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1. FOREX TRADING SCAM
The forex market is a highly lucrative and fast-paced industry, but it is also a breeding ground for scams. These money-grabbing cons come in various forms, from fake trading software to Ponzi schemes, and they can leave victims in financial and psychological ruin.
For this reason, individual traders have to educate themselves on the dangers of forex trading scams to protect their finances. By understanding the warning signs, you can perform your due diligence and discern legitimate opportunities for actual profits from forex scams.
Keep reading our article to learn how to avoid forex scams and enable yourself the chance to trade forex safely. Together, we can put a stop to these fraudulent schemes and protect investors from forex trading scams.
Is Forex Trading Legitimate?
The Foreign Exchange Market, commonly known as Forex, facilitates a perfectly legitimate form of day trading. It is a decentralized and international financial market where currencies from different countries are traded against each other, thus enabling all participants to buy and sell currency pairs for profit.
These trading systems are practiced regularly by large financial institutions like banks but also by private individuals alike. To prove how popular this form of trading is, just note that forex is the largest financial market in the world. On top of it, it is also the most liquid market, with an average daily trading volume of over $5 trillion.
The main appeal of forex trading is that it allows investors to profit from fluctuations in currency prices, and it can be done anywhere in the world. You just need a computer with an Internet connection. It also offers a high level of liquidity, which means that trades can be executed quickly and at tight spreads. Additionally, all of this is available instantly! Investors don’t need to own stocks or commodities. They can start trading without much fuss.
What Are Forex Scams?
Simply put, forex scams refer to fraudulent schemes that prey on unsuspecting traders in the foreign exchange market. These cons come in various forms, including fake trading sites, fraudulent brokers, and even Ponzi schemes. The common factor, though, is that all of these scams promise high returns on investments with little to no risk.
Generally speaking, forex scams lure and manipulate traders into investing with unregulated or unscrupulous brokers. These organizations or individuals may promise unrealistic ROI or offer trading signals and software that are too good to be true. Sadly, traders succumb to manipulative tactics and consequently transfer money to crooks. Once the trader gives away their funds, the broker disappears with it.
Typical Forex Scam Case
Though each fraud case is individual, and victims can often find themselves in unique situations, the fact of the matter is that scammers operate on well-tried tricks and scenarios. Recognizing the mechanisms of the scheme may be the key to avoiding it, and so we’ll present you with the typical case of a forex scam. Be warned that specific situations, conditions of fraud, or your own experience may differ.
One should understand that scams influence targets much before they come in contact with them. Primarily, fraudsters create fake social media profiles, set up fraudulent trading systems, and sometimes invest in aggressive marketing across the internet. They utilize these assets to practice social engineering and create a false image of being legitimate forex companies. When eventually, someone finds the site or fake social media profile, it looks genuine and reputable.
Regardless of the form the forex scam takes, it dominantly entices its victims with the dazzling promise of an unbelievably large return on investment with a 100% guarantee. Basically, They promote instant vast wealth with no risk whatsoever. They support these claims by feigning financial expertise, state-of-the-art forex robots, insider information, and so on.
At first, the individual experiences small profits, and they might even be able to collect them. This is all for the purpose of reinforcing the insidious illusion that the forex scam is actually working. The victim believes the broker generates wealth, and so they are encouraged to invest larger and larger amounts. However, the moment the person tries to withdraw their money, they realize they can’t. They are met with withdrawal fees and transaction costs, but ultimately they realize their money is gone.
What is the procedure for returning Money?
You can easily start your road to financial justice by simply leaving your contact information on our site, and you will receive a free consultation. Should our case coordinators evaluate your case and find it has a strong chance of success, only then will recoverpro.site accept it.
Afterward, case agents perform a thorough investigation and collect evidence to back your case. Along the way, we evaluate official financial bodies that are liable and that showed gross negligence and so contributed to the fraud. Then we dispute your charges and bank transfers with these institutions to ensure you regain lost funds. Don’t hesitate and contact us to schedule your free consultation.
2. BINARY OPTIONS TRADING
Some business professionals have dedicated their careers to the art of binary options trading, while other financial experts shrug it off as nothing more than gambling. Whatever your opinion on the subject, this business practice has proven great potential for large gains. Regrettably, scam artists use this market segment to con people into losing their money.
What is Binary Options Trading?
At its core, it is a form of an options contract that hinges on the state of the commodity market. What differentiates this type of trading is its binary nature of the outcome. To explain it further, the price of any asset on the market can either rise or fall. The interested parties may speculate whether certain stocks and goods will present an increase or decrease in value at a specific point of time. Contrary to stock trading, they are not buying or selling anything, but rather they place a type of bet. If they predict the outcome correctly they earn money, and conversely, they lose if they guess wrongly. This creates a win or lose scenario, and hence the binary in the term.
