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Forex market, as one of the largest markets in the world, is very lucrative and tempting opportunity for anyone and therefore, most report scam artists will use it to lure people into their schemes and steal money from them. Internet is, unfortunately, very convenient for scam artists and it is relatively easy to cheat people.
Today anyone can purchase a domain name and set up a website for less than a $100. It is also possible to hire an expert to design a website for relatively small amount of money. Also, most people are not familiar much about forex market which makes them easy targets as it is very easy to promise dreams and manipulate numbers and information presented. Scam artists can very easily hide from public, and once scammed, getting money back is very difficult and often impossible.
The most common forex report scam are various investment programs, also known as HYIPs, or High Yield Investment Programs. Scam artists usually present themselves as financial experts that can bring unrealistic profit through investing in forex market, stock market, oil, online shares, various off-line businesses, etc. and offer potential victims a chance to profit on their “expertise”.
Scam is usually seen as great investment opportunity, sometimes with unrealistic returns (200% – 300% within days), and many people decide to invest money in it. The catch is that every investor must wait a certain amount of time before money can be withdraw. For example, if a program offers 300% within 10 days. It means that if you invest $100, after 10 days this “expert” will “earn” you $300. During this time investment is lock which means that you can’t withdraw a single cent before 10 days expire. Of course this time is necessary for program owners to “trade with invested money” and “generate profit” for investors.
You invest certain amount of money and have to wait 10 days before you can withdraw any money. During that time scam artist promotes his program over Internet to find more potential investors. Scam artist also offers investors a commission for every new investor. They bring which makes promotion of his website (report scam) easy. Each and every one of the new investors invest various sums of money. And each every one of them has to wait 10 days before withdrawing any money. After first 10 days scam artist usually collects enough money to pay his initial investors their profit. They are happy because they earned a lot of money and decide to tell everyone they know about this program.