{"id":97612,"date":"2023-11-19T00:45:00","date_gmt":"2023-11-19T00:45:00","guid":{"rendered":"https:\/\/arielle.com.au\/?p=97612"},"modified":"2026-01-22T04:45:11","modified_gmt":"2026-01-22T04:45:11","slug":"forex-trading-scams","status":"publish","type":"post","link":"https:\/\/arielle.com.au\/forex-trading-scams\/","title":{"rendered":"How To Spot And Avoid Forex Trading Scams"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 9<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<p>The foreign exchange market is the largest financial market in the world, with over $9.5 trillion traded daily. There are over <a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.financemagnates.com\/forex\/analysis-australia-has-the-largest-fxcfd-market-per-capita-in-the-world\/\">100,000 Australian forex traders<\/a> &#8211; the largest market per capita in the world, making Aussies a lucrative target for forex trading scams.<\/p>\n\n\n\n<p>Due to the accessibility of high leverage, forex attracts inexperienced traders who often think that trading forex is a get-rich-quick scheme. They&#8217;re often the first target of forex scammers.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>But experienced traders are not immune to gimmicks, either.<\/span><\/div><\/div>\n\n\n\n<p>Australians were diddled out of <a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.accc.gov.au\/media-release\/australians-are-losing-more-money-to-investment-scams\">$158 million in investment scams<\/a> in the first half of 2022, a 314% increase since the previous year.<\/p>\n\n\n\n<p>Let me show you how to avoid forex scams by recognising warning signs and fortifying your defences.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">An entire industry of forex scammers is preying on middle-class men (and it&#8217;s almost always men) who are trying to escape their day jobs through retail forex trading.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. Fake Trading Educators.<\/strong><\/h2>\n\n\n\n<p>Forex trading &#8220;experts&#8221; will try to entice you with &#8220;proprietary&#8221; trading &#8220;systems&#8221; or &#8220;AI-powered algorithms&#8221; that generate winning trades while you sleep.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"643\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/fake-forex-broker-1024x643.jpg\" alt=\"\" class=\"wp-image-97627\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/fake-forex-broker-1024x643.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/fake-forex-broker-300x188.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/fake-forex-broker-768x482.jpg 768w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/fake-forex-broker.jpg 1140w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Above: Silver-haired white men making casual trades from a yacht, a golf course, or their beachside condo are a red-flag.<\/em><\/p>\n\n\n\n<p>What would you do if you knew how to make $25,000 monthly with forex trading?<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Double<\/strong> down on forex trading with the aim of growing your profits.<\/li><li><strong>Become<\/strong> a YouTuber, revealing all your strategies online in a $1,000 forex trading course.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>Exactly.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Most forex trading educators have failed to make meaningful profits from trading, resorting to selling their &#8220;expertise&#8221; instead.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>Don&#8217;t fall for the seductive lifestyle videos of charlatan forex trading educators promising you financial freedom and quick returns.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>They are ordinary retail traders hoping to make a quick buck from other newbie retail traders, usually by selling what&#8217;s known as &#8220;robot scams&#8221;.<\/span><\/div><\/div>\n\n\n\n<p>If you see a video of a guy standing in front of a castle, a Lamborghini, or a hotel pool, telling you about a software program that utilises algorithms to automatically buy and sell currency, leading to a passive income from forex trading, run.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Legitimate forex trading algorithms exist; look for them when opening an account with a <a href=\"https:\/\/arielle.com.au\/best-forex-trading-platforms-australia\/\" target=\"_blank\" rel=\"noreferrer noopener\">major forex broker<\/a> like Vantage and Pepperstone. They are bundled in with platforms like Meta Trader 5 and cTrader. Treat anything else with a grain of salt.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. Signal Seller Scams.<\/strong><\/h2>\n\n\n\n<p>Signal sellers can be legitimate businesses, but most are shady operators.<\/p>\n\n\n\n<p>They offer trading alerts that identify favourable times for buying and selling major foreign currency pairs and help you &#8220;grasp the forex market&#8221;.<\/p>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/interest-rate-news\/\">Will The Interest Rates Rise In 2024<\/a>?)<\/strong><\/p>\n\n\n\n<p>Some allow you to follow and copy the trades of &#8220;expert&#8221; forex traders, so you don&#8217;t miss out on those big forex moves.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Mmost of these signals are unreliable, with some providers churning out fake insights or insights of dubious quality.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>They usually charge a monthly fee, and because the price is relatively low (usually $10-$50\/month), beginners don&#8217;t make a fuss after experiencing unprofitable trades.<\/p>\n\n\n\n<p>Some signal scammers can appear very convincing.