Scammers on Forex

The foreign exchange market has been in business for some time now and during this period has given many traders a possibility to make profits by playing with fluctuations of the currencies exchange rates. Unfortunately, scams also decided not to ignore Forex market – they also focused on possibilities to play and take profits, the only difference is that they play with the fair traders’ trust and money.

Now, many forums and social networks are riddle with the information from so-called “trading gurus”. Such Forex trading scams immediately begin to tell trusting users some stories about the way they earned their first million, made a fortune and became rich people. Any newbie sees nothing wrong about that – it’s absolutely obvious that the professional trader just must be prosperous, that’s a given! But would such professional be bragging to everybody about the money he has? At least not in the Internet! It’s silly, if nothing else (and looks like he has no better things to do) – besides, it wouldn’t be safe to do that. But in reality we see these “professional traders”, instead of investing their money in some business or charity fund, only do a professional spamming in the social networks and lie about their incomes encouraging people to join their fraud schemes.

How do I know that I am dealing with a Forex scammer?

To avoid getting scammed by the cheaters, it’s necessary to study all inner workings and mechanics of the Forex market, paying special attention to a blacklist of Forex brokers. It’s likely that such Forex trading scams make vast amounts of money – but not with their professional trading activity, but by organizing some Forex-tricks and dusting the eyes of the ordinary players. Usually, Forex trading scams can be singled out after the following factors:

Personal web-site

Any self-respecting black broker definitely has its own specially created web-site with the detailed description of all the advantages and bright sides of the scheme or strategy it offers. The personal resource significantly facilitates the life of the Forex cheater – no need to retell the same story a bunch of times, when you just have to spread a link. Besides that, such personal web-site makes it sound more authoritative. Brightly-colored design – that’s what usually betrays any scammer. Such web-sites look like advertising promotional brochures with huge bright letters, contrast colors and many exclamation points. The founder of such Forex fraud will promise you royal profits within the shortest possible period of time. What is remarkable is that, most likely, you will not even have to move hand or foot to earn all this money – another “magic strategy” by a financial guru will do everything for you.

Active advertisement

Common sense seems to tell us that the successful professional trader with large earnings can arrange good PR for his company, which will definitely attract some new customers. But Forex scammers act differently: they perform annoying mass mailouts, spam forumers and users of social networks with the links to some poor web-sites, and create many fake profiles, but get very small benefits. Typically, every clever man understands that loud design and long-repeated promises of huge profits cannot be true and reveal this fraud. Such touting usually makes users nervous and leads to the opposite behavior. Because, the real successful business never inflicts itself upon buyers, but makes buyers wish to perform this purchase.

Fake reviews

More sophisticated Forex scammers actively fill their web-sites with many reviews. But their artificiality is obvious because they are all positive, the whole lot of them. You will never meet a single negative review (but even if you do, the site moderator will see it and delete) and their positive reviews are all the same. One and all of these cheaters are just ordinary people who, totally by accident, came to find out about Forex and now praise the founder of this no-failure earning method it created. Through such comments Forex-scammers successfully manipulate public opinion. After all, people must understand that any comment or review in the whole web can be easily bought – and the cost is not too high. And when all these people see that someone’s already posted his positive review about the Forex scam project, they automatically start to trust this opinion without having in their minds an idea that this opinion may be artificial. It’s extremely important to bear that in mind: if you really want to read truthful reviews about Forex brokers and find out if your Forex broker a scam or not, look into the independent comments. Check what people write about your broker not only on its official web-site, but on some independent forums. Refer to some authoritative newsportals with good reputation and to some thematic web-publishing. Familiarize yourself with blacklist of Forex brokers and Forex scammers list.

Profit data manipulation

One of the main methods to manipulate trustful people who want to know the whole truth about Forex – is to demonstrate screenshots of the profitable transactions or even payouts. This deceptive method is used by the majority of the Forex scammers. Such screenshots are placed everywhere – on the official sites of the Forex cheaters, on various forums and in the social networks. You can find such materials even in your email box. This bait usually works for newcomers who haven’t gotten to the bottom of the Forex working principles yet. While more experienced traders understand full well that no matter how skilled and professional you are, there’s just no way around some losses during the Forex trading process – loss-making transactions are natural parts of every trader’s activity. But Forex scammers paint it as something negative: every unsuccessful transaction is a small tragedy for them, and they believe that trader can be considered successful only when he makes no bad transactions at all. In practice, it affects the ability of new traders to think and analyze the situation, and any failure leads them to believe that they’ll never succeed as Forex traders.

Video demonstrations of the trading process

In recent times this attracting method got large popularity among Forex scammers. Cheaters make video showing so-called “live trading”. You may say that it’s impossible to trick someone during the real-time trading. So, how on earth they do that? Quite simply: they just open a demo-account and deposit it with a significantly huge amount in order to make an impression on a sensitive viewer. Aside from that, to hide “demo” tab from viewer, scammer just move “terminal” tab from demo-account to real account. After that scammer can easily open any transaction – anyhow, while editing the video scammer will put only the most successful ones.

Think about these details every time you choose a new partner to work on the Forex market

IMPORTANT! IAFT’s experts settled for traders a list of Forex brokers to avoid (a sort of anti-rating). This list contains those companies, which have proven themselves as unreliable partners, cheaters and scammers, or just haven’t been verified and tested by the Association, and therefore are not recommended for cooperation. Check the profile of a certain brokerage company to know more about the reasons it was included in the black list. Black Forex brokers are listed alphabetically.
To secure your money and start getting real earnings by trading on Forex, we recommend you to cooperate with the most reliable companies from Forex brokers rating, which were verified and approved by the International Association of Forex Traders. Make yourself and your business secured – don’t trust your money to any questionable partners!


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