Scam Alert: How To Avoid Getting Scammed In Forex Trading

If there are thousands of traders and investors all over the world enjoying the returns they acquired from trading and investing, there are also a whole lot of people who end up losing their hard-earned money to scammers and frauds. Even though the advancement of technology helped a lot in Forex trading, it has also become a bridge for online scammers to communicate with more innocent people, promising to get rich quick schemes. It is not because traders are ignorant of debunking whether it is a scam or not. It is just that, more and more investment scams out there are becoming more convincing and sophisticated in devising their fraudulent activities that even professional traders fall for.

No matter how scary it is to invest nowadays, not investing shouldn’t be your option either. All you have to do is to become wiser than the scammer and protect yourself from investment scams. There are precautionary measures that you can take;

Avoid Investments With Very High Returns

One way investment scams were able to attract unknowing investors is their promises of extremely high investment returns. One very important reminder is to be wary of these too good to be true investment schemes. One major problem in distinguishing scams is their hard to distinguish contact information that appears very similar to the real ones.

Although there are existing legitimate opportunities out there capable of providing quick profits, you must bear in mind that the higher the promised returns, the chances of losing everything is also high. Also, if they are using ‘guaranteed’ returns as terminology then it is most likely that the investment platform is scam or fraud. This is because no one can guarantee investment success no matter how experienced you are. 

Always Check The Registration Status of the Investment Platform

Almost all countries have a regulatory commission or agency that monitors and regulates investment activities. They make sure that no investment scams can manipulate unsuspecting investors. As much as possible, you need to check if the platform is licensed and registered at the regulatory body before investing your money in them. 

Beware of Suspicious Social Media Posts and Emails

The advancement of technology has brought us convenience and entertainment even in the comfort of our own homes. However, it has also become the home of cybercriminals hiding behind fake accounts. They tend to post attractive and engaging posts promising great results. They are even capable of collecting personal email addresses where they send real-like emails about money-making opportunities. This is their opportunity to engage you in investing in their platform.

Ask Questions

If you are not sure about something, there is nothing wrong with asking questions. You can dig around for additional information or directly get in touch with the company for answers. If you are still unsatisfied and still doubt their legitimacy, then you can check for reviews online. Surely, if they have satisfied customers then they will leave positive feedback about the company. But if they scammed and fooled, they will raise a red flag about the investment platform.