I’ve seen a lot of posts on the socials lately saying “Forex is a scam”, “don’t do it”, etc. From my own personal experience I can tell you it’s not.

Here’s a thread explaining why:

The Foreign Exchange Market aka Forex is a REAL financial investment market with TRILLIONS of dollars circulating through it. People must understand that a multilevel marketing (MLM) business has been built around Forex, leading some to believe that’s the only way to trade.

That is NOT the case. MLMs have been around for some time now and their product distributor’s pay is based on how many people they can refer/signup. The money they are making IS legitimate taxable income they can file as an independent business owner (IBO)

Unfortunately, people like myself sign up to a Forex MLM and are not fully aware of what they’re getting into. When I joined there was a $199 initiation fee and a recurring monthly fee of $165 to continue to use their products and services teaching you how to trade.

You will be HIGHLY encourage to recruit by the company waiving your month fee when you sign 2 people up. If you don’t want go through the hassle of recruiting you’ve just created another bill for yourself.

If you are not financially prepared to sufficiently fund your broker account and/or pay for the months when your trading or recruiting isn’t going well DO NOT DO IT!

Also be mindful of who you’re signing up with. If the person trying to get you on is more focused on recruiting and you just want to learn how to trade don’t sign up with them. Also the person trying to sign you up NEEDS to have a proven track record of profits they can provide.

Lastly, don’t let anyone tell you that’s the only way to get into Forex. If you wanted to you can create an account with a broker and start trading without paying anyone a dime, but I do recommend some type of education and support from others that invest in the Forex market.

I’m not here to knock anyone’s hustle. I got mad respect for those that master recruiting and go to the top with it because I know it’s not easy. I just want anyone who’s presented with that information by a recruiter to make a well informed decision. Hope this thread helped.