Trading and speculating in foreign currencies is a high risk, but potentially high reward investment activity. It is a legal activity and people selling these investments must be registered with both state and federal agencies. Recently there has been in upsurge in sales of the Iraqi dinar, the currency of Iraq. Many of the sales are being done by unregistered scammers promising that when the Iraqi economy turns around in a few years you will make a tremendous profit Unfortunately, no one knows if and when the Iraqi economy will improve and perhaps an even more significant problem is that the dinar is not a listed security anywhere and no govermental agency is directly supervising its trading. Banks don’t even use it.
Never invest in any investment that you do not totally understand and never invest without checking out the legitimacy of the person and company offering the investment. In the case of the Iraqi dinar, you can’t even check out the investment because at the moment it is unregulated, which should be sufficient investigation in and of itself to tell you not to invest in it.