Forex scams and how to avoid them

[Luisruiz 31]

People like to invest and make money. We buy stocks, currencies and bonds, contribute to savings programs, own real estate, participate in futures markets, options markets and Forex trading, acquire collectibles, provide seed capital for new businesses, buy franchises and the list goes on.

 

The strength of country economies is largely measured by the product of our combined investments. It is our money and we can invest it however we want. Unfortunately, some unscrupulous promoters abuse our freedom of choice by inventing investment schemes that have no chance of making money for anyone but themselves. Such people promise returns on investment that they cannot possibly produce and have no intention of paying. They are scammers. And many of them are very successful. His annual earnings through his lies and deceptions are estimated to be in the billions of dollars. How do they do it?

 

The creators of successful investment scams, such as Forex scams, use all the tricks in the book, and some that are not even known, to convince people that none of the descriptions and cautions on the following pages apply to them. . After all, they promote themselves by offering a once-in-a-lifetime opportunity to earn big money quickly if you trust them. In fact, as you will see later, some of his methods of gaining your trust are truly ingenious.

 

Who are the usual victims of Forex scams?

If you are absolutely sure that you could never fall for such a scam, the scammer already starts with a huge advantage. Investment fraud generally happens to people who think it couldn't happen to them. Just as there is no typical profile for scammers, there is no typical profile for their victims. While some scams target people who are known or believed to have a lot of money, most scammers take the attitude that everyone's money is just as good. It just takes more small investors to fund a big fraud. In fact, some scammers deliberately target families who may have limited means or financial difficulties, believing that such individuals may be particularly receptive to a fast, high-profit proposition. A favorite discourse is that small investors can become rich only if they learn and employ the investment strategies used by rich people. Naturally, the scammer will teach them!

Although the victims of investment fraud can differ from one another in many ways, they do have, unfortunately, one trait in common: greed that exceeds caution. They also have the will to believe what they want to believe. Movie actors and athletes, successful professionals and business executives, political leaders, and internationally renowned economists have all been victims of investment fraud. Like hundreds of thousands of people, including widows, retirees and workers, people who made their money the hard way and lost it the quickest.

 

Forex Internet Scams

Access to the Internet has increased dramatically in recent years, and consumers are increasingly comfortable conducting business (shopping, banking, and even investing) online. But criminals also recognize the potential of cyberspace. The same scams that have been carried out by mail or by phone can now be found on the Internet, and new technologies are generating new ways to commit crimes against consumers.

 

Advertisements in newspapers and magazines

Advertisements in a newspaper or magazine can offer (or at least suggest) much more attractive profit opportunities than those available through conventional investments. Once the victim has taken the bait, the scammer will try to get him to "swallow the hook." Despite the fact that scammers know that regulatory agencies regularly monitor ads in major publications, some nevertheless use such publications in the hope of being able to strike and run before an investigator appears. Others advertise in limited circulation postings that they believe are less likely to be seen by regulators.

 

Referrals - Word of Mouth Advertising

One of the oldest schemes is paying large profits to initial investors (actually starting from your own investments or from other people's investments), knowing that they are likely to recommend the investment to their friends. And these friends will tell their friends. Soon, the scammer no longer needs to find new victims; they will find them themselves.

 

How do we verify someone who is offering what sounds like an irresistible investment offer? These are some of the ways

Find out if your local police department or relevant financial regulatory agencies have complaints on file. If so, you can make your investment decision accordingly. But keep in mind that the absence of local complaints does not necessarily mean that a company or individual is completely legal and legitimate. It may simply mean that investors have not yet realized that they have been misled. Or it may mean that you will have the distinction of becoming the first victim in town. It could also mean that other victims have been too embarrassed to report their losses. Unfortunately, this is not uncommon. Make a phone call to the financial editor of your local newspaper.

 

Although newspapers do not give endorsements or make investment recommendations, they may be aware of a scam artist working on a scam in the area, and they may even have published a warning article that escaped you. So, in the same way, if readers are being bombarded with suspicious investment offers, that's something an investigative reporter might want to verify. If the investment offer is not local, don't be averse to making a long distance phone call or two. Information may be available from the police, your country's financial services regulator, or the community newspaper where the offer is coming from.

 

However, once again, even the absence of such complaints does not necessarily mean that the company is legitimate. Some scammers, especially those who operate from a room with just one phone line, try to keep a low profile in their local areas. This reduces the likelihood that they will attract the attention of local authorities; prevents your potential customers from seeing your operations; and it makes it harder for outsiders to discover what they are doing. Check to see if your city or state has a consumer protection agency. Many do. If so, there may be information about the person or firm offering the investment you are interested in. In either case, the agency should be able to provide names, addresses, and phone numbers of other places where you can check.

