Have you ever seen your grandpa’s old leather suitcase? Yes, the one that opens into 2 equal halves, this suitcase would often have the contents of a magician's hat as we would never be able to predict what would come out.
Forex is that grandpa’s old leather suitcase for traders; it’s a trading platform for currency exchange and commerce purposes. But it has its own 2 equal halves of good and bad. It is a platform where we can exchange a huge range of currencies and gain huge profits as well as fall trap to many frauds.
These are trading frauds or schemes that are used to trap the traders by convincing them that the price of a particular currency would be increasing, and they could buy it; later this may cause huge losses to him, hence scamming the trader.
The Forex tradings are intensively monitored in the US due to such scams. These scams have caused huge losses and have profited many conmen and fake organizations.
Some of the common Forex scams are listed below:
Forex is a very good trading platform, but it can be very dangerous for all the rookie traders if they are not aware of such frauds and might lose their funds. So taking precautions while trading and looking out for such frauds would be very helpful.
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