It is well known that the largest market in the world is the world of currency trading. It is totally a speculative market with trillions of dollars being rolled over daily. Because of it being a very huge and an unregulated market, there exist countless swindles and rip-off artists. They are like vultures looming around in forums and blogs waiting for a chance to feed. So the doubt is how to avert being victimized by them?
1. Acknowledge whom you are purchasing from:
Make sure the online forex trading site has a customer care number on their website. Now there is no fool proof method for this and we cannot say that all sites with customer care numbers are legitimate. But most scammers would want to cover behind a site and will avoid speaking to you on the telephone.
Speak to the representatives and ask them all the basic things and all your doubts, which arise. If they do not have a telephone number and you think that they are legitimate, email their back office department to check if you get replies.
2. All things seem too good to be true in the forex markets:
For anybody who has been in the currency trading market for a long time will understand. Websites and marketers make tall claims on the returns made from their softwares. Think of all this using your common sense. If you have gone through some sales transcript and are interested in any particular product, listen to your gut feeling.
3. Stay away from online trading sites that guarantee no losses:
Nobody in this world can assure that there will be no losses in the Forex market.
4. Companies that claim unrealistic profits are bogus:
This is just impossible and insane. And it can be assured that if at all some ne knows about this trick, he would not sell the in the format of a $100 eBook.
5. Check for impartial surveys of brokerages or programs ahead of buying them:
You need to get yourself dirty and hunt for real and impartial reviews.
A good review will be long and written in depth. Screenshots of the product and an open discussion on the product are some of the features of good online trading sites.