Foreign Currency Exchange (Forex) Trading For Individual Investors

SEC
OFFICE of INVESTOR
EDUCATION and ADVOCACY
Investor Bulletin: 
Foreign Currency Exchange (Forex) Trading For Individual Investors
 
Individual investors who are considering participating 
in the foreign currency exchange (or “forex”) market 
need to understand fully the market and its unique 
characteristics.  Forex trading can be very risky and is 
not appropriate for all investors.
It is common in most forex trading strategies to em-
ploy leverage.  Leverage entails using a relatively small 
amount of capital to buy currency worth many times 
the value of that capital.  Leverage magnifies minor 
fluctuations in currency markets in order to increase 
potential gains and losses.  By using leverage to trade 
forex, you risk losing all of your initial capital and may 
lose even more money than the amount of your initial 
capital.  You should carefully consider your own finan-
cial situation, consult a financial adviser knowledge-
able in forex trading, and investigate any firms offering 
to trade forex for you before making any investment 
decisions.
Background:  Foreign Currency  
Exchange Rates, Quotes, and Pricing 
A foreign currency exchange rate is a price that 
represents how much it costs to buy the currency of 
one country using the currency of another coun-
try.  Currency traders buy and sell currencies through 
forex transactions based on how they expect currency 
exchange rates will fluctuate.  When the value of one 
currency rises relative to another, traders will earn 
profits if they purchased the appreciating currency, or 
suffer losses if they sold the appreciating currency.  As 
discussed below, there are also other factors that can 
reduce a trader’s profits even if that trader “picked” the 
right currency. 
Currencies are identified by three-letter abbreviations.  
For example, USD is the designation for the U.S. 
dollar, EUR is the designation for the Euro, GBP is 
the designation for the British pound, and JPY is the 
designation for the Japanese yen.
Forex transactions are quoted in pairs of currencies 
(e.g., GBP/USD) because you are purchasing one cur-
rency with another currency.  Sometimes purchases 
and sales are done relative to the U.S. dollar, similar 
to the way that many stocks and bonds are priced in 
U.S. dollars.  For example, you might buy Euros using 
U.S. dollars.  In other types of forex transactions, one 
foreign currency might be purchased using another 
foreign currency.  An example of this would be to 
buy Euros using British pounds – that is, trading both 
the Euro and the pound in a single transaction.  For 
investors whose local currency is the U.S. dollar (i.e.,  
investors who mostly hold assets denominated in U.S. 
dollars), the first example generally represents a single, 
positive bet on the Euro (an expectation that the Euro 
will rise in value), whereas the second example repre-
sents a positive bet on the Euro and a negative bet on 
      www.investor.gov
Investor Assistance (800) 732-0330
1

the British pound (an expectation that the Euro will 
rise in value relative to the British pound).
There are different quoting conventions for exchange 
rates depending on the currency, the market, and 
sometimes even the system that is displaying the quote.  
For some investors, these differences can be a source of 
confusion and might even lead to placing unintended 
trades.  
 
