BeckyFL Posted August 3, 2010 Share Posted August 3, 2010 Someone is giving investing advice to ds advising to invest whatever they can into the Iraqi dinar. (http://www.dinartrade.com) I'm not sold, but supposedly a trusted father of someone from church has really been investigating and feels it is a good idea. I've already told them that it's very risky and emergency fund money should come first. It looks like there are a lot of scams out there too. I told them if they are set on this, at least they should go through a bank to avoid extra commissions. Does anyone have any more information or thoughts on this? Quote Link to comment Share on other sites More sharing options...
Parrothead Posted August 3, 2010 Share Posted August 3, 2010 That is a very unstable area. I don't think I'd be investing in that. I'd suggest gold or silver. Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted August 3, 2010 Share Posted August 3, 2010 (edited) Someone is giving investing advice to ds advising to invest whatever they can into the Iraqi dinar. (www.dinartrade.com) I'm not sold, but supposedly a trusted father of someone from church has really been investigating and feels it is a good idea. I've already told them that it's very risky and emergency fund money should come first. It looks like there are a lot of scams out there too. I told them if they are set on this, at least they should go through a bank to avoid extra commissions. Does anyone have any more information or thoughts on this? These aren't even on normal currency exchanges because they are in such flux, I doubt you could get them from a bank. So, I would say it's a scam. eta: We lived in Europe before the Euro. There were a couple of instances where we received change in Italy or France and we were later told that it was "old money" and wouldn't be accepted anywhere. Edited August 3, 2010 by Mrs Mungo Quote Link to comment Share on other sites More sharing options...
Sebastian (a lady) Posted August 3, 2010 Share Posted August 3, 2010 Someone is giving investing advice to ds advising to invest whatever they can into the Iraqi dinar. (http://www.dinartrade.com) I'm not sold, but supposedly a trusted father of someone from church has really been investigating and feels it is a good idea. I've already told them that it's very risky and emergency fund money should come first. It looks like there are a lot of scams out there too. I told them if they are set on this, at least they should go through a bank to avoid extra commissions. Does anyone have any more information or thoughts on this? I would not invest in this. I would also serioiusly doubt any other financial suggestions I got from people recommending this. The website looks very much like a scam. It is full of hypothetical returns that are not very realistic. This isn't like "investing in Iraq". It is buying up currency and betting on small changes in relative value that will bring returns. Look for info on arbitrage, or currency trading. I did find info from the NY Federal Reserve Bank (US government bank) about foreign currency trading. Notice that the links on the site are to very general pages on US government sites like the State Department. Note the disclaimer at the bottom. "Dinar Trade is not an investment company. No information on this site should be construed as investment advice." Personally, I would not invest in CURRENCY in a country that was liable to devalue the currency at will. It is too easy for what you are holding to end up worthless. Investing in currency is very different from investing in a company that is doing business in Iraq. And even that is very speculative. As for the example of a relative of a friend from church, there are people I like and generally admire who get snookered all the time. This is a good moment to reflect that if something sounds like it defies all the general rules of returns, if it sounds too good to be true, then it likely is. Quote Link to comment Share on other sites More sharing options...
Sebastian (a lady) Posted August 3, 2010 Share Posted August 3, 2010 I would suggest that you search "dinar trade scam" and read some of what comes up. This is a good report on the problems with dinar trading from NASDAQ, which is one of the US stock exchanges. One more thing: Search the address of the company. You'll find that the address is an office tower. The particular suite listed is a "virtual office" that you can use as an address and as a place to meet clients without actually having to rent and furnish permanent office space. also listed as the address for: Superior Gold Group, LLC Vista Capital Partners Wood Financial Planning and on and on. Even if a few of these were former tenants of the space, I think it highlights the fly by night nature of Dinar Trade Inc. Quote Link to comment Share on other sites More sharing options...
Rivka Posted August 3, 2010 Share Posted August 3, 2010 I would suggest that you search "dinar trade scam" and read some of what comes up. This is a good report on the problems with dinar trading from NASDAQ, which is one of the US stock exchanges. One more thing: Search the address of the company. You'll find that the address is an office tower. The particular suite listed is a "virtual office" that you can use as an address and as a place to meet clients without actually having to rent and furnish permanent office space. also listed as the address for: Superior Gold Group, LLC Vista Capital Partners Wood Financial Planning and on and on. Even if a few of these were former tenants of the space, I think it highlights the fly by night nature of Dinar Trade Inc. Great detective work! Quote Link to comment Share on other sites More sharing options...
Laura Corin Posted August 3, 2010 Share Posted August 3, 2010 I definitely would not invest in this. It's totally unknown what will happen after the US pull out. Laura Quote Link to comment Share on other sites More sharing options...
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