protecting South Africans who want to branch into non-banking financial avenues such as forex from losing their money. Read: 7 Things That May Stop You From Being Taken For A Forex Ride. You should make sure that any firm you deal with is regulated by us and never take investment advice from the company that contacted you, as this may be part of the scam. Alternatively, you could get further information from a group that represents advisers such. Financial Services Board (FSB). Many changes have driven out the crooks and the old scams and legitimized the system for the many good firms. Examination factors must include the testing of a trading systems parameters and optimization codes.
Potential traders have every right to check if the trader or trading company they want to invest money in is registered with the. Many of these scammers simply collect money from a certain number of traders and disappear. However, always be wary of new forex scams; the temptation and allure of huge profits will always bring new and more sophisticated types to this market.
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The scam occurs when those point spreads differ widely among brokers. The point spread between the bid and ask basically reflects the commission of a back-and-forth transaction processed through a broker. You should check the firm isnt a clone firm by asking for their firm reference number (FRN) and contact details and then calling them back on the switchboard number on our Register never use a link what is the time warp trading strategy in an email or website from the firm offering. (A pip is the smallest price move that a given exchange rate makes based on market convention. "Robot" Scamming in Todays Market, a persistent scam, old and new, presents itself in some types of forex-developed trading systems. They will then be encouraged to invest more money but at this stage or soon after the returns stop, their account is suspended and theres no further contact with the firm. If you have any concerns at all about a potential scam, contact us immediately. Brokers often do not offer the normal two- to three-point spread in the EUR/USD, for example, but spreads of seven pips or more. . Consumer Helpline on or using our reporting form. Without a record of segregated accounts, individuals cannot track the exact performance of their investments. . Section 4D of the Commodity Futures Modernization Act of 2000 addressed the issue of fund segregation; what occurs in other nations is a separate issue.
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