leave your future in the hands of luck. It all comes down to research, studying, quality education, right mentor, a lot of hard work etc (the list is long).

The problem is though that many fall for the false advertisements that promise you the stars and the moon for nothing in return. Sounds like a bargain isn’t it? This is the world we are living in. Anything and everything for higher returns vs lower costs. Corporations don’t think about the consumers anymore. They are blood sucking ticks with endless appetite for profits.

The forex industry is not an exclusion. Selling dreams to people who are in need could be quite easy. How hard could it be to sell a bottle of cold water to a dehydrated tourist in the desert? Many have seen this opportunity and jumped on board. I’m talking about fake gurus, brokers, strategies and systems that are nothing more but combining 2 moving averages with RSI and are being sold for thousands of dollars.This is not quality education. These people are not going to teach you anything valuable. It is pity.

Remember that there is NO holy grail. Stop looking for it at this very moment. Stop being a victim of 21st century robbers.

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Contents hide

1 Scams in the forex industry
2 How to avoid scams in the forex industry?

Scams in the forex industry

For those of you who have been around for some years now, it is pretty easy to spot scammy websites. Here is a short list for those of you who are still new:

Unrealistic Numbers – become a millionaire in 1 month or make 2000% return in 3 weeks. These numbers are unrealistic. Just think about it if you can make 100% return every month would you sell your strategy/method/robot for $99? I would hate to be the one to burst your bubble but look at the numbers below – $100 starting capital, 100% return per month. This would mean that in 1 year you would have approximately half a million.
The Celebrity Lifestyle – the mention, the lamborghini, the yacht… It looks like a dream. It all looks perfect and all you have to do is purchase my fabalous indicator that will give you the best signals with 99% accuracy. Don’t fall for it. If it was that easy we would all be millionairs (not that i have something against that idea 🙂 ).
Lack of proof – in time you will learn how to recognize fake statements from real statements. The fact is some of these dream sellers, don’t even bother to create statements, even if they were fake. People are so hungry for effortless success that it is becoming easier to trick them. Population is becoming lazier with every second. No one wants to study for months at night, while going to work during the day. Most people just want to hook up their account to somebody else (trade copier) and make the big bucks. We forgot what it means to sacrifice something to get something better. We forgot what balance is. We are turning into consumers who cherish useless “toys” more than the real treasure in our lives – our families and friends.
If you think about it you will see i’m right. Same goes in the health/sport industry. People are so lazy, they don’t want to go to the gym. The fat man eating his 3rd hamburger would pay thousands of dollars for the magical pill that will make him lose weight. Wake up! There is no magical pill. There is sacrifice at the table and endless hard work at the gym.

Dream sellers are everywhere!
Lack of contact info – Just for fun, next time you find yourself in a website that looks too good to be true, try to find skype/email/telephone…anything that will put you in touch with the guru. If you do find one, call them or write them. Ask them provocative questions, ask them for proof they are real.
Time of existence – It really matters if the website or the broker or the system or the person/mentor has been around for some time. There are ways to check that – check out the domain name in a public database as a starters, next thing you want to do is google the names you want to get involved with. If X has been around for some time it will come up with plenty of results inside forums etc. Which bring me to the next step – forums. This one could be tricky. There are always people who see the opposite side of the coin. There is always be at least 1 bad review for all other 10 good reviews. Still – do your home work and make an educated conclusion. Scale is always tilting one way or the other.

How to avoid scams in the forex industry?

I have pretty much explained and covered how to avoid scammers in the above subjects. It is really important to not trust unrealistic numbers. The better it sounds, the bigger the scam is and the useless the product/service. Don’t believe the shiny cars and fancy lifestyles. In fact don’t believe anyone. Trust must be earned.

To earn a sellers trust, go ahead and do your research. Main things to look for are: how long X has been existing, are there any contact details that are in fact working and there are real people behind it, are there any proofs that the numbers they are showing to you are real, are there any proofs at all.

In conclusion:

Never trust anything you see before you have thoroughly check it out in all ways and matters available to you and your knowledge.

If you have other ideas of how to spot scams and how to prevent people to buy them feel free to share your opinion below!

Enjoy the weekend and stay positive!

Yours,
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.

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View Comments

Ben Tjoa says:

September 8, 2017 at 5:21 am

Which online Forex broker is best/honest that you use.
How do you prevent the Forex Broker from FRONT RUNNING you,the Trader,
since they can see your trade in advance to the trader detriment?

Vladimir, where is your physical office address in the USA?Please email me back.
Thanks.

Ben Tjoa
benimexusa@gmail.com