Is Forex Trading a Scam?
Many people ask online “Is Forex Trading a Scam”, and I am here today to tell you that forex trading is not a scam, nor is forex scamming.
The ‘forex explosion‘ as I like to call it has taken the make money online world by storm. So many people are flocking online to figure out if it’s actually possible to make a living just by trading foreign currency markets.
With this amount of exposure comes a lot of downsides.
Scams and misinformation are big ones.
I see a lot of people asking online if forex trading is a scam.
Honestly, the question doesn’t even really make sense.
Forex trading is trading foreign currencies, which everyday people do on vacation all the time.
Big businesses do it, too.
If you’re asking ‘Is Forex Trading a Scam’ it is probably because you don’t know what it actually is.
Whenever a topic like Forex Trading becomes popular it gets associated with all the people online trying to profit off of it in not-so-nice ways.
There are so many products online that promise you a ‘secret method’ that will make you millions online.
If it seems too good to be true, then it likely is.
Unfortunately, because of all these crappy products surrounding forex, the entire industry can be seen as ‘scammy’ to outsiders who aren’t familiar with what forex actually is.
All they see is predatory internet marketing by people online who want to capitalize on other’s inexperience.
Forex is big business, which means there are those out there that see it as an easy way to scam people out of some cash.
It’s important to use caution when investing money or buying any type of forex product.
Is Forex Trading Scamming?
The question also get’s asked whether trading forex is scamming. As in, if you’re making money trading forex, are you scamming someone?
Similar question, but slightly different.
Again, the question doesn’t really make sense.
No, Forex Trading is not a scam.
Allow me to repeat: Forex Trading is not a scam.
The act of trading forex does not directly affect any particular human being.
You are trading currencies, and profiting off the changes in exchange rates.
When you trade forex, you are trading live markets. Forex is a huge industry based on worldwide currency exchange.
However, there is a lot of forex-related ‘scams’ out there.
Forex robots, scanners, predictors, shady brokers, awful courses, the list really goes on.
Scams are no new thing on the internet, and the most volatile industry affected by scammers are usually the ones that involve money.
I’ll go over some of the most popular online forex scams, starting with the most common.
This is a classic forex scam.
These are ‘automatic systems’ that are supposed to trade for you, making you lots of money.
Millions, they say.
There is not a single robot that will trade for you and consistently make you money.
Do not mistake forex robots for indicators and scanners- there are some that I approve of. (Here’s one that actually made me some good money). These do not claim to do all the work for you, they help you identify trades that might be profitable.
However, I don’t believe there to be a single robot out there that will help you in any real way.
This is dangerous territory. A lot of these products are the definition of scams.
There are made by cash-hungry people looking to steal your hard-earned money.
They will not work.
Please do not try them.
Signal Seller Scam
A signal seller is another big one these days.
Signal sellers are individuals or ‘firms’ who claim they have a system that identifies the best times to make a trade, similar to what a ‘forex robot’ might do, except it’s an actual person.
It’s basically a guy who pretends to have discovered the ‘secret formula’, and they are willing to share it with you too.
If you pay a flat monthly fee, of course.
They usually tell you of their long history making millions of inexperienced traders rich.
Nine times out of ten, it’s a scam. I am not aware of a single person out there who offers services that will make you wealthy in days.
Something to note is that there’s a difference between these ‘systems’ and a forex course, which brings me to my next point.
“Best Forex Course in the World!”
Ever seen someone claiming that online?
This is a tough one, and I almost considered not including forex courses under ‘scams’.
Heres the deal- they either can or can’t be.
There are good forex courses out there. Great ones actually.
There are some mediocre ones.
There are also some bad ones.
But, there are also some clear forex course scams out there.
There are forex courses that I paid $1000+ when I was first starting out that were straight crap.
They taught me nothing I couldn’t find myself for free on YouTube or the internet and were made by someone who clearly had never made money trading forex in his life.
Forex courses aren’t essentially ‘scams’ but there are a lot of them out there that are.
How can you tell if a forex course is a scam or not?
You can usually tell by a few things.
First off, if it’s $3000, it’s a scam. It’s that easy. No course should be that much, and even if it really is the best forex course in the world, it’s too expensive. They are scamming you out of a lot of money.
There’s another side to the coin though. If it’s too cheap, it’s usually also a scam.
A forex course for $20? No chance.
Someone who’s charging that much for any type of course clearly doesn’t think much of the quality. If you actually put in months of hard work building a course for something like forex, why would you sell it for just $20?
Most courses or eBooks in the $10-100 range usually have no real value, so they are scams.
The good thing about falling for these ones is you don’t end up losing thousands of dollars as you would for a $2000 course, but still, it sucks.
Any eBook I’ve purchased on forex is just rehashed content you can find on websites like mine.
Don’t waste the money on crappy courses.
However, if you are looking into forex courses then it’s probably because you want to learn how to trade forex.
This is a very important part in the journey towards achieving financial freedom through online forex trading.
I used to read for hours and hours, trying my best to absorb all the info I could get my hands on about how forex trading works and how I could actually make money doing it.
Reading free information is great, and we live in an age where there’s lots of it for free.
Although, if you really want to get a step-by-step blueprint that will truly be your fast track to success, purchasing a forex course is one of the best initial investment’s you can make.
I’ve gone through lots of courses on forex, way too many than I’d like to admit (hint: I’ve spent over 5 figures on paid forex training).
There is only one course that I endorse on this website.
It’s made by a guy who really knows what he’s doing- he’s been in the game for over a decade and his name is well known to those in the industry because he’s been very successful for a long time.
He designed a course that became incredibly popular in the forex world and has helped thousand’s of beginners get on the fast track to making money trading forex.
The course is $500, which might seem like a lot but the value you get is incredible and the amount of money it will help you make in the long run is well worth the initial investment.
If you’re ready to start learning how to make profitable trades and you want to learn fast, check out my review of his course here.
I truly hope this post shed some light on the world of forex and the scams out there. The most important thing is to always be cautious and do your research before giving up your credit card to people online.
If you haven’t already, grab your free Forex Trading PDF (check the sidebar to the left of this post).