Forex trading is commonly known as the Foreign Exchange market; it’s where currencies are bought and sold daily. According to Investopedia, “the trade of currencies by foreign exchange (FX) traders in an open market like a stock exchange.” FX Currency Trading has greatly increased in popularity since 2010.
But with such a large increase in trading, come reviews and complaints of various trading platforms. Is Forex Trading a Pyramid Scheme xm?
One of the most talked-about Forex Trading brokers is XM or “Offshore Brokerage,” which was founded and is still currently run by Jean-Yves Sireau. Offshore Brokerage is an Online Forex Trading platform where individuals can buy and sell currencies as a commodity, which means the market price fluctuates with demand.
A few years back, XM was praised as one of the best Forex Trading companies, to begin, after the number of people who had joined increased, XM started to receive some positive reviews and comments.
Everything was going smoothly until certain customers started claiming that Forex Trading was a “scam” and others called it a Ponzi Scheme. There were even comments that XM doesn’t take care of its clients like it should and that the profits promised to new customers weren’t actually given as such. All sorts of things were said about this company and its employees.
It seems as though XM was reviewed so harshly by some customers that they felt the need to say something about it online– which is finding a way to blame your own failure on somebody else.
If you’ve been a victim of credit card fraud, don’t immediately blame the company that was supposed to protect your information in the first place– especially if they were given a chance to rectify the situation and even offered a refund on the money that was stolen from you.
In some cases, people receive compensation from companies because they want to spread the good word. While others do the opposite and spread the bad word because they want compensation for their loss.
The XM Forex Trading website is where you can find out that their company was created in 2001, which makes it about 14 years old now. They’ve made enough money to expand into various countries including Europe, Asia, Africa, North America, and South America.
Going back to the complaints; if you take a look at what other people are saying online about Forex trading, you’ll find that there are other companies out there who’ve been rated like XM because of the number of people who join only to lose their money in the process.
The bottom line is this: Forex trading works, but it can also be a scam if you don’t know how to use it or what you’re doing.
How to spot a financial pyramid scheme?
Forex trading is not a scam, it’s similar to stock market trading; where you can make or lose money depending on how much you know about either. Also, just like any other business- if you do manage to find a company that promises high returns for little work- it’s most likely too good to be true.
If you’re not into Forex trading, then perhaps find something else that would suit your needs in order to make money.
Today there are many individuals who write fake reviews in order to hurt the reputation of others because they lack the skills or knowledge necessary to be better than what they are at their own craft. So when people like this receive a negative comment from somebody who they’ve never met before, it literally hurts them on a personal level.
In the end, what matters is that you know the right people to trust, and once you do- make sure you continually work with them in order to gain more knowledge or skills while earning money at the same time.
Tips to Avoid Scams?
The internet is full of scam artists and while we can’t prevent that; we can certainly try to be smart enough not to fall into the traps that they set up for us.
First: never believe what people write online, especially when it comes to transactions like buying and selling goods- Forex trading included! Never pay for something without seeing it first, be it online or any other place.
Next: if you live on a small island- look for people who are making the same kind of money as you and do business with them. Take advantage of each other’s skills and work together instead of trying to compete– this way everybody wins!
Finally: don’t forget that honesty is the best policy, so you never have to worry about being cheated or scammed because most people are honest.
The XM Forex Trading Company is not a scam, but keep in mind that just like any other business- it requires hard work and determination in order to be successful at it.
Final Note –
In conclusion, if a Forex Trading company is giving you a bad review- look into the facts and ask yourself if they’re telling the truth. It’s difficult to please everybody because most people have different objectives in life, so it’s important to focus on your short-term goals without being distracted by negativity from others who aren’t likely to be successful at their own goals.
Hope you like the article on Is Forex Trading a Pyramid Scheme xm? If still, you still have any queries, feel free to reach out using the comment box.