Protect Your Wallet: How to Stay away From Forex Scammers

Ray Newsroom2 weeks ago

4 2 minutes read

With the advancement in technology, there are many ways of earning money online, and you can easily become a millionaire at the comfort of your home, Forex trading is one of the ways through which people make millions of money online. However, the forex field is invaded by a lot of scammers, who pose as legit traders, but deep down, they just want to con you for money. There are several signs that are automatic reflags, and those signs should just tell you that person is a scammer, hence you should not trust them with your money or purchase anything from them.

Here are the reflags. You must observe

Lack of regulation: legit forex platforms or brokers are regulated by financial authorities and the national government of the nation you are residing. If you find out that a broker is not regulated, avoid that broker, there are high chances that those are scams, and with time they might vanish away with your money. You can’t recover that money because the authorities aren’t even aware of such a broker.
Unsolicited Offers: There are just some offers that are too good to be true; some promotional offers are usually used by scammers to lure you. You may find a scammer telling you to deposit $ $100 in your account, and they will multiply it by $10,000. That is obviously a scam because if they are capable of doing that, then they couldn’t even ask for money from you.
High-pressure sale tactics: These are manipulative, and they usually lure a person to making quick decisions, and they end up losing their money. In fact, if you want to buy anything concerning forex, to avoid being scammed, do your research fast, and make sure that whatever software or bot you are purchasing is worth whatever you want to do.

Common Forex Scams

Account Management: It is true that there are legit account managers, but this is also against the rules of trading; in forex, please avoid trusting people with your accounts; this is one of the most common tricks that forex scammers use. They promise to manage your account, and lure you to depositing a certain amount of money in your account, with a promise of huge returns, after doing so, they log you out of your account, go ahead to withdraw you money and vanish.
Signal Sellers: Another common scam in the field of forex is forex scammers who pose as legitimate signal sellers. When you buy their signals and trade with them, you end up making huge losses. This scam is tricky because there are people who sell legitimate signals and those who are fake. The most important way to avoid this is by learning how to analyze the market by yourself.
Phony Trading Robots: A very common scam, especially for people who trade binary options and like using trading robots. There is a group of forex scammers who claim to have automatic robots that don’t make losses. They lure you to buy those robots, and you end up making huge losses and even draining your account. Something you should know is there is no bot that will give you 100% profit. When you buy a bot, buy with its trading strategy. Make sure you test the speed of the bot and also analyze the market before running the bot.