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Leading Learning Tools For Avoiding Forex Fraud

By Richard Ortiz

Foreign exchange rate is also called Forex rate or FX rate. This is the exchange rate between any two currencies. It specifies how much one currency is worth in another currency is. Foreign exchange rate is expressed in two different rates namely the spot exchange rate and the forward exchange rate. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to the exchange rate quoted and traded today which is to be delivered and paid on a specific future date. The exchange rate was expressed for each currency pairs and quoted from the early 1980s to 2006 up to 4 decimal places for spot transactions and up to 6 decimal places for swaps or forward trade.

With the increase in Forex trading, there has been an increase in Forex frauds. The U.S. Commodity Futures Trading Commission estimated that over 23,000 customers were defrauded a sum of $350 million during the period 2001 to 2006. Currency worth about $4 trillion dollars is traded every day. It is one of the biggest economic activities in the world. Foreign exchange scam or Forex scam takes place when a trading scheme is used to defraud traders with a false promise of huge profits with the intention of stealing the money or diverting the money. The Forex market is actually a zero-sum game. What one loses, another gains except for the commissions and transaction costs which actually makes it a negative-sum game. There are many ways the Forex scams take place. It could be through false advertising, creating false customer accounts to claim commission, improper management of accounts, selling software with false promise of huge profits and outright frauds. The image that Forex trading is a low risk high profit business is false.

It is necessary to know all about Forex trading before investing. There are easy ways to learn about Forex trading. Some of these are Instant Forex Profit, The Forex Video Course, The Professional Forex Training, The Magical Forex Trading, The Forex Strategy Workbook, The Forex Assassin and Auto Cash System.

Foreign currency trading involves a high level of risk. It is advisable to get involved and invest in the Forex market if the money you plan to invest is not your hard earned savings and if you do not mind risking its loss. It is not advised to invest your money if its loss will adversely affect your financial situation.

One of the things that make Forex market risky are those prevalent scams. To ensure that you’re investments won’t be wasted, always be cautious with all your decisions and actions.

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Topics: Currency Trading | Comments Off

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Article Citation
MLA Style Citation:
Ortiz, Richard "Leading Learning Tools For Avoiding Forex Fraud." Leading Learning Tools For Avoiding Forex Fraud. 1 Jul. 2010. uberarticles.com. 26 Aug 2014 <http://uberarticles.com/finance/currency-trading/leading-learning-tools-for-avoiding-forex-fraud/>.

APA Style Citation:
Ortiz, R (2010, July 1). Leading Learning Tools For Avoiding Forex Fraud. Retrieved August 26, 2014, from http://uberarticles.com/finance/currency-trading/leading-learning-tools-for-avoiding-forex-fraud/

Chicago Style Citation:
Ortiz, Richard "Leading Learning Tools For Avoiding Forex Fraud" uberarticles.com. http://uberarticles.com/finance/currency-trading/leading-learning-tools-for-avoiding-forex-fraud/


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