1) Unregulated and Dishonest BrokersAn unregulated broker is a broker that is not regulated under any recognized jurisdiction or with country's financial market regulator, so it can't be held accountable by a governing government authority in your country.If an unregulated broker commits fraud or scams you or indulges in malpractices in any manner, you have little or no recourse against them. This is because there is an absence of laws that protect you from such malpractices. 2) Fake Forex Signal Seller ScamsA signal seller typically claims to rely on market analysis and news to judge the right time to trade in currency pairs. They may offer trading advice through automatic messages or may manually send you messages.Signal sellers are known to be often wrong and they may give advice that could lead to large losses for you.Do not trust signal sellers who promise advice that can regularly outperform the market. Only listen to signal sellers that are approved financial advisors & that suit your own analysis. 3) Forex Robot & Trading System ScamsIn these scams, you may be approached by someone asking you to buy a robot or an automatic trader that can trade for you. They will say that this robot allows you to earn money while you sleep.The robot is supposed to be able to conduct trade in your stead that generate a profitable yield.However, most of these robots never actually deliver as promised and you may end up with significant losses. These trading systems are never reviewed or tested by independent agencies. 4) Untrustworthy Investment Schemes & FundsThere are several entities & individuals that promise to offer get-rich-quick investment schemes through forex and cryptocurrency - that are not credible.You should be wary of any investment schemes that promise guaranteed returns or outsize profits.Returns or profits in the forex market can never be guaranteed and you should always remember that your investments are subject to market risk. Never trust any company or individual that claims otherwise.
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