Is Social Trading a Scam

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Social Trade Biz is a Scam

Consumer complaints and reviews about Social Trade Biz is a Scam

Dec 22, 2020

Refund from social trade biz

We had 3 Accounts with social Trade biz
1. 61578039
2. 61609362
3. 61456746
Also my other frnds whom I hv recommended to work on this site. They have faced loss of huge amount. I want to claim fir refund for my self and for my friends. I would request to please look into this matter seriously and help us to get our money back.
For further information you can get in touch with me on [email protected] or +918448827967

Best regards
Farhana Hayat

Nov 3, 2020

LOST MONEY IN SOCIAL TRADE BIZ

I had 3 accounts with Social Trade
Account #1 – 62200439 active from Jan 3rd 2020 (Rs.57,500)
Account #2 – 62365683 active from Jan 25th 2020 (Rs.57,500)
Account #3 – 62365677 active from Jan 25th 2020(Rs.57,500)

I have hardly recvd money for a week and then the entire system was announced as a SCAM..

Please let me know how to get my refund or atleast when I will get my refund and what I have to do for the same.

All the accounts were Rs.57500 accounts .

Kathiravan J
9962009269

Oct 24, 2020

How to recover lost funds

Oct 23, 2020

Refund

I have one social trade account and i did below transaction.

Account No.PAWAN SRIVASTAVA(913010043222883)AmountRs57,500.00Transaction TypeDR
Transaction Date07 Jan ’17Transaction DescriptionINB/NEFT/AXIR############/Ablaze Info S/SOCAIL TRA

May i know when i can get my refund.

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Oct 17, 2020

Payment Refund

My Social Trade ID# 62100693. Purchase request was 5,000 e-Points and Validation was for Next 1 Year.

Transaction for Rs. 57,500 and Date was 23-Dec-2020 NEFT UTR- STBP############ to ABLAZE INFO SOLUTIONS PVT LTD.

But Since the Contract break within the Year, There is a liability on Social trade to return the money back.

Please lodge the complaint from my side and help to get Rs. 57,500 back in my account.

Amount was Invested with some return expectation but it was just an Fraud.

Kailash Jha
Mob- +91-9896879732
Email- [email protected]

Sep 4, 2020

We need refund our money from SOCIAL TRADE BIZ / ABLAZE INFO SOLUTIONS PVT LTD

Aug 16, 2020

online fruad

Aug 11, 2020

We need refund our money from SOCIAL TRADE BIZ / ABLAZE INFO SOLUTIONS PVT LTD

REFUND MY PAYMENTS Id’s 61573079,61708183,61879440,61708209,62397465,61879383,62381132,62397408,62411976,61494813, 61708031,61450728,61473681,61670308,62099888,62411916,61702054,61763784,62378937,62381180, 61492871,62095313.

After this big scam of SOCIAL TRADE BIZ / ABLAZE INFO SOLUTIONS PVT LTD ,

We want refund our payment which we had invest in this company ,
We request to please help us for refund our money from this company ASAP.

Please suggest me how I get back my amount .

We had purchased 22 ID’s of Rs= 57500/-

Anita Garg – 61573079
Anita Garg – 61708183
Anita Garg – 61879440
Aruna Goyal – 61708209
Dinesh – 62397465
Divya – 61879383
Divya – 62381132
Ganesh – 62397408
Ganesh – 62411976
Garima Singhal – 61494813
Garima Singhal – 61708031
Gaurav Garg – 61450728
Gaurav Garg – 61473681
Geetika Agrawal – 61670308
Mradula – 62411916
Parul – 61702054
Reena – 61763784
Sanjay – 62378937
Sanjay – 62381180
Shilpi Agrawal – 61492871
Usha – 62095313

Regards,
Gaurav Garg
[email protected]
M : +919999296020

Jul 18, 2020

Regarding social trade biz refund claim

We had jointly invested from our family group
In Social Trade Biz trade with below ids

Nalini suresh – ID -61673020
Amount invested Rs 57,500/-
Aachal B S – ID -61742600
Amount invested /Rs -57,500/-
Suresh B R-ID-62335311
Amount invested – Rs 57,500/-
Muktha S Belagutti-ID-61786708
Amount invested Rs 57,500/-
Nirmala T G ID-61967384
Amount Invested Rs 57,500/-
Jalaja Ramesh -ID 62303921
Amount invested – Rs 57,500/-
Veena T G – ID-62079065
Amount invested Rs 57,500/-
Pushpa T G- ID-62321866
Amount Invested Rs 57,500/-
Suhas Gorur -ID-62062412
Amount invested Rs 57,500/-
Ravikumar G D-ID-62340246
Amount invested Rs 57,500/-