For example, it is often the case that the Euro ex-
change rates are quoted in terms of U.S. dollars.  A 
quote for EUR of 1.4123 then means that 1,000 
Euros can be bought for approximately 1,412 U.S. 
dollars.  In contrast, Japanese yen are often quoted in 
terms of the number of yen that can be purchased 
with a single U.S. dollar.  A quote for JPY of 79.1515 
then means that 1,000 U.S. dollars can be bought for 
approximately 79,152 yen.  In these examples, if you 
bought the Euro and the EUR quote increases from 
1.4123 to 1.5123, you would be making money.  But 
if you bought the yen and the JPY quote increases 
from 79.1515 to 89.1515, you would actually be losing 
money because, in this example, the yen would be de-
preciating relative to the U.S. dollar (i.e., it would take 
more yen to buy a single U.S. dollar).
Before you attempt to trade currencies, you should 
have a firm understanding of currency quoting con-
ventions, how forex transactions are priced, and the 
mathematical formulae required to convert one cur-
rency into another.
Currency exchange rates are usually quoted using a 
pair of prices representing a “bid” and an “ask.” Similar 
to the manner in which stocks might be quoted, the 
“ask” is a price that represents how much you will 
need to spend in order to purchase a currency, and the 
“bid”  is a price that represents the (lower) amount 
that you will receive if you sell the currency.  The dif-
ference between the bid and ask prices is known as 
the “bid-ask spread,” and it represents an inherent cost 
of trading – the wider the bid-ask spread, the more it 
costs to buy and sell a given currency, apart from any 
other commissions or transaction charges.
Generally speaking, there are three ways to trade for-
eign currency exchange rates:
1.  On an exchange that is regulated by the 
Commodity Futures Trading Commission 
(CFTC).  An example of such an exchange is the 
Chicago Mercantile Exchange, which offers cur-
rency futures and options on currency futures 
products.  Exchange-traded currency futures and 
options provide traders with contracts of a set unit 
size, a fixed expiration date, and centralized clear-
ing.  In centralized clearing, a clearing corporation 
acts as single counterparty to every transaction and 
guarantees the completion and credit worthiness of 
all transactions.
2. On an exchange that is regulated by the 
Securities and Exchange Commission (SEC).  
An example of such an exchange is the NASDAQ 
OMX PHLX (formerly the Philadelphia Stock 
Exchange), which offers options on currencies 
(i.e., the right but not the obligation to buy or 
sell a currency at a specific rate within a specified 
time).  Exchange-traded options on currencies also 
provide investors with contracts of a set unit size, a 
fixed expiration date, and centralized clearing.
3. In the off-exchange market.  In the off-ex-
change market (sometimes called the over-the-
counter, or OTC, market), an individual investor 
trades directly with a counterparty, such as a forex 
broker or dealer; there is no exchange or central 
clearinghouse.  Instead, the trading generally is 
conducted by telephone or through electronic 
communications networks (ECNs).  In this case, 
the investor relies entirely on the counterparty to 
receive funds or to be able to trade out of a posi-
tion.
Risks of Forex Trading 
The forex market is a large, global, and generally liquid 
financial market.  Banks, insurance companies, and oth-
er financial institutions, as well as large corporations, 
 www.investor.gov
Investor Assistance (800) 732-0330
2

use the forex markets to manage the risks associated 
with fluctuations in currency rates.  
The risk of loss for individual investors who trade 
forex contracts can be substantial.  The only funds that 
you should put at risk when speculating in foreign 
currency are those funds that you can afford to lose 
entirely, and you should always be aware that certain 
strategies may result in your losing even more money 
than the amount of your initial investment.  Some of 
the key risks involved include:
•	Quoting Conventions Are Not Uniform.  While 
many currencies are typically quoted against the 
U.S. dollar (that is, one dollar purchases a speci-
fied amount of a foreign currency), there are no 
required uniform quoting conventions in the forex 
market.  Both the Euro and the British pound, 
for example, may be quoted in the reverse, mean-
ing that one British pound purchases a specified 
amount of U.S. dollars (GBP/USD) and one 
Euro purchases a specified amount of U.S. dollars 
(EUR/USD).  Therefore, you need to pay special 
attention to a currency’s quoting convention and 
what an increase or decrease in a quote may mean 
for your trades.
•	Transaction Costs May Not Be Clear. Before 
deciding to invest in the forex market, check with 
several different firms and compare their charges 
as well as their services.  There are very limited 
rules addressing how a dealer charges an investor 
for the forex services the dealer provides or how 
much the dealer can charge.  Some dealers charge 
a per-trade commission, while others charge a 
mark-up by widening the spread between the bid 
and ask prices that they quote to investors.  When 
a dealer advertises a transaction as “commission-
free,” you should not assume that the transaction 
will be executed without cost to you.  Instead, 
the dealer’s commission may be built into a wider 
bid-ask spread, and it may not be clear how much 
of the spread is the dealer’s mark-up.  In addition, 
some dealers may charge both a commission and a 
mark-up.  They may also charge a different mark-
up for buying a currency than selling it.  Read 
your agreement with the dealer carefully and make 
 www.investor.gov
Investor Assistance (800) 732-0330
sure you understand how the dealer will charge 
you for your trades.
•	Transaction Costs Can Turn Profitable Trades 
into  Losing Transactions.  For certain curren-
cies and currency pairs, transaction costs can be 
relatively large.  If you are frequently trading in and 
out of a currency, these costs can in some circum-
stances turn what might have been profitable trades 
into losing transactions.
•	You Could Lose Your Entire Investment or 
More.  You will be required to deposit an amount 
of money (usually called a “security deposit” or 
“margin”) with a forex dealer in order to purchase 
or sell an off-exchange forex contract.  A small 
sum may allow you to hold a forex contract worth 
many times the value of the initial deposit.  This 
use of margin is the basis of “leverage” because an 
investor can use the deposit as a “lever” to support 
a much larger forex contract.  Because currency 
price movements can be small, many forex trad-
ers employ leverage as a means of amplifying their 
returns.  The smaller the deposit is in relation to 
the underlying value of the contract, the greater 
the leverage will be.  If the price moves in an unfa-
vorable direction, then high leverage can produce 
large losses in relation to your initial deposit.  With 
leverage, even a small move against your position 
could wipe out your entire investment.  You may 
also be liable for additional losses beyond your 
initial deposit, depending on your agreement with 
the dealer.
•	Trading Systems May Not Operate as In-
tended.  Though it is possible to buy and hold a 
currency if you believe in its long-term apprecia-
tion, many trading strategies capitalize on small, 
rapid moves in the currency markets.  For these 
strategies, it is common to use automated trad-
ing systems that provide buy and sell signals, or 
even automatic execution, across a wide range of 
currencies.  The use of any such system requires 
specialized knowledge and comes with its own 
risks, including a misunderstanding of the system 
parameters, incorrect data that can lead to unin-
tended trades, and the ability to trade at speeds 
3

