Why People Think Forex Is A Scam?

Sounds like a ridiculous question to any experienced trader or financial student.

But in fact many people outside the forex industry think the forex industry is a scam.

Heres why

Some people often join the forex industry with no knowledge at all thinking its a “get rich quick scheme”, often end up investimg money and losing it. Then calling it a scam.

Many people also enter the forex industry running into a scamming broker or scamming mentor and ends up losing their funds in the process. 80% of the time its through running into fake trading experts who take poor victims money and run away with it, or doesnt provide the victim with the proper knowledge to take on the forex market.

In other cases people hears stories from others who either got scammed or lost money trading the forex market.

The truth is fake trading experts and unregulated brokers make the forex industry sound like a really horrible and unethical industry, which is simply not true.

Forex is simply a market, it is used by governments, banks, companies, and simple people. Do you want to buy some foreign products？ You can do that because a business owner bought foreign currency to buy that product and then sell it to you at a higher price. No one, of course, would call this businessman Forex scammer.

Everybody uses Forex in daily life, but not everyone gets to profit from it. Why is it considered to be a scam then？ The answer is simple: they dont understand it. People who come to the Market without any knowledge or preparation and expect to become millionaires in just one day are not very good at coping with the results of their own actions. They simply throw money at their broker and expect to get rich in one click, and when they fail, they blame the market.

If you want you to succeed in forex you have to prepare yourself for the markets, you have to learn, you have to be discipline and consistent. Without consistency you will never get far in forex.

Its like trying to pass any subject in university, you have to prepare and study!

How to avoid scams？

With application like wikifx you can find safe and regulated brokers and also search up on brokers or companies that scammed people, in this way you will know what beokers to stay away from.

Below is a guidance to report forex scams on WikiFX app and webiste.

• How to Report FX Scams on WikiFX App？

Step 1: Install WikiFX app. Search for “WikiFX” on Play Store, App Store, or via our official links:

Android: https://bit.ly/3kyRwgw

iOS:https://bit.ly/wikifxapp-ios

Step 2: Log in to WikiFX app and click the “Exposure” section on the homepage. Then you will enter the exposure page.

(“Exposure” section)

Step 3: Click the “Expose” button to choose exposure type and the broker you want to report.

(“Exposure” button)

(Exposure type)

(Brokers list)

Step 4: Write down your experience, upload relevant evidence and release your exposure.

Step 5: Our staff will review your exposure and give you feedback within 3-5 working days.

• How to Report FX Scams on WikiFX Website？

Step 1: Open WikiFX website, e.g. https://www.wikifx.com/in_en/ ,

and log in your account. Then click the “Expose” section on the homepage

to enter the exposure page.

Step 2: Click the “Expose” button to report scams.

Step 3: Write down your experience, upload relevant evidence and release your exposure.

Step 4: Our staff will review your exposure and give you feedback within 3-5 working days.

As a reminder, please turn to WikiFX when encountering unknown forex platforms. More caution, more safety!