"Spotting a forex scam"

rsh01

Experienced member
1,184 299
(I did a quick search but couldn't see if a thread had already started re this, what with the forum re jigs, if it has mods - please delete).

Good to see coverage of the dark arts of fx with an article linked on the t2w home page.....

Spotting a Forex Scam


Some points re Twomey's comments (in speech marks), my comments follow:

BT:"be careful of those offshore retail brokers who are not regulated by the CFTC, NFA"
...be careful of those regulated by them also, FXDD the latest to be finally caught out.

BT: "many signal sellers are honest and perform trade functions as intended."
...a sample list of these would be helpful to back this statement up. I doubt you can provide (m)any.

BT: "Section 4D of the Commodity Futures Modernization Act of 2000 addressed the issue of segregation. This act introduced strong regulating towards segregated brokerage accounts, allowing clients to opt out of such investment strategies."
...well we all know how well that was adhered to with respect to MF Global. It appears no matter what regulations exist even the biggest can and have used segregated client account money to punt.

BT: "even when those who deliberately engage in forex scams are brought to justice, investor reimbursement is not guaranteed."
...indeed, see above examples!

Plenty could have been added to this 1 & bit pages, but all in all a refreshing change.
 

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