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Avoiding Scams

stock-gf7363e17b_640.jpg Avoiding Scams Unfortunately, there are many different sites and companies out there that are not legitimate. Fly-by-night scam artists appear on the internet every day, take all they can get before someone is on to them, and then run off with your hard earned money. This is something to be wary of and can be avoided through a little investigation as opposed to using blind faith.

There are some specific things you can do and some specific things you can look for to help avoid common internet trading and investing scams. These can range from doing some simple research to in depth investigations. For example:

  1. Is the company or organization registered? If you want to see, check the SEC's EDGAR database. (http://www.sec.gov/edgar/quickedgar.htm)
  2. Find out if the firm or the individual who is selling the investment is legitimate. Do not be afraid to ask questions and to look them up to see if they are telling you the truth.
  3. Remember that high-yield investments typically come with high risk. If someone is promising you a lot of profits with little risk and little work, you should be wary.
  4. Avoid dealing with companies or individuals that refuse to give you information about them or reuse to answer your questions.
  5. Get all the facts about a company before you ever give them any money.

When you take your time, do some research first and follow the tips above, you can help reduce your chances of falling victim to a scam. Never give up your personal information such as bank account and other information to a company or broker that you don’t fully know or trust.

If you do feel that you are victim to a scam or have discovered an agency that may be illegitimate, you should report it right away to the proper authorities. When people report these scenarios, it makes it easier to catch and stop the scam artists.

Remember, choosing a broker is an important part of your online trading but when you find a good one that you can trust and you enjoy working with, you will remain with them for a long time to come. Take the time and the effort to choose the right one for your needs and you won’t regret it.

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