8 trillion each day as is currency trading a scam January 2018. The forex market hasn’t had much in the way of regulation historically, although things have started to improve in recent years.
Unfortunately, the opportunity still exists for many forex scams that tempt new investors with a promise of quick fortunes through “secret trading formulas,” algorithm-based “proprietary” trading methodologies, or “forex robots” that do the trading for you. Regarding forex scams, following are some of the more common scams you need to be aware of so that you don’t get taken in by them while educating yourself on the best way to trade forex. Basically, a signal seller is offering a system that purports to identify favorable times for buying or selling a currency pair. The system may be manual, where the trader enters the info and gets a result, or it may be automated. Some systems rely on technical analysis, others rely on breaking news and many employ some combination of the two. But they all purport to provide information that leads to favorable trading opportunities.
Signal sellers usually charge a daily, weekly or monthly fee for their services. Some analysts propose that many or even most signal sellers are scam artists. A frequent criticism is that if it were really possible to use a system to beat the market, why would the individual or firm that has this information make it widely available? Wouldn’t it make more sense to use this incredible signaling system to make huge profits? Other analysts distinguish between known scammers and more reputable information sources such as Metatrader, that offer a well-thought-out signaling service.