Jul 11, 2020

I need refund my money

REFUND MY PAYMENTS Id’s 61273091,61312622,61331758,61377267,61392155,61429168
Respected Sir/Mam ,

After this big scam of SOCIAL TRADE BIZ / ABLAZE INFO SOLUTIONS PVT LTD ,

I want refund my payment which I had invest in this company ,
I request to please help me for refund my money from this company ASAP.

Please suggest me how I get back my amount .

I had purchsaed 6 ID’s of Rs= 11500/-

Navratan Kumawat :- 61273091
Santosh Devi :- 61312622,61429168
maina :- 61331758
BHANWARI :- 61377267
HIRA LAL KUMAWAT :- 61392155

Regards,
Navratan Kumawat
[email protected]
M : +919928776271

Jul 9, 2020

Refund money against social trade

Dear Sir / Madam,

I am Chandra Prakash Tiwari, joined social trade with id number 62328447.
Paid 57500 on sake of work by clicks earn 5 rupees.
I haven’t received any money from them.
Kindly help me in this issue.
Thanking you .

Jun 13, 2020

Need my tax earned money back

Need my tax earned money back
Need my tax earned money back, i Jasmeet suneja bought 3 ids of 11500 each
which are mention below

62041585
61849519
61870207

These are my three IDs
Invested 11500*3=34500

Please keep me informed on procedure to get refund back.
Regards
Jasmeet

Jun 6, 2020

Need my tax earned money back

Need my tax earned money back sanjesh kumar
Dear All,
62134071

These are my two IDs out of the total 5 IDs
Invested 57500*1=575000

Please keep me informed on procudure to get refund back.
Regards,
Rohit

Jun 3, 2020

Need my tax earned money back!! Vijay Arora

Dear All,
61698111
61698048
These are my two IDs out of the total 5 IDs
Invested 57500*5=287500

Please keep me informed on procudure to get refund back.
Regards,
Rohit

May 30, 2020

REFUND MY PAYMENTS 61919742, 61944962, 61930188, 61945140

After this big scam of SOCIAL TRADE BIZ / ABLAZE INFO SOLUTIONS PVT LTD ,

I want refund my payment which I had invest in this company ,
I request to please help me for refund my money from this company ASAP.

Please suggest me how I get back my amount .

I had purchsaed 4 ID’s of 57500/- . 2 Id’s on my name and 2 id’s on my husband name.

ST Id’s:
Atul kaushik:- 61919742, 61944962
Vaishali kaushik:- 61930188, 61945140

May 30, 2020

REFUND MY PAYMENTS 61919742, 61944962, 61930188, 61945140

After this big scam of SOCIAL TRADE BIZ / ABLAZE INFO SOLUTIONS PVT LTD ,

I want refund my payment which I had invest in this company ,
I request to please help me for refund my money from this company ASAP.

Please suggest me how I get back my amount .

I had purchsaed 4 ID’s of 57500/- . 2 Id’s on my name and 2 id’s on my husband name.

ST Id’s:
Atul kaushik:- 61919742, 61944962
Vaishali kaushik:- 61930188, 61945140

May 26, 2020

Payment refund Social Trade

After being cognizant of the scam SOCIAL TRADE BIZ / ABLAZE INFO SOLUTIONS PVT LTD has done.

I want back my money which I had invested in this company.

I request to please help me with the refund.

Please help me to get back my amount.

