One of the latest forex trader scams involves the so-called “sign-seller”. This person supposedly trades forex signals on your behalf and he trades for you by communicating secret tips. How do forex traders fall into this trap? And what are the signs to look out for? Here is a list of some common forex trader scams that you should know about:
A signal-selling scam is among the top-most types of forex trader scams around. In reality, forex trading education is quite easy prey for these individuals! They often claim to be able to predict the right time to trade an exchange currency pair and then suggest the same to prospective clients without any charges to back it up. Once they get your initial payment, they vanish off and never deliver.
Forex scalping is one of the other types of forex trader scams that scammers love to play on people’s dreams. Here, they will promise you that you can double your money in a matter of hours – if you just let them invest your money. However, there are several important forex indicators that help you gauge whether or not a particular trade will be successful or not. If you don’t know how to read them, then these types of scams are more than just an empty promise.
You can also fall victim to forex trader scams that involve “farming”. These are forex trader scams wherein forex traders try to recruit new members by promising them that they will earn a lot of money if they enroll in their forex training program. What they do is they pretend to have a high success rate from the results of their own forex trading. In actuality, these programs are nothing but elaborate scams that only earn their owners profits. The worst part is that some of them even encourage their new members to use fake money in their forex accounts.
Forex broker scams are also one of the common types of forex trader scams that are rampant online. Again, these brokers promise you that they can let you become rich overnight with their help, but the truth is that they only manage to get your money by fooling you into investing your hard-earned money in useless trading ventures. These brokers may promise you that they can provide you with real, genuine, reliable information from their trading platform, but in reality, they feed you information that doesn’t hold any weight. Worse, they may not even give you any trading information at all. So, when you do decide to do business with these brokers, you can rest assured that you are going to be playing with fire.
One of the other types of forex trader scams are forex scammers who promise you that they will help you generate passive income through the use of their “trading signals”. Again, there is no proof that this actually works. There is also no guarantee that the signals that these brokers send you actually work, either. If you ever decide to do business with this kind of broker, you better prepare to lose it all.
Finally, we have the forex trader scams that claim that they can teach you how to make 5 trillion dollars within a week. These are nothing but blatant attempts to get you to part with your money. Although these brokers may have a very flashy website and a convincing sales letter, the truth is that they don’t know anything about the forex market. They certainly don’t have any insider information that could give you any insight into what it takes to become successful in this market.
As you can see from this list, not all forex trader scams are the same. Even the types that don’t require any type of investment will still require a certain amount of risk. That being said, it is still possible to find great types of forex trading scams that will actually take your money. All you need to do is spend some time doing the research to find them.