I decided to write about Forex trading scams, maybe it helps me to save at least one person from falling for such a pathetic fraud…
Forex trading scams via Instagram comments or messages.
I follow many business & financial profiles on Instagram, and there are MORE scam comments than real comments these days!
Here’s an example of two of them.
These Forex trading scams have many red flags that you must be aware of.
- They always promise unrealistic returns, usually 10,000% in one week! Realistic Forex trading returns are more like 5-10% in a week, normally not more than that.
- The profiles of all of them, the promoters and the promotees, are all fake. You can see that most of them have been set up in a short period of 1-2 days, the followers are bought, and the spammers usually have very few followers, if any. They often have private profiles.
- These profiles that are being promoted in those comments try to appear as professional traders, but they do not exist! Their real human photos belong to other people, you can image search them.
- They usually promise a 100% guarantee. This is one of the clearest red flags. In trading and investing 100% guarantee NEVER exists!
Their typical MO, how their scam process works
They normally comment like the above example. Some of them may DM you and offer you profit opportunities.
Let’s say you decide to try one of them. They will ask you to deposit $500 (for example) in Bitcoin to a BTC address provided by them or their website that they use for this scam.
After you deposit $500 you will see it on that website. The scammer asks you to wait while he/she “trades” with your money, for 5-7 days or so.
You can see the money growing every day, you may feel thrilled… until it’s time to withdraw.
The scammer will contact you and tell you that your funds are ready to be withdrawn. You’ll see a random sum between $5000 and $7000 on the website.
Now here’s the bomb — in order to withdraw your profits the scammer will ask you to pay the processing fees first. They will ask you to deposit about 20% of the entire “profits” to the BTC address before they can release the profits for you.
If you ask them to deduct the fee from the profits, they will say that their policy doesn’t allow that. Weird, right? At least this should be a wake up call!
What will happen if you pay the “fee”?
At first you paid $500 for this trading opportunity. If you pay $2000 for the withdrawal “fees”, then YOU WILL HAVE LOST $2500, and that’s the end of it.
THERE IS NO TRADING, NO PROFIT, IT IS A PLAIN DOUBLE-THEFT OF YOUR MONEY.
I once fell for this in 2018 (although I didn’t pay the “fee”), then I found a few other people online who described similar experiences, and now I see more and more of those sickening scam spam comments all over the Instagram pages!
Those scammers also comment on Youtube and Facebook, slightly different comments, but the goal is the same — to steal your money. They often write their WhatsApp number, and that app is frequently favored by many scammers.
- If something is too good to be true, then it usually is.
- Unrealistic profits are always fake. It is never possible to make 1000%, not to mention 10,000% returns in one week, not even in one year!
- Anything that’s 100% guaranteed is fake. It’s a fact.
- Never make a decision out of desperation.
- By trying to grow your money fast you’ll likely lose all of it instead.
- Get-rich-quick schemes never work for your benefit.
Please share this post! Maybe it can help avoid someone from losing money.