I had purchased 1 id’s of 57,500/- Total Investment of 57,500.
SD ID’s: 62134071

May 16, 2020

Please refund my Amount

May 16, 2020

Please refund my social trade amount

May 15, 2020

Refund my payment

May 9, 2020

Payment not received and online fraud

Subject: Complaint against SocialTrade.biz/ABLAZE INFO SOLUTION/FRENZZUP Company, Director Name Anubhav Mittal
Dear Sir,
With due respect I beg to state that I have invested money in the Social Trade/ABLAZE INFO SOLUTION company plans as per below Table 1. I started to get some money as shown in Table 2. In the start of the January 2020 the payment was stopped in lieu of the audit of accounts with the banks. After that the message was popup in the site that the Bank in which the account of Ablaze Info solution was not cooperating. Then the message was flashed on the social trade website that they have opened a new account with the Canara Bank and all the financial activities will be via Canara Bank. After that a new message was flashed on the website that they transfer our all online activities to a new website FRENZUP.COM. Suddenly I got the information about the arrest of Abhinav Mittal the Chairman of the company. After two-three days both the websites Social Trade and Frenzzup were blocked. We went to the office of the company at Noida several times but there was nobody to listen our plea.
The details of the money invested are as below:
TABLE 1
Sl. No DATE OF
INVESTMENT AMOUNT
(In Rs.) ABLAZE USER ID/USER NAME ABLAZE PAYMENT ID ABLAZE Invoice No. ICICI Bank NEFT/ IMPS Trans action No. From A/C no. ############ (Anup Garg) TO ABLAZE A/C NO.s PURCHASED E-POINTS UNDER PLAN STP100
1 09/12/16
57500 61876996/ ANUP GARG 640497 ABLAZE/2020/637724 Made NEFT No. 1099978927 to ABLAZE AXIS BANK A/C NO. 915020024019456 5000
2 28/12/16 57500 62127058/ ANUP GARG 801730 ABLAZE/2020/755706 Made IMPS No. ############ to ABLAZE YES BANK A/C NO. 003861900002741 5000
3 28/12/16 57500 62127074/SEEMA GARG 801841 ABLAZE/2020/755782 Made IMPS No. ############ to ABLAZE YES BANK A/C NO. 003861900002741 5000
4 25/01/17 57500 62400078/ ANUP GARG 1032215 ABLAZE/2020/924910 Made NEFT No. 1133748330 to ABLAZE CANARA BANK A/C NO. 1149214000021 5000
5 27/01/17 57500 62408631/SEEMA GARG 1036823 ABLAZE/2020/929177 Made NEFT No. 1134685245 to ABLAZE CANARA BANK A/C NO. 1149214000021 5000

I HAVE RECEIVED BELOW PAYMENTS ONLY:
TABLE 2
SL. NO. ABLAZE USER ID AND NAME TRANSACTION ID TRANSFER DATE Payment Calculated
(In Rs.) DEDUCTION BY ABLAZE (Rs.) PAYMENT RECEIVED (Rs.) Remarks
1 61876996 ANUP GARG P16122235418728 21/12/16 1875 245.72 1629.28
P16122840380771 27/12/16 3125 409.53 2715.47
KKBK############ 03/01/17 3750 491.44 3258.56
0P17012364245460 23/01/17 6643.12
TOTAL= 14246.43
2 62127058 ANUP GARG NO PAYMENT RECEIVED
3 62127074 SEEMA GARG P17011054935827 10/01/17 1250 163.81 1086.19
P17012465538790 24/01/17 2500 327.63 2172.37
TOTAL= 3258.56
4 62400078 ANUP GARG NO PAYMENT RECEIVED
5 62408631 SEEMA GARG NO PAYMENT RECEIVED

Sir I have invested a total of (57,500×5)= Rs. 2,87,500, but I have received (14,246.43+3,258.56)= Rs. 17,504.99. The pending amount is (2,87,500 – 17,505)=2,69,995.
Sir it is my hard earned money. I have cut even my daily needs like bread and butter. I even cut small wishes of my children and sum up this amount in my whole life. I was innocent and made foolish by this company. At this point in my life, our dreams shattered and we all become hopeless. I got to know about your justice. As the last hope I come to your door.
I humbly request you to take necessary action and provide me the Justice for the refund of the balance amount and @ 18% interest per annum there upon as soon as possible. Waiting for your early reply..

