Forex Review: scam or does it works?

Published: December 3, 2021 by Andrew

Forex Review is one of the very first searches that beginners usually do on Google when they decide to start trading on the currency market.

After all, there are so many opinions on forex: there are those who think that it is a kind of legalized scam and there are those who think that it is a way to make easy money without doing anything.

There are those who think it is a complex market, open only for investors with high capital and a lot of experience, and there are those who think that it is practically impossible to earn.

And these are just some of the opinions on forex. In this guide we review them all, with the aim of clarifying and understanding what forex really is and how to make money.

Forex Review Data

📈 What is it? Currency market
👍 Who can invest Everyone
💰 Starting capital 50 €
💡 Best platform eToro
📚 Best course Free course from Trade.com

 

Forex Review: real earnings?

Before starting to talk about forex review it is advisable to see if the earnings on forex are real or not.

The truth is that forex is a financial market that can generate high profits but it is not a game. We can say forex trading as a high-yield, speculative investment.

Like all high-yield investments, risks must be taken into account. When trading forex there are various types of risks that can cause you to lose money. Some of these risks can be eliminated, others only limited.

For example, let’s consider forex scams. The opinion that forex is a scam is false but there is a grain of truth: there are many forex brokers who scam users. The risk of losing money with a scam exists but it can be completely eliminated by choosing to operate with the best forex brokers.

Forex traders also face market risk. In this case the risk cannot be eliminated but can be minimized by using money management strategies and always remembering to set the stop loss.

Before starting the analysis of the most popular Forex review, we can summarize that with forex you earn, as long as you use serious brokers (you avoid scams) and have a minimum of preparation.

Best Forex Brokers

What are the truly safe and reliable brokers? The only brokers who do not scam are the licensed and regulated ones.

An authorized broker, in fact, has requested an authorization before starting his activity, is required to comply with the very strict European legislation for the protection of investors (probably the most severe in the world) and is in any case subject to continuous supervision by the supervisory authority.

In Europe the most important are: CONSOB (National Commission for Companies and the Stock Exchange) and CySec (Cyprus Security and Exchange Commission) which has the task of watching over the money invested.

Authorized brokers don’t scam, they can’t even want to. For those approaching the forex market for the first time, it is strictly recommended to also operate with a broker without commissions and easy to use.

We publish below the reviews of some of the best forex brokers, especially suitable for beginners:

Platform: etoro
Min. Deposit: 50€
License: Cysec
  • Social Trading (Copy the best)
  • Simple and intuitive
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: xtb
    Min. Deposit: 100€
    License: Cysec
  • Free demo
  • Free Course
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: iqoption
    Min. Deposit: 50€
    License: Cysec
  • Free demo without limitations
  • Minimum deposit low
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: ubrokers
    Min. Deposit: 250€
    License: Cysec
  • Free Training
  • Zero Commissions
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: trade
    Min. Deposit: 100€
    License: Cysec
  • Free demo
  • Free course trading
  • ➥ Start
    1star 1star 1star 1star 1star
    72.30% of retail CFD accounts lose money
    Platform: forextb
    Min. Deposit: 250€
    License: Cysec
  • Free trading course
  • Free trading signals
  • ➥ Start
    1star 1star 1star 1star 1star

    ForexTB

    ForexTB is one of the best forex brokers. He is safe, reliable and honest. Many beginners start with ForexTB both because it is extremely simple and intuitive, and because it offers really useful phone support.

    In fact, all those who register are guided step by step on the phone by a true forex expert: with these precise indications it is impossible to make mistakes!

    Those who want to learn more have the opportunity to sign up for an excellent course that explains, in a practical way, how to make money with forex trading.

    This course has had a lot of access in the last month also because it is really easy to study, even for those who don’t know anything about forex.

    And then it’s free: given that many forex guides cost a lot of money, it is obvious that traders prefer to save by signing up for the free course.

    Click here to sign up for the ForexTB course for free.

    Another important element of ForexTB is that it is possible to trade forex in demo mode. This means working with virtual to do risk-free experiments.

    The ForexTB demo is unlimited, free and with no strings attached. Thanks to this demo it is easy to accumulate experience without risking anything and then go without fail when you start trading with real money.

    You can sign up for free to ForexTB by clicking here

    The opinions on ForexTB that can be found online are really positive, traders who use ForexTB are always very satisfied.

    eToro

    The opinions on eToro are also very positive: it is a broker that has a large audience of loyal customers, especially among those who have less trading experience. Indeed with eToro it is possible to immediately start trading forex even before knowing how forex works.

    How is it possible? eToro is the only broker that integrates the patented Copy Trading system. Thanks to this system, it is possible to easily identify traders who have achieved good results in the past with minimal risk (Popular Investor).

    etoro copytrading

    Warning: Past results are no guarantee of future results.

