Forex trade filled with scams frustrating beginners: Vendor

By PETER ESILA
THE retail foreign exchange market is filled with scams, making it difficult and frustrating for beginners who want to explore the market, a vendor says.
Bitcoin vendor Peter Kinjap said the foreign exchange (forex) market was legitimate where honest traders did business.
“Forex trading isn’t a scam at all, but it can get a bad reputation due to several scams that are associated with forex trading,” he said.
“They make money by getting unsuspecting traders to pay them for their expert trade advice.”
Kinjap said this during a Forex Trading seminar in Port Moresby on Friday.
He said there were four major forex markets in the world – Sydney, Tokyo, London and New York.
“These are the largest forex trading centres in the world,” he said.
“Australia and New Zealand’s trading centre in Sydney is one of the four major global markets – as such there is no good reason why Papua New Guineans and Pacific islanders should not be trading on the global forex market.
Kinjap said there were three ways to participate in the global forex market. “You can learn how to trade on the FX (foreign exchange) market and register with a licensed FX broker and trade yourself to earn profits,” he said.
“You can allow a professional trader to trade for you via a licensed FX Broker under terms and conditions and commissions in percentage are paid to you.
“You can get copied trading results from a master trader via a licensed FX Broker. “