Have you ever tried taking forex signals and fallen into a scammer’s trap? Or maybe… You’ve seen multiple signal providers with the exact same name?
Then this is the video that is just made for you.
Forex is the world’s biggest financial market where countless scammers are claiming to be THE BEST signal providers. They offer you a huge profit within just a FEW DAYS.
If you don’t want to fall into one of these traps, follow these 8 simple steps to identify and avoid forex signal scammers.
Step 1: Website
First and foremost, check if these service providers have a valid website. Never go to different social media platforms to look for a forex signals provider.
Reputed companies have their own professional websites. See if they have any Support Contact. And most importantly, check their offerings and USPs. Scammers will often ask you to directly join their telegram.
Step 2: Online Reviews
In this step, check their reviews on various Review Platforms such as Trustpilot, Sitejabber, Reviews dot IO, and Forex Peace Army. Read the reviews and see what other traders are saying about them. See if these reviews match what the company is offering.
Step 3: Subscription Fee
Forex scammers will always ask for a High Subscription Fee, through unregulated instruments such as Crypto (such as Bitcoin, Etherium, and others) or NFT. They always try to avoid Card payment and PayPal; because, one, you can request a chargeback or refund on your card and bank account, and two, you can track their location via PayPal. Hence, these scammers will always avoid these methods.
Step 4: Fake Subscribers
In the different telegram channels of the scammers, you will always find a HIGH number of members. But looking at the recent posts, there are just 10-15 scenes.
What do you think of it?
Yes. Most forex scammers will buy fake subscribers on their service platform to convince you that they are well-reputed and popular in the industry.
Step 5: Trading History and Results
Transparency is the most important thing when getting service from anyone. Especially Forex. When someone offers to help you trade, always ask to see their trading history and proof of their results.
Ask to see their MT4/MT5 history, their MyFXBook, FXBlue, or any other profile that has been verified to see if they are telling the truth.
Step 6: Risk Management
Scammers will never tell you about their risk management and trading strategy. They will simply claim to be professionals who know what they are doing and ask you to put your faith in them blindly.
Step 7: Partner Broker
Most Forex Services are partnered with one or more brokers. And most likely, these Scammers work with brokers who are just like them.
What they want to do is get you stuck in a loop where you deposit money to their partner broker, the scammers blow your account, and you have to deposit more money.
Before you choose a service, make sure to check with the broker and see if they are regulated by the proper authorities.
Step 8: Social Media
If you want to find a forex signals provider, try to hunt them down from the social media or influencers’ reviews on the YouTube, Instagram, or TikTok platforms.
And focus on the review comments and the viewer numbers. Along with this, reputed companies will promote their services on the most popular platforms such as Facebook, Google Ads, Forex Forums.
But you will find forex scammers only through shady websites and untraceable apps like Telegram.