Recent Forex Scams Are A Reminder to Be Careful
  
In relative terms, the forex as a retail market is still very young, especially in the US. The US government is passing regulation annually to give the industry more regulation to bear, but it's still pretty light compared to other, more mature capital markets. This makes the forex a tool of opportunity for frauders and scammers.
  




 
 

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To help combat the rampant slime in the market, we frequently offer tips and hints for avoiding forex scams. Here's a link to our most recent article on Avoiding Trading Scams.

To supplement that, I thought I'd give a few links to recent forex scams in the news as a warning for traders to watch and be prepared.

A man in Washington state used his church connection to run a forex scam:
http://www.hedgeco.net/news/04/2009/seattle-scam-targets-church-members-senior-citizens.html

 The CFTC raids a Florida company in the middle of the night and secured documents proving the company's forex investment product was a $17 million scam:
http://www.naplesnews.com/news/2009/apr/07/naples-man-part-group-charged-17-million-investmen/

Surprise! A Forex Investing company in Nigeria wasn't quite on the up and up:
http://www.thetimesofnigeria.com/Article.aspx?id=1581

An article on the general cost and pain of investment scams:
http://www.politonomist.com/the-unspoken-ponzi-price-tag-002096/


Next: Support and Resistance Levels or click on the flags below for charts for each pair.

Click on the Pairs below for charts and analysis or see the rest of today's education.

 

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