Forex Scam Awareness & Blacklist

There is no question that the forex market is one of the biggest financial markets. Approx $5 trillion is the daily trading volume, which increases the chance of a Forex Scam. With unstable currency fluctuations, scams are more common than ever. A Forex Trading Scam is a fraudulent money exchange trade in which you lose the odds of getting back the cash you invested.

This article will make you aware of forex scams and highlight the major points investors should check before choosing their investment partner.

What is a Forex Scam?

Forex Scam operators use deceptive and unlawful practices to cause financial loss for traders. They target people from various backgrounds and age groups, always finding new ways to mislead. Once they get your money, they often disappear without a trace.

Today, many scams operate via Facebook, Instagram, and YouTube, creating false relationships to gain trust. If you wish to invest online, educate yourself to avoid falling victim to these tricks.

Types of Forex Scams

• Point-Spread Manipulation: Manipulating the bid-request spread in favor of the dealer.
• Signal Sellers: Charging fees for trading tips, then disappearing or offering poor advice.
• Forex Pyramid Scheme: Recruiting members to join and pay into the system; illegal in many countries.
• Automated Trading Programs: Selling “robot” systems with fake success rates.

How to Identify a Forex Trading Scam

• ‘Risk-free’ investing: Every investment carries some risk.
• Spontaneous offers: Unsolicited forex offers are often scams.
• Time pressure: Urgency to invest is a red flag.
• Unreasonable returns: Promises of huge profits are suspicious.
• Social Media Ads: Fake ads using luxury lifestyles to lure investors.

Blacklist of Forex Scam Brokers 2021