Why You Should Avoid Iraqi Dinar Scam? Dinar Guru Exposed

Against the law? Again, not exactly: persuading someone to invest in something and having them do it willingly is legal. Yes, it’s shady, unethical, and reckless, but not illegal.

The Dinar Gurus, like most financial con artists, use a variety of strategies to defraud individuals of their hard-earned money in exchange for a risky and unprofitable investment. Some Dinar Gurus don’t even bother investing; they’ll just take your money and run.

How does an Iraqi Dinar Guru Pull Off the Investment Scam?

Dinar Gurus defraud consumers by concealing their corrupt dealings in the Forex market. They persuade you to buy the Iraqi Dinar using US dollars and then trade it for a better value.

Forex is a legal type of investment in and of itself, and it can be safer than stock market investing. The returns aren’t great, but they’re fairly consistent. Foreign currency exchange, in fact, is a terrific method to make money after retirement and is even regarded as a career and business opportunity for seniors.

However, in the case of the Iraqi Dinar investment fraud, the ‘scam’ occurs when a dinar guru overpromises returns in order to entice others to spend more money.

To help promote the con, the con artists have created a slew of websites, message forums, newsletters, social media accounts, and whatever else they can think of to give the idea that the Dinars are precious and going to revalue at any moment. They might even share dinar updates with you. They will tell you that the Dinar will revalue “within a week” or “by the end of the month.”

So, what makes this a scam? It’s a scam, since the Dinar has little chance of major appreciation. First, there’s the political risk: who wants to invest in the currency of a government that’s still battling a major insurrection and might not be around next year or beyond? Second, diners are circulating around in such a huge quantity that its value would not greatly increase even if Iraq discovered the world’s largest gold mine tomorrow! So yes, the Iraqi dinar scam is one of the most common investment scams out there!

Why Is Investing in Iraqi Dinar Risky?

Let’s assume you are set on “investing” in dinars despite the shady and deceptive sellers you have come across. You better watch out because what you are about to get yourself into is risky. Although you are unlikely to hear the risk from a dinar guru, if you are still determined to invest in the dinar, here is what you need to know:

Liquidity Issue

Dinars have no active market at the moment. You can buy them, but will you be able to sell them? If you study the reports on Iraqi dinar prediction or check its history, you will learn that the difference between what you can buy dinars for and what you can sell them for is about 20 percent. This means you’ll have to wait for the dinar to appreciate by at least 20% before you can sell it back at break-even. Historical data tells us that dinar has only appreciated by around 23% over the years.

The Re denomination Issue

Countries with currencies that have very low values in comparison to other currencies frequently redenominate their old hard currency and issue new currency with new values.

One of the concerns here is the procedure of exchanging your hard currency dinars for the second issue of fresh dinars with a different value. If there is an extraordinarily illiquid market today, there will almost certainly be one tomorrow. It’s possible that it’s something that can only be done in Iraq, making the process prohibitively expensive.

Red Flags You Should Watch Out For

Investing in a currency, be it Iraqi dinar or any other, is not inherently bad or illegal. Fortunately, there are certain red flags you can keep an eye out for no matter what the currency:

  • It’s most likely fraud if the “Dinar Guru” works or is run by an individual agent rather than a well-known trader, bank, or an established financial institution.
  • It’s a scam if the guru promotes their agency or firm using unofficial telephone marketing or internet banner ads rather than through established or trusted communication methods.
  • It’s a scam if the guru promises you huge profits for small deposits. If the offer is too good to be true, it’s most likely is.
  • “Invest now because the offer is for a limited time only” is another statement you should watch out for. Clearly, the guru wants you to make a decision without thinking straight.

Summing Up

The dinar investment scheme has been here for a while now, and it has victimized so many innocent investors who didn’t do their research before investing.

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