Forex scams on Instagram
It was always considered that people between the age group of 45 to 55 and above are potential victims falling for Forex scams. Well, even tech-savvy younger generations are falling for such scams.
It was also believed that older generations or people falling into senior citizens’ age groups were a potential target for scammers, simply because they lacked the necessary awareness of how to use technology and had little knowledge regarding such scams.
It was led by the belief that the younger generation is bound to be more advanced than the older generation. Contrarily, the older generations always struggled in a world filled with gadgets and other appliances. However, it is quite surprising that these tech-savvy youths are falling for scams.
The aspiration to become rich quick syndrome has even hit the youth. Youths who spend more time on social media platforms such as Twitter, Facebook, and Instagram are exposed to potential scams.
Instagram, Twitter, and Facebook are perfect breeding grounds for potential scams. And Forex Scams recovery can’t be done easily, because the fund recovery here does have very narrow chances. As the youth struggles to secure a job in the post-pandemic period, many still struggle to bring the bread to the table. The need to be a millionaire seems to be appealing as there are not many jobs available out there.
Scammers do not make honest money; they thrive on other people’s misery. Many scammers create fake accounts and try to entice poor youth. They impersonate young, dynamic personalities, pretending to be successful Forex trading brokers. Generally, they are ready to take care of your Forex investment, trade on your behalf, or offer a Forex trading platform.
Table of Contents
So how do these forex broker scams work?
These scammers impersonating Forex brokers are pretty savvy. Initially, the victims who fall for these scams receive a good investment return. These fake brokers then convince their victims to invest more. By expecting higher returns on a massive sum of investment, these poor investors end up giving more money to these scammers. Once these scammers feel they have ripped off their victims enough, they close down their accounts and run away with the money.
So how does one identify if the Forex broker is a scammer or not?
In this article, we have shown you how these scammers enjoy ripping off someone trying to bring bread to the table.
First, do not fall for something that appears to be too good of a deal. Understand no Forex broker can assure you that you can make 300% to 400% profit within a few weeks with no risk attached. There is no business on this planet that is risk averse. For example, even a coffee shop is opened up with risk attached to it.
Make a habit of avoiding all social media platforms which assure you of investment opportunities. These channels are saturated with phony brokers ready to rip you off.
Before settling down for Forex brokers, ensure they are registered with your local financial regulators like FCA, CySEC, FSCA, and so forth if they offer any deal. This is also applicable to any online trading platform.
Do not fall for a hot girl on Instagram posing next to a Ferrari, these are just promotional tactics. Besides, influencers flexing on a lavish life with an expensive house, cars and more through their investment may be an advertising stunt to attract more investors. These influencers may not have all the answers to your financial problems. The chances of it turning out to be a scam cannot be ruled out.
Before selecting a Forex Broker or a firm, consult your friends and family members. In addition, some national financial authorities offer hotlines that can guide you to avoid being a victim of a Forex scam.
If you happen to stumble upon a scammer, notify your local law enforcement agencies, FBI, and financial regulators like FCA, CySEC, FSCA, and so forth. Thus a potential victim can avoid falling for Forex scams.
What do you do if you have fallen victim to such a scam?
There is a high chance that you could be a victim to a scam and yet haven’t learnt the truth. However, if your funds are stuck with a forex broker and if they reject your withdrawal requests against a bunch of excuses then you are a victim of a scam.
Don’t break your head over what you’d do if you were a scam victim. Here is a step-by-step guide for you;
- Report the user account on the social media account and file a complaint with the applicable regional authority.
- Reach out to a reliable fund recovery firm and see what they can do for you.
Conclusion
Any broker urging you to deposit on their platform via social media is certainly a scam. These aren’t formal means of communications for a business. Staying in touch with a fund recovery agency is the best option in these circumstances as they can help recover your lost money and create awareness so you no longer give in to such scams.