Anyone taking the time to check the Commodity Futures Trading Commission’s (CFTC’s) website will soon discover that the Forex affords the unscrupulous a relatively easy way to take advantage of the unsophisticated investor, especially when it comes to managed accounts. The following CFTC findings are only a small sampling of the problem the CFTC has uncovered. Fx.unigma.com & Fx-world.com
Carlos Alejandro Libera Saume
International Currency Exchange, Inc. (ICE), Michael Cottec, John Aucella, Eugene Aucella, and Worldwide Clearing, LLC
South Florida Boiler Rooms
Apart from rejecting out-of-hand any solicitation or website using advertising materials that suggest that a dealer or account manager can guarantee profitability, the only real defense you have as a passive Forex investor is to conduct a thorough background check so you know who you're dealing with. Most passive investors who get defrauded are those who don't bother to check the credentials of the people they're dealing with before they set up a managed account. A couple of good starting points would, of course, be the CFTC and National Futures Association.
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