Forex scam artists, how to find and avoid them

The forex industry has almost become over saturated with scammers looking to make a quick buck. They are the sly snakes of the trading industry, looking to use our hope as traders for a successful future to con us into giving them money based on their empty promises. Today we will be discussing the tell tales of what these scammers tricks look like and show you how to avoid them.

Sketchy Broker Partnerships

Another scammer favorite is partnering with sketch brokers. They will use fake results such as fake withdrawal statements from brokers on their socials to entice you to join their mentorship and signal programs . Under these programs they will insist on using a broker they are partnered with. The scam here is that no only will they sell you the member ship but because their signals and lessons are of no use they know you will be a losing trader. For all the accounts blown by traders using with a broker, the scammer will be promised a certain percentage of the brokers winnings.

The best way to identify such a scammer is to always do research on which broker they recommend. Good brokers are not only verified , but they are regulated to ensure that they follow strict rules of conduct to ensure that your rights are protected. You should use the app called Wikifx to do your research. This app helps you find the best regulated and verified brokers with then best customer reviews. They also list the brokers which are known to scam others so the moment you see a mentor insisting on a broker listed as a scammer, you will immediately know that there are not be trusted under any circumstances.

Identity theft

One of the prominent scammer method is cloning the social media profile of a famous trader and offering signals or mentorship. They also offer you trading robots, claiming that they will earn you profits as the people they claim to be are earning profits. It goes without saying that the moment you give these people your money they will cease all communication with you to the point of blocking you to avoid you speaking ill on their socials and warning other possible victims.

When talking to possible mentor always make sure it is the right individual you are speaking to. Search their names on multiple social media platforms and confirm that their information and social media contacts sync up. One sure way to do this is to find mentors with YouTube channels. There you will be able to see their face and they are most lightly to link ways to contact them this they are a legit mentor looking for students.

The use of irreversible payment options

The biggest red flag comes in the form of which these scammers will prefer to be paid. If they insist on using payment options which irreversible payment options then you must immediately avoid such a person, no matter what they say or promise. They will never ask for methods like bank accounts cause for that they need to use their real identities. Not only will it be obvious that the name they claim to be different to the official name printed in the bank account, but if they are reported the money can be traced back to them and these transactions can be reversed.

All of this is not to say that you can never find a good mentor. They are genuine mentors and service providers who are worth the investment but he careful and do you research before getting scammed. With just following the above mentioned steps and looking out the red flags as mentioned, you should be able to avoid getting scammed out of your money.