<\/p>\n\n\n\n<p>They&#8217;ll earnestly show you screenshots of their trading history, demonstrating a &#8220;track record of profitability&#8221;.<\/p>\n\n\n\n<p>Remember &#8211; this &#8220;evidence&#8221; is easily faked.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Expert Tip.<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Charlatan trading signal sellers rely on fake reviews for legitimacy. You can spot fake reviews by checking the reviewer&#8217;s history (see if they&#8217;ve reviewed anything else) and looking for similar phraseology across multiple reviews.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>How do you spot signal forex scams?<\/p>\n\n\n\n<p>Start by looking for dodgy guarantees. For example, this famous signals provider offers a &#8220;100% Satisfaction Guarantee&#8221;.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"278\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/forex-signals-scam-1024x278.png\" alt=\"\" class=\"wp-image-97621\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/forex-signals-scam-1024x278.png 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/forex-signals-scam-300x81.png 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/forex-signals-scam-768x208.png 768w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/forex-signals-scam-1536x416.png 1536w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/forex-signals-scam.png 1638w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>If you read the headline only, you&#8217;d assume he will offer you a refund if you&#8217;re unsatisfied. But if you look closely, you&#8217;ll realise he&#8217;s merely promising the option to unsubscribe from his service. How nice of him.<\/p>\n\n\n\n<p>Next, be wary of inflated accuracy claims. Promises like &#8220;90%+ accuracy&#8221; are a red flag.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Anyone with that level of accuracy will be running a $100 million portfolio on a trading desk at Goldman Sachs, not peddling signals online.<\/span><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Can You Trust Broker-Specific Trading Signals?<\/strong><\/h3>\n\n\n\n<p>Some trading platforms (e.g., AvaTrade) offer signals from within the platform. Always be sceptical of such services, as your interests are not aligned. <\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Asking your broker for trading insights is not unlike asking your casino for poker strategies.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. Fake Broker Scams.<\/strong><\/h2>\n\n\n\n<p>Look out for scam brokers.<\/p>\n\n\n\n<p>Beginner investors are often the target of fake brokers offering to handle trades on their behalf.<\/p>\n\n\n\n<p>Typically posing as a decision-maker at a legitimate brokerage or a fund that handles forex accounts, the fraudster requests a commission in exchange for his services.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>You patiently await returns while they issue fake profit statements and drain your account.<\/span><\/div><\/div>\n\n\n\n<p>Some fake forex brokers will mimic the brand of a legitimate broker, sometimes creating a duplicate website to gain your trust.<\/p>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/aud-to-gpb-forecast\/\">AUD to GBP Expert Forecast And Predictions<\/a>).<\/strong><\/p>\n\n\n\n<p>What are the signs of a fake forex broker scam?<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Sketchy qualifications and licensing.<\/strong> By law, financial services need a license to operate in Australia. <\/li><\/ul><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"752\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/asic-forex-broker-register-1024x752.png\" alt=\"\" class=\"wp-image-97633\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/asic-forex-broker-register-1024x752.png 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/asic-forex-broker-register-300x220.png 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/asic-forex-broker-register-768x564.png 768w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/asic-forex-broker-register.png 1138w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Above: Verify all brokers through the ASIC website (yes, the irony is that the ASIC website itself looks stodgy and dodgy).<\/em><\/p>\n\n\n\n<p>Ensure the broker is regulated by ASIC and holds an AFSL (<a href=\"https:\/\/asic.gov.au\/online-services\/search-asic-s-registers\/professional-registers\/\" target=\"_blank\" rel=\"noreferrer noopener\">check the AFSL register<\/a> to ensure the broker&#8217;s name matches the license number).<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Expert Tip.<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">If the company is based overseas, check that they&#8217;re licensed with the regulatory body in that country (e.g., FCA in the UK).<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>Inflated returns. Look out for &#8220;evidence&#8221; of obscene profits that beat market norms.<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>High management fees.<\/strong> Top fund managers charge 0.5%-2.5% per year. Excessive costs and unreasonable exit clauses (e.g., your funds are locked in for 2 years) are red flags.<\/li><\/ul><\/div><\/div>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Moneysmart, a project of ASIC, has provided a <a href=\"https:\/\/moneysmart.gov.au\/companies-you-should-not-deal-with\" target=\"_blank\" rel=\"noreferrer noopener\">list of Australian investment companies<\/a> you should not deal with, but it&#8217;s not exhaustive. Just because a forex broker isn&#8217;t on this list doesn&#8217;t mean it&#8217;s not dodgy.