greater than what can be monitored manually and 
checked.
•	Fraud.  Beware of get-rich-quick investment 
schemes that promise significant returns with 
minimal risk through forex trading.  The SEC and 
CFTC have brought actions alleging fraud in cases 
involving forex investment programs.  Contact the 
appropriate federal regulator to check the mem-
bership status of particular firms and individuals.
Special Risks of Off-Exchange Forex 
Trading
As described above, forex trading in general presents 
significant risks to individual investors that require 
careful consideration.  Off-exchange forex trading 
poses additional risks, including:
•	There Is No Central Marketplace.  Unlike the 
regulated futures and options exchanges, there is 
no central marketplace in the retail off-exchange 
forex market.  Instead, individual investors com-
monly access the forex market through individual 
financial institutions – or dealers – known as 
“market makers.”  Market makers take the oppo-
site side of any transaction; for example, they may 
be buying and selling the same foreign currency at 
the same time.  In these cases, market makers are 
acting as principals for their own account and, as a 
result, may not provide the best price available in 
the market.  Because individual investors often do 
not have access to pricing information, it can be 
difficult for them to determine whether an offered 
price is fair.
•	There Is No Central Clearing.  When trad-
ing futures and options on regulated exchanges, a 
clearing organization can act as a central counter-
party to all transactions in a way that may afford 
you some protection in the event of a default by 
your counterparty.  This protection is not available 
in the off-exchange forex market, where there is 
no central clearing.
 
Regulation of Off-Exchange Forex  
Trading
The Commodity Exchange Act permits persons 
regulated by a federal regulatory agency to engage 
in off-exchange forex transactions with individual 
investors only pursuant to rules of that federal regula-
tory agency.  Keep in mind that there may be differ-
ent requirements or treatment for forex transactions 
depending on which rules and regulations might apply 
in different circumstances (for example, with respect 
to bankruptcy protection or leverage limitations).
You should also be aware that, for brokers and dealers, 
many of the rules and regulations that apply to securi-
ties transactions may not apply to forex transactions.  
The SEC is actively interested in business practices in 
this area and is currently studying whether additional 
rules and regulations would be appropriate.
 
 
 
Related Information 
National Futures Association Investor Information on 
Forex Trading 
CFTC/NASAA Investor Alert on Foreign Exchange 
Currency Fraud 
Press Release:  SEC Charges Forex Ponzi Operator 
Who Fled After Scheme Unraveled
The Office of Investor Education and Advocacy has 
provided this information as a service to investors.  
It is neither a legal interpretation nor a statement of 
SEC policy.  If you have questions concerning the 
meaning or application of a particular law or rule, 
please consult with an attorney who specializes in 
securities law.
July 2011
Investor Assistance (800) 732-0330
4

SEC
OFFICE of INVESTOR
EDUCATION and ADVOCACY

Investor Bulletin: 
Foreign Currency Exchange (Forex) Trading For Individual Investors

 

Individual investors who are considering participating 
in the foreign currency exchange (or “forex”) market 
need to understand fully the market and its unique 
characteristics.  Forex trading can be very risky and is 
not appropriate for all investors.

