A Forex trading company scam involves defrauding investors. The Paazee Forex Trading Company is a prime example of this. Its promoters, K. Kathiravan, K. Mohanraj, and Kamalavalli, are all suspected of abusing investors. A case was filed by Tirupur District Crime Branch on September 24. It was later changed to abduction for ransom. It was also registered under sections of the Indian Penal Code, the Criminal Intimidation Act, and the Tamil Nadu Prevention of Harassment of Women Act.
It is important to remember that forex traders are not regulated by an international body. Therefore, every country has its own regulatory body. Before making a trade, check if the broker or individual is registered with a government body. Many people want to get rich without much effort. However, products and services that are too good to be true are often scams. The following tips should help you avoid falling victim to a Forex trading company scam:
Avoid forex brokers that sponsor sports teams. Just because a forex trading company is sponsored by a major football team, it doesn’t mean that it is a good investment. For example, IronFX used to sponsor FC Barcelona and paid the club EUR3 million a season. Before deciding on a broker, make sure to research their licensing body and the kind of offers they make. This way, you can ensure that the broker is legitimate and has no hidden fees.