[fayeds1 32]

The creators of successful investment scams, such as Forex scams, use all the tricks in the book, and some little-known tricks, to convince people that none of the descriptions and warnings in the following pages apply to them. . After all, they promote themselves by offering a never-ending opportunity to make big money quickly if you trust them. In fact, as you'll see later, some of his ways to earn your trust are really genius

[Luisruiz 31]

It is unfortunate how many people fall for these scams and lose their capital which they could use to generate money in other ways with less risk

 

[rahmi777 320]

There are people who deceive the newcomers in Forex by giving them an amount and trading instead of them, and you will get big profits every week, and fraud occurs at that time and will not get anything. I am surprised by these. How people hand over their money to people they do not know 

[younes Phénomèn 113]

Thank you for the topic
I agree with you
They should be avoided
And try to learn trading or strategy
Just must focus and work hard
good luck for everbody

[joemcgwa 3227]

The fiat currencies market is very secure so that's means for the forex brokers scammers they are too easy to be discovered and to catch also because they cannot have the eligibility to deposit money from your bank card to their platform because of security issues,

[guatazoo 7150]

On 12/27/2020 at 2:25 PM, joemcgwa said:

The fiat currencies market is very secure so that's means for the forex brokers scammers they are too easy to be discovered and to catch also because they cannot have the eligibility to deposit money from your bank card to their platform because of security issues,

I think in the forex scammers will only be eligible to access someone brokerage account and log in to steal the money, but they cannot hack transactions like it have in crypto. 

[Cryptotalk01 117]

22 minutes ago, guatazoo said:

I think in the forex scammers will only be eligible to access someone brokerage account and log in to steal the money, but they cannot hack transactions like it have in crypto. 

Sure brother but we also need to be extra careful because scammers and hackers have different techniques they use to cheat less experience people in cryptowold and for that reason we all have to be vigilant to avoid unnecessary lose because no one will compensate us if we lose to them.

[RoyalHouse01 9]

we should be careful with the new companies and also with the new traders who claim that they will make trade of your money as they can lose all of your money in the experience gaining.

[Mahr 23]

Be careful  by the scammer  because  scammer will get your poo right and investment  both you will get loss.  Be carefull when you want to invest  your money and research  about the forum before investing. 

[Waseem jabbar 185]

Sorry I have no idea .But be careful because the scammer and hacker have different strategy.

[Wayne Velani Ncube 2]

forex scammers some of them are those who do account management and the ones who provide false signals. To avoid them is to learn forex trading fully. Then trade for yourself

[Alaina850 182]

I Don't know.  What is forex? How to work in it?  Because I'm new.  I have no idea about this.  I want to know about it.  Knowing the details so that I can know about it next time. Thank you for highlighting the topic.

[Sypher9 1162]

On 10/2/2020 at 8:53 PM, Luisruiz said:

It is unfortunate how many people fall for these scams and lose their capital which they could use to generate money in other ways with less risk

 

Yes my friend many people fall easily in such traps and lose more money so I think we must be very careful and not to invest with anyone uknown clamming to give good profits because most of them are scamers. @Dorjoy12

[Dorjoy12 8962]

5 hours ago, Sypher9 said:

Yes my friend many people fall easily in such traps and lose more money so I think we must be very careful and not to invest with anyone uknown clamming to give good profits because most of them are scamers. @Dorjoy12

forex trading always  remain risky more than normal trading in crypto world ..   If you talk about crypto forex trading  then ofcourse  its safe and secure  if your deal become with right person  Which  is same as forex trading about banking,shipping and so on..   You just need to have the good qualified skill to manage  any situation  @Sypher9

[zeshan1122 654]

you need to be careful with your money so that means you can make money but you need to take care of the scams that are in the form of the account managers, the tools, the brokers and the signal providers.

[Adrian Atiencio 156]

Hello friend I hope you are well, to avoid being scammed by some fictitious academy or a person who claims to know and just want your money or a provider of signals that do not serve the best is to find someone who does trading and has already won and that person is your guide all this way. Trading is not easy but sometimes you meet people along the way who help you along the way. Success

[Mishakhan123 51]

Many scam in the forex market are no longer as pervasive due to tighter regulations,but some problems still exists one shady practice is when Forex brokers offer wide bid ask spreads on certain currency pairs making is more difficult to earn profit on trades be careful of any offshore unregulated brokers..

[Ayinlek 42]

On 10/2/2020 at 7:32 PM, Luisruiz said:

People like to invest and make money. We buy stocks, currencies and bonds, contribute to savings programs, own real estate, participate in futures markets, options markets and Forex trading, acquire collectibles, provide seed capital for new businesses, buy franchises and the list goes on.

 

The strength of country economies is largely measured by the product of our combined investments. It is our money and we can invest it however we want. Unfortunately, some unscrupulous promoters abuse our freedom of choice by inventing investment schemes that have no chance of making money for anyone but themselves. Such people promise returns on investment that they cannot possibly produce and have no intention of paying. They are scammers. And many of them are very successful. His annual earnings through his lies and deceptions are estimated to be in the billions of dollars. How do they do it?

