Foreign exchange (forex) trading is a perfectly legitimate way to invest. In fact, it’s even larger than the stock market, with a daily volume of more than $6 trillion. With so much money floating around, there are sure to be plenty of scammers trying to get their piece. Here are the common methods that forex scammers use and how you can spot and avoid them.
- Trading Bot Scams
Today, professional traders use many automated tools to trade more effectively. However, none of these solutions do anything close to taking over the trading process completely. Traders must still develop their own strategies and can only use these tools once they fully understand them.
Unfortunately, forex scammers use automated trading bots as bait for many of their scams. They promise that their trading bots will carry out 100% accurate trades for you, providing guaranteed returns. Like with any other kind of investment promising guaranteed…