The Three Most Common Scams You Should Know About


You direly want to start a trading career as soon as possible but there are certain things stopping you from doing that. You can’t make up your mind because you think you will get scammed. With whatever is happening in the world these days in the name of trading, it’s not surprising that you are having second thoughts about your trading career. However, if you know about the enemy well, you can avoid it and make a successful career out of investing in financial markets. 

So, let’s talk about the most common types of scams that are flooding the online world of trading and causing damage to thousands of traders every year. 

Forex Trading Scams

This is a common type of scam and it has been around for some time now. You are asked to sign up with a company and trade forex course currency pairs with them. Of course, there is nothing wrong with that. It is very much possible for you to trade forex currency pairs from home today. They ask you to open a trading account by transferring an initial deposit in the account. Now, this is where things start to go wrong. Opening a trading account and making an initial deposit are two things that will always happen no matter which broker you sign up with. 

However, if you can’t trade with your initial deposit for any reason, you can be sure you have been scammed. In most cases though, the scam does not happen instantly. It happens when you start trading, make a profit on a trade, and can’t get your profit out. If you are being told 10 different things but you can’t withdraw your profits, you can be sure you have signed up with a scam. Check out this forex broker blacklist before you sign up with a company that provides you with these services. 

Bitcoin Trading Scams

These scams are similar the previous ones about forex. However, they are different in the way that they usually revolve around technology. They talk to you about how cryptocurrencies are going to be the future of the world and how everyone in the world including celebrities is going crazy for cryptocurrencies. Furthermore, they usually come up with this story about someone creating a software tool for a party and then realizing that they created something big. After that, they want to share their software with the world so everyone can make money like them. 

However, these stories are always untrue. They are fake stories created only to dupe you into thinking that you are going to be a millionaire just like the guy who created the software. If you read the content on their websites, you will realize this one thing that their software is infallible. If you want to avoid financial damage, you should keep away from these Bitcoin trading robot scams as much as possible. 

Loan Repayment Scams

If you tried to consolidate your loans in the past and gave out your number to a lot of companies that showed signs of helping you, the chances are that you will soon receive a fake call threatening you to pay back the loans you have taken. It’s absurd but you will be surprised how many people fall for this scam. So, if you get a call from some company that tells you that you took a loan and never returned it, but you can’t remember them, the chances are they are lying. If you have no record of them or the loan they are talking about, never ever entertain their calls. 

Final Thoughts

The good news for you is that you can now hold these scammers accountable after so many years. By using money recovery services that are abundant these days, you can get your money back even if you have already been scammed. In addition to that, you have to make every possible move to ensure you never fall for such scams because despite the possibility of getting the money back, it can be quite difficult.