It is common in most forex trading strategies to em-
ploy leverage.  Leverage entails using a relatively small 
amount of capital to buy currency worth many times 
the value of that capital.  Leverage magnifies minor 
fluctuations in currency markets in order to increase 
potential gains and losses.  By using leverage to trade 
forex, you risk losing all of your initial capital and may 
lose even more money than the amount of your initial 
capital.  You should carefully consider your own finan-
cial situation, consult a financial adviser knowledge-
able in forex trading, and investigate any firms offering 
to trade forex for you before making any investment 
decisions.

Background:  Foreign Currency  
Exchange Rates, Quotes, and Pricing 

A foreign currency exchange rate is a price that 
represents how much it costs to buy the currency of 
one country using the currency of another coun-
try.  Currency traders buy and sell currencies through 
forex transactions based on how they expect currency 
exchange rates will fluctuate.  When the value of one 

currency rises relative to another, traders will earn 
profits if they purchased the appreciating currency, or 
suffer losses if they sold the appreciating currency.  As 
discussed below, there are also other factors that can 
reduce a trader’s profits even if that trader “picked” the 
right currency. 

Currencies are identified by three-letter abbreviations.  
For example, USD is the designation for the U.S. 
dollar, EUR is the designation for the Euro, GBP is 
the designation for the British pound, and JPY is the 
designation for the Japanese yen.

Forex transactions are quoted in pairs of currencies 
(e.g., GBP/USD) because you are purchasing one cur-
rency with another currency.  Sometimes purchases 
and sales are done relative to the U.S. dollar, similar 
to the way that many stocks and bonds are priced in 
U.S. dollars.  For example, you might buy Euros using 
U.S. dollars.  In other types of forex transactions, one 
foreign currency might be purchased using another 
foreign currency.  An example of this would be to 
buy Euros using British pounds – that is, trading both 
the Euro and the pound in a single transaction.  For 
investors whose local currency is the U.S. dollar (i.e., 
investors who mostly hold assets denominated in U.S. 
dollars), the first example generally represents a single, 
positive bet on the Euro (an expectation that the Euro 
will rise in value), whereas the second example repre-
sents a positive bet on the Euro and a negative bet on 

      www.investor.govInvestor Assistance (800) 732-0330

1



the British pound (an expectation that the Euro will 
rise in value relative to the British pound).

There are different quoting conventions for exchange 
rates depending on the currency, the market, and 
sometimes even the system that is displaying the quote.  
For some investors, these differences can be a source of 
confusion and might even lead to placing unintended 
trades.   

For example, it is often the case that the Euro ex-
change rates are quoted in terms of U.S. dollars.  A 
quote for EUR of 1.4123 then means that 1,000 
Euros can be bought for approximately 1,412 U.S. 
dollars.  In contrast, Japanese yen are often quoted in 
terms of the number of yen that can be purchased 
with a single U.S. dollar.  A quote for JPY of 79.1515 
then means that 1,000 U.S. dollars can be bought for 
approximately 79,152 yen.  In these examples, if you 
bought the Euro and the EUR quote increases from 
1.4123 to 1.5123, you would be making money.  But 
if you bought the yen and the JPY quote increases 
from 79.1515 to 89.1515, you would actually be losing 
money because, in this example, the yen would be de-
preciating relative to the U.S. dollar (i.e., it would take 
more yen to buy a single U.S. dollar).

Before you attempt to trade currencies, you should 
have a firm understanding of currency quoting con-
ventions, how forex transactions are priced, and the 
mathematical formulae required to convert one cur-
rency into another.

Currency exchange rates are usually quoted using a 
pair of prices representing a “bid” and an “ask.” Similar 
to the manner in which stocks might be quoted, the 
“ask” is a price that represents how much you will 
need to spend in order to purchase a currency, and the 
“bid”  is a price that represents the (lower) amount 
that you will receive if you sell the currency.  The dif-
ference between the bid and ask prices is known as 
the “bid-ask spread,” and it represents an inherent cost 
of trading – the wider the bid-ask spread, the more it 
costs to buy and sell a given currency, apart from any 
other commissions or transaction charges.

