No doubt, the Forex market is a mine of gold. It is an industry where you can become a millionaire, travel the world and live life on your terms. Don’t you love that kind of lifestyle? I bet you do, right?
Sadly, the quest for financial freedom through Forex has caused most newbie traders to fall victims of social media scam.
Look, don’t be deceived, the majority of Forex traders you see on Instagram are fake. How do you recognize them?
Flashy lifestyle; Nothing wrong with showing off wealth. However, if these traders are constantly posting pictures of luxury holidays, fast cars, expensive wrist watches with no real proof of trading, then you have to be alert.
Profits Showoff; These traders are always posting pictures of huge trading profits on their pages. You hardly seee them share their losses. They claim to be the ones trading but never really show their trade set ups or analysis.
Some of them make video clips with stacks of cash claiming they made it off trading.
They promise high returns on investments; They usually would offer account management services and offer to return 100% of your investment after trading.
When you see offers like ”deposit $100 and get $1000 in 3 days”, you had better avoid it like a plague.
If you make the mistake of depositing your funds with them, they will instantly block you before you get the chance to request for your funds.
Fake Social Media Accounts
Some of these traders use the pictures and profiles of real successful traders and pretend to be them. If their following is lower than the original page, it is a sign that the account could be fake. They go into the dms of unsuspecting victims and try to lure them into making payments to gain access to their fake ”course”.
Sell Signal Services; They tell you that you do not need to have any experience in trading. All you need to do is to copy and paste their signals and boom! you become wealthy overnight. They even share fake testimonials from fake people, claiming that the signals made them wealthy overnight. That’s a big fat lie. No real success in trading comes overnight.
They Sell Forex Courses; These scammers are quick to push their courses down your throat, claiming that it will will make you profitable in no time.
Pay close attention to the ones that offer free trial. I discovered that what they do is that they make you enter your card details and accept their terms and conditions. Right before the free trial period ends, they charge huge amounts of money from your card. These hidden charges are not included anywhere on their website. Their website is fake so you are not even able to trace them to get back your money.
So how can you tell if a Forex trader on Instagram is actually legit?
Real traders are more concerned about sharing educational content on their pages. Because they make money from trading, they care less about showing off flashy lifestyles. They can decide to do that once in a while. They share their charts analysis and trading tips to help other traders.
They are not all about posting profits. They are transparent and show you their wins and losses. They tell you the reality about how Forex involves risk and advise you on how you can win consistently through proper education and good risk management.
Successful traders show you the process of trading.
To Avoid Falling Victim To Scammers;
Be observant; Don’t be quick to trust anyone showing off wealth on social media and asking you to buy their courses.
Do a proper research on them. Check all their social media handles. Look out for reviews from real people, ask questions. If they have an account with Myfxbook, you may request to see their trading performance.
Don’t be in a haste to opt in for account management. Legit traders cannot be bothered about trading a $1000 account from someone on Instagram because they make way more than that from their own personal trading.
In conclusion, remember you are responsible for whatever decision you make. It is in your interest to be alert so you do not fall into their trap. Ride on the shoulders of those who have really succeeded in this field of trading. Click here to read about how I grew into a consistently profitable trader.
Have you been scammed by Forex traders on social media? Share your experience in the comments below.