You want to start making money from currency trading, but you are aware of the fact there are a lot of scammers. We are here to show you how to avoid them. Anyway, if you notice suspicious transactions on your credit card, you can anytime contact chargeback companies. Before it comes to that situation, let’s see who are scammers and how to spot one.
Phishing emails
The scammers will find their way to contact you via mail inbox. You may notice on many occasions that you have an email from the subscription you never made or the person you never heard of. Don’t open the links in those emails. It’s a trap. The creators of these kinds of emails want to steal your personal details info along with your credit card number. And they do it sophisticatedly and in a very wise manner. The approach goes like selling the Forex signals that are 100 per cent sure or some other type of offer encompassing pyramidal schemes of trading. Stay away from them by deleting these emails and reporting them as spam.
Unregulated brokers
The Forex market is so saturated these days. It’s because it brings a lot of opportunities for profit for both traders and trading companies. The estimated daily turnover of the Forex market is around 3 trillion a day. When you are embarking on the market, you will be astonished by the number of brokerage services.
But beware of the fact that some are on the black lists or operating in a grey zone of business. Some are simply scammers with fleshy websites that have nothing to do with the brokerage. Beware of all of these three types. How to recognize them?
First, obviously, you should not go for the Forex broker that is not regulated. Only reputable sites should be taken into consideration. However, there are many other aspects that the operating brokerage business covers. Customer support is indispensable for a brokerage company. If there are no chatbots, contact details such as emails and phone numbers, that website is playing with its transparency. If there is one, you should try contacting them and see what’s in store.
Finally, most scammers come with awkward offers for trading other markets, even investing in suspicious contracts, diamonds etc. While it’s welcome when a brokerage offers as many trading instruments as possible, this could be a sign that something is wrong. Usual assets you should search for are currencies, cryptocurrencies, the stock market and for the other types, make sure to check the brokerage service before venturing into investing. Entrusting your money to the broker is like choosing the banks. You want those that comply with the law and that are solvent and have segregated accounts. Therefore, don’t take this kind of decision lightly.
Scammers only goal is to make you register and steal your sensitive information. That’s why it’s ultimately important to scrutinize their business online by reading reviews and opinions of other traders featured on various forums. Also, if they don’t offer free education for rooky traders, it might be a sign they want to take advantage of your lack of experience. Check the brokerage educational offer when choosing the broker.