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Beware! The Forex Industry is Full of Scammers!

"The minimum starting capital is $100, and the profit is 400% after two days" The Very Real, Very Scary, Reality of Forex Trading Scammers.

Ever come across someone promoting big profits in a short space of time on Facebook? Something along the lines of "Give me -insert amount here- and you will have double by the end of the week, - Guaranteed!"?

When I entered the Forex industry a few years ago, it very soon became apparent that it is INFESTED with scammers. On Facebook, Instagram, YouTube, Google, you name it, and they are there. These vultures prey on beginners who don’t have much knowledge or experience with Forex Trading, or people desperate for some income. Time and time again we see and meet people who have been scammed out of thousands. People continually ask us how to identify a scam. I have compiled the following notes to help people and make them aware of these scammers

How to Spot and Avoid Scammers:

1. Rule of thumb:

If it sounds too good to be true, it IS too good to be true. If an individual or company is advertising massive profits in a short amount of time, be very wary. Unfortunately, people advertise Forex as a "Get –Rich-Quick" scheme. The profiles are usually emblazoned with pictures and videos of sports cars, money, luxury watches, etc. Now don't get me wrong, Forex Trading can be extremely lucrative, but what is advertised can also be very false. Sure, there are people making tens of thousands in a week, but this is not the standard for everyone. The advertisements are specifically designed in this way to lure people into their business. FOREX TRADING IS NOT A GURANTEED GET-RICH-QUICK SYSTEM. I cannot emphasize this enough. There is no such thing as a 100% guarantee. No one trader can guarantee a profit on a trade. So, the bottom line is: If it sounds too good to be true, give it a miss.

2. Individuals on social media:

(Especially Facebook, it seems) claiming/offering to trade for you and make you lots of money in a short space of time. 99.9% of them are Scammers. Our motto is: Rather Safe than Sorry, - Avoid them.

3. Binary Options:

Once again, 99.9% of the time, SCAM. Wow, do we get a lot of people here who have been burned by Binary Options scams! Rather be safe and stay clear of them, or anything related to them.

4. If it is an individual advertising, and not a trusted company:

The Scammers are often individuals, instead of bona fide companies. Yes, there are companies which are in fact Scam operations and you should still definitely look out for those, but we see that it is often just one or two individuals conducting the scam. We strongly recommend that you look at trusted companies who offer proper PAMM investment accounts. In addition, do your research on the company. Search for them on Google and see what comes up, ask around, check their page on Facebook, check the reviewers and maybe even contact a few of them. Better still, go and VISIT the company offices if possible, to meet the people who work there and to check that it really exists.

5. Google is your friend:

One of the best and easiest (but of course not always 100% accurate) ways to check if a company, broker, or individual is legit, is Google. Simply type the name of the company, broker, or individual into your Google search and see what pops up. Often, especially when it comes to brokers, you will see many reviews and articles warning you if it is not legit. Once again, do thorough research.

6. Learn to trade for yourself and get a good forex trading education:

We believe that the best way to avoid being scammed and losing money is to take the trading into your own hands. Get the proper professional training needed and trade for yourself rather than leaving it in the hands of another. Who better to trust than yourself (once you’re suitably qualified?)

7. Contact us:

If you do not feel sufficiently well enough equipped to spot a scam, or would like to double check your FBI work, you can ask us to do the dirty work for you! We are knowledgeable in this industry and equipped to spot a scammer from miles away. So just send us a message and ask us to go FBI on the possible scammer.

8. If you do happen to spot a scammer, or have one approach you:

First, RUN AND HIDE YOUR MONEY. Do not communicate with them, do not listen to them, do not even look that way. Scroll or walk past very quickly and DO NOT look back. You can send the details to us so that we can put it on our page and warn others. Do the same on other Forex pages. Report them to the police and the FSB. Forex Peace Army also offers a good platform to check for, and report scammers of all sorts.
You can check and report scammers here --> ForexPeaceArmy

To conclude, there are MANY Scammers in this industry, you need to be very alert and really do your research before trusting anyone. Better yet, get properly educated on the markets and industry yourself. Do not give your details or money out before you are 100% certain that it is the real deal.

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