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Unveiling the Reality: Is Forex Trading Legitimate or a Scam?
Make money with forex – can you do it, or is foreign exchange trading all one big scam? I am constantly surprised at how many people ask this question. When I started trading in 2017, I never, ever thought that the forex might be a scam.
Maybe I was too dumb and naive or maybe the scam artists just had not found the market yet. But let me answer this question from my personal experience: “is forex trading legit?”
The answer is absolutely not. I have traded for 5 years and have never lost one single penny to a scam.
- I opened a demo account for free.
- I opened a real account for free.
- I downloaded my trading software for free.
- I deposited money for free. I withdrew my money for free.
- I closed my account for free.
The only two things that are not free in foreign exchange are the money you invest and the trading experience.
These 2 things will cost you, but nothing else should.
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Is Forex Legit?
I think the reason that many people believe the foreign exchange is a scam is that they don’t understand it.
Granted, it can seem intimidating, but you trade the forex just like you trade stocks and bonds.
You buy a currency and if it goes up, you make money.
You sell a currency and if it goes down, you make money. Just like stocks and bonds.
Another reason that people might believe the forex is a scam is that there are so many people willing to make money from easily confused and often intimidated traders.
If you go and look on Clickbank (one of the most extensive online affiliate programs), there are trading programs selling for up to hundreds of dollars.
When someone sells one of these programs through their website, they keep 50% or more of the commissions. There is good money in selling highly touted, seemingly profitable systems to beginners.
So when people read articles about trading and go to the sales page promoting trading software, they believe the marketing hype and buy the software.
They might make a little money before the market changes, and then they lose their entire account.
Then they get frustrated, close their account, and announce that the foreign exchange market is a scam.
So is it true?
No! The forex is not a scam, but there are a lot of scammers in the industry.
So be careful. Educate yourself, don’t pay for trading systems, and learn how to think for yourself. You will find that there is good, honest money to be made every day in Forex Trading (foreign exchange).
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