 

The creators of successful investment scams, such as Forex scams, use all the tricks in the book, and some that are not even known, to convince people that none of the descriptions and cautions on the following pages apply to them. . After all, they promote themselves by offering a once-in-a-lifetime opportunity to earn big money quickly if you trust them. In fact, as you will see later, some of his methods of gaining your trust are truly ingenious.

 

Who are the usual victims of Forex scams?

If you are absolutely sure that you could never fall for such a scam, the scammer already starts with a huge advantage. Investment fraud generally happens to people who think it couldn't happen to them. Just as there is no typical profile for scammers, there is no typical profile for their victims. While some scams target people who are known or believed to have a lot of money, most scammers take the attitude that everyone's money is just as good. It just takes more small investors to fund a big fraud. In fact, some scammers deliberately target families who may have limited means or financial difficulties, believing that such individuals may be particularly receptive to a fast, high-profit proposition. A favorite discourse is that small investors can become rich only if they learn and employ the investment strategies used by rich people. Naturally, the scammer will teach them!

Although the victims of investment fraud can differ from one another in many ways, they do have, unfortunately, one trait in common: greed that exceeds caution. They also have the will to believe what they want to believe. Movie actors and athletes, successful professionals and business executives, political leaders, and internationally renowned economists have all been victims of investment fraud. Like hundreds of thousands of people, including widows, retirees and workers, people who made their money the hard way and lost it the quickest.

 

Forex Internet Scams

Access to the Internet has increased dramatically in recent years, and consumers are increasingly comfortable conducting business (shopping, banking, and even investing) online. But criminals also recognize the potential of cyberspace. The same scams that have been carried out by mail or by phone can now be found on the Internet, and new technologies are generating new ways to commit crimes against consumers.

 

Advertisements in newspapers and magazines

Advertisements in a newspaper or magazine can offer (or at least suggest) much more attractive profit opportunities than those available through conventional investments. Once the victim has taken the bait, the scammer will try to get him to "swallow the hook." Despite the fact that scammers know that regulatory agencies regularly monitor ads in major publications, some nevertheless use such publications in the hope of being able to strike and run before an investigator appears. Others advertise in limited circulation postings that they believe are less likely to be seen by regulators.

 

Referrals - Word of Mouth Advertising

One of the oldest schemes is paying large profits to initial investors (actually starting from your own investments or from other people's investments), knowing that they are likely to recommend the investment to their friends. And these friends will tell their friends. Soon, the scammer no longer needs to find new victims; they will find them themselves.

 

How do we verify someone who is offering what sounds like an irresistible investment offer? These are some of the ways

Find out if your local police department or relevant financial regulatory agencies have complaints on file. If so, you can make your investment decision accordingly. But keep in mind that the absence of local complaints does not necessarily mean that a company or individual is completely legal and legitimate. It may simply mean that investors have not yet realized that they have been misled. Or it may mean that you will have the distinction of becoming the first victim in town. It could also mean that other victims have been too embarrassed to report their losses. Unfortunately, this is not uncommon. Make a phone call to the financial editor of your local newspaper.

 

Although newspapers do not give endorsements or make investment recommendations, they may be aware of a scam artist working on a scam in the area, and they may even have published a warning article that escaped you. So, in the same way, if readers are being bombarded with suspicious investment offers, that's something an investigative reporter might want to verify. If the investment offer is not local, don't be averse to making a long distance phone call or two. Information may be available from the police, your country's financial services regulator, or the community newspaper where the offer is coming from.

 

However, once again, even the absence of such complaints does not necessarily mean that the company is legitimate. Some scammers, especially those who operate from a room with just one phone line, try to keep a low profile in their local areas. This reduces the likelihood that they will attract the attention of local authorities; prevents your potential customers from seeing your operations; and it makes it harder for outsiders to discover what they are doing. Check to see if your city or state has a consumer protection agency. Many do. If so, there may be information about the person or firm offering the investment you are interested in. In either case, the agency should be able to provide names, addresses, and phone numbers of other places where you can check.

Thanks for this, I think this are one of the most important things someone needs to know when trading forex as scammers are now many outside there. This is really bulky though but worth reading.

[RoyalHouse01 9]

On 10/2/2020 at 11:53 PM, Luisruiz said:

It is unfortunate how many people fall for these scams and lose their capital which they could use to generate money in other ways with less risk

 

there is not way to make the money on the internet if you want it a risk free as if you want to make money you have to rake risks for that and you have to bear the losses as well.

[Taj93 295]

Forex mockups use many tricks to convince people by providing great opportunities to make money very quickly and make you trust them, and it is unfortunate that many people fall into the trap and lose their capital.

[Umair786 33]

That is why I only use the old and good brokers and also I trade by myself I do not trust anybody I and never share my money and private place and private keys to someone