Is Forex a Scam or not ? Forex trading is a developing sector around the world, and everyone knows how quickly people can earn money at home by investing in currencies through YouTube advertising or forex brokers. According to the traders, it is a type of investment with big profits.
You must sell one currency in order to obtain another asset. Profit margins exist when the amount of money you just bought is greater than the amount of money you just sold. Because of the intense rivalry, the forex market is always changing.
The trader looks at the signals on the graph, looks at where signals have been marked in the past, and makes predictions about the future of the currency graph.
What Is OctaFX
You must be familiar with OctaFX. It is renowned as a trustworthy forex broker partner where nearly everyone trades. Georgios D. Pantzis started this company, which offers forex trading in many different nations, including Malaysia, Indonesia, Spain, and China.
It gives new traders a real demo account so that they can practice trading on the real market. There are a ton of different forex trading companies in addition to just one. Forex.com, NinjaTrader, eToro, IG, Interactive Brokers, City Index, and a number of other big, well-known businesses are among them.
Is Forex a Scam or not
It’s challenging to write, “One Day You’ll Have Nothing!” when so many people are making money from their forex trading businesses. These five things can help you understand how OctaFX or any other forex broker interacts with a large number of traders, such as how it works, who the other side is, and if forex trading is legal.
They always offer a small spread
The spread is the price difference between the buyer and seller of a given currency. The spread provided by OctaFX is 0.06. Don’t accept it, even if it is 0.00 and they are charging you for just one place.
Maintain a Low Deposit in Order for Us to Be Selfish
Like, seriously? To help you get used to the transaction, they are making it simpler. In essence, it’s a type of gambling game where making a deposit of $100, $200, or more can be perilous and cause hesitation in everyone, while making a deposit of $25 is relatively small.
Give 100% Bonus On Deposit
This is an important factor to remember. They offer a 100% return on deposits, which means that if you put in $25, you’ll get $50 back. Literally? Is there any company that provides such rewards, particularly financial ones? where the game is constantly on the verge of a huge loss.
Approximately 86% of investors are losing money.
Let us explain why they provide a 100% bonus on deposits. Another trading company, FXPro, is a significant competitor of OctaFX and is Tier 1 regulated. This rule requires them to express the success rate of their company’s investors.
In the image above, they say in one of their YouTube advertisements that 86.3% of retail investors on FXPro can withstand the loss. It’s not 50% or 60%, but 86%. Does this sound reasonable? Another UK-based company, EToro, which is also one of the most competitive brokers and is regulated by Tire 1, shows that 67% of small investors lose money.
Targeting Low Financial Educated Counties
These companies are aiming for third-world countries where schools do not offer financial education and people often do not know how to invest and other such things.
Then, these companies bring in people who don’t know much about their speculative market, wasting all of our money because we don’t know enough about money.
They will never allow you to withdraw your money.
They’ll give you VIIP status and more money as a shiny thing, but they’ll never let you have it. Even if the graph merely climbs by a percentage, you’ll make a lot of money, but that’s not the appropriate point of view.
They Play On Leverage
Basically, in all of these gambling games, you’re at your most greedy. For example, if it’s a 1 to 500 dollar game and you open your slot, even if the graph merely climbs by a percentage, you’ll make a lot of money, but that’s not the appropriate point of view.
These firms steal your entire position by delaying the genuine market’s statistics. This means that if you start with $1 and your leverage is $500, your money will end up flowing into the sea.
Whatever the size of the property, you will be wiped out one day
Personal Forex Trading Advice
After you begin investing and lose, you will reinvest in the hope of winning, and this cycle will end up being a risk with no return. “No one cares more about your money than you do!”
That is how these forex companies defraud you without your knowledge. Please share your OctaFX or Forex trading experience in the comments section.
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