Forex scammers can be of many types. However, once you know how one works, you will automatically know how all of them work. The world is becoming more and more reliant on trading. You have millions of people performing millions of trades every single day from their homes. While trading from home offers some great flexibility and benefits, it is also a great way to fall for a scam. You are on your own when you trade from your home, and without mentorship, you can end up in places where you should not be.
Forex scammers are on the rise these days. They are looking at how people are getting more and more interested in trading and they are targeting them in all the possible ways. Let’s take a look at different ways forex scammers can scam you.
The Almost Legitimate One
This type of online trading scam can seem almost real. They have a professional website, a trading platform to offer, and some really intelligently designed trading accounts. The problem starts when you provide them with your personal and banking details. You get charged for things that you never knew. At the same time, you deposit some funds in your account in hopes of trading only to find out later that half of the funds are gone because of the fees and commissions associated with the deposits. You are flabbergasted because you were never told about those fees and commissions.
In that case, you have to ask them to return the money to you. That’s where they make things even more difficult. The money that you have in your trading account becomes even more to retrieve because of all the terms and conditions that they tell you are associated with the process.
The 100% Accurate Bot
This one is the easiest to spot. However, there are people who still fall for it only because they are looking for some way to make money desperately. They show them a dreamy world where they can make a lot of money and change their status. They talk about huge income without any trading skills. They tell these traders that they can make money through a software tool that will trade on their behalf. Yes, if you believe them, then you will not be trading or doing anything and the money will be falling in your account like raindrops.
They usually start with a pitch wherein someone created a platform for themselves and then thought that others could also benefit from it. They show you pictures of celebrities and other fake videos to leave an impression of trust and reliability. In reality, they are nothing more than a scam.
The Ones with the Signals
There are certain forex trading scams that tell you that you can enjoy successful trading through the signals they provide you with. Signals are real and a great tool for trading online. However, when someone charges you extra money for just signals, you can be sure that they are scamming you. When you sign up with legitimate online brokers, they provide you with signals with your trading account. You can use these signals to make sure that you are trading in the right direction.
Despite all the research and analytics behind signals, they can’t guarantee that you will profit from your trade. If some online forex broker tells you that they will provide you with signals that will always guarantee profitable trades, you are in the wrong place. That’s not possible at all.
Some Signs You Have Signed up with a Scammer
· Promising You Things
A legitimate broker will never promise anything. Keep in mind that trading is just like any other investment in the world. If you want to benefit from other types of investments, you have to put in your money, time, energy, and skills. No one can tell you that you will make a lot of money from your investment with 100% guaranty. If you are signed up with a broker that says that, you have chosen the wrong one.
· No Regulation in Place
While there are some trading service providers that are legitimate but without regulation, you still have to be wary of any platforms with no regulation. It is recommended that you pick trading platforms that have some level of regulation in place. Don’t ever sign up with a broker that tries to sell you the idea that being regulated and not being regulated are the same thing.
· No One Picks up the Phone
In many cases, you will find brokers that do not pick up your phone. They give you the impression that their lines are busy because they are buzzing with customers. However, the reality is that they don’t have a proper customer support department. They don’t want to help you with anything. In fact, they don’t even want you to call them. If you have called them multiple times and they have not picked up the phone, you can be sure that they are not trying to make things easy or feasible for you.
What to Do When You Have Already Lost the Money?
Now, we can tell you all the possible signs and indicators that prove that an online forex trading platform is nothing more than a scam. However, they are so sophisticated that they can still get you with all their talk and sales pitches. So, what if you have already signed up with an online forex broker and you think they will not give your money back?
That’s where we come in. Forex Chargeback will help you get all the money that you want back. If some illegitimate broker has taken your money without authorization or through deception, they have to return it. We have a team of professionals, consisting of lawyers, attorneys, psychological experts, etc. to not only catch them legally but through mental pressure as well.
With our years of experience and knowledge of the industry, we can help you get your money back from the scammer out there. Get in touch with us today.