With Regards,
Anup Garg
9811905200

May 9, 2020

Payment not received

Subject: Complaint against SocialTrade.biz/ABLAZE INFO SOLUTION/FRENZZUP Company, Director Name Anubhav Mittal
Dear Sir,
With due respect I beg to state that I have invested money in the Social Trade/ABLAZE INFO SOLUTION company plans as per below Table 1. I started to get some money as shown in Table 2. In the start of the January 2020 the payment was stopped in lieu of the audit of accounts with the banks. After that the message was popup in the site that the Bank in which the account of Ablaze Info solution was not cooperating. Then the message was flashed on the social trade website that they have opened a new account with the Canara Bank and all the financial activities will be via Canara Bank. After that a new message was flashed on the website that they transfer our all online activities to a new website FRENZUP.COM. Suddenly I got the information about the arrest of Abhinav Mittal the Chairman of the company. After two-three days both the websites Social Trade and Frenzzup were blocked. We went to the office of the company at Noida several times but there was nobody to listen our plea.
The details of the money invested are as below:
TABLE 1
Sl. No DATE OF
INVESTMENT AMOUNT
(In Rs.) ABLAZE USER ID/USER NAME ABLAZE PAYMENT ID ABLAZE Invoice No. ICICI Bank NEFT/ IMPS Trans action No. From A/C no. ############ (Anup Garg) TO ABLAZE A/C NO.s PURCHASED E-POINTS UNDER PLAN STP100
1 09/12/16
57500 61876996/ ANUP GARG 640497 ABLAZE/2020/637724 Made NEFT No. 1099978927 to ABLAZE AXIS BANK A/C NO. 915020024019456 5000
2 28/12/16 57500 62127058/ ANUP GARG 801730 ABLAZE/2020/755706 Made IMPS No. ############ to ABLAZE YES BANK A/C NO. 003861900002741 5000
3 28/12/16 57500 62127074/SEEMA GARG 801841 ABLAZE/2020/755782 Made IMPS No. ############ to ABLAZE YES BANK A/C NO. 003861900002741 5000
4 25/01/17 57500 62400078/ ANUP GARG 1032215 ABLAZE/2020/924910 Made NEFT No. 1133748330 to ABLAZE CANARA BANK A/C NO. 1149214000021 5000
5 27/01/17 57500 62408631/SEEMA GARG 1036823 ABLAZE/2020/929177 Made NEFT No. 1134685245 to ABLAZE CANARA BANK A/C NO. 1149214000021 5000

I HAVE RECEIVED BELOW PAYMENTS ONLY:
TABLE 2
SL. NO. ABLAZE USER ID AND NAME TRANSACTION ID TRANSFER DATE Payment Calculated
(In Rs.) DEDUCTION BY ABLAZE (Rs.) PAYMENT RECEIVED (Rs.) Remarks
1 61876996 ANUP GARG P16122235418728 21/12/16 1875 245.72 1629.28
P16122840380771 27/12/16 3125 409.53 2715.47
KKBK############ 03/01/17 3750 491.44 3258.56
0P17012364245460 23/01/17 6643.12
TOTAL= 14246.43
2 62127058 ANUP GARG NO PAYMENT RECEIVED
3 62127074 SEEMA GARG P17011054935827 10/01/17 1250 163.81 1086.19
P17012465538790 24/01/17 2500 327.63 2172.37
TOTAL= 3258.56
4 62400078 ANUP GARG NO PAYMENT RECEIVED
5 62408631 SEEMA GARG NO PAYMENT RECEIVED

Sir I have invested a total of (57,500×5)= Rs. 2,87,500, but I have received (14,246.43+3,258.56)= Rs. 17,504.99. The pending amount is (2,87,500 – 17,505)=2,69,995.
Sir it is my hard earned money. I have cut even my daily needs like bread and butter. I even cut small wishes of my children and sum up this amount in my whole life. I was innocent and made foolish by this company. At this point in my life, our dreams shattered and we all become hopeless. I got to know about your justice. As the last hope I come to your door.
I humbly request you to take necessary action and provide me the Justice for the refund of the balance amount and @ 18% interest per annum there upon as soon as possible. Waiting for your early reply..

With Regards,
Anup Garg
9811905200

TBBOB

Fighting online scams since 2020

Massive scam review: Social Tech Trader

So here we go for another review of a binary options scam. It is called “Social Tech Trader”. It is presented by Albert and Gilbert Hanson from the Social Trading Tech company.

Albert says that he used to work for a bank, but at 37 he decided to leave and work on his own. Together with his colleagues he created the Social Tech Trader, which is an app for trading binary options.

According to Albert this app is making $920 a day in average to each user and you can be one of them. For free, because they need more users to make the app more profitable.

