Different Ways You Can Spot a Forex Scam from a Mile Away

Are you planning to invest your hard-earned savings into the wide forex market? Well, if you’re planning to do so, you should know that the number of scammers and fraudsters keeps increasing in the online trading and exchanging industry. While that shouldn’t scare you away from the rewarding prospects and fruit-bearing activities of the online trading world, it should most certainly make you cautious when you’re on the hunt to find the right type of broker platform, to begin with. Talking about online trading platforms and brokerage firms, have you already found one for your new journey?

Well, if you have found a forex trading platform and broker company to help you get started, did you research it and find out whether or not it’s a scam? To keep your trading journey on the right track and your funds secure, you must get the answer to that question.

The Signal-Seller Scams

Whether you’re a first-time forex trader or an experienced one, you must always check the forex broker blacklist to ensure you’re choosing the right platform every time you do. However, once you get with the perfect trading platform and brokerage firm, you don’t have to keep switching to other platforms. To make that happen, you have to remain interrogative, alert, and assertive in your approach to find the right forex broker for your needs and requirements. First off, do you know about the signal seller scam that has been conning a lot of online traders in the market recently?

It’s a modern-day scam that has already become a nuisance for thousands of online traders on the web, especially in the Forex trading market. It’s a type of scam where individuals, companies, or groups will claim to have professional and secretive knowledge about trading instruments. Whether forex currency pairs, stocks, or cryptocurrencies, signal sellers claim to have high-value information about what type of tradable assets will have a higher price in the future and is worth investing into.

The scam usually begins with false claims and advertisements that say you can become one of the richest traders in a short time. The scammers behind such schemes tout their experience and trading skills through fake friends and online professionals. In the end, when they convince inexperienced traders, they require them to hand over a certain amount of funds and that’s the final step to the scam trick.

The Trading Robot Scams

You may already know that even the Bitcoin trading robot scams are starting to take shape in the forex trading markets. The idea is promoted by mostly scammers and fraud groups online to lure in inexperienced and unaware online traders. It’s a highly pervasive scam affecting thousands of traders every year. The scam begins when the scammers try to advertise a trading system that has the ability to trade on your behalf with massive accountability and high-level expertise in predicting market results.

It easily tricks uninformed online forex traders into believing that such technology exists as the scammers are highly persistent through their marketing campaigns and false claims. The “robot trading” idea lures traders onto the platform. That’s because some traders assume they will sit back and enjoy while the trading robot trades on their behalf. But for your information, if your chosen forex broker makes either one of such claims (i.e. trading robots or signal-seller information), you should stay away from it because it’s likely a scam.


Do you realize how scammers can trick you into thinking that they’re offering legitimate online trading services? You will only get to a comfortable online trading level if you’re careful in choosing the right broker platform for yourself. By choosing the right online trading platform, you can get the right type of trading services without worrying too much about your funds or information security all the time.

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