Forex Scam

Distinguish A Forex Scam From The Real Deal

The thing is, Forex scams are pretty easy to sniff out once you know what to look out for, and make no mistake, there are thousands of websites that are waiting to take your money for no other reason than they can. Scammers and charlatans are aplenty when it comes to the internet and Forex is one of the ways that they rope eager, naïve investors in with wild promises, take your money - supposedly to be placed in a brokerage account. What happens to your money is it usually gets wired to several international accounts under false names and gets withdrawn within moments of your deposit. These scammers are sometimes operating worldwide, which means that they are some times quite impossible to trace.

What happens is that they will set up bank accounts in countries with loose financial laws or with a banking infrastructure or security measures that have not been fully developed. These include many third world countries in African states as well as parts of South America. They will then set up various accounts across the world under false names, in small banks that are connected to the international economy.