When the initial boom of the forex market hit the Internet and the number of people that started to trading and investing have increase, it immediately became fertile ground for the shady characters of the world to jump in and commit numerous instances of forex fraud. The market got hit hard by brokers, software developers, trade signal providers, and others whose only interest was to scam people out of their money and get out quickly as soon as possible.

The forex market’s reputation affected so much because of this. The forex market became known for its scams rather than its trading but it has changed. It’s changed because the legitimate businesses have lasted through the forex fraud debacle and have risen to the top. However, just because the bottom feeders are less prevalent doesn’t mean they don’t exist. All traders no matter novice or experienced needs to be careful as better safe than sorry.

Free trials

Generally speaking, the groups in the forex fraud business are not interested in giving their targets free trials as they want to get your money and get out as soon as possible. They certainly don’t want to hang around while you’re testing their system. If a service offers a free trial whether it is a demo account with a forex broker, a free trial with a robot trading system or free signals from a forex signal provider this can be an indication that the business is probably legitimate.

If they do not offer a free trial, you ask for one. You may not get one but you’ll certainly get their attention. There are so many services and brokers regarding forex today as there is no reason why you shouldn’t get what you want. Perhaps it is time to move on if you cannot get one of the free trial accounts.

First impressions

They say you only have one opportunity for a first impression in every relationship and the same is true for forex tools and services. If someone is going to do business by forex fraud, they are not really interested in a professional website as they will get out as soon as possible and create another website to scam more people. As a matter of fact, one of two things usually becomes apparent. The first thing that is a tipoff if the website appears to be put together by a three-year-old. If it looks like it took about more than ten minutes to get the website up and running, it probably did. The second thing to look at it is at the other end of the spectrum. Always check for contact information and support. People involved in forex fraud kind of shy away and avoid from their targets being to get in touch with them.

Check things out

Particularly with robot traders and forex signal providers many of them will include impressive statistical success rates. Like anything else, if it is sounds too good to be true, it probably is. You can always check the charts they might have on their site against real charts from the same time period. You can check quotes they give against historical quotes from another source. Don’t take their word and believe for it. Spend some time to check and investigate it out.

Independent sources

Most importantly, look up some independent reviews. There are sources available that will tell you about forex fraud and their perpetrators. There are so many great, dependable, and legitimate forex instruments out there. Little bit of research on anyone’s part and the chances of being a victim of forex fraud these days are practically nil.