Table of Contents

Social Tech Trader is a scam

In this case we are again facing a very typical binary options scam. Let’s have a look at some of the most obvious proofs.

Fox Buisness

On the Social Tech Trader’s web page you can see a quote supposedly from Fox Business, but we made a research and Fox Business never mentioned this app nor the Social Trading Tech company. So it is fake.

Not free

Scammers usually stress that their software is free and Albert is no different. He says that he won’t ask you for any payment.

Well, this is a big lie, because in order to use the Social Tech Trader app you will be required to deposit at least $250 of your own money into a trading account.

The app

The app itself as shown in the video is really a bad joke. Everybody who knows at least some basics about trading binary options must immediately see these alarming facts:

  • the trader does not choose the investment amount when placing a trade
  • no return ratio is shown
  • no strike nor actual price are shown
  • when you open a trade you don’t see the expiry time
  • the trader places an AUD/USD trade which becomes CAD/USD at expiry

So this is pure fiction, the app is not a real trading app, it is a huge fake. Look also at the news stream, news keep jumping up randomly with different dates, absolute nonsense.

Testimonials

Another huge fake comes with the trading accounts screenshots. Look at the screenshots from three supposedly different traders. They were all taken within the same minute? Really?

Three different people from different places took screenshots of their accounts in exactly the same minute?

No, of course not, the pictures have been faked.

The truth

The Social Tech Trader scam works like other scams do. People behind it will get paid for every new depositor they refer to their broker. So they desperately need you to deposit money with their broker, everything is focused on this, because it will earn them money. If you fall into their trap, deposit and trade your money with their app, you will lose it.

Conclusion

The amount of binary options scams is incredible. But if you don’t trust anybody who promises you free money but ask for your deposit first, you’ll be safe. And if you want to see how binary options really work and how money can be made in trading, try a free demo.

You will then discover that binary options are a perfectly legit and standard trading instrument. It is just that some people unfortunately try to abuse them.

16 thoughts on “ Massive scam review: Social Tech Trader ”

Social Tech Trader is no doubt a scam. Stole my $350 deposit. I did not make any trades. The software is switched off and logged out. But my account was drained. No record of trades on the broker account. Stay away. Massive scam!!

Cool review, it does have some truth on it, although I would like to correct some things. It seems like you haven’t seen anyone trading on the software (nor the copy buffett) and just wrote this article after looking at the website.

First, everyone who goes into trading should research about the software/platform that they are using and it is clear that the software it self is completely free for 30 days and it is the same for Copy Buffett. After you have completed your trial and want to continue trading, then these softwares will take 5% off of your profit. So yes, you have to deposit into your broker first, but the software itself does not take any profit from anything for the free trial period, so let’s make that clear.

Also, you can choose how much you want invest (usually from 25 to 1000) and you can also choose the assets you want to trade or you can set the assets that your auto trader will trade.

I haven’t found information about the other things you said so I will not talk about those, but I have to admit every binary options site and every software looks dodgy when you look at the website. I still think that some of them are real, but I will not say which because I don’t want you to think I’m advertising. I merely came to correct some stuff ��

I’m sorry but you are repeating just some scam marketing BS. Who cares that scams do not take fees through their platforms if they make you lose your deposit of at least $250? So you lose $250, but you have not paid any fees, real win situation…

Thanks guys…..I am very glad I checked out your review. It is as hard to find a good, honest review as it is to find a good way to be in the BO game. Still looking…..but you really helped with your review.

All good comments and prespective here. How about a software becoming viral for delivering results? I always expected a flood of real testemonials blowing up on these scamers channels… But…

What amazes me about all these so called fantastic software products is that these totally honest (yea right!) reviewers only seem to use them for such a short time, Ive noticed that when a number of their loyal subscribers ask about a product recently reviewed, they often answer “Oh I don’t use that one any more!”
If the software was so damn good and producing sooooo much money, then why the HELL would anyone stop using it.

This software is placing new traders with random brokers, one of which is Binarybook, this broker is currently under a winding up procedure see referral: https://www.thegazette.co.uk/notice/2458581, but this doesn’t seem to matter to some of these scam artists. What makes things worse is that a certain reviewer has been made aware of this fact by me, but has chosen to delete my posting on his web site. He doesn’t want to interfere with his referral quota obviously.