Generally speaking, there are three ways to trade for-
eign currency exchange rates:

1.	 On an exchange that is regulated by the 
Commodity Futures Trading Commission 
(CFTC).  An example of such an exchange is the 
Chicago Mercantile Exchange, which offers cur-
rency futures and options on currency futures 
products.  Exchange-traded currency futures and 
options provide traders with contracts of a set unit 
size, a fixed expiration date, and centralized clear-
ing.  In centralized clearing, a clearing corporation 
acts as single counterparty to every transaction and 
guarantees the completion and credit worthiness of 
all transactions.

2.	 On an exchange that is regulated by the 
Securities and Exchange Commission (SEC).  
An example of such an exchange is the NASDAQ 
OMX PHLX (formerly the Philadelphia Stock 
Exchange), which offers options on currencies 
(i.e., the right but not the obligation to buy or 
sell a currency at a specific rate within a specified 
time).  Exchange-traded options on currencies also 
provide investors with contracts of a set unit size, a 
fixed expiration date, and centralized clearing.

3.	 In the off-exchange market.  In the off-ex-
change market (sometimes called the over-the-
counter, or OTC, market), an individual investor 
trades directly with a counterparty, such as a forex 
broker or dealer; there is no exchange or central 
clearinghouse.  Instead, the trading generally is 
conducted by telephone or through electronic 
communications networks (ECNs).  In this case, 
the investor relies entirely on the counterparty to 
receive funds or to be able to trade out of a posi-
tion.

Risks of Forex Trading 

The forex market is a large, global, and generally liquid 
financial market.  Banks, insurance companies, and oth-
er financial institutions, as well as large corporations, 

 www.investor.govInvestor Assistance (800) 732-0330

2



use the forex markets to manage the risks associated 
with fluctuations in currency rates.  

The risk of loss for individual investors who trade 
forex contracts can be substantial.  The only funds that 
you should put at risk when speculating in foreign 
currency are those funds that you can afford to lose 
entirely, and you should always be aware that certain 
strategies may result in your losing even more money 
than the amount of your initial investment.  Some of 
the key risks involved include:

•	 Quoting Conventions Are Not Uniform.  While 
many currencies are typically quoted against the 
U.S. dollar (that is, one dollar purchases a speci-
fied amount of a foreign currency), there are no 
required uniform quoting conventions in the forex 
market.  Both the Euro and the British pound, 
for example, may be quoted in the reverse, mean-
ing that one British pound purchases a specified 
amount of U.S. dollars (GBP/USD) and one 
Euro purchases a specified amount of U.S. dollars 
(EUR/USD).  Therefore, you need to pay special 
attention to a currency’s quoting convention and 
what an increase or decrease in a quote may mean 
for your trades.

•	 Transaction Costs May Not Be Clear. Before 
deciding to invest in the forex market, check with 
several different firms and compare their charges 
as well as their services.  There are very limited 
rules addressing how a dealer charges an investor 
for the forex services the dealer provides or how 
much the dealer can charge.  Some dealers charge 
a per-trade commission, while others charge a 
mark-up by widening the spread between the bid 
and ask prices that they quote to investors.  When 
a dealer advertises a transaction as “commission-
free,” you should not assume that the transaction 
will be executed without cost to you.  Instead, 
the dealer’s commission may be built into a wider 
bid-ask spread, and it may not be clear how much 
of the spread is the dealer’s mark-up.  In addition, 
some dealers may charge both a commission and a 
mark-up.  They may also charge a different mark-
up for buying a currency than selling it.  Read 
your agreement with the dealer carefully and make 

 www.investor.govInvestor Assistance (800) 732-0330

sure you understand how the dealer will charge 
you for your trades.

•	 Transaction Costs Can Turn Profitable Trades 
into Losing Transactions.  For certain curren-
cies and currency pairs, transaction costs can be 
relatively large.  If you are frequently trading in and 
out of a currency, these costs can in some circum-
stances turn what might have been profitable trades 
into losing transactions.

•	 You Could Lose Your Entire Investment or 
More.  You will be required to deposit an amount 
of money (usually called a “security deposit” or 
“margin”) with a forex dealer in order to purchase 
or sell an off-exchange forex contract.  A small 
sum may allow you to hold a forex contract worth 
many times the value of the initial deposit.  This 
use of margin is the basis of “leverage” because an 
investor can use the deposit as a “lever” to support 
a much larger forex contract.  Because currency 
price movements can be small, many forex trad-
ers employ leverage as a means of amplifying their 
returns.  The smaller the deposit is in relation to 
the underlying value of the contract, the greater 
the leverage will be.  If the price moves in an unfa-
vorable direction, then high leverage can produce 
large losses in relation to your initial deposit.  With 
leverage, even a small move against your position 
could wipe out your entire investment.  You may 
also be liable for additional losses beyond your 
initial deposit, depending on your agreement with 
the dealer.

