Stay Away from Overly Promising Promises

These fraudsters use foreign IPs and purchased websites to commit fraud, and when the time is “right”, they run away with the funds of their clients. The first lesson in forex trading is not about making money by trading, but learning about the steps to not fall into such traps.

Sometimes, it is not that novice investors do not check the authenticity of the platform, but they are brainwashed by the trusted “netizens” or “investment teachers” and unconditionally believe their words. In life, it is not unusual to see betrayal cases by close friends, loved ones, and family members, let alone a stranger from the internet.

The first misconception about “investment mentors” in the FX industry is that a real mentor is there to teach you how to fish, not feed you the fish on a silver platter and right to the front of your face. The real investment bigwigs do not care about being famous or staying high profile for touting attempts. If you ever come across someone like that, be aware of that person. Ask yourself, “what does he gain from telling me what to trade/giving me advice for free？” That shall put things into a much clearer perceptive.

The second misconception is “enthusiastic netizens”. We have all fantasized about getting rich overnight, but that dream is ultimately a dream – money does not grow on trees, nor in your dreams. However, many still fall for that “internet friend” who randomly sent them a text message and then introduced them to forex trading with a guaranteed % of profit every month.

This is a real life case reported by a trader on WikiFXs exposure page: https://www.wikifx.com/en/newsdetail/202206169574715862.html

Why do some foreign exchange platforms are said to be fake？ The reason is that many fraudsters use this business as a shield for their illegal fund-raising activities. Such brokers usually sugarcoat their true nature with a professional-looking website alongside one or two regulatory statuses and/or licenses, where their registered business premises is often located in third or fourth-tier cities. From time to time, they will organize meetings with their trading clients, offer free forex trading workshops, and so on. It is hard for an average trader to identify such brokers because they disguise themselves as a legitimate forex brokerage firm.

Continue Reading: https://www.wikifx.com/en/newsdetail/202207062264283306.html