Forex Scams

20.11.2020

forex scams

Is Forex a Scam Or Not?

The forex is an unpredictable market and bears substantial risks. It is not to invest all money, hoping you will certainly take back or have double your income. Also, forex trading scams risks are high, that’s why some part of mankind is determined that the whole forex is a scam. We recommend you to read the text below to know all the crucial points about trading scams connected with forex.

Is Forex Trading a Scam?

Coming back to business, forex as a kind of market is not a scamming scheme. It is just a way how you can raise your cash by buying and selling things. Of course, there are a lot of dishonest traders that fraud people every day and that’s how they earn a living.

What Are the Signs of a Fraudulent Forex Schemes

  • The first sign of fraudulent activity is when a trader tries to steal your personal information like your full name, passport, ID number, index, email, etc;
  • A trader tells you you can earn money from using current news, schemes from the Internet, and theory from books (different kinds of information already known to the public);
  • When you hear somebody is saying that forex will make you rich, and there no risks at all;
  • A scamming trader will try to know more information about your friends and family members to make more people involved in his or her plan;
  • He or she states that you must trade in the interbank market;
  • Say that is obligatory to cash by the use of e-money, strange websites, by mail, etc;
  • It is impossible or very hard to get information about the trader, manager, or company.

What Are the Most Popular Forex Trading Scams?

forex fraud

You can get scammed by an Automatic System

The new trading market and the ways scammers use to trick you never let you rest! A great example is a new frauding scheme where dishonest traders try to sell an automated digital system that will grind you money even while you are sleeping in your soft bed. Unfortunately, the large vast of such computerized systems has never been tested in real life. Programs did not pass for a formal check, and because of it, they are an unreliable source of possible income. Instead, trading scams programs from the perspective of forex fraudsters are 100% reliable, tested, and confirmed by trading organizations.

Forex binary trading scams are most commonly run through trading systems that are not always complying with relevant U.S. supervisory requirements and regulations.

The Signal-Seller Scam

An up-to-date scam is signal seller fraud, where signal traders also offer unreliable systems, deceiving clients, and asking for a periodical fee (weekly, monthly, or for the whole year). Each signal seller claims that his or her or even the company’s program will make you wealthy for sure. As always, such smart-looking, fashionable traders with cars and a lot of sex partners (at least their advertisements try to make them such ones) are scammers that make their money by making others poor fools.

Sellers of Ideal Courses About How to Earn In Forex

During Covid-19 times a lot of scammers adjusted to the steam of course makers. Because of this, they have a new tool on how to trick you or your relatives. Deceitful courses are one of the popular trading scams in the digital world. You can see it on your social media, email, in the form of advertisements on unreliable websites.

Professional Traders With Garanties

Forex control funds have increased during recent years. Sadly, lots of these are trading fund scams. Scammers make a proposition as a kind of opportunity to have a stable income by transferring all trade issues to professional forex traders that are in real forex fraudsters. Moreover, they will say you will have prominent profit from market exchange.

5 Questions That Will Identify a Scammer

forex trading scams
  • What is guaranteed to have a positive outcome from such a situation?
  • What is your qualified level? For what reason you can provide me this service?
  • What are the reasons I should invest my money, pay for your service, what is included in this payment?
  • How does your product or service satisfy my financial needs?
  • How should you pay for such a service?

How to Report a Scam

The team of 123 ChargeBack can help you to restore the balance, spot a scammer so nobody else would ever have faced such an issue. You can visit our special page called “Report a scam” to tell your story about forex scams you faced.2

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Author of article

Caleb-Joshua Mashrooman

Interests: finance, legal advice, golf, economics

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