Forex Scams with a Number of Brokers Involved

WikiFX Strategies (13 Mar.) - The forex market allows both opportunities and risks. In addition to pyramid schemes and pig-butchering scams, the market recently has seen a new scam in which licit brokers' APPs are cloned. With FOREX.com, FXCM, FBS, ANC, FXTM, Tickmill all involved, a number of investors have fallen victim to the scams.

In these APPs, brokers' names, logos, and other information are fraudulently used. There is even a set of APP templates for bulk copy, which share similar functions and layouts with a slight difference in the data parameters. The frauds then distribute QR codes and links through various channels. Many people in trust of the licit brokers will download and use these fake APPs.

After you register and trade on their platforms, they will lure you into more deposits with the illusion of continuous profit in your account. When you try to withdraw your money, they will require commission again on the excuses of incorrect information, account suspension, etc.

How to avoid the pitfalls:

1. Stay alert if what you download is neither MT4 nor MT5 because most brokers have used them.

2. Never open the links sent by strangers, but download APPs from brokers' official websites.

3. The functional layout and design of counterfeit platforms are usually shoddy.

4. Never get greedy, nor believe in the illusion of high returns.

5. Platforms that require extra withdrawal fees are all scams.

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