Barack Obama on one side of the ring. Queen Elizabeth on the other. Just make your bet on the boxing ring / forex market. I picked Obama and he won of course. The ad showed me that the dollar gained against the Pound and that I instantly made $1122 dollars. I just need to fill a small form and the money is mine…..but wait…
This was of course an advertisement to a forex broker. Nobody makes money instantly. After registering, the people that fill the form will need to open an account, deposit money, and usually trade in a specific volume before getting this bonus that was promised in the ad.
In many cases, the trade volume that these traders need to make causes them to burn out their account. The bonus that the ad promised them never reaches their hands. I won’t mention the broker behind this ad, but I’m sure that some of you know what I’m talking about.
Even if this is totally legal, I find these advertising methods quite problematic. Presenting forex trading as a game in which you instantly win money by placing a bet on one side is very problematic.
Lots of traders lose money in forex. Good traders need to educate themselves before making profits from forex. When you deposit a significant amount of your own money into a forex account, this isn’t a game.
Editors’ Picks
EUR/USD keeps range above 1.0800 after German Retail Sales data
EUR/USD struggles to gain traction and continues to move in a tight channel slightly above 1.0800. The data from Germany showed that Retail Sales declined by 1.9% on a monthly basis in February, making it difficult for the Euro to attract buyers.
GBP/USD stays depressed below 1.2650 amid market caution
GBP/USD remains defensive below 1.2650 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
The other terminal rate: How far will policy rates be cut?
Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.
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