Is Currency Trading a Scam?

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How Safe Is Currency Trading?....5

Currency trading itself is not a scam, but because it is an unregulated market, many scams do exist surrounding currency trading. Know your currency trading partner to avoid scams with advice from a financial consultant in this free video on currency trading and investing.

Part of the Video Series: Currency Trading Guide
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Video Transcript

I'm Roger Groh, and today we're here to talk about Is Currency Trading A Scam? Well, like all businesses, you had better be very sure who you're dealing with on the other end. Have you run credit checks on them? Do you know who they are? What's their reputation? Do you know the actual people who are doing it, not just the company. But do you know the people that are doing it? The reason is that there is....there are defaults on trades, and this year, if you think about it, the number one and number two firms in the world, Bear Stearns and Lehman Brothers, both defaulted! So, and, there was no fraud in that as far as I know, but they ran out of money, and they were unable to pay the people that they owed money. Now, beyond that, because this is a completely unregulated market, and I can buy from you and you can buy from me, you can buy from your mother, you can buy from your father, you can buy from your....there is a lot of fraud. And the main thing is, know your partner. I'm Roger Groh. Watch out for scams. They really do exist.

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