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What is a Forex Trading Software Scam?

By plrprousers | March 17, 2009

Is it really the best forex software or is it a scam? If you find yourself on an Internet forum and you are reading some negative comments about a piece of forex software and you are trying to decide if it is for real or not, it is good practice to actually think about the forex business from an economic perspective. This will help you when you want to buy forex software.

Imagine you bought a book about forex from a bookstore, but the system described in it did not work for you. Perhaps the system was a bit old, or it didn’t suit your trading style for whatever reason. Most likely you would accept this system was not for you and would buy another book and look for something that did work for you. It wouldn’t make sense to accuse the bookstore of being run by scammers.

But say the shop got a ton of customers to pay up front for an unpublished book on the greatest forex system,  and you and 1000 other people all handed over your cash, and the next day the store was closed and the owner had left town … that is a scam.

the dictionary defines the word scam as ’a fraudulent business scheme; a swindle’. Someone purposely deceives another with the intention of commiting fraud. Scams are illegal. You cannot use the word to talk about a product that was offered and accepted in good faith.

People are very suspicious of buying online and you will often see the word ‘scam’ thrown around without much justification. Usually it is just a case of a frustrated customer trying to blame the product for his inability to be successful with it, or it might be something that worked at one time but is out of date or has been over-used. You wouldn’t want to buy it except for historical interest but it wouldn’t be right to call these systems forex scams.

There actually aren’t many pieces of forex software out there that are scams. You are more likely to get ripped off if you allow some third party access to your money and to trade on your behalf.

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