For instance, an individual may look at oil stocks and see the price holds at 50E. Afterward, they contact their binary options trading institution and declare that at 9:00 am the oil stock price is bound to present an increase. Of course, they pay a sum of money and with this, they place a form of a bet. If at 9:00 am the stock displays a rise by a single cent, the investor will receive predetermined gains. On the other hand, if the price presents a drop by a single cent they lose their money.
Laws and regulations regarding binary trading opportunities vary significantly worldwide. This enables financial institutions and companies to offer wildly different offers and business terms. This gets even more chaotic with online trading and binary options websites. It is no wonder why scammers flock to these financial spaces.
What Is a Binary Options Scam?
To put it simply, fraudulent groups and individuals can use binary options trading to exploit investors. The target gets sucked into a scheme purposefully designed to extract their funds without any chance of gains whatsoever. Sadly, these scams are widespread and frequent in this finance area, and even seasoned traders end up being a victim.
There are a plethora of unregistered and illegitimate platforms which will promise money-making tips and get-rich-quick opportunities for a monthly fee. Of course, their advice is inaccurate and seldom profitable. In the end, their beneficiaries lose their money and they can’t get in contact with any of the personnel.
These fraudsters have well-developed systems and they will use any means necessary in order to rob an unsuspicious investor. Con artists will present themselves as verified experts with unique insight into the market fluctuations. It is not uncommon that scammers will try to sell state-of-the-art software which can make amazing bets for their users. Quite often, these programs end up being malware.
Commonly, scammers use official sites, message boards, and social media to promote themselves to lure their victims. Unsolicited calls and emails turn into aggressive pitches presenting a now-or-never investment opportunity. With a constant stream of information, it’s difficult to discern the real trading professional from the scam artist.
What Can You Do in Case of a Binary Options Scam?
Ask for professional help. Don’t hesitate to take proper action towards retrieving your money. Not all is hopeless; Funds Recovery is here to provide you with options. We are here to help you minimize the consequences of your scam experience. Hopefully, our company will help you get your hard-earned money back.
We have a team of experts at your disposal who are ready to take on your case. They have extensive and diverse experience in legal matters and financial remedies relating to fraud and scams. Our professionals boast a large number of successful cases. Because of this, chances are that we have already dealt with similar cases to yours. So don’t wait any longer and make the first step towards retrieving your money. Contact us now for a free consultation.
3. CRYPTOCURRENCIES & BITCOIN SCAMS
The entire cryptocurrency market has reached a total traded capitalization of nearly $2 trillion dollars in just 10 years. The price of a single bitcoin reached $18,737.60 by 18 December 2017, with a global FOMO frenzy, but then the price of bitcoin tanked to as low as $3,209.76 by 15 December 2018. The volatility of the cryptocurrency has not however deterred investors trying to make a quick buck and this is where the scammers take advantage of innocent victims.
Although blockchain tech is a relatively safe technology, cybercriminals manage to find breaches and loopholes to break into the websites and compromise users’ digital wallets and funds. It goes without saying that the laws protecting investors of ICO are far from perfect, so it’s easy for founders to commit serious financial crime and get away with it. The term “Wild West” is often associated with cryptocurrencies and for the most part, it is true, as global regulation is still a work in progress, with governments struggling to keep up with the pace of innovation.
People often buy cryptocurrencies using a credit card/ wire transfer or any type of method to move funds to an exchange and in some cases directly through the scam websites, and this is where the liability can be attributed to the card issuers and banks, as they are supposed to safeguard customers funds.
Investment Scams will often get you to transfer cryptocurrencies as they are anonymous it is very difficult for an untrained to track and recover their funds. Below are two of the most prolific scams in recent history:
In 2015 Ruja Ignatova, along with her brother, Konstantin Ignatov, ran “OneCoin” which claimed to be a new and better version of the cryptocurrency Bitcoin and managed to steal an incredible $5 Billion from people around the world. They held elaborate and glamorous events where they pitched OneCoin to potential investors and claimed it was going to change the world and usher in a new world of financial freedom. Those who invested early were told they would be at the start of a revolution. However, nothing actually existed, OneCoin didn’t have a blockchain, a cryptocurrency or wallet. Ruja Ignatova vanished in mid-2017 and is being charged with money laundering offenses in several countries.
Another well known MLM cryptocurrency scheme was a company called “Bitconnect” that had a total capitalization of trade in excess of $1.5 Billion just before the entire house of cards came tumbling down on 16 January 2018, and with it many thousands of people lost all of their investments to what turned out to be a global Ponzi scheme. The scammers were accused of fraud, misrepresentation, and misappropriation in connection with Bitcoin/BCC trading. The crypto scammers are now being sought by law enforcement authorities in virtually every major country.
