Forex, also known as Forex Exchange or FX Trading is the conversion of one currency into another. It includes all aspects of buying, selling and exchanging currencies at current prices. It is one of the most actively traded markets worldwide. You can engage in forex trading as a real business and make a real profits, but you must treat it as such. Your capital is at risk in trading. Forex trading is heavily monitored, and many Forex brokers are regulated by more than one authority. Forex Trading is legit and you can invest in a legitimate broker, as long as forex pyramid scheme doesn't exist. Sadly they do exist. Forex exchange has reached worldwide and due to its popularity, scams have been associated with trading forex. A Trading Experts said that some brokers are actually not very well regulated. That means the opportunity still exists for many forex scams that promise quick return of investments through "secret trading formulas," or "forex robots" that do the trading for you. You can help yourself avoid a bad broker by dealing with one that also handles stock market trades and it is regulated by the Securities and Exchange Commission (SEC.) The forex trade itself may be unregulated, a broker subject to SEC wouldn't probably risk its license for other securities by defrauding its forex customers.
I wrote this to a friend who attempted to recruit me into USI Tech. heres my opinion USI Tech has a lot of similarities with very problematic business models. its ownership has problematic connections; it operates a multilevel marketing model that relies on the recruitment of new investors; i havent seen convincing proof that their software truly works the way they say it works. ive found a lot of cloak and dagger having done a couple weeks of research on the company and my conclusion is that for me personally there are too may red flags to invest. ive consumed a lot of material on the subject of their legitimacy from both sides of the argument. this is a complex question and it has a complex answer. the objective truth of whether or not the company is a scam will be regarded as a matter of opinion until history reveals itself; as of right now you believe they are an honest enterprise, and i disagree. that is totally fine, we are both friends and we respect eachothers opinions and we want the best for one another; either of us could be wrong and it won't affect our friendship. for me, the decision to forego the investment came from these red flags: 1.) Who. its hard to get an official document of exactly who owns the company however these are a few names that come up as people who have either seemed to own it or have at one point promoted it, all of which cast shade over themselves: Mike Kiefer, Ralf Gold, Joao Severino, Charles Scoville. USI Tech is registered in Dubai and while that is not problematic on its own, there are devastating amounts of internet ponzis registered or operating out of Dubai, specifically foreign exchange trading scams. 2.) How. multilevel marketing. i despise MLM, i believe it is a predatory recruitment method that exploits people's hope and greed. while pyramid schemes can make money, very very very very very often the actual money making mechanism is the recruitment of new members and their subsequent purchase investments. even with a really shitty product you can make this go far so long as the hype is strong enough to feed recruitment. my family was ruined when i was ten after my parents claimed bankrupcy over a zealous series of investments in Melaluca, an organic lotions MLM. this will always affect my bias. 3.) What. USI Tech's bitcoin product, what is it? do they offer a crypto trading software that works like their forex robot? as far as i can tell, there is no direct evidence of the actual trades that their software allegedyly engages in. my bottom line is here i can't come up with any evidence of a tangible product that truly does what they say it does which is problematic because they are offering a ROI which is apparently based on this robot's performance. moreover, if USI Tech is attempting some clever loophole trickery to avoid having registered with the SEC for selling securities, i have no idea what it is and that is alarming. finally, 4.) Why. ponzi. if you do not know how a ponzi scheme works on a technical level, learn it, it is very simple. a multilevel marketing company out of Dubai that offers a cloaked software product raises supreme concern for me. their shelflife looks to have been extended by having added an anonymous and unregulated currency into the mix. i don't doubt that at some level they are trying to make honest money, maybe that is what their mining operation is about. if they start offering cloud mining, that will be another red flag. money can be made in a ponzi, i just believe its dishonest money. the operative is to discontinue reinvestment at a safe time. i cant put my btc in it because i believe it will contribute to the propagation of the business, which i believe to be malevolent. __ for me, the magic is in bitcoin. not a robot that trades bitcoin. not a robot that trades in fiat markets. i dont even speculate in arbitrage because the magic isnt even in the investment opportunity. if what they say is true, and there is a robot that can consistently pull value out of crypto markets, then that is an innovative and lucrative achievement, but i don't buy it. if they use a robot to pull value out of forex, then my investment is directly participating in that system of currency that i don't trust. you're a good dude, and obviously i have no hard feelings about your involvement, you will make money in it even which is great. like i said you can still make money in it and of course its tempting to invest so i might even buy a pack depending on how greedy i get, but my opinion isn't likely to change about the nature of USI Tech until i learn more.
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Forex Trading Scams to Avoid: Forex Ponzi and HYIP Schemes
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