What To Do If You Fell A Victim Of Forex Scams?
The Forex exchange market offers excellent investment opportunities that are more than ever available to anyone who has an internet connection. But, it’s also a two-edged sword that requires utmost precaution and proper knowledge if you want to end up with a profit instead of a ruined account due to forex scams. In case that you have been or think that you are about to be scammed on Forex, here is some piece of advice to get you sorted in that unfortunate situation.
How do Forex scammers trap you?
In online trading, it is not uncommon to find advertisements such as:
Win € 1,000 in just 60 minutes! Or Sign up now and earn an immediate € 200 bonus!
These are the kinds of Forex scams phrases that will appeal to inexperienced traders. It is true that earning € 1,000 in such a short time or receiving € 200 for free is the offer not to be refused. All scammers start by seducing you, and to get there; they don’t hesitate to use aggressive marketing techniques. Some promise you twice as attractive earnings than other brokers, while others offer you different types of gifts. In return, what you have to do is register and make a first deposit. And this is where it starts to go wrong.
Why report a scam?
Sometimes you can feel ashamed of having been ripped off, but you shouldn’t! Reporting a Forex scam is important because the regulatory institutions cannot see everything despite its best efforts. Reporting a scam to the financial regulatory authorities and alerting them to a scam will prevent others from being fooled.
How to report Forex scams?
Have you been the victim of a trading scam? If it turns up that the broker is not regulated, you can file a complaint with the prosecution of the high court. Be aware that these procedures are free and keep away from any company or individual promising to release your lost funds for remuneration or various administrative fees. These are fraudulent double traders, so check if they are on blacklist or have some negative reviews or scam reports on forums.
How To Avoid Forex Scams – Choosing The Right Broker
Even if Forex trading and scams go hand in hand, it is, fortunately, possible to trade without risk if you choose a reliable and secure Forex broker. For this, it is necessary to check on the official website of your country’s financial authority if your broker is not on the blacklist of illegal trading sites.
When making these checks, please pay particular attention to the spelling of the broker’s name: often, illegal sites use a name similar to that of a serious and regulated broker, changing only a few letters; it is identity theft.
Trading on Forex is not a scam as such. There are many regulated and reliable brokers, the seriousness of which can be checked. Trading certainly involves risks, but it is a profitable and honorable activity whose image the online trading scam unfortunately tarnishes. The alluring side of quick and easy money will always be everywhere. That’s why you must realize what it takes to be successful in currency pair trading. And then, if you really want to give your money, give it to a reputable company! To make sure you don’t fall victim to a scam, always use the services of a regulated broker who has favorable reviews online and is 100% transparent in their fees and compliance policies.