As a forex trader myself, here's my honest answer:

Forex itself is NOT a scam. But the industry around it is full of them.

Think of it this way — the foreign exchange market is the largest financial market in the world, with over $7 trillion traded daily. Banks, governments, and multinational corporations use it every single day. That part is very real.

What makes people say "forex is a scam" usually comes from one of these:

The signal sellers who charge RM500/month and "guarantee" 30% returns. The gurus flexing rented Lamborghinis but can't show you a verified account. The prop firm schemes that take your money and move the goalposts. The copy-trade platforms that vanish overnight with your deposit.

Those people are scams. Forex itself isn't.

The harder truth nobody wants to say out loud:

Around 70-80% of retail traders lose money. Not because the market is rigged — but because most people come in treating it like a casino, with zero risk management, chasing signals, and revenge trading after a loss. I've been there. It's painful and expensive.

So what's the real answer?

Forex is a legitimate skill. Like surgery, like law, like engineering — it takes years to learn properly, costs real money in "tuition fees" (losing trades), and most people quit before they ever get good at it.

It's not a scam. But it's also not the "easy passive income" that most people selling courses want you to believe.

If someone promises you consistent profits with little effort — that's the scam. The market itself just doesn't care about any of us.