Trainee Forex & Commodities Traders Wanted ?

Looking for money mule scam sites I was searching for phrases like this to discover where the scam was being advertised and it threw up another variation.

Perhaps it's not a scam as such, but it's a disreputable deceit.

The variation here is that there is no job on offer at all. Instead they're peddling courses, which is a waste of time for everyone involved.

Using phrases such as "In addition to our proprietary trading division" and "offer trading floor facilities" and "We offer great proprietary trading facilities" is going too far, especially if they make no mention of being registered and regulated by the FSA which is a legal requirement (they aren't), and it would be pointless being trained by people who evidence an inability to be honest ?

Ludicrously, in the example I checked, the "Head of Futures Trading" had only left school last year and he had a video on youtube saying so. Neither he nor his company are registered with the FSA.

This idea of trying to peddle courses under the pretence of being jobs is quite common in the UK. Forex and Commodity Trading jobs aren't advertised this way and to get a job you'd have to join a company that actually trades itself. If it isn't regulated by the FSA it doesn't.

Forgive me for getting irritated but virtually every advert I've seen for FEX jobs is either a scam or peddling high cost and worthless courses which, to judge by the incorrect facts stated, would be of no use to anyone.

The adverts give the impression that bank dealing rooms are little more than high stakes gambling emporiums - which they are not. Anyone going near a regular bank or trading room with that attitude won't make it to lunchtime. Banks buy and sell foreign exchange on behalf of clients and they are required to have a 'balanced position' at the end of the day because they provide a service to their clients/customers from whom they derive income. They also don't want to wake up in the morning to discover they've been wiped out by adverse currency movements overnight in the USA and Far East. On a trade of £1,000,000 they may make a few hundred pounds which doesn't cover the cost of the service, but they don't make their money on dealing. It's the customer using their service they want to keep and a bank keeps their margins 'fine' so as not to lose their customers to someone else.

The adverts suggest that FEX dealing is a form of gambling which, if you do it on your own account, you are free to do, but you'll need an absolute minimum of £1,000,000, direct access to the market (which you won't get) and an ability to accept big losses. If you're job seeking, you're unlikely to be in that position.

I won't quote from any specific site or job advert to point out the glaring mistakes and inaccuracies, but I find it hard to believe that they aren't knowingly trying to make it appear they offer a path to fortune. Anyone with even the slightest knowledge of FOREX would know they have their facts wrong.

To suggest that this job can be performed from home is also ludicrous.

A third variation involves trying to recruit people to join FOREX trading sites where you will be invited to gamble your money on their third hand foreign exchange rates with illusory promises of fortunes to be made.

It seems that marketing companies are being employed to deluge job sites with these offers which are nothing to do with employment, but are merely money making propositions from dubious enterprises.

if fortunes could be made, that's what they'd be doing instead of offering to make money for others. Clearly the money to be made is in attracting punters to invest their money in what is essentially a gambling proposition, with punters at the complete mercy of an unregulated bookmaking enterprise who don't even advertise their identity.