Hi John, sounds about right! Was interesting to see that the broker in the screenshots was TopOption. I’ve been with them for a while, and they are very good, I wonder if they would actually be part of this, seems unlikely. By the way, do you know anything about Collective2, I came across them when I was looking for info on the so-called people behind this scam? Regards.

I don’t think that Topoption are part of that scam, scammers just edited their page, it is very easy, you can do it through a normal web browser. Concerning Collective2, it is a Forex social trading platform where you can copy other traders. I’ve tried this in the past with eToro, but no success. To find traders profitable in the long run with a good money management was impossible for me. I believe that really profitable traders just do not share their trades with others, because it would just make the market volume rise when they enter trades, which would make their strategy vulnerable, especially from the high frequency trading point of view.

I didn’t think Topoption would be part of it, as you say, there are ways of faking such things! Thank you for your advice on Collective2, I’ll continue trading by myself, then if it goes wrong, I only have myself to blame!

Yes all the usual scammers on youtube are promoting this claiming it’s the bet software they have seen ever. Keith from Option Xpert and Louis from Trusted Binary Reviews. Can’t believe their thousands of subscribers fall for their bullshit every time.

Yep Cedrick, your right on the money. I believe all these reviewers are mates of one another, have you noticed they are all English, with London accents, they all seem to now live in Spain, they all give positive or negative reports on exactly the same product, have similar fantastic results, execute these trades with known scam brokers without hesitation and recommend them as “good brokers” to their subscribers.
Hey!! I get the feeling that they even have holidays together! maybe even went to the same school, they are all about the same age!
Think about it… then check out each of their YouTube videos they have recently made with my comments in the back of your mind!
Maybe the mind can play funny tricks when you come from this perspective. But I honestly believe that their results are total BULL SH*T
No way can they make thousands of dollars/pounds per day from these pieces of crap!

They are promoting another one now – Tradefusion, which again is (allegedly) the best thing since sliced bread according to them, but has been shown elsewhere to contain the usual bunch of fake identities etc! Bullshit nicely sums it all up, John.

All very true. They all know each other well and are involved in beta testing of these scams.
Here’s the Louis guy saying it’s the best autotrader he has ever seen. All his followers follow him (and Keith from Option Xpert) like sheep from one scan to the next. I’m sure most of them lose money.

Sorry but I removed the link to the video becuase we don’t want to help the scammers with links pointing to them.

How to identify Forex scams

Just like any other financial market, the Forex market has been a target of Forex scammers for a very long time. Unethical behaviour, promises of unusually large profits without any risk, and the advertisement of “holy grails” are all signs of a Forex scammer who wants to make a profit from naïve traders. Fortunately, there are easy ways you can identify a Forex scammer and protect yourself from their misleading promises. In this article, we’ll cover exactly that, and show you how Forex scammers operate.

How to identify a Forex scammer

Forex scammers may come in different forms, but they all share one thing in common: they’re non-transparent, unregulated, and promise trading results which sound too good to be true. Beginners may have a hard time identifying these characteristics due to their inexperience, which is the main reason why beginners are often targeted by Forex scammers. As you gain trading experience along the way, it will become significantly easier for you to spot these unethical practices and protect yourself from Forex frauds.

If a trader promises hundreds of pips per day without any risk, or tries to sell a trading robot which makes thousands of pips with the click of a mouse, you should be very cautious about that offer. If a trader really had an extremely profitable trading strategy or trading robot, they wouldn’t have to sell that system to other traders, right? They could simply make hundreds of pips with their system and wouldn’t waste their time advertising their product to other traders.

Regulation, or rather lack of it, is also a very important sign of a Forex fraud. Check whether the company which promises unusually high profits is regulated by scrolling through its website. Regulated companies always showcase their licence or regulatory authority on their website, and if you’re unable to find this information, you’re probably dealing with a fraud.

Here we’ve prepared a short checklist of the main points you need to look for to identify potential scammers:

  • Does the trader or company promise extremely high profits and doesn’t mention any risks associated with the strategy? If so, it’s probably a fraud.
  • Can you find information about the company’s regulation on its website? If not, be cautious when dealing with the company.
  • Can you find any additional background information about the trader or the company?
  • Does the trader have their trading results verified by a third party?

These signs, and more, will be discussed in more detail in the following lines.

Additional signs of Forex scams

There are many more ways of identifying Forex trading scams, such as trading results which are not verified, emails that ask for personal information, or the unavailability of background information.

