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Abstract:Forex scams have taken a vicious cycle with scammers using new and persuasive tactics to trick investors into investing in fraudulent schemes. Read more to know their tactics and how to stop falling for them.
India‘s forex trading market, which despite growing to $60 billion in 2024, sees scammers duping investors regularly. Sometimes the forex trading company commits fraud or sometimes fraudsters impersonate companies and commit fraud. It’s important to identify forex scam tactics and take necessary actions to avoid being tricked into fraudulent schemes. We have prepared a guide that will help spot scams and take remedial actions should you fall for those.
Forex trading scams happen in multiple ways -
These schemes guarantee investors large profits with no or minimal risk. However, fraudsters pay the money collected from new investors to previous investors. They dont put that money into trading.
These persuade customers to invest in forex trading without letting them know about their financial interests.
Many times, these firms offer forex trading services without obtaining the necessary license.
Fraudsters convince investors to park significant amounts by luring them of high returns. They will make aggressive phone calls to ensure you invest such an amount.
Refunds Refused
Fraudsters dont allow investors refunds or make it hard for them to do so.
Fraudsters create a trading algorithm that disguises investors that it will create profits for them. However, they receive losses.
As a trader, you should evaluate the forex market, the players, and the trends. This will help you understand the market, the challenges and risks that lie ahead, etc.
Refer to reliable sources such as WikiFX to know the scams that take place across India and other regions worldwide. Dont fall for limited-period offers showing high returns.
Scammers will always tempt you to act quickly because that will help serve their fraudulent goals. Trading requires in-depth thinking and not hasty decisions.
Always choose a broker registered under the Securities and Exchange Board of India (SEBI) and authorized by the Reserve Bank of India (RBI). This will help prevent scams to a large extent.
You may come across many websites promising fast and high returns. Returns compound over time, not instantly. Discard the investment idea if you see such offers.
Conclusion
Fraudsters will always play with the ‘GREED’ factor everyone has to accomplish their financially illegal ambitions. When it comes to forex or any other investments, take a pause, research, study, and analyze whats the best recourse for you. Money takes time to achieve high growth. Always believe high returns are achievable only over the long term and with registered forex brokers.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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