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raud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading "has become the fraud du jour" as of early 2008, according to Michael Dunn of the U.S. Commodity Futures Trading Commission.[1] But "the market has long been plagued by swindlers preying on the gullible," according to The New York Times.[2] "The average individual foreign-exchange-trading victim loses about $15,000, according to CFTC records" according to The Wall Street Journal.[3] The North American Securities Administrators Association says that "off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud."[4]

The foreign exchange market is at best a zero–sum game,[
3 See also
4 References

Jump up ^ Moon, Angela (2010-02-05). "Global markets – US stocks rebound, dollar gains on risk aversion". Reuters. Retrieved 2010-02-27.
Jump up ^ Stewart, Heather (2008-04-09). "IMF says US crisis is 'largest financial shock since Great D
Foreign exchange fraud is any trading scheme used to def

: Sweden's 500% Gamble – International Herald Tribune
Jump up ^ Gregory J. Millman, Around the World on a Trillion Dollars a Day, Bantam Press, New York, 1995.
Jump up ^ "Risk Averse". Investopedia. Retrieved 2010-02-25.

'When financial markets work too well: a Cautious case for a securities transaction tax' Journal of financial services
Jump up ^ "Anatomy of the Forex Market". Pepperstone. Retrieved 22 April 2013.
Jump up ^ But Don't Rush Out to Buy Kronor

eculation," Chapter 1 in Michael A. S. Guth, Speculative behavior and the operation of competitive markets under uncertainty, Avebury Ashgate Publishing, Aldorshot, England (1994), ISBN 1-85628-985-0.
Jump up ^ What I Learned at the World Economic Crisis Joseph Stiglitz, The New Republic, April 17, 2000, reprinted at GlobalPolicy.org
Jump up ^ Summers LH and Summers VP (1989)

2013.
Jump up ^ Sam Y. Cross, All About the Foreign Exchange Market in the United States, Federal Reserve Bank of New York (1998), chapter 11, pp. 113–115.
Jump up ^ Michael A. S. Guth, "Profitable Destabilizing Sp

s). Retrieved 22 April 2013.
Jump up ^ John J. Murphy, Technical Analysis of the Financial Markets (New York Institute of Finance, 1999), pp. 343–375.
Jump up ^ "Overbought". Investopedia. Retrieved 22 April

hard Lyons, MIT Press (pdf chapter 1)
Jump up ^ http://papers.ssrn.com/sol3/papers.cfm?abstract_id=7

s: Bubbles cannot be safely defused by monetary policy before the speculative fever breaks on its own. , the Wall Street Journal, December 12, 2007
Jump up ^ McKay, Peter A. (2005-07-26). "Scammers Operating o

uromoney FX survey is the largest global poll of foreign exchange service providers.'
Jump up ^ "The $4 trillion question: what explains FX growth since the 2007 survey?, the Bank for International Settlements, December 13, 2010
Jump up ^ Gabriele Galati, Michael Melvin (December 20

de always involves a currency pair.
Jump up ^ The Microstructure Approach to Exchange Rates, Ric11362
Jump up ^ "Safe Haven Currency". Financial Glossary (Reuter

). "Why has FX trading surged? Explaining the 2004 triennial survey". Bank for International Settlements.
Jump up ^ Alan Greenspan, The Roots of the Mortgage Crisin Periphery Of CFTC's Domain Lure Little Guy With Fantastic Promises of Profits". The Wall Street Journal (Dow Jones and Company). Retrieved 2007-10-31.
Jump up ^ Egan, Jack (2005-06-19). "Check the Currency Risk. Then Multiply by 100". The New York Times. Retrieved 2007-10-30.
Jump up ^ The Sunday Times (UK), 16 July 2006

-and-tests/money/banking/travel-money/overseas-money-transfers/page.aspx
Jump up ^ "World’s Most Traded Currencies By Value 2012". http://www.investopedia.com/. Retrieved 10 June 2013.
Jump up ^ The total sum is 200% because each currency tra

p Foreign-Exchange Hub". Bloomberg. September 6, 2013.
Jump up ^ "Derivatives in emerging markets", the Bank for International Settlements, December 13, 2010
Jump up ^ Source: Euromoney FX survey 2014 [5]: The E04

nge and Payments Systems International Monetary Fund, 13 Apr 1995 Retrieved 2012-07-14 ISBN 1557754802
^ Jump up to: a b BIS Triennial Central Bank Survey - Foreign exchange and derivatives market activity in April 2010, published in September 2010.
Jump up ^ "Singapore Overtakes Japan as Asia’s To
Jump up ^ http://www.choice.com.au/reviews