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. Forex Pyramid Schemes.<\/strong><\/h2>\n\n\n\n<p>The mere mention of &#8220;pyramid schemes&#8221; raises a few eyebrows, regardless of the industry.<\/p>\n\n\n\n<p>In the forex market, these trading scams focus on recruiting new members into groups that claim to offer insider tips and advice.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>You&#8217;ll get charged a monthly fee for access to these &#8220;mastermind groups&#8221; and will be encouraged to recruit other members in exchange for a commission.<\/span><\/div><\/div>\n\n\n\n<p>When these forex trading scams are exposed, they decline and then get shut down without any advanced warning. The leader disappears with the funds.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">The leader usually has a few of these groups active at any given time, always burning some and starting new ones.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. Forex Market Ponzi Schemes.<\/strong><\/h2>\n\n\n\n<p>This type of forex scam collects money from new investors and pools it into a forex fund before distributing it to existing investors<\/p>\n\n\n\n<p>This is illegal, of course.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>But the risk of jail time doesn&#8217;t stop fraudsters from starting these forex Ponzi schemes.<\/span><\/div><\/div>\n\n\n\n<p>They&#8217;ll usually start by asking for a modest initial investment from new investors, which they use to pay out existing investors.<\/p>\n\n\n\n<p>A record of payouts makes the scheme look successful.<\/p>\n\n\n\n<p>Do you want to know the scary thing?<\/p>\n\n\n\n<p>These scammers aren&#8217;t just overweight, bearded incels living in their mother&#8217;s basement; they&#8217;re often <a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.reuters.com\/world\/uk\/british-forex-boss-convicted-62mln-ponzi-style-fraud-2023-05-22\/\">corrupt industry experts<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Fun Fact.<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Back in May 2023, Anthony Constantinou was convicted for his involvement in funding a luxury lifestyle with investors&#8217; funds in an AUD$95 million Ponzi-style forex scheme.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"553\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/is-forex-trading-a-scam-1-1024x553.jpg\" alt=\"\" class=\"wp-image-97634\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/is-forex-trading-a-scam-1-1024x553.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/is-forex-trading-a-scam-1-300x162.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/is-forex-trading-a-scam-1-768x415.jpg 768w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/11\/is-forex-trading-a-scam-1.jpg 1140w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How To Spot Forex Scams.<\/strong><\/h2>\n\n\n\n<p>Are your spidey senses tingling? If something doesn&#8217;t feel right about a proposition being made, it could be for one of these reasons.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Unsolicited Offers.<\/strong><\/h3>\n\n\n\n<p>Forex scammers come out of the blue with their promises of vast wealth, with little or no financial risks involved.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Legit companies won&#8217;t slide into your DMs or emails like that.<\/span><\/div><\/div>\n\n\n\n<p>Remember the <a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/nordvpn.com\/blog\/nigerian-prince-scam\/\">Nigerian prince email<\/a>? It&#8217;s one of the oldest online fraud schemes, and it still cons people out of over $700,000 (USD) a year.<\/p>\n\n\n\n<p>While not a forex scam, the email was unsolicited, asking unassuming victims to transfer money for a much grander reward.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">If it&#8217;s too good to be true, it almost certainly is.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:61px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Requests To Join Telegram Or WhatsApp.<\/strong><\/h3>\n\n\n\n<p>WhatsApp and Telegram are two platforms that provide end-to-end encryption (E2EE), which offers greater security for scammers. E2EE makes it challenging for law authorities to monitor chats.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>It&#8217;s the perfect place for fraudsters to plot their schemes.<\/span><\/div><\/div>\n\n\n\n<p>If you&#8217;re ever using another app, forum, or website, and someone is directing you to WhatsApp or Telegram, remain vigilant.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Transferring Funds To Sketchy Accounts.<\/strong><\/h3>\n\n\n\n<p>A scammer will rarely use a domestic bank account to request funds. They&#8217;re more likely to use an overseas account to distance themselves from local regulators.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>A broker that requires you to transfer funds to an international bank account number (IBAN) may be cause for concern (but not always).<\/span><\/div><\/div>\n\n\n\n<p>It&#8217;s an amber flag.<\/p>\n\n\n\n<p>Here are some other payment methods that are red flags:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">Wire transfers<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\"> like Western Union and MoneyGram are difficult to trace and almost impossible to reverse.<\/span><\/li><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">Peer-to-peer digital wallet transfers<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">, especially cryptocurrencies, due to the ability to remain anonymous.