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How to identify and avoid forex scams

Forex Scams are not new in the market. According to a report published by Bloomberg, Forex Scams have been reported to be the number one way of a trader to lose his or her money. Owing to the lucrative nature of the scam, Forex Scams have been a rage among the industry professionals. No matter how much you educate these traders about the potential signs of something being a forex scam, they simply donât seem to understand. The point is that forex is legitimate, but the factors that many scams depend on are in the majority of the times not genuine. Right from fake returns, fake licenses, fake celebrity promotions to even fake customer care authorities, scammers seem to be devising newer methods of providing new forex scams on a daily basis. However, we at Morgan Financial Recovery, after our team of experts have devised the best ways to identify any kind of forex scams easily.

Automated Trading software

Let us make this clear once and for all. If any trader is promoting an automated trading forex bot and saying that it provides high insane returns, it is definitely a scam. Automated trading just doesnât work in forex trading. The market is volatile, not as volatile as stocks but it is. Forex will forever be a market that requires the human mind to trade properly. There are sudden ups and downs, insane highs and lows, a proper time to exit the market which a bot, even if itâs trained with Artificial Intelligence wonât be able to perform. Hence stay away from forex bots as much as possible.

About Author Adrian Willson :

Morgan Financial Recovery is a fund recovery group that deals with fund recoveries owing to fake forex trades. Owing to a decade of experience, 54+ attorneys and over $3 million recovered so far, they are definitely the best in the business. No matter how big or small you have lost your money, there is always a ray of hope when you contact them.

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Article Added on Thursday, April 30, 2020
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