Pyramid Schemes Through Forex

     Americans want to get rich quick, the idea of obtaining enormous capital in abbreviated time is the American Dream on steroids. Unfortunately, this gives way to bad actors who defraud people into believing they are about to achieve this dream. One such instance was the use of pyramid schemes to get people in low-income communities to believe Foreign Exchange trading would get them rich. While the basis of Foreign Exchange trading is legitimate, bad actors who had a moderate understanding of the trade would recruit novice traders whose only intention is to make money. Understandably, everyone wants to make money from this form of trading, however, the people brought in were never taught. People were told to keep recruiting others into separate Forex circles in which the lucrative nature was explained. However, when recruits asked their mentors about trading, they were told to keep recruiting. Personally, I saw this in high school during the Covid-19 Pandemic where two of my close friends payed $200 dollars for “courses” regarding Forex. Weeks into this my friends noticed that they were not learning how to trade, which led others to tell them about a fraud being at play. Moreover, my friends came from middle-class backgrounds which caused this incident to be more of a lesson than anything. However, plenty of cases have impoverished and low-income being targeted by Forex scammers who need money.