Dinar Guru Scam – Some Important Things That You Should Know
Dinar Guru Scam– this has become the most common term among investors. But why? Well, many investors are now suffering from huge losses after making their investment in Iraqi Dinar. Now you might be thinking that what do you mean by making an investment in Iraqi Dinar (IQD)? It’s very simple. In general, it is the same way as other currency investments. Here, you need to buy a certain amount of Iraq Dinar by paying a certain amount of dollar.
Every investor should keep in mind that the Iraqi Dinar investment is a scam. However, with time it is gaining popularity. And one of the major reasons behind this is Dinar Guru’s fake promise to offer a huge profit.
The dinar gurus promise that thousands and millions of dollars of profit can be earned if you are buying the Iraqi Dinar. And then you can sell the dinars in exchange for dollars when the rate improves.
But the situation is something different, and you should know that financial investment is a risky business. And you can’t always earn profit. So, before taking your steps, go through this article to learn more about this.
Dinar Guru Scam- Who Are Dinar Gurus?
If you look at the history of Iraq, you will find that the country has gone through many ups and downs. However, Iraq still survives and persists. Now, the government is also introducing new plans to keep up with the law and economy of the country. Well, the country’s government is trying to increase the value of Iraqi Dinar, but on the other hand, this enables some people to take advantage of this situation.
But how are they taking advantage of this situation? The unscrupulous traders are taking advantage of the economy by enticing investors to buy Iraqi Dinar. In return, they promise to offer more profit. However, in reality, this is a scam, and it is perpetrated by a Dinar Guru. Speaking about the Dinar Guru, a trading expert, especially a forex expert who convinces the investors to go for Iraqi Dinar. But you need to be very careful about it.
Understanding the history of IQD
Speaking about Iraq, multiple militaries, as well as civil conflicts, created a great level of instability. But there is still hope. Now, the oil industry is developing, and some major financial institutions are now showing their interest in this. In fact, they all are trying to make the Iraq Dinar a good investment opportunity.
With all such major factors in play, the value of the Iraqi Dinar is expected to grow in the value of major currencies, including the US Dollar. Because of the great resources and potential of Iraq, most of the people are now considering the country’s currency as a future investment.
However, this is something that you shouldn’t take lightly. If you are planning to invest in the IQD, then you shouldn’t forget about the Dinar Guru Scam.
Investing in the Iraqi Dinar is not at all illegal, and you can do this just like other financial investments. So, why people are suffering from a scam. The answer is the Dinar Guru. Such experts try to convince the investors that IQD investment is one type of sure-fire investment. And in the process of investment, it is illegal to convince people to invest.
Dinar Guru Scam- An Example
A small mistake can lead to a major problem. And the same goes with the Iraqi Dinar investment. To understand this, let’s take an example of a USD 24 million IQD investment scam.
In this case, a team of men created an investment scheme and then lured the potential investors in different ways. They demonstrated some opportunities in a way to make more profit from Iraqi Dinar. The Dinar Gurus promised to offer more profit if the investors purchased Dinar by paying today’s values.
Later, they bought the IQD from a firm name BH Group by paying around 20% markup. By doing so, they managed to earn more than USD 24 million from the investors.
It clearly shows that investing in Iraq Dinar through a Dinar Guru can lead to a huge loss. And you should learn everything about the market before making any investment.
Dinar Guru Scam- What Factors Prove That Dinar Gurus Scam People?
Just like other financial scams, a Dinar Guru can scam people using different methods. In fact, these experts can make you invest in something that is not at all lucrative. Furthermore, some don’t even invest your money; they just take away all your hard-earned money. However, there are some particular characteristics of a Dinar Guru Scam that you should keep in your mind.
- If the Dinar Guru scheme is running by an agent, not by a well-known financial firm, broker, or financial institution. In such case, you should consider the scheme as a scam.
- Some gurus are promoting their investment schemes using any unofficial online ads or telephone marketing. Remember that a genuine Dinar Guru will always use registered communication media.
- If there is a lot of unofficial promotions, then the Iraq Dinar investment scheme is a scam.
- Another major characteristic of a Dinar Guru Scam is Dinar Guru’s promise to offer a huge return on the investment
Apart from that, there are some other major things to consider. For example, some financial institutions, such as the Bank of America, don’t facilitate forex trading in IQD. Why? Because they think the economy of Iraq is very volatile. On the other hand, some states, such as Alabama, Oklahoma, Utah, and more, warn their citizens against the Iraqi Dinar investment. After all, the Iraq market is unsure. Furthermore, if there are suspicious available quotes and impractical reasoning, then you should act carefully.
Dinar Guru Scam- You Can Prevent This
Even though the value of Dinar experiences small fluctuations, after 2016, it remains stable. In fact, you can even see a small increase in the value. But that doesn’t mean that you should go for it blindly. There are some major risks you need to consider here.
- Liquidity of Iraqi Dinar
Some investors think that it is quite easy to buy IQD, but when it comes to selling, it is difficult. Well, this is true but, in some countries, there is a great demand for IQD. Because some people consider this as an investment or collectible thing. On the other hand, some popular currency brokers, like the US First Exchange, will buy Dinar from collectors and investors.
- Redenomination of the currency
In general, some countries prefer to redenominate the currency if the value is low compared to other currencies. And when this happens, it can create a great risk in investment. Well, some experts suggest this can happen with Iraqi Dinar. However, some experts say there are no such factors that can prove that the country is going for a redenomination. Because the stability is good and improving with time.
- Consider the inflation
A hyper-inflation can greatly affect the hard currency’s value. Looking at the historical data, it can be said that the country is enjoying a stable inflation rate, i.e., from -9 percent to +1.3 percent. So, one can think about investing in this. While all these things suggest investing in IQD, you should not forget about the Dinar Guru Scam.
- The currency doesn’t trade on global markets
Currently, Iraq’s Central Bank sets the value of this currency through an auction process. Its value doesn’t depend on supply and demand. So, the dinar gurus are free to charge any rate to the investors while making an investment.
- You can redeem this only in Iraq
You should remember that IQD doesn’t trade on the global forex market. One can only redeem this in Iraq only.
Dinar Guru Scam- Don’t Forget to Do Your Research
Before buying or selling, it is important to conduct extensive market research. This will help you to know about fair processes, market trends, trading knowledge, and more. Besides, it can lower the chances of dealing with any Dinar Guru Scam.
While selling IQD, you need to learn the geopolitical as well as economic factors. In order to gain experience, first, sell a smaller portion of your Iraqi Dinar. Some experts suggest following a good money management strategy. For example, if you are selling a smaller amount, then it will lower the loss value in case of an investment scam. On the other hand, you also need to study the tax implications.
DFI- Department of Financial Institutions of Washington, in a notice, mentions some dinar gurus register themselves as MSB-Money Services Business with the US Treasury. They generally do that to make their scheme appear legitimate. But remember, they are running their websites illegally in the US market. And they don’t have any money transmission or currency exchange license.
So, you should not buy Iraqi Dinar through these dinar gurus. To enjoy a decent profit and minimize the chances of Dinar Guru Scam, choose a trusted and registered online broker.
Keith Dunn is a regular contributor at kredilife.com for technology and business niche articles. He is a retired IT Professional with technical expertise in Linux Server Administration. He also worked at the IT Startup he founded (LinuxHeads Inc. ) and has expansive knowledge about SME’s adn Start-ups.