Doesn’t It Look Like a Big Scam? Is There Any Alternative to Forex?

[Sean T. Holcombe]

Hi, everyone! We are all here joined by one aim – making money online trading at the most reliable market place. Many people tend to choose FOREX, when it comes to trading online. But is it really so great and trustworthy as it may seem to be at first glance?

According to Adam Hamilton, a professional independent business analyst, FOREX market has lost its financial free spirit. There are more and more cases that prove it is controlled by a tiny group of brokers.

Don’t you find that it makes almost impossible to predict the future prices? It’s like playing roulette: you never know when you will win. Taking this fact into consideration, there is nothing strange why so many brokers lose their money when trading on FOREX.
That is why, I’m looking for an alternative to Forex. Can you please, share any ideas on this? Thanx a lot!

 

[Surrealistik]

Whether Forex is a 'scam' or not really comes down to your broker, and more specifically two major things:

A: The quality of your broker's regulation. I would only ever consider doing business with companies regulated by IIROC, FSA, ASIC, or the NFA.

B: Whether or not they act as an unhedged counterparty/market maker. In otherwords, is a conflict of interest present? Do they win when you lose, and lose when you win?

If B is true or A is lacking (as they are for a vast majority of brokers from Instaforex to GO Markets), then stay far away or keep your accounts small because you will inevitably be cheated.

 

[Sean T. Holcombe]

Whether Forex is a 'scam' or not really comes down to your broker, and more specifically two major things:

A: The quality of your broker's regulation. I would only ever consider doing business with companies regulated by IIROC, FSA, ASIC, or the NFA.

B: Whether or not they act as an unhedged counterparty/market maker. In otherwords, is a conflict of interest present? Do they win when you lose, and lose when you win?

If B is true or A is lacking (as they are for a vast majority of brokers from Instaforex to GO Markets), then stay far away or keep your accounts small because you will inevitably be cheated.

Thank you for you advice. Really helpful one. Btw, have you heard of Uinvest? Are their projects worth investing?

 

[Markllee30]

Whether Forex is a 'scam' or not really comes down to your broker, and more specifically two major things:

A: The quality of your broker's regulation. I would only ever consider doing business with companies regulated by IIROC, FSA, ASIC, or the NFA.

B: Whether or not they act as an unhedged counterparty/market maker. In otherwords, is a conflict of interest present? Do they win when you lose, and lose when you win?

If B is true or A is lacking (as they are for a vast majority of brokers from Instaforex to GO Markets), then stay far away or keep your accounts small because you will inevitably be cheated.

I agree with you!! thanks for your advice anyways.

 

[gkintl]

All professions include scams and forex is no exception to the same. With such a high liquidity, it is almost impossible to rig the price. Even major banks have lost huge money trying to control the price movement in the forex market. As long as a trader follows a tested strategy without any deviation, success can be achieved in forex market in a consistent manner. There will always be negative opinion surrounding any kind of profession. It is better to discard the same.

 

[Daisy]

Not necessarily playing roulette. There are so many things in forex that makes its probability stronger than roulette. You can really tell a bullish trend and then it will last like a day or two so you do get to make profit from it so in a way if you are experienced at how to do technical analysis, you can literally scalp some profit. So forex is risky but not a scam. If you're good at understanding fundamental, you know when to get in and out and when there is something to trade. Its not all unpredictable.

 

[Pettyeve]

There is an alternative to trading in the forex market and that alternative is trading in the stock market. Forex looks like stock in so many ways but I'm sure that the risk that is in the stock market will very bigger than the one that will very in the forex market

 

[lioneld]

By the way, I see there have so many market maker Forex brokers! That’s way, my suggestion is to the new Forex trader, please don’t select your trading broker so quickly without verification their regulation status!

 

[alextrader79]

By the way, I see there have so many market maker Forex brokers! That’s way, my suggestion is to the new Forex trader, please don’t select your trading broker so quickly without verification their regulation status!

I think I won't open a secret to you that 99.9% of forex brokers ARE (or act like) market makers.
I don;t see anything dangerous here, as even well-known brokers work as MMs. The main thing is not to choose unregulated and new ones

 

[Tom Latham]

New traders are unable to identify scam brokers! Because, they want to get big bonus and high trading leverage! They don’t verify their regulation and transparency! As a result, maximum new traders start with market maker brokers unfortunately.

 

[alextrader79]

New traders are unable to identify scam brokers! Because, they want to get big bonus and high trading leverage! They don’t verify their regulation and transparency! As a result, maximum new traders start with market maker brokers unfortunately.

but practically ALL of them are market makers, bro
Not everyone has 20-50K dollars to start with a company that acts ONLY like ecn

 

[lioneld]

but practically ALL of them are market makers, bro
Not everyone has 20-50K dollars to start with a company that acts ONLY like ecn

I agree with you, but I see few brokers are providing such a good trading service with a low trading cost! But, they are very little in number.

 

[Oscar Shumack]

There is no other profession likelihood of Forex. The way it can shine your life can take away peace from you.

 

[Alexander Hudson]

You have to amend your mind to be a good trader. Don’t yield to your psychology if it is negative, even though psychology gets refined with trading experience.

 

[Eduardo Lucchese]

Yes, Forex can make me rich if you have a long-term scheme of self-development. I can’t make hurry here for taking profit from the market.

 

[Eduardo Lucchese]

Forex is never a scam and those who call it a scam, they don’t have actually any idea about forex. As the unemployment problem around the world is looming large, Forex can be a possible solution to it.

 

[SaadBinToha]

Forex offers you the highest level of comfort as you can trade Forex sitting home. Only investment and skill are required for Forex trading even though many people have money but don’t have skill, which is badly essential for traders.

 

[Aaron_0]

The more you practice and earn knowledge, the more your skill gets ignited. So, every trader should follow the criterion of proper trading besides following risk-management policy.