Better Business Bureau (BBB) is warning consumers across the United States to be wary when considering any foreign currency investment, particularly the Iraqi dinar.
Over the years, BBB complaints nationwide about dinar investments allege a number of scams surrounding the profit potential of dinar currency investments. For this reason, BBB advises consumers looking to buy dinar to familiarize themselves with the most popular scams involving Iraqi dinar and recommends making an informed decision.
According to the U.S. Commodity Futures Trading Commission (CFTC), the growing number of investment opportunities in recent years has been accompanied by a spike in foreign currency trading scams.
While there are legitimate firms that trade foreign currency in foreign exchange markets, others utilize promises of large profits, religious associations, and charity affiliations to take consumers’ money.
“The web is filled with promises of making millions of dollars by investing in Iraqi currency,” said Catherine Ralls, BBB Trade Practices & Investigations Specialist. “Consumers should know that investing in promises of fast profits from currency trades could lead to potential losses.”
BBB provides the following tips to those considering investing in Iraqi dinar: