FXOpen Issues Warning against BE IN FOREX “Not Related to Us”

FXOpen has issued a warning to customers about BE IN Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term. According to the broker, BE IN FOREX, a provider of Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term signals accounts, claims to be affiliated with FXOpen. However, FXOpen has warned that they are in fact not related in any way to them and stated:

Please be further informed that in no way FXOpen has authorized BE IN FOREX to enter into agreements with third parties on behalf of FXOpen, to receive funds or to commit any other activity on behalf of and/or in favor of FXOpen.

Over the year, brokers have reported to Forex Magnates about an increase in clone firms and brokers representing themselves as affiliates of regulated entities. In a best-case scenario, brokers are contacted by the fake firm’s customers shortly before extensive damage and client losses occur, allowing them to issue warnings. In a worst-case scenario, the clone firm goes undetected for a long time, with customers of the fake broker entering complaints to regulators about the registered entity. In that scenario, while a regulated broker doesn’t need to worry about financial penalties settling with regulators, they still have to go through the hassle of answering questions about customer complaints and absolving their name.