Although forex trading is not a scam, individual traders or firms may engage in fraudulent or deceptive practices. Traders must conduct due diligence and thoroughly research any firms or individuals with whom they are considering doing business to ensure that they are legitimate and reputable.

When looking for a forex broker or trading platform, look for the following red flags:

1. Unregulated firms: Selecting a regulated firm will provide an extra level of protection and oversight.
2. Guaranteed high returns: No investment comes with a guarantee of high returns, and any company that promises high returns with little or no risk is most likely a scam.
3. Investment pressure: Reputable firms will not put you under any pressure to invest or make a decision quickly.
4. Uncertain fees: Be sure to understand all trading fees and charges, and be wary of firms that are not transparent about their fees.

You can trade forex with confidence and potentially earn returns on your investments if you do your homework and avoid scams. However, it is important to remember that forex trading involves risks and that money can be lost. To protect against potential losses, risk management techniques such as stop losses must be used.