•	 Trading Systems May Not Operate as In-
tended.  Though it is possible to buy and hold a 
currency if you believe in its long-term apprecia-
tion, many trading strategies capitalize on small, 
rapid moves in the currency markets.  For these 
strategies, it is common to use automated trad-
ing systems that provide buy and sell signals, or 
even automatic execution, across a wide range of 
currencies.  The use of any such system requires 
specialized knowledge and comes with its own 
risks, including a misunderstanding of the system 
parameters, incorrect data that can lead to unin-
tended trades, and the ability to trade at speeds 

3



greater than what can be monitored manually and 
checked.

•	 Fraud.  Beware of get-rich-quick investment 
schemes that promise significant returns with 
minimal risk through forex trading.  The SEC and 
CFTC have brought actions alleging fraud in cases 
involving forex investment programs.  Contact the 
appropriate federal regulator to check the mem-
bership status of particular firms and individuals.

Special Risks of Off-Exchange Forex 
Trading

As described above, forex trading in general presents 
significant risks to individual investors that require 
careful consideration.  Off-exchange forex trading 
poses additional risks, including:

•	 There Is No Central Marketplace.  Unlike the 
regulated futures and options exchanges, there is 
no central marketplace in the retail off-exchange 
forex market.  Instead, individual investors com-
monly access the forex market through individual 
financial institutions – or dealers – known as 
“market makers.”  Market makers take the oppo-
site side of any transaction; for example, they may 
be buying and selling the same foreign currency at 
the same time.  In these cases, market makers are 
acting as principals for their own account and, as a 
result, may not provide the best price available in 
the market.  Because individual investors often do 
not have access to pricing information, it can be 
difficult for them to determine whether an offered 
price is fair.

•	 There Is No Central Clearing.  When trad-
ing futures and options on regulated exchanges, a 
clearing organization can act as a central counter-
party to all transactions in a way that may afford 
you some protection in the event of a default by 
your counterparty.  This protection is not available 
in the off-exchange forex market, where there is 
no central clearing.

 

Regulation of Off-Exchange Forex  
Trading

The Commodity Exchange Act permits persons 
regulated by a federal regulatory agency to engage 
in off-exchange forex transactions with individual 
investors only pursuant to rules of that federal regula-
tory agency.  Keep in mind that there may be differ-
ent requirements or treatment for forex transactions 
depending on which rules and regulations might apply 
in different circumstances (for example, with respect 
to bankruptcy protection or leverage limitations).

You should also be aware that, for brokers and dealers, 
many of the rules and regulations that apply to securi-
ties transactions may not apply to forex transactions.  
The SEC is actively interested in business practices in 
this area and is currently studying whether additional 
rules and regulations would be appropriate.

 
 
 

Related Information 

National Futures Association Investor Information on 
Forex Trading 

CFTC/NASAA Investor Alert on Foreign Exchange 
Currency Fraud 

Press Release:  SEC Charges Forex Ponzi Operator 
Who Fled After Scheme Unraveled

The Office of Investor Education and Advocacy has 
provided this information as a service to investors.  
It is neither a legal interpretation nor a statement of 
SEC policy.  If you have questions concerning the 
meaning or application of a particular law or rule, 
please consult with an attorney who specializes in 
securities law.

July 2011Investor Assistance (800) 732-0330

4

http://sec.gov/cgi-bin/goodbye.cgi?www.nfa.futures.org/NFA-investor-information/publication-library/forex.pdf
http://sec.gov/cgi-bin/goodbye.cgi?www.nfa.futures.org/NFA-investor-information/publication-library/forex.pdf
http://sec.gov/cgi-bin/goodbye.cgi?www.nasaa.org/2801/cftcnasaa-investor-alert-foreign-exchange-currency-fraud
http://sec.gov/cgi-bin/goodbye.cgi?www.nasaa.org/Investor_Education/Investor_Alerts___Tips/6627.cfm
http://www.sec.gov/news/press/2011/2011-147.htm
http://www.sec.gov/news/press/2011/2011-147.htm