Forex Education Platforms: A Route To Income Or A Get Rich Quick Scam?
There is an old saying in the United Kingdom: Where there is muck, there is brass. Essentially, what that means is that in any aspect of our lives, no matter how grimy, there are money-making opportunities to be made. And when the forex space opened up to retail traders after the advent of the internet, one huge area opened up regarding forex education, and where so-called experts, with very little experience of how the forex market operates, decided to set themselves up as educational gurus in order to exploit would-be traders looking to make a successful go at making money in Forex.
Be warned, if you have across people offering to teach you how to trade Forex, where they tell you that you will make a truckload of cash or fast cars, perhaps showing themselves in their luxury plane, or maybe sunning themselves in a far off exotic location, it is highly likely they are scammers looking to sell you a get rich scheme with very little substance behind it.
A great deal of these so-called forex educators make their money by getting you to subscribe to their educational platforms, where they might offer you a few videos, where you can see almost identical ones for free on YouTube, and in any case, have very little backbone to them, and where often these will be trading strategies that they guarantee will make you money, and in fact, most of them will fail.
The majority of these scammers set themselves up on platforms such as Instagram, Facebook, Twitter, and the like, while relying on the pictures of their so-called wealth made from their success as forex traders in order to subdue and entice you. When, in fact, they tend to be skilled marketers, but poor traders.
In fact, the forex space is littered with many types of fraudsters. One of the biggest areas where scammers made money was in binary options, where traders were asked to bet on the rise and fall of the forex market via binary options platforms, over certain time periods which were typically anything from 1- minute up to one hour, but where the prices were manipulated on the platforms, which operated almost like a casino, where the house always won. Regulators clamped down on this very quickly and shut them down.
Weigh more and more people ripping off newbie traders by offering them comprehensive educational experiences and where most of the information provided is inadequate or not at all comprehensive, in which case could we expect that the educational space will soon become regulated? It seems to be gathering a lot of interest in a space that is beginning to resemble the Wild West.
One thing is for sure, here at Forex Academy, we will not ask you to pay for the educational material which we provide on this website. What’s more, we offer a comprehensive educational experience and cover all the aspects that you need to be a proficient trader. And the people that write our educational material and present it to you are market professionals, some of them having come from an institutional background in the forex space. And so you can rest assured that the educational material we provide is professional, and comes with a wealth of real market experience behind it.
Forex is not a get rich scheme; there are no shortcuts to becoming a successful trader; it takes time, effort, and practice.