Once the domain of banking professionals, forex market has now become the world’s largest financial market, thanks to the technological progressions that made it available to numerous retail traders. It is estimated that forex market enjoys a daily trading volume of $5 trillion on an average. Since it functions at such a massive scale, the probability of rip-offs can’t be ignored. Moreover, in the absenteeism of a regulated control system, the forex scams have become the norm of the day. That’s why it becomes all the more important to safeguard yourself from such misleading crusades and attain the much-needed proficiency pertaining to forex trading.
Now, the question arises – what one needs to do in order to avoid falling prey of forex scams? Our comprehensive guide will help you out. Have a look:
- Be wary of the sites that cram your mind with tons of unfeasible strategies to make easy money in the forex market. Always remember, money doesn’t come easy, no matter the type of market you are investing it in. When you are in the forex trade, raise your eyebrow at every advert selling you ‘fast’ dreams in the name of big profits. You can become aware of these sites by simply observing their interface, content and of course, flashy graphics with no significant addendum.
- Forex experts suggest that it is important for you to get a complete idea of the product before you proceed. You can do so by having an extensive conversation with the people of the company. You can also converse with people who are already using the product. Their reviews are extremely helpful in this regard.
- If you want to do extensive research about the product real quick, simply Google the product name with negative undertones such as ‘scam’, ‘controversy’, ‘ploy’, ‘fraud’ etc. The search prompts will instantly tell you if the product is worth investing in.
- If you want to go beyond the obvious with your research, make use of professional online social networks like LinkedIn. You can use it to your advantage by looking for the brains behind the company you are interested in. In case, the company or its executives don’t have a valid profile on LinkedIn, be on your guard.
- If someone is earnestly into the forex business, he or she must be affiliated with any regulatory authority such as NFA, FSA, CFTC etc.
If you are looking forward to buy forex online in India, make sure you double-check the credibility of the company offering it. There are numerous banking as well as non-banking financial institutions in India that offer you forex services. Now, it depends on you how to practice your acumen to figure out the best for you.