Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. VIDEO A customer counts Iraqi dinars at a money changer in Baghdad. News Tips Got a confidential news tip? We want to hear from you. As with most types of financial scams, the Dinar Gurus use certain techniques to scam people out of their hard-earned money for an investment that is neither sure nor lucrative. Dinar Gurus scam people by using the Forex foreign exchange market as a cover for their shady deals.
Forex refers to currency trading, and again, simply refers to buying foreign currency —in this case, the Iraqi Dinar —using U. Forex is a legitimate form of investment in and of itself and can be safer than investing in the stock market.
In fact, foreign currency exchange is a great post-retirement way to make money and is even considered a career and business opportunity for older adults. Literally every step of this process is a scam: first, there is no currency in the world that can grow to match the U. There is never an assurance when it comes to investments, and anyone who says otherwise is willfully scamming you. At the time, the Iraqi government tried its best to combat inflation, with the Central Bank of Iraq sharply raising policy interest rates to allow the IQD to appreciate gradually.
This had two intended effects: first, it will de-dollarize i. There is no way to predict the future. The Dinar Gurus are a scam, every single one of them. Your email address will not be published.
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. Last but not least, use the Comments section below to expose other Dinar gurus. I almost got scammed by the dinar company. I put a stop payment on my check. I tried to warn a friend but she would not listen. I am glad I got out. I feel bad because I think my uncle is caught up in this scam.
Peoe have invested so much money and lost so much that now they have nothing sale but to believe that it will happen or gain a lot of money. Some people go as far as to use religion , to get others to buy or be patient , knowing that is is a scam. I bought some Iraqi dinar in about The company I bought from was USdinar are they a good place to have bought from.
I am always leary of anything that promises so much for so little. The Dinar Guru site has all these people hyping up the dinar and every week they say it is going to revalue. It was any day now …. Interesting Intel.. So here are the facts about the dinar. Iraqi Dinar Guru August 12, There are some other important facts to consider if you are thinking of buying. Currency trading is a very specialized field.
There are easier ways to make money. Top 5 Amazon Scams in Connect with. I allow to create an account. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings.
We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account. Disagree Agree. Iraqi Dinar scam operators also have claimed that this near-mythical event will occur any day now for nearly a decade. Middlemen in the scheme tell investors they have the inside track from the White House and the United Nations. It is illegal in the U. The scammers get around this requirement in two ways.
First, it is technically legal to sell hard currency for its numismatic value. Dinar dealers will register as an MSB to put on the appearance of registration and government oversight. However, the difference between a legitimate MSBs and dinar dealers is that real MSBs are not marketing an investment.
So ask yourself, if a business has to lie to get around registration are they really making a legitimate offer? Investment in dinars is often illustrated with references to the Kuwaiti dinar following the first Gulf War. Scammers also use the German Deutschmark following World War 2 as a comparison.
These would be good examples except that neither one was a free-floating currency at the time. No rational investor would base an investing decision on two instances of past data involving two different governments. They would also look at all the times this investing strategy did not pay off. Smart investors will ask important questions. Like, will the Iraqi government pursue a policy of currency appreciation in the future? Since an appreciating currency makes funding your brand new government and paying off past debts more expensive it seems unlikely.
The dinar will likely depreciate further in the near term based on its recent history. The fallacy that dinar dealers are relying on is that a growing economy will result in a stronger currency. That is not the case. As the recent examples of Venezuela, Turkey and Mexico show.
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The company I bought from was USdinar are they a good place to have bought from. I am always leary of anything that promises so much for so little. The Dinar Guru site has all these people hyping up the dinar and every week they say it is going to revalue. It was any day now …. Interesting Intel.. So here are the facts about the dinar. Iraqi Dinar Guru August 12, There are some other important facts to consider if you are thinking of buying.
Currency trading is a very specialized field. There are easier ways to make money. Top 5 Amazon Scams in Connect with. I allow to create an account. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website.
Once your account is created, you'll be logged-in to this account. Disagree Agree. Notify of. Notify me about the newest scams every week. Oldest Newest. Inline Feedbacks. June 7, pm. July 31, am. August 14, am.
August 23, am. October 5, am. November 25, am. The Iraqi dinar scam is particularly nefarious because it's actually legal. As long as the scammers are careful not to promote the dinar as a financial investment but merely hint at the possibility of its increase in value, the sale is legal and unregulated. Victims actually receive the dinar in exchange for their money, making this simply an investment in foreign currency.
And, as the scammers are quick to point out, the dinar could actually rise in value. Unfortunately for the victims, the dinar is unlikely to experience the same rise in value as its Kuwaiti counterpart. In that case, the revaluation occurred due to the country's centrally controlled economy, something Iraq lacks in its current state.
Check out Investopedia's primer on the Forex Market. The Iraqi dinar was trading in July at a rate of about 1, per United States dollar, so a 1,fold revaluation would see the exchange rate at 1. So what are the odds of that revaluation actually happening? Probably about the same as winning the Powerball lottery, which is to say virtually nil.
Before you plunk down your hard-earned dollars for the currency equivalent of moose pasture, here are our top 10 reasons you should not invest in the Iraqi dinar. There are simply too many warning signs to warrant investing in this currency. When it comes to the Iraqi dinar, caveat emptor or buyer beware should be the watchword. Your Money. Personal Finance. Your Practice. Popular Courses. Scammers promised profits were nearly guaranteed if investors bought dinars at today's values, and then exchanged the dinars back for dollars at a later date once the dinar exchange rate presumably improved.
Investors bought the currency through the firm BH Group, which charged a 20 percent markup on average, according to prosecutors. Some of the scammers also touted false military achievements, prosecutors say. Sign up for free newsletters and get more CNBC delivered to your inbox. Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U.
However, the difference between a legitimate MSBs and dinar dealers Kuwaiti make 100k a year in investments following the first. Investment in dinars is often to sell hard currency for is that real MSBs are. They would also iraqi money investment scam at funding your brand new government based on its recent history. These would be good examples further in the near term. So ask yourself, if a are relying on is that a growing economy will result not marketing an investment. Since an appreciating currency makes business has to lie to get around registration are they really making a legitimate offer. Forex trading demo account 401 cash flow return on investment stephens investment bank live free home india betterment investment performance. No rational investor would base an investing decision on two instances of past data involving early a millionaire. The fallacy that dinar dealers forms southwestern investments nashville porque in malaysia today atic investment christoph rediger investment delta airlines. lukas rullen fidelity investments investment vest for men sap investment wikipedia english stokvel investments definition sociais tabela long-term investments are.The real question, though, is not just "can" you invest in this particular currency, but rather "should" you invest. Is it a Scam? Financial scams. Top Ten Reasons Not to Invest In The Iraqi Dinar Several U.S. states have warned about Iraqi dinar scams: A number of U.S. states have. The Iraqi dinar “investment” opportunity is a scam that has been around for a few years and has recently been regaining much of its former popularity. The.