The Forex industry is a scammers’ favorite field. Since the industry is generally known as a legitimate investment option, it is tough for the average person to differentiate the scam brokers from the legitimate ones.
Usually, most people don’t even know they’ve been scammed; they just think they had “A bad trading day.”
For example, Kcruise expressed frustration and dissatisfaction with their experience with tCoinexx, a cryptocurrency-related platform or service. They have tried unsuccessfully to withdraw their deposit from tCoinexx for over a year.
Is getting your Forex funds back if you have been scammed impossible?
If you feel that losing your money in trading is more than just a “bad day,” contact Online Investment Scams now. If your broker is a fraud, we might get your money back.
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The fund recovery process can be time-consuming and must be given priority. So, you must always be prepared for it and trust us. Here at Online Investment Scams, we want to make sure you know everything there is to know regarding Forex scams and fraud.
While our primary job is to help recover financial losses for clients who have been scammed or involved in some kind of Forex fraud. We also want to help you avoid these scams in the first place. So be careful and well-informed before investing in any Forex trade.
What Is Forex Trading?
Forex is the largest global trading market, with up to $5 trillion traded daily. It is considered decentralized because there is no central processor for trade. In other words, no entity acts as a central exchange like the NASDAQ or the NYSE. Instead, orders are completed by millions of traders using millions of Forex brokers worldwide.
Foreign currency trading is also one of the most leveraged markets in the world. In the US, regulations limit a person to 50:1 leverage. In other countries, there are no limits on leverage. Because of these factors and a few others we will discuss, scams are common in the market for foreign currencies.
Is Forex Trading A Scam?
Forex is the wild west of traditional financial instruments, but its easy access makes it appealing. While large institutions manage cross-currency rates, Forex remains the most affordable investment option, requiring minimal investments (as little as $1) compared to fortunes or US day trading stocks ($5,000 and $25,000 minimum balances, respectively).
The attraction of this market stems from its accessibility, significant leverage, and 24-hour operation. On the other hand, the absence of strong regulations allows bad actors. Some countries regulate Forex, but not all to the extent that the United States does. They use US, EU, or regulated brokers to reduce risks and avoid brokers from countries with little oversight.
When you use a broker who follows industry regulations, you can rest assured that your money is protected. The data and information the broker provides you are up to par with industry standards, and the broker conducts business lawfully and ethically.
Forex trading is full of services and people who want to scam new traders. Avoid bad brokers, fake education programs, false performance histories, and automated trading systems that are not what they seem to be.
How to spot a Forex scam
The scams that exist in the investment world are many. One of the hardest things for new and aspiring traders to overcome is the vast amount of wrong information and brokers trying to exploit it. At Online Investment Scams, we never hold back any information from our clients.
Here are some of the different types of Forex trading scams:
- The US and EU (more recently) have limits of around 50:1.
- Stay away if you see a broker offering 500:1, 1000:1, or anything beyond a conservative amount. This is a suspicious enough action.
- Avoid any broker that needs to be clearer about margin requirements.
Broker’s undisclosed parameters
- Avoid requirements for a minimum Stop Loss or Profit Target
- Avoid requirements where you must have a trade open for a certain amount of time before you can exit.
- Avoid anyone who doesn’t allow you to create your risk management profile.
Broker withdrawal rules
- You should be able to withdraw your money from your brokerage account at will, but some don’t allow this.
- Avoid the minimum requirements for volume traded before you can withdraw.
- Avoid anyone who doesn’t disclose their withdrawal rules.
- If a broker advertises a bonus on deposits, make sure you can withdraw the bonus within a reasonable time.
The spread differs between the Bid (buying) and the Ask (selling). This should be clearly defined or avoided. Avoid brokers that don’t warn you of regular increases in the spreads, such as at the end of the day or during certain holidays.
Forex signal sellers want to sell you signals or advice—they want to tell you what pairs to buy or short, when to exit for profit, where to put your stops, etc.
Avoid people or companies that promise or allude to a guarantee of profit. Avoid entities that promise unbelievable returns like: “90% win rate!” or “188 winning trades, 12 losing trades!” or “MASSIVE GAINS.”
