Jobs & Employment

Forex Trading Scams

This is whereby the scammers attract you into giving money to the scammers so that they either manage your portfolio or so that they train you to trade. In actual essence, they are failed traders, and they make money from duping people into making it seem like they know what they are doing.

How does this scam work?

Scammers set up profiles on social media and make it seem like they are people who are wealthy, and they live lavish lifestyles. They indicate on their profiles that they are into Forex Trading. They take pictures with expensive cars, expensive hotels popping expensive champagne, and alcohol. This usually attracts many people into also wanting to take part in Forex Trading.

In real life, these people do not own the property they post as being theirs and they also do not live the life that they show off on social media.

When you see their posts, you engage them, and they tell you that they can teach you or they can manage your money on a commission basis. When you give them money so that they teach you, they just take basic content off the internet that they themselves could not use to make it in Forex Trading. They seem like they know what they are saying but in actual life, they will be making money from the payments that people will be giving to them as part of the teaching package.

Some scammers disappear after you pay them to be taught and since in most instances you would not have met them physically and made the payment online, they will just vanish like that.

In some cases, the scammers tell you to give them money so that they manage your portfolio. They withdraw the money and tell you that they blew the account. In some instances, they would have blown the account for sure, but they will be using your money to practice, and they won’t even be experts as they would have portrayed to you when you first engaged.

Forex Trading from what we know is real but there are many scammers who are using it as a gateway to make money from victims who want to know how it is done.

Some of the scammers, rather than you, engage them, they send you messages in your Direct Messages, be it on Facebook or Instagram. They introduce you to trading and request for sums of money to show you how it is done or otherwise. In those cases, they also want to scam you and you will be their target.

To make it seem like they are making money, some scammers photoshop screenshots of accounts showing money or take screenshots of other traders and make it seem like they are the owners of the accounts that they will be showing you.

Red flags or Warning signs

How to protect yourself

  • Do you think that you have ever been scammed? If you have, you can help the next person and guide them from not being a victim by reporting this scam.
  • Reporting this scam can help your friends and family.
  • Also, seek help and guidance on how to avoid being scammed.

In case you have issued your banking details or any other personal information that can get your bank account defrauded, contact your bank immediately.

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