Forex is one of the most popular ways of trading online, as with many of the other trading platforms it is easier for a casual user to deposit money and potentially make big returns whether it is by luck or by skill. Forex has now been around longer that some of the newer forms of online investment like NFTs and cryptocurrency but still attracts vast amount of users. Unfortunately, this also means there are plenty of people out there looking to use it as a way of stealing money. Fraudsters follow the money and target people who arent as familiar either with best practices on the internet or Forex itself. Were going to take a look at some of the most common Forex scams so that hopefully it will help you avoid them.
Beware Of The Rich Experts On Social Media
If you use social media networks such as Facebook, Instagram and TikTok then you will no doubt have seen sponsored posts or ads promoting a lavish lifestyle of Ferraris, mansions, private jets, and the regular occurrence of carrying around tens of thousands of pounds in your wallet. 100% of these ads are scams, they are simply trying to get you to pay for a guide they have written on how they have made all of their money, of course, the pictures arent really them and the guide will at best just be something you could Google and at worst trying to send you to phishing sites that may steal your details. If youre ever unsure of something just take a moment to think whether if you had millions of pounds in your bank account you would decide to write an eBook telling everyone else how to do it and spend your time trying to sell it for £20 probably quite unlikely!
Phishing Sites
As we know, information is power. One of the most popular scams across all forms of online investment/trading is phishing. The aim of phishing is to send a user to a fake version of the website that looks identical to the original. The fake website is hosted on the scammers server and they can access all details that are inputted in it. If you ever receive an email asking you to login or click on a link to verify your account make sure you check the URL at the top of the page when you visit it. The safest thing to do is to go directly to the website and login yourself instead of clicking on a link, this way you can be sure it is the real site and then you can login and find out if there are any outstanding issues on your account from the dashboard. For Forex trading scams normally it will be an email you receive but more fraudsters are also starting to use text messages as a way of reaching people and making it seem believable.
When you are dealing with money and you have your bank account linked it is more important than ever to be hyper-aware of the many scams around. Even if it takes an extra five or ten minutes to check, it is worth doing because just think how much worse it would be if you logged in to find out your account had been emptied.