Warning Signs Of Forex Fraud
The online world offers many opportunities to access the global economic market and make a profit. As a part of that market, Forex trading is becoming more and more popular. The more popular, the more it is attractive for scammers of all kinds. They have different means to seduce you presenting their remarkable, but questionable, achievements on Forex that sound too good to be true. To spare you from falling victim to these fraudulent companies and individuals, we give you an overview of signs of Forex fraud.
Signs of Forex Fraud
- Trading Systems And Education Without Any References
There are a bunch of Forex scammers who sell Forex trading systems and training programs. When you ask them to provide proof of their trading history, they avoid the answer. There are also a lot of traders who would offer their systems without asking for any service in turn. They are called “snake oil salesmen.” “Snake Oil” is the term traders use for fake traders and trading systems who have no valid proof of their trading history.
- Email Spam Requesting Personal Information
Scammers may also ask you for your personal info, such as your name, phone number, even id card number, your address.Be cautious, and do not give your contact details to someone you do not fully trust. Beware of brokers who do not provide you with a written risk warning. Even if they do, read the signs carefully because the devil is in the details.
- Stay Away From Too Good Opportunities
Do you want easy money to earn? That’s a kind of question that forex scammers use to get you onboard. In case your answer is yes, maybe that Forex is not for you. Don’t believe someone who tells you that it’s easy to make money with 30% profitability per month. It is pure nonsense. Forex trading takes a long time to become profitable. There is no easy money in there. But, if you devote your time and learn to trade properly, you could have a great income source.
- Forex Scammers With No Background
Never work with someone who refuses to give you their basic information, whether it’s a broker, trader offering forex trading systems, educator, or fund manager. Always do a quick check online they profile on social media to see if the person or business is legitimate.
- Forex webinar scam
This is one of the scammers’ new methods; they contact you privately and invite you to a video chat, a Forex webinar scam. You often end up with about twenty people, some of whom have been clients for a few weeks, who tout incredible results. But in fact, they are just part of the scam network. Remember, canvassing is illegal, and the purpose of this method is to use your curiosity while preventing scammers from showing off publicly or giving out their real contact details.
So many dishonest and unethical persons are waiting online to make a profit from someone’s misinformation or ignorance. We gave you some of the signs of fraudulent activities and persons that are primarily targeting newbies and inexperienced traders. If you consider to start Forex trading and you are not sure how to start and how to avoid Forex scam, talk to your financial advisor who will prevent you from them. And don’t forget to read forex reviews since they are a good source of info regarding the reliability of Forex platforms.