Forex or Foreign Excv g vhange scams are rising despite increasing control over its process. It is a form of transaction, making it susceptible to fraud or scams. Hence, avoiding fraud is nearly impossible. However, it is essential to remember that trading in Forex is not risk-free. You could have suffered a financial loss from Forex trading instead of a Forex scam. Hence, identifying whether you were scammed or not is the first step. Studies on the ChargebackWay website show that if you are informed about the signs of a scam – you can reduce the risk of scams by 77% if not more! Now let’s look at some ways to identify a Forex scam.
Are You a Victim of Forex Scams?
Don’t worry, we’ve got the perfect solution for you. ChargebackWay! It’s a consultancy company focused on recovering funds lost to different scams, including online, banking, and Forex scams. Although countries have committees to verify companies and brokers offering financial services, they can not always help you recover funds once the scammer succeeds in taking your money. But companies like ChargebackWay can do precisely that! You can report Forex scams to the company through a contact form on their website. They respond back to you within a given time frame and help you build your case for the fraud. They can begin recovering your money after helping you trace back your steps leading up to the scam and collecting substantial evidence. Last week, my cousin fell victim to a Forex scam, so she told me about her positive experience with Chargeback Way. The company provided guidance and was transparent throughout the recovery process. My cousin’s money was recovered within three days, worth approximately $300.
8 Tips to Spot Forex Scams
- Risk-free Investment
The element of risk is always involved in every type of trading. Hence, companies or brokers offering to carry out Forex trading on your behalf without incurring any losses may be scammers.
- Time Constraints
Investment usually takes considerable time to become profitable. Thus, companies pressuring you into investing for quick returns on investment or promoting a shortcut path to become rich fast may be scammers. Hence, you should refrain from trusting companies with such proposals.
- Exaggerated Returns
The money market is highly volatile, making it difficult to predict returns. Therefore, there is a high possibility that companies offering unrealistic returns or profits on a small initial investment are most likely a scam.
- Complicated Agreements
- Unsolicited Proposals
If you are unexpectedly contacted via phone calls, emails, or text messages regarding highly profitable Forex trading proposals, it may be a scammer trying to lure you into fraudulent schemes.
- Persistent Contact
Similarly, scammers may contact you persistently, posing as a Forex trading company or a broker qualified to manage your transactions for you. Not responding to such calls or emails would prevent you from falling victim to Forex scams.
- Aggressive Behavior
Fraudulent companies or scammers posing as brokers might have a more aggressive approach to their general dealings than well-known brokers. Moreover, they might give little or no importance to your requests and convince you to spend more.
- Social Media Advertisements
Lastly, advertisements related to Forex trading opportunities, with pictures of famous personalities or luxurious products, are used by scammers to convince people of the company’s credibility and encourage people to invest.
Apart from the characteristics of proposals offered by fraudulent companies mentioned above, noticing specific behavior of the company or broker can also save you from Forex scams. But what if you were not aware of these tips to spot Forex scams?