Sunday, July 13, 2014

Forex Trading Are HYIP Ponzi Schemes Piggy Backing?

Over the past few months here in the Caribbean we have seen an influx of High Yield Investment Programs popping up particularly Jamaica, all under the guise of being Forex Trading Managers who will trade on your behalf. Some are extensions of online invest Schemes calling themselves now Investment Clubs.
 
Most have turned out to be nothing more than well put together and very sophisticated Ponzi Schemes, they collect from Peter and John to pay Paul. You know the drill with these Ponzi Schemes, the ones that get in first including the owners gets paid huge sums of monies and flaunt their payment checks before gullible prospective members, enticing them to join, because they are missing out big time on a once in a lifetime deal and more often that not the unsuspecting fish swallows the bait.
Forex trading is an honorable and totally legitimate way of becoming financially free in a relatively short time if you educate yourself in how to trade wisely. What these scams are doing is bringing an honorable income generating machine as forex trading into disrepute, especially in my neck of the woods and no amount of warning issued by the financial regulation authorities can dissuade these misguided investors to stop investing in these schemes.
 
People have sold tangible assets like their homes, lands and cars to invest in these schemes only to now be wailing and cursing "so-called detractors of these schemes" for their predicament; denial is one hell of a vice if one can call it that. Waking one morning to hear that a scheme you invested Millions of Dollars into just up and vanished is a bitter pill to swallow.
 
It is even worst online when one usually has never met the principals in these ponzi schemes, they normally use fictitious names and non existent office addresses to give a semblance of legitimacy to their scams but please be on the look out. There are legitimate companies that executes forex trades on your behalf both online and offline but you as an investor must do your own due diligence on these companies.
 
As for me I trade using the Easy forex platform as I find it very easy to use as the name denotes. So if you believe you have what it takes to trade on the forex market this could be your gateway to success and cut out the middle man to whom you would have to pay a fee to trade on your behalf or worst yet get scammed in their illegal ponzi scheme.