<\/span><\/li><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">Online payment services<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\"> like PayPal, Cash App, and Venmo are used because accounts with fake identities can easily be set up with little verification (generally just an email address).<\/span> <\/li><\/ul><\/div><\/div>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/best-crypto-exchange-australia\/\">Best Cryptocurrency Exchanges In Australia<\/a>).<\/strong><\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Poor Grammar.<\/strong><\/h3>\n\n\n\n<p>Regulated brokers and financial institutions have highly literate team members in charge of their customer communications.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>They don&#8217;t make silly mistakes when it comes to grammar, syntax, and diction.<\/span><\/div><\/div>\n\n\n\n<p>Some (but not all) scammers are from overseas, where English is spoken as a second language.<\/p>\n\n\n\n<p>Keep an eye out for the following:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Spelling<\/strong> mistakes.<\/li><li><strong>Excessive<\/strong> capitalisation.<\/li><li><strong>Incorrect<\/strong> punctuation.<\/li><li><strong>Bizarre<\/strong> diction (word choice).<\/li><li><strong>Convoluted<\/strong> sentences.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>Corporate literature goes through many rounds of proofreading before customers see it. If you spot a high frequency of errors in any communication, dismiss it.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Expert Tip.<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Investors should be even more vigilant due to the rise of AI in generative writing. AI is <a href=\"https:\/\/www.moneywiseglobal.com\/article\/how-ai-is-supercharging-financial-scams\/\" target=\"_blank\" rel=\"noreferrer noopener\">supercharging financial fraud<\/a> as scammers are using it to polish up their err, literature.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Which Tools Can Prevent Forex Scams?<\/strong><\/h2>\n\n\n\n<p>Consider using these security software products to protect yourself against scams when you trade forex.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Use A VPN For Anonymity.<\/strong><\/h3>\n\n\n\n<p>If you&#8217;re using a VPN, you&#8217;ll be much less visible to fraudsters. You can hide your location and encrypt your online data. Malicious actors won&#8217;t be able to spy on your internet traffic and browsing history.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Not using a VPN is like leaving footprints in digital sand.<\/span><\/div><\/div>\n\n\n\n<p>You can be traced everywhere you go. If that data falls into the wrong hands, more than just your foreign currency trading is at risk.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Use A Password Manager.<\/strong><\/h3>\n\n\n\n<p>Hackers who install malware on your devices can access login credentials. If hackers gain access to your accounts, they can wipe out your balance and investments.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Infamous <a href=\"https:\/\/www.benzinga.com\/markets\/cryptocurrency\/23\/09\/34172370\/infamous-chisel-the-russian-malware-that-could-wipe-out-your-crypto-wallet\" target=\"_blank\" rel=\"noreferrer noopener\">Chisel malware has wiped out millions<\/a> from people&#8217;s crypto wallets.<\/span><\/div><\/div>\n\n\n\n<p>Password managers provide a strong defence against cyber scammers with strong encryption. Google&#8217;s password manager is decent and can be used across different devices.<\/p>\n\n\n\n<p>If you work as part of a team or want to share certain passwords with family members using just one piece of software, you can permit and restrict access with these:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">NordPass<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">.<\/span><\/li><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">Bitwarden<\/strong>.<\/li><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">LastPass<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">.<\/span> <\/li><\/ul><\/div><\/div>\n\n\n\n<p>You won&#8217;t have to stick to the same memorable password because the password manager stores lengthy and complex passwords.<\/p>\n\n\n\n<p>Each of these has a free account too!<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Antivirus Software.<\/strong><\/h3>\n\n\n\n<p>Antivirus is often baked into most operating systems nowadays, like Windows Microsoft Defender on Windows or Xprotect on MacOS, and they&#8217;re almost as effective as anything you can pay for.<\/p>\n\n\n\n<p>Even so, you can bolster your defence by using one of the following:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Norton<\/strong> 360 (which outperforms Windows Defender in every category)<\/li><li><strong>McAfee<\/strong>.<\/li><li><strong>Bitdefender<\/strong>.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>Prices range from about $100 to $150, which is decent considering you get access to all the security tools you need under one roof.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Do Forex Scammers Use Phishing To Obtain Your Data?<\/strong><\/h2>\n\n\n\n<p>Yes. You must never open an attachment unless you&#8217;re absolutely sure that it&#8217;s from a trusted source. This is exactly how fraudsters install viruses on your tech and gain access to your trading systems.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>It&#8217;s like leaving your door wide open for a burglar.<\/span><\/div><\/div>\n\n\n\n<p>Opening an email or message is (mostly) safe, but clicking a link or opening attachments can trigger malware and ransomware infections.