    One click is enough to select them and start replicating all their operations.

    With the eToro Copytrader, beginner traders immediately get a double advantage: on the one hand they can start immediately (by copying) and on the other they can learn by observing what the best investors do.

    This is the most popular Trading App among those starting out, for obvious reasons.

    You can sign up on eToro by clicking here

    Forex Review: why it is not a Scam

    Now that we have seen the reviews of some of the best forex brokers ever, we can go back to wondering if forex is a scam or not. The fact is that there are forex scams, there are many and they are also quite risky but it is possible to avoid them easily. With forex you earn, as long as you avoid scams.

    How? Just choose only licensed and regulated brokers. We have presented some of the best brokers available today but there are also other brokers who can guarantee this level of security. For those interested, we suggest consulting our list of the best forex brokers.

    What are the main forex scams? We can distinguish forex scams into two broad categories:

    1. Unauthorized brokers
    2. Automated trading systems that promise easy earnings

    Unregulated Brokers

    Trading with an unregulated broker is a real financial suicide. It is not an opinion, it is a certainty.

    They are brokers who are not controlled by anyone and therefore usually operate incorrectly. Sometimes they reset the trader’s account arbitrarily, other times everything seems to go well, the profits accumulate until the withdrawal is requested: then everything stops.

    The same can be said of unauthorized brokers in Europe. A licensed broker on some remote Caribbean island is no more secure than a broker who doesn’t have their own license.

    Unfortunately, unauthorized brokers have had some success in the last period because they do not have to comply with the heavy regulations of ESMA (European Authority for Financial Instruments and Markets).

    These regulations were issued to guarantee, to an even greater extent, the safety of traders’ capital but they are so stringent that some traders, especially the more experienced ones, find them limiting.

    This is why these traders try to use NO ESMA brokers, that is, brokers that are not regulated or regulated outside Europe.

    The result? A return of scams due to unregulated brokers.

    Read more: Trading Books

    Easy money? Scams

    Anyone who thinks that forex is a way to earn easy money is very wrong and, unfortunately, risks even more. Many scammers create and promote phantom auto trading systems that promise safe and easy profits.

    It would be enough to invest a small initial capital to quickly obtain very high earnings with forex. Very often these systems are aggressively promoted on Facebook or on internet (you have probably seen the advertising of the housewife or the worker who earn 9,000 euros a month).

    It goes without saying that those who fall into this type of forex scam lose all the money invested, down to the last cent.

    Here the defense, in theory, is even easier: easy money does not exist, it is not possible to get rich without doing anything, simply by putting some money at the beginning. So if someone promises easy money, he is a scammer.

    Read more: Penny Stock

    Is Forex Difficult?

    One of the most dangerous opinions on forex is that it is something difficult, reserved only for a select elite of experts who know who knows what advanced techniques and strategies.

    The truth is that forex is not difficult at all: everyone can learn more or less easily to trade forex even if, of course, it takes commitment and determination.

    Just to give an example, ForexTB's guide is an excellent way to start trading forex successfully and without the risk of making mistakes. We are talking about one of the best forex courses ever, very easy to study and completely free.

    Among other things, the best forex traders are not those who know who knows what complex strategy: the best strategies can be easily studied on a good guide or can be copied using eToro.

    The best traders, on the other hand, are those who manage to control their emotions: those who manage to dominate fear and greed are on their way to obtaining exceptional results on forex.

    For this reason, we can summarize by saying that it is not at all difficult to learn how to trade forex: what you need is a good starting guide and a lot of practice, first in demo mode and then with real money. We recommend avoiding forex forums – they are not a good way to learn forex because users are almost never really experienced.

    Read also: Forex Forecasts

    forex review

    Forex Review Conclusions

    There are many review on forex but most of them are wrong. It is useless to search for forex opinions on Google in the hope of finding who knows what answers to your doubts: forex trading is a speculative investment that can generate very high profits but it takes study, patience and commitment to obtain positive results.

    You can start trading online by testing the platform using the Demo account offered free for all new members, here yo can find the official links: 

    What is Forex?

    Forex is the (completely virtual) OTC market where currency pairs are traded.

    Is Forex a Scam?

    Certainly not, it is a market where the supply and demand of certain currencies intersect, nothing more clear and transparent.

    How to invest in Forex?

    Through regulated and specialized CFD platforms, to operate on the Forex market with professionalism and safety.

    Is investing in Forex worthwhile?

    Over the years there are many Traders who have made profits with this market. Obviously, a lot depends on the investor’s preparation and skill, easy earnings do not exist.

    Click to rate this post!
    [Total: 0 Average: 0]

    Leave A Reply

    Your email address will not be published.