There is one major scam in forex to be constantly aware of…
The number one scam in forex trading on the Internet is forex sites! Yes, you read that right: even though AuthenticFX itself is a forex site, the following will show you why you should never take any Internet site dealing in forex trading at face value.
The reason I’m unafraid to expose this dirty little secret is because I believe anyone subjecting AuthenticFX to a fair examination will come to the conclusion that it speaks the truth!
If you do an Internet search on the term “forex scam” you will find a bunch of sites all claiming to list the major offenders.
If you actually click through to several of these sites you’ll see a pattern emerging: a great many of them are just repeating the same list, and some of them don’t even bother to change the text that they’ve ripped off from whatever site it originated from!
I just did a search on the following two terms and picked up the exact same text on several different sites as listed:
“A popular modern-day scam is the signal sellers…”
– 5 sites
“A persistent scam, old and new, presents itself in some types of forex-developed trading systems…”
– 3 sites
I think you’ll agree that both phrases are too unique for this to be mere coincidence!
Sadly for those sites – and happily for newcomers to forex – eventually Google will catch up and delist them from the search engine. In fact, I’m even worried about quoting the stolen text myself, and will probably remove it over time so I don’t also get caught up in Google’s policing!
The simple fact is that most forex sites are commercial in nature, and as such their ultimate aim is to sell you something. That’s okay: AuthenticFX itself is a commercial site.
The problem begins when people who have neither knowledge of the forex market nor experience in it set up a site simply to exploit the great interest in forex trading.
Most such people are likely to have less integrity than you might like. They throw up a site, knowing they will need a lot of content in order to get listed on Google and the other search engines. This is their first problem: where to get such content.
The answer of course, for some people, is simple: steal it!
Know what to look for and you’ll recognise
|So here we come to the number one scam: the dishonesty – in this case, plagiarism – indulged in by many so-called forex sites.You have to ask yourself “would I buy from these sites or accept their recommendations when they are so prepared to lie about the very content they present?”In writing this page and the following one on specific scams I was aware that it’s not enough to just list the major rip-offs. Traders need to be aware of them, and also know how to avoid them.This number one scam is of course hard to avoid, but at least if you go into the marketplace with your antennae well and truly up, you should be able to spot the insincerity in most of the offending sites.|
So what specifically should the forex trader be on the lookout for? Click on the following link to go to a list of The Major Forex Scams to find out.