(with video below) The hype about the investment in Iraqi Dinars has been going around for a while. Sellers explain that as democracy comes to Iraq, the economy will flourish and the value of the Dinar will grow.
The pitch is that you can buy an Iraqi Dinar for pennies now and it will be worth at least $2 as soon as the UN recognizes the Iraqi currency. Just like any other potential money making opportunity, the Iraqi Dinar hype created thousands of scammers posing as Internet dealers.
Watch the shocking video below to see in action the Iraqi Scam exposed on CNBC.
They set up fancy websites, add “Registered Dealer” logos to them, and somewhere in fine print will have disclaimers such as “No guarantee of return”, “We are not an investment company” or “All sales are final, no refund”. They won’t even mention that at present the Dinars can only be redeemed in Iraq.
Scammers claim they are registered to sell Iraqi Dinars, but what they omit to add is that they have registered with the government only as a company dealing with money- nothing really to do with the IQD. There are some other important facts to consider if you are thinking of buying.
In most other major economies around the world, it is illegal to market an investment without appropriate securities registration, but scammers get by this, claiming they are selling the Dinars for numismatic value, as collectors’ items.
Additionally, when operating in the US, dealers register with the US Treasury as a money service business (MSB) to make it official, but keep in mind that MSB is not marketing an investment. Basically, don’t be impressed by titles or tags that scammers use to gain credibility.
How to avoid:
It's very hard to spot the scammers, especially since millions of people all over the world have been buying Dinars since 2003, when the new currency was released. Since everyone hopes they are going to make millions, you might even have friends who invested already and will easily convince you with their point of view. Currency trading is a very specialized field. There are easier ways to make money.
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