Avoid sites that have advertisements and banners promoting a single broker. Avoid anyone or anything that recommends a single broker. People who promote a single broker generally have some agreement with them. Many non-US brokers offer various incentives for people to find new customers. They may offer the seller a deposit cut or a rebate on any trade you make.
If someone tells you about a broker or a site promotes a broker, ask if they have an IB (introducing broker) agreement with them. This information must be disclosed in the US when asked.
Be wary of free or paid trading education opportunities. Many sites look incredibly professional and may even link to certification organizations without their permission. Check for quality educational providers from the CMT Association (Certified Market Technicians Association), IFTA (International Fellowship of Technical Analysts), or STA (Society of Technical Analysts). Even for professional US brokers, a significant amount of the education provided needs to be updated.
Automated Trading or Artificial Intelligence (Bots or Robots)
It is best to avoid anyone selling Forex robot trading systems. While AI systems for retail investors have existed since the 1990s, nearly all have failed. ‘AI’ is now a buzzword in investment scams, but genuine self-learning AI is extremely rare and not sold to the public.
Flashy advertising or false lifestyles.
Avoid any service or individual with ‘high lifestyle’ imagery, such as girls on a yacht, a Lamborghini or Ferrari in the background, a massive mansion or house, or a private jet.
A good rule for any investment or endeavor is that if it looks or sounds too good to be true, it probably is.
How do I recover funds from a Forex scam?
Recovering funds in the Forex trading market can be difficult, particularly when dealing with unregulated brokers and elusive scammers. Online Investment Scams, on the other hand, provides a ray of hope with its proven track record of assisting scam victims. As a regulated fund recovery company, they specialize in complex financial investments such as Forex, binary options, cryptocurrency, and stocks.
The expert team of Online Investment Scams provides professional Forex recovery services and conducts customer service to reduce the impact of fraudulent activities on clients. Our team works to achieve maximum returns for their clients throughout recovery.
Can you get your money back from a Forex scam?
While recovering money from a Forex scam is challenging, there is a possibility of success in certain cases. As a Forex scams recovery agency, we have expertise in handling such situations and will work diligently to investigate the scam, track the funds, and utilize legal channels to recover your money.
What to do if you get scammed on Forex?
If you have been scammed in a Forex-related incident, here’s what you should do:
Contact us immediately: Reach out to our Forex scam recovery agency, providing all the relevant details about the scam.
Gather evidence: Preserve all evidence related to the scam, such as transaction records, communication with the scammer, and any other relevant information.
Cease communication: Avoid further communication with the scammer to prevent any additional losses.
Report to authorities: File a complaint with your local law enforcement agency and financial regulatory authorities, providing them with all the gathered evidence.
Notify your financial institution: Inform your bank or payment service provider about the scam and ask for their assistance in securing your account.
How to recover funds from Forex trading scams?
To recover money from Forex scams, seek the advice of legal professionals and expert Forex recovery firms like Online Investment Scams.
How do I recover from losing money in a scam?
Recovering from a forex scam involves both financial and emotional aspects. As your forex scams recovery agency, we will support you through the following steps:
Assess your losses: We will help you evaluate the extent of your losses and create a comprehensive report.
Develop a recovery plan: Our experts will work with you to create a personalized recovery plan, outlining the steps to take and possible strategies for retrieval.
Legal action: We will explore legal avenues, potentially engaging in civil litigation against the scammers if feasible.
Emotional support: Our agency understands the emotional toll of scams, and we will provide you with guidance and emotional support throughout the recovery process.
Rebuild financially: We will assist you in re-establishing financial stability and offer advice on how to avoid similar scams in the future.
Where can I report Forex scams?
As your Forex scam recovery agency, we will handle the reporting process on your behalf. Our team has the expertise and connections to report Forex scams to relevant authorities, financial regulators, and law enforcement agencies.
You can trust us to take the appropriate actions to report the scam and pursue recovery efforts effectively.
\Please note that we take every case seriously and prioritize the confidentiality and security of our clients’ information throughout the recovery process.