Common types of Cryptocurrency Scams
Cryptocurrency scammers are constantly inventing new ways to steal your coins & tokens many people have reportedly been a victim to one of these five types of scams below.
The Pump & Dump
The crypto scammers “pump up,” or hype up (pump), a cryptocurrency that they own in bulk with the aim to sell it (dump) once the value peaks due to the increased demand that they themselves have generated. In most cases, however, they will actually convince newbie, inexperienced investors into colluding with their scam with false promises of massive returns. Sadly these naive people often find out too late and are then left holding huge amounts of worthless cryptocurrencies.
Fake Investment Syndicates
Often the only people who profit from online “syndicates” are the scammers who run them. The sites look incredibly legitimate, and, similar to binary options sites, they also feature photos of happy members with large houses, sports cars, or in exotic locations and claim to have made megabucks by investing with the hidden cryptocurrency pros who stand behind the curtain. The last time you see your money will be when you hand it over to the scammers, and then suddenly the customer support is too busy to assist with your inquiries about returning investments or missed deadlines for dividends.
Fake Exchanges
They’re all over cyberspace, and for first-time investors, they’re hard to distinguish from the legitimate ones. In December 2017, Korean authorities closed down one of them, BitKRX. What was particularly pernicious was that BitKRX usurped the last three letters of its name from KRX, the Korean Stock Exchange, in order to purposely misrepresent itself.
Fake Wallet
This scam is custom-made for cryptocurrencies. Since “altcoins” are bytes of data, rather than metal, they have to be parked somewhere online in what is euphemistically called a “digital wallet.” Innovative scammers with good marketing skills set up their own digital wallets and advertise aggressively for customers to come along, and once they deposit their cryptocurrency in them, it disappears forever.
Ponzi and Pyramid Schemes
If cryptocurrency investments are, as they say, guaranteed to quickly appreciate in value at a skyrocketing rate, why would someone offer you a higher interest than the market currently generates? The most obvious answer is because the offer is a red light for a cryptocurrency Ponzi or pyramid scheme. The phenomenon will continue, since other such online schemes employ the same 200%-in-90-days business model and are bound to collapse as well. The main difference between the operators of these sites and Charles Ponzi, for whom the scheme is named, is that these guys, unlike Mr. Ponzi, are anonymous.
Telegram messaging
Using the ‘Telegram messaging” platform has its risks also, and it is often used by scammers to trick victims into thinking they are dealing with real “admins” just by changing their username so it looks official; essentially, they will add a letter or even “admin” next to their username. Once they have started a conversation with you, they will take time to gain trust and offer help and even appear to be very sympathetic to your needs. However, they will soon ask you to transfer cryptocurrency as part of an admin process to verify your details, or they will try to get you to send the private keys to your wallet. Many people new to cryptocurrencies are very trusting in the beginning and are not sure about what to look for to spot the scams, and the scammers rely on this and take full advantage to steal your money. Telegram is also full of bots and spam, which often have links to fake sites or to sites that can install phishing links that scrape your data and allow the scammers to get more information about your online presence, so we recommend never clicking on these links.
4. OTHER SCAMS
What the general public rarely understands is how numerous and often scam cases occur. Fraud doesn’t just happen to gullible old people in retirement homes, it can happen to anyone including you. The reason behind this is that scammers constantly work on new ways to extort people’s money and personal information.
Fraudsters are constantly on the lookout for a new target and they prey on people’s desires, decency, and even desperation. The scammers work in groups to make complex strategies and practice social engineering, so eventually, anyone can become their victim. To make things worse these deceitful organizations constantly find new ways to trap people.
Wherever there is an opportunity for making money, scammers will try to infiltrate. As long as there are people who want something, like love, security, and a desire for better life con artists will try to exploit that. This is the reason why scams are so pervasive and always take a new form. Since they are so numerous we have selected a list of common ones and we would like to present it to you.
Advance Fee Inheritance Scams,
Agribusiness Scams,
Carbon credit Scams,
Credit Trading Scams,
Charity Scams,
Diamond Scams,
Early Pension Release Scams,
Fortune Telling Scams,
Gambling & Casino Scams,
Insurance & Warranty Scams,
iTunes Gift Card Scams,
Land Bank Investment Scams,
Loan Fee Scams,
Parking Ticket Scams,
Rare Metal Scams,
Real Estate Scams,
Share And Bond Scams,
Small Business Scams,
Student Loan Scams,
Travel Prize Scams and Unregulated Investment Scams.