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What is FOREX? To put in simple words, it is a name given to trades that take place between different businesses, banks, companies and governments that are located in different countries. FX, FOREX or Foreign Exchange Market, all mean the same thing.
Since the financial market is always changing, transactions are completed with the help of brokers and banks. Many scams have taken place as foreign companies or people set themselves up online to take advantage of people who do not realize that the FOREX trades should be done through a broker or a company which directly takes part in foreign exchanges.
FOREX trading implies that one currency is traded for another. Since it is a specialized trade, not all banks or financial centers offer this.
Many a times, individuals and small businesses become victims of scams as they do not take time to understand the working of the foreign exchange markets. If not invested through a broker or a bank, they may even end up losing all their investments.
An FX scam is one that involves trading but will turn out to be a fraud! In such cases you have no chances of getting your money back. In order to avoid falling into such scams, make sure to find out if the company is permitted to conduct business in your country.
In the past five years, thanks to the internet, FX trading and its awareness has grown manifolds. Banks are the safest source for carrying out such trades as they have licensed and trained brokers to carry out the transactions. Brokers get a commission for the transactions placed.
Another type of scam that you could fall prey to is the type of software you use. Different kinds of software are available that give you information about making trades and learning about the foreign markets. Always get the best possible information you need by consulting with your bank or your financial broker.
John Baker is an editor at http://www.ForexTopTen.com. By visiting the website http://www.forextopten.com you can read forex traders reviews about forex trading systems, trading courses, ebooks, softwares and brokers.
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