Tuesday, June 10, 2014

Review of online trading broker::How to Buy and Sell Stocks







Review of online trading broker::How to Buy and Sell Stocks








While               hanging               out               on               some               random               money               making               forum               I               ran               across               one               user               who               suggested               we               all               try               out               a               certain               FOREX               website               and               bragged               about               how               he               had               made               one-hundred               dollars               in               a               month.

While               I               knew               trading               against               the               FOREX,               or               Foreign               Exchange               Market,               was               hot               at               the               moment               I               had               never               actually               ventured               to               any               of               the               many               websites.

Always               the               cynic,               I               thought               I               would               check               this               particular               website               out.

This               particular               FOREX               site               seemed               like               many               other               dodgy               money               making               websites               with               generic               stock               photos,               limited               time               reduced               sign-up               fees               and               promises               to               pay.

Without               knowing               anything               about               the               ins               and               outs               of               FOREX               sites,               it               sounded               like               a               good               deal               but               since               I               had               seen               so               many               poorly-written               FOREX               ads               around               the               Internet               I               decided               to               dive               in               a               little               further.
               I               went               to               a               link               on               the               homepage               which               said,               "Withdraw"               and               I               was               prompted               to               open               a               MS               Word               document.

Right               then               red               lights               started               going               off               in               my               head.

In               order               to               collect               your               money               you               had               to               list               your               personal               information,               all               of               your               bank               account               information               and               then               fax               it               off               to               a               number               in               the               British               Virgin               Islands.

Anyone               who               is               Internet               savvy               would               know               not               to               send               this               information               over               an               unsecured               website,               let               alone               to               some               random               fax               number.
               This               finding               led               me               to               do               a               little               more               research               on               this               online               FOREX               phenomenon               and               the               results               were               less               than               promising.

Most               FOREX               trading               websites               I               ran               across               seemed               on               the               up               and               up               on               first               look               but               many               of               them               required               personal               bank               account               information               to               be               mailed               or               faxed               to               a               nondescript               address               or               phone               number.
               I               quickly               noticed               that               most               of               these               websites               did               not               originate               in               the               United               States               and               all               of               the               FOREX               ads               I've               seen               lurk               around               websites               commonly               visited               by               foreigners,               especially               Indians               for               some               reason.

These               scam               artists               seem               to               be               targeting               those               from               other               countries               who               try               to               use               the               Internet               to               make               a               quick               buck.

Online               money               making               forums               are               stacked               with               foreigners               who               sincerely               think               they               just               struck               gold               in               FOREX               and               try               to               get               others               to               join               in               without               doing               the               basic               research               to               see               if               the               operation               is               legit               or               not.
               The               best               way               to               play               the               FOREX               market               is               to               avoid               online               trading               websites.

If               you               are               serious               about               investing               in               the               FOREX,               hiring               a               broker               is               your               safest               bet,               although               stay               away               from               any               broker               who               claims               FOREX               is               a               safe               way               to               invest               because               it               is               in               fact               very               risky.

Also               stay               away               from               those               who               say               you               can               make               $1000               every               week.
               Regulation               of               legitimate               FOREX               trading               falls               under               the               Commodity               Futures               Trading               Commission               (CTFC)               and               are               protected               by               familiar               organizations               such               as               the               FDIC               (Federal               Deposit               Insurance               Corporation)               and               even               the               Federal               Reserve               just               to               name               a               few.

The               CTFC               first               became               aware               of               FOREX               scams               back               in               2000.

They               promptly               published               a               Foreign               Currency               Trading               Fraud               Advisory,               which               teaches               the               public               what               key               words               (mainly               hyped-up               phrases               to               lure               people               in)               to               look               out               for               and               where               they               can               go               to               check               out               or               report               a               fraudulent               website.

This               advisory               can               be               found               online               at:               http://www.cftc.gov/opa/enf98/opaforexa15.htm               .
               FOREX               scams               seem               to               target               foreigners               more               than               Americans               as               scammers               will               place               FOREX               ads               in               foreign               newspapers               and               they               are               heard               on               radio               ads               in               poor               areas,               but               with               the               popularity               of               pay-to-click               and               pay-to-read               (PTC               and               PTR,               respectively)               websites,               the               scam               is               starting               to               spread               to               innocent               Americans               looking               to               make               a               quick               buck               online.

The               best               rule               of               thumb               remains,               "If               it               sounds               too               good               to               be               true,               it               probably               is."






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