HOW TO AVOID FOREX SCAM EXPLAINED BY AEMILIUS CUPERO.
Forex trading, or Foreign-exchange trading, has gained enormous popularity among the people looking to generate a sustainable and passive source of income. Although with the rising popularity, we have seen growth in the Forex-Scams.
You need to identify and spot the forex scam, or else you might lose your hard-earned money. However, identifying these scammers becomes extremely difficult as these scammers manage to get a website that looks real. Anyone could fall for their trick and get scammed.
Therefore, we attempt in this article to explain how to identify and avoid forex scammers at once.
What is forex trading?
Exchanging the currency of one country with another is known as Forex-exchange.
Currency exchange is extremely important as we do not have a universal currency yet. Forex-exchange plays a vital role in international travel, dealing with international business, international trade, or any financial activity beyond the borders of your own country. Due to the slightly volatile exchange rate, people tend to profit daily and positionally.
Forex trading is widely practiced across the globe, and more people are willing to invest in forex, which has led to an increase in forex scam activity.
Types of Forex-Scams:
Forex has no centralized governing body. With an enormous amount of activity carried out daily, it is easier for a person to get confused and fall for a forex scam. These are the types of forex scams mentioned below.
Automated Trading Platform:
Some of the scam companies claim that you can make money while you sleep and you will get guaranteed returns as they have an automated trading platform. The system claims to analyze the trade and invest your funds to make a 100% profit, which is still far from the reality to assume.
No computer can predict economic events accurately, and people unavoidably lose money with such companies.
Multi-level/network marketing forex scams:
MLM forex scam companies ask people to pay a monthly fee. They will provide them with the signal, inside information, and forex education. These companies are more focused on recruiting people members in masses, allegedly, for a small commission. These companies usually take money from innocent people and vanish in the thin air.
Forex Broker Scams:
Forex-broker companies allow people to buy and sell currencies through their trading platform. Sometimes these brokers are not even regulated by any government body. These unregulated brokers use fake trading platforms, which they control from their backend. They will manipulate your trade transactions to get more money out of your pocket.
This is how these forex scams are carried out.
How to identify forex-trading scams?
Scammers are getting smart these days, but mentioned below are a few trails of forex scammers.
Large/ Guaranteed profits. These scams often claim that you can yield a large amount of profit with a smaller amount to pay, that too guaranteed as they have some inside information or an automated trading platform. It is impossible to predict the forex market as many factors, mainly political and financial, affect it.
Check if the broker/company is regulated: It is not difficult for these scammers to develop a website. Sometimes they also manage to get fake reviews manipulating their existing clients, asserting that they make a huge profit. One should always ask for the company’s registration and look if they are regulated.
Unsolicited Emails/calls. These scammers tend to gather your information from various social media platforms beforehand. They will try to get in touch with you over the email/calls and persist in investing with their platform with the collected information, often true as the user updates it regularly.
How to Avoid Forex Scams.
The most effective way to avoid these scams is to get informed about how it is carried out. You can seek a free consultation with the legal experts of Aemilius Cupero on their website www.aemilius-cupero.com and get your broker verified (Absolutely FREE).
Before dealing with any forex broker or company, please check if they are registered and regulated by National Regulatory.
What to do if you have already been scammed?
If at all, unfortunately, you have fallen prey to these types of scams, then firstly report it to your respective financial authority. Financial Authority will raise an alert that no one from your country should deal with that company.
This way, you can save others from these scams.
To recover your funds, you can get your free consultation from www.aemilius-cupero.com.
We hope it helps and wishes to help you further.
