South Africa Forex Scam

The Registrar of Banks appointed auditing firm Deloitte to determine whether the company and two individuals, Graeme and Caroline Minne, were conducting the business of a bank, in contravention of the Banks Act. Investigators found that the business was receiving deposits from people and was thus operating as a bank. At the end of November, the business was told to stop taking investments and to repay all its investors.

The organisation had been promising investors returns of between 48 and 65 percent. The investigators found that while some investors were receiving these payments, “they never realised payments and were operating at a loss”.

“In practice, this means that Investor B’s investment was used to pay the return on Investor A’s investment.”

The company was apparently involved in training, and in the trading of foreign exchange. The inspection revealed that the company “did not nearly generate enough profits on the forex market to pay the returns promised to investors”.

To succeed as a Forex trader

 you must take into consideration a wide variety
of factors such as:
• spread ("pips");
• commissions and fees;
• ease of access to the trading platform;
• minimum amounts needed for trading;
• additional amounts needed (if any);
• control over activity and positions;
• the platform software requirements;
• ease of deposits and withdrawals;
• personal service and support provided by the platform;
• the platform’s business partners;
• the platform’s management, offices and outreach;
• the products offered onboard the platform; and many others.

Training with Easy-Forex

Easy-Forexi”‘ offers one of the most effective forms of training through hands-
on experience. For as little as USD 25 at risk per trade, you can start trading
while learning in real-time. Easy-Forexw strongly recommends starting with
very small volumes, and depositing an amount to cover a series of trades.
Learn the basics of the foreign exchange market, trading terminology,
advanced technical analysis, and how to develop successful trading strategies.
Discover how the Forex market offers more opportunities for quick financial
gains than almost any other market.
To learn more about the trading advantages of Easy-Forexm, join Easy-Forexw
(registration is quick and free, no obligation)
The many available resources and tools to train yourself
There are many free tools and resources available in the market, particularly
online. Among these, you will find:
Charts
There are many kinds of charts . Start with
simple charts. Try to identify trends and major changes, and try to relate
them to technical patterns as well as to macro events (news, either financial)

Understanding the nuances of the Forex market

Understanding the nuances of the Forex market requires experience and
training, but is critical to success. In fact, ongoing learning is as important to
the veteran trader as it is to the beginner. The foreign currency market is
massive, and the key to success is knowledge. Through training, observation
and practice, you can learn how to identify and understand where the Forex
market is going, and what controls that direction.
To invest in the right currencies at the right time in a large, nonstop and
global trading arena, there is much to learn. Forex markets move quickly and
can take new directions from moment to moment. Forex training helps you
assess when to enter a currency based on the direction it is taking, and how
to forecast its direction for the near future.

Trading via brokers and dealing rooms (by phone)

Performing Forex trading via Dealing Room dealers (over the phone) requires
knowledge about the way dealing rooms work, and the terminologies used in
the course of trading.
At start, the client should specify whether he/she is interested in obtaining a
QUOTE (in order to make a deal) or just an INDICATION. In the case of an
indication, the price given does not bind the dealer, but rather provides
information about market conditions.
When asking for QUOTE, the trader must specify the currency pair and the
deal amount (volume). For example: "Need a quote for EUR/USD in
EUR100,000".
It is wise to withhold from the dealer the intended direction of the deal,
specifying the pair only. Accordingly, the dealer then provides a quote
comprising two prices, buy and sell ("both sides quote"). The quote binds the
dealer for the very second it is given. If the trader does not immediately ask
for execution, then the price is no longer in force. The dealer would then tell
the customer "risk", or "change", meaning — the price quoted is no longer in
force. In such case, the trader should ask for a new price.
On the other hand, in order to make a deal, the trader must proclaim "buy"
or "sell", together with the currency (or the price).
An example:
• The trader asks for a quote for EUR/USD.
• The dealer says "1.5010/15".
• If the trader wants to buy EUR, he/she says "buy" (or "buy EURO", or
• If the trader wants to sell EUR, he/she says “sell" (or "sell EURO", or
The moment the trader says "buy" (or "sell") he/she is bound to the deal,
regardless of the market situation.
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Banks are closed at nights, weekends and holidays. Trade, deposit and
withdraw at Easy-Forexw, 24x7

Forex on the internet: basic steps

In general, the individual Forex trader is required to fulfill two steps prior to
trading:
• Register at the trading platform
• Deposit funds to facilitate trading

Requirements vary with each trading platform, but these steps bear further


Registering


Registration is done online by the individual trader. There are various forms
used in the industry. Some are quite simple, where others are longer and
more time-consuming. In part, this can be attributed to governmental or
other authorities’ requirements, though some Forex platforms require more
information than is actually needed. Some even require a face-to—face
meeting, or to obtain hard copies of required documents such as a passport,
or driver’s license.
The key requirements for registration are the trader’s full name, telephone,
e—mail address, residence, and sometimes also the trader’s yearly income or
capital (equity) and an ID number (passport / driver’s license / SSN / etc.).
Typically, the Forex platform is not required to run a thorough check, but rely
on the registrant to be truthful. Nevertheless, each Forex platform conducts
certain routines, in order to check and verify the authenticity of the details
provided.
Registrants are required to declare that funds used for trading are not in
question, and are not the result of any criminal act or money laundering
activity. This is mandatory as part of a global anti—money laundering effort.
!
It is advised that the reader becomes familiar with Anti-Money Laundering
regulations, and the procedures associated with the prevention of this
criminal activity.

Depositing funds


New registrants must deposit funds to facilitate trading. However, the
majority of the Forex platforms today require that, in addition to funds used
for actual trading, an additional amount be deposited. Often called
"maintenance margin" or "activity collateral", its purpose is for the platform
to have an additional guarantee. Some of the platforms that require an
additional deposit do pay interest on the collateral, which is "frozen" under
the trader’s name.