  • Unverified trading results – This scam is very popular with Forex signal providers. A trader will claim that they are constantly profitable on the market, and post screenshots of their trading performance on social media. The trading results often show extreme profit, sometimes even without a single losing trade. Beginners without trading experience are especially attracted to these types of scams as they don’t know how much profit to expect when trading. Needless to say, you should be very cautious when someone makes their trading results publicly available. Ask the trader if the results are verified by a third-party provider, such as myfxbook. If the trader refuses to provide you with a link to their verified results, simply forget about that trader and choose another, as it is highly likely that they are a fraud.
  • Unprofessional emails – Unprofessional emails are another obvious sign of an online Forex trading scam. Email marketing is very common these days, but if the tone of the email sounds unprofessional or if the person asks for any personal information, it’s probably a scam. Forex scammers often use email lists bought on the dark web to send hundreds, or even thousands of emails to traders, offering various trading products. Again, make sure there is background information about the person sending the emails – or if it’s a company, check that it is regulated by browsing its website. If you are unable to find any of the above, and the emails ask for personal information to send you a “free e-book” or something similar, it’s probably a scam.
  • No background information – We’ve already mentioned the importance of checking for background information about a trader or company that promises extremely high profits or asks for your personal information. Scammers often change their identity and act under an imaginary name, so that their victims can’t track them on the Internet. It’s also common for scammers to use pictures of traders found on the internet, claiming that the person in the picture is them.

A simple Google search can help you out a lot. Search for the name of the trader or the company and see whether you can find any background information that proves the scammer’s claims. If you’re dealing with a serious company or trader, you may also be able to find reviews from other customers who have used their services. Always do your research to avoid falling for this type of scam.

Protect yourself against Forex scams

Now that we have covered the most important signs that identify a Forex scammer, it’s time to take a look at ways you can protect yourself. Being cautious about any offer is usually the best solution, but there are also some additional ways.

  • If it’s too good to be true, it’s probably a scam

Common sense helps a lot in these situations. If someone claims to make hundreds of pips per day without a single losing trade with their strategy, it’s probably too good to be true. Even professional traders have losing trades from time to time. If the results are not verified by an independent third-party service, you’re most likely dealing with a scam.

Nothing is more powerful than knowledge. Scammers usually target beginners who don’t have enough trading experience to identify what returns are realistic on the market. Education doesn’t come overnight, but with time you’ll find it way easier to spot Forex frauds even from a distance. Invest in your trading education and gain experience, and you won’t become an easy target for Forex scams.

Never give out your personal information! Scammers may use it to steal your identity and to attract new victims under your name. Always ask yourself – why do they need my personal information? If there is no obvious answer to this question, don’t send any personal data and stop wasting your time with the company. It’s very important to know how to protect your personal information. Regulated companies have to store all of their clients’ personal information, such as ID cards and passport copies, in a safe place and can only use the data for their internal procedures.

Finally, if you’re unsure whether a company is regulated or not, your best bet would be to directly contact the regulatory body of the company’s jurisdiction. You’ll first need to find out the location of the company in order to reach out to the regulatory body of that country. Many regulatory authorities feature a database of regulated companies on their website, where you search and find additional information about the company’s license. Popular regulatory bodies in the Forex industry include the FCA in the United Kingdom, CySEC for Cyprus-based companies which offer their services in the European Union, and the CFTC and NFA in the United States.

Conclusion

There are scammers and unethical persons operating across all markets, and the Forex market is no exception. There are many signs of Forex trading investment scams that can be used to identify and uncover a scammer, such as promises of extremely high profits without verification, the absence of any industry regulation, unprofessional emails which ask for personal data, or the unavailability of background information. Always perform detailed research on these points before you buy a trading product. In addition, make sure to educate yourself about trading, since scammers usually target beginners who aren’t experienced enough to identify unrealistic trading results. If an email asks for personal info, never provide the information right away, but first check why the person or company needs your personal data. You should send copies of your ID cards or passports only if you’re sure that the company is legit. Performing a check on the regulatory body’s website to see whether the company is listed in the database is also a wise decision. To perform the check, first find out where the company is located and go to the website of the regulatory body which governs that jurisdiction. If the company is not listed in the database of regulated companies, it’s probably a scam.

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