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How scam artists operate in the Forex trading industry

They are sophisticated and intelligent. They use money to make money. Some of them are rich and influential. If they launch a Forex broker, the broker becomes popular overnight. And now there are bloggers and rogue industry influencers. These crafty people create wars among website admins in these streets. This is the reason some internet blogs have launched full scale attacks on competitors to sell lies against others. They pose as angels of light while on the other hand defaming their competitors. If you’re a reader of Forex and Crypto trading blogs, think twice…. Don’t believe everything that they tell you.

How scam brokers work

  1. They are sweet-talkers: As soon as you visit their website and sign up, you will receive numerous marketing calls. The message is irresistible. If you deposit, your money is gone.
  2. They market well: Yes, they have the financial muscles to market through compromised forums like TrustPilot. Not all comments there are legitimately coming from traders.
  3. They use fake licenses: There are fake regulators who have come up on the internet and their clients are brokers who cannot attain real licenses. They pay a fee to get listed by these “regulators”.
  4. Professional-sounding names: When these high profile scams write an email to you, the person who signs the email will use a very sweet-sounding English name.
  5. Small deposit that leads to a big scam: The scammers entice you with a small deposit. Your winnings will be sure. If you add money, your loss is 100% sure.
  6. They target the elderly: The elderly are most vulnerable to these Forex scams. They fall for all the promises of these Forex brokers.