What are Forex Scams ?
Forex scams often attract customers through advertisements in newspapers, radio or popular websites. These particular advertisements may show-off low-risk high-return investment opportunities in Forex trading.
They may even offer high paid currency-trading employment opportunities showing you the first signs of being forex scams. Be very careful when promoters of forex trading claim that their services or account management will earn high profits with zero risks because there is no trading without risk.
Forex trading has enough financial risk. Alert Yourself if they claim that they will give you a position as a Forex currency trader that will make you wealthy quickly as they are definitely forex scams.
Avoid emails or messages that sound too good to be true. Forex trading that involves get rich quick schemes are generally forex scams and blunders. Retired professionals with access to their retirement funds are the most vulnerable targets for forex scams.
Once your money is gone, it is almost impossible to get it back. Be very careful of companies that will guarantee you a profit because there is nothing called ” Guaranteed” “100%” in trading dictionary, they only exist in Forex Scams.
Alert yourself as well, if they flaunt extremely high profit statements. These types of results are always fake and are definitely forex scams.
If a company tells you that written risk, disclosure statements are routine formalities imposed by the respective nations and government, stay away from that company!- They are definitely forex scams.
Forex trading is very volatile and can carry a huge risk for those who do not have enough knowledge of Forex trading industry. If you cannot afford to lose money then do not get into the Forex currency trading market.
Do not invest your retirement funds with forex scams for Forex trading; that would be extremely fatal for your financial stability.
These so called forex companies, or groups which are actually forex frauds promise you financial freedom, but sadly what they do to you is exactly opposite.
It is very important to identify and avoid these forex scams to protect your hard earned money.
Forex Scams – New Methods Deployed by Scammers
Guess what? theory of evolution is so true in this forex scams industry as well. As People learn about the tricks of these scammers, they continue to evolve and rise with new Forex frauds methods. It is becoming so inevitable to avoid forex scams but it is not impossible.
Below is a list of Forex scams methods. Mind You! Not everyone is a scam, I do not intend to target a particular group or company, I am just trying to equip you with the knowledge to identify who are forex scams and who are not!
Telegram / WhatsApp /Facebook forex scams
In this digital era, messengers like telegram, whatsapp, and sites like facebook have become an essential part of life. We are ready to live with polluted air, but we cannot live without these, sad but true!
Telegram and other sites are full of these forex frauds, they scam in the name of providing you with trading advice, providing a EA or a robot which can generate 1000% return just like that! Here we are still struggling to be perfect at reading the markets.
(However, no one can become a perfectionist at reading markets, if someone claims so, congratulations, you have found your first forex scam) and these so called experts are selling you a dream of 1000% return 🙂
The moment you sense these unrealistic promises from telegram channels, whatsapp groups, facebook groups, hit your head hard and wake yourself up and leave them immediately. As I said earlier, everyone is not a scam, there are genuine forex services on these messengers.
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2. Account Management Forex Scams
This is one more popular methods of forex frauds. These people are everywhere. These so called account mangers convince you to give your accounts for management without explaining you the risks involved.
They will lure you with screenshots of huge profits from demo accounts, they promise you to double your forex trading account in no time!
The moment you see these promises, tag them as forex scams and move on to save your money. Definitely not everyone is a scam, there are really very genuine account management services.
The real account mangers will never promise you a fixed return. They will inform you in advance that all of your capital could be lost, they will never promise to double your account in no time.
The scammers here charge you $100 hence the name ‘$100 forex scams’ They attract you through facebook posts, telegram groups, channels, and messages. They ask you to send them $100 and they promise you to make it $3000 in 24 hours!
Oh Greedy You! will succumb and pay them $100, here comes the best part – they will not block you. They will not disappear, they will keep assuring you that your money is being doubled and doubled!.
After 24 hours, they will come up with a story that you need to pay a service charge of $100 more to withdraw your $3k profit – yes, at this golden moment, you have realized that you have been a victim of forex frauds, but Hey! It is too late!
Tips to Fight Forex Scams
Kill your Greed – all most all the times, it is your greed that numbs your intellectual mind. And as a result you become a victim of forex scams.
Do not try to get rich overnight – the moment you try it, you are the easiest target to these forex scammers.
Gain Trading knowledge – They say knowledge is power, and it is a universal fact. The more trading knowledge you have, the more chances that you will identify and kick out even the most cunning forex frauds.
That’s it in this post. I have tried my best to equip you with enough information to fight forex scams, Hope it helps!
Even if one person is saved from being a victim of these vicious forex frauds by virtue of this article. All the time and efforts that are put in this post are worth it.
Also Checkout: How to Make Money With Forex?