Forex scams involve fraudulent activities aimed at deceiving traders, investors, and other potential customers into investing their money through misleading schemes.
The absence of strict regulations combined with rapid technological advancements gives forex scammers an advantage, enabling them to defraud and lure potential investors.
The US Commodity Futures Trading Commission, which oversees forex scams in the United States, reported that between 2001 and 2007, approximately 26,000 people lost a total of USD 460 million in foreign exchange trading.