<\/p>\n\n\n\n<p>Also, these links will often direct you to bogus websites that look identical to forex trading platforms, and you&#8217;ll then be asked to enter your login credentials.<\/p>\n\n\n\n<p>If you do, you&#8217;ll be handing over your credentials to scammers.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Can I Get My Money Back If I&#8217;ve Been Scammed?<\/strong><\/h2>\n\n\n\n<p>Sorry to be the bearer of bad news, but victims of fraud rarely get their money back \u2013 <a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/moneysmart.gov.au\/financial-scams\/investment-scams#:~:text=In%20any%20case%2C%20the%20money,feel%20legitimate%20in%20the%20moment.\">especially when the scammers are based overseas<\/a>.<\/p>\n\n\n\n<p>If you&#8217;ve transferred funds via bank transfer or credit card, there&#8217;s a slight chance your bank might be able to reverse the transaction.<\/p>\n\n\n\n<p>Other than that, you&#8217;re pretty much screwed.<\/p>\n\n\n\n<p>Once money has left Australia, it is hard to recover. Unfortunately, ASIC cannot assist in getting the money back.<\/p>\n\n\n\n<p>The only thing you can do is:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">Lodge<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\"> a report of misconduct with ASIC.<\/span><\/li><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">Report<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\"> the matter to the police.<\/span><\/li><li><strong style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">Report<\/strong><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\"> to the Australian Cyber Security Centre at\u00a0<\/span><a style=\"font-size: revert; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\" href=\"https:\/\/www.cyber.gov.au\/report-and-recover\/report\" target=\"_blank\" rel=\"noreferrer noopener\">ReportCyber<\/a><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\">.<\/span> <\/li><\/ul><\/div><\/div>\n\n\n\n<p>Your insights might prevent future forex scams, but they won&#8217;t get your money back.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is The Entire Forex Trading Industry A Scam?<\/strong><\/h2>\n\n\n\n<p>No, but the forex market sometimes gets a bad rap because many unregulated brokers, scammers and charlatan educators operate in the industry.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Asking &#8220;Is forex legit?&#8221; is like asking &#8220;Is online shopping legit?&#8221;.<\/span><\/div><\/div>\n\n\n\n<p>Whether you like it or not, the dark web is crawling nefarious characters. Rather than throwing out the baby with the bathwater, you must learn how to separate them from legitimate brokers.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Final Word On Avoiding Forex Trading Scams.<\/strong><\/h2>\n\n\n\n<p>The highly revered Sun Tzu, a Chinese general and military strategist born in 544 BC, says you must &#8220;know your enemy.&#8221;<\/p>\n\n\n\n<p>Those who don&#8217;t will succumb in every battle.<\/p>\n\n\n\n<p>Okay, you can sheath your sword.<\/p>\n\n\n\n<p>Nobody is marching off to war just yet. But the principle is still the same. If you know who your enemy is and study their tactics, you can prepare for their eventual advances.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Always be sceptical when listening to forex trading advice (including this advice). <\/span><\/div><\/div>\n\n\n\n<p>Never believe promises of short-term profits and easy money. Forex trading is complex and risky.<\/p>\n\n\n\n<p>Expert traders make money slowly and have realistic expectations, while novices have unrealistic targets and want to make money fast, which makes them vulnerable to forex trading scams.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Disclaimer.<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">The information presented here is general in nature and does not endorse any investment product, market, provider, or service. It is not intended as financial advice or a recommendation to trade &#8211; or not to trade. Trading futures, shares, ETFs, options, CFDs, and forex involves a high level of risk and may result in significant losses, particularly when leverage is used. Past performance does not guarantee future results. Before trading, consider whether the product is appropriate for your circumstances and seek independent professional advice. Refer to the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) on the provider\u2019s website.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Tommy<\/p>\n\n\n\n<div style=\"height:54px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 9<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>The foreign exchange market is the largest financial market in the world, with over $9.5 trillion traded daily. There are<\/p>\n","protected":false},"author":13,"featured_media":97616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[267,304],"tags":[],"class_list":["post-97612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-start-share-trading"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How To Spot And Avoid Forex Trading Scams<\/title>\n<meta name=\"description\" content=\"Forex trading scams promise exorbitant profits in short periods of time. Here&#039;s how to avoid fraudsters and avoid becoming a victim.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arielle.com.au\/forex-trading-scams\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Spot And Avoid Forex Trading Scams\" \/>\n<meta property=\"og:description\" content=\"Forex trading scams promise exorbitant profits in short periods of time. 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