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Best MarkeTrip review – 5 things you should know about marketrip.com
marketrip

MarkeTrip is an offshore broker! Your investment may be at risk. Beware!

More novice traders might think that MarkeTrip is the broker for them, but in this review we will debunk all the myths and give you our objective view of the broker. We were offered a EUR/USD spread of 2.9 pips which is twice the industry standard and thus is not favorable to traders at all. The leverage we were given was capped at 1:100.

MARKETRIP REGULATION AND SAFETY OF FUNDS

There are several aspects about this broker that are quite concerning. One is that the Privacy Policy claims that the firm is located in St. Vincent and the Grenadines- the ideal location for illicit brokers, since the country does not regulate the forex market. This means that any would-be broker can register there without issue and start offering shady trading services, while twisting the rules, much like MarkeTrip has done. It’s obvious then, that St. Vincent and the Grenadines does not regulate the forex market, meaning that any registered broker inside of the nation is not licensed.
The second, and last concerning aspect is that, aside from the details, the company reveals no other regulatory information that would be of use to us. The Terms and Conditions are useless, and the Client Agreement reveals nothing. We are left with no choice but to deem MarkeTrip an UNREGULATED broker and an investment risk to all traders!

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders’ losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

MARKETRIP TRADING SOFTWARE

The broker utilizes the atypical scammer broker website that offers just enough to seem decent to more rookie traders. Do not be fooled; this trading terminal is very limited in its ability to diversify a trader’s experience, and its only true purpose is to serve as a facade to the broker’s illicit activities. We recommend user to treat themselves to the MT4 which will showcase the true power of a proper trading platform.

MARKETRIP DEPOSIT/WITHDRAWAL METHODS AND FEES

According to the client dashboard, users can deposit via the following methods: Credit and Debit Cards, wit a minimum deposit of $250. There is a $25 charge fee for every transfer one makes, and other undisclosed fees:

As for withdrawals, the broker does not reveal its methods, just a “withdrawal funds” button that seems to be an empty promise of transferred funds. This is a common trope in unlicensed brokers. Yet, the legal documents reveal a 3.5% Credit Card fee for withdrawals.

This clause, and others like it unveil that bank transfers and credit cards are the ways to withdrawal funds. However, we strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! This is because scammers are known to either deny withdrawal requests or impose incoming and unexpected charges.

How does the scam work?

Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.

The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture and will want to withdrawal their money and get out fast.

However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically, they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.

What to do if scammed?

Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.

Scammers will steal directly from a bank account, if the traders have provided crucial details, like banking password or security code. If it gets down to this, be sure to either block the account or change the password.

Sometime victimized users will stumble upon the so-called recovery agents that promises to magically reclaim all lost investments, for a fee that is. They will not get back any of the lost funds and will basically scam you a second time.

To ensure efficient funds recovery from these brokers, Shieldforensics.com have one of the largest databases of listed unregulated brokers on the market, which they have successfully recovered monies from.

Shieldforensics have a wealth of experience in tackling both local and international fraudsters and are happy to tackle all cases however complex. With very good online reviews their simplistic, emphatic, and successful approach is a proven serum for the recovery of funds.

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InvestMarkets Reviews 2021: Should You Trust this broker?

Reviews. Investors should do all they can to protect themselves from online scammers by researching about any broker and looking out for any signs of a scam. But even the most seasoned investors aren’t beyond the reach of scams.

InvestMarkets is a broker trading in forex and CFDs. It’s linked to the failing 24option. In fact, if you go to 24option right now and click on “Sign Up”, you’ll be prompted to create an account with InvestMarkets.

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They’re probably doing this because 24option has already been blacklisted from several markets.

Should you trust this well-known forex broker with your money? Read on to find out.

In case you have already lost your money, you can schedule a free consultation with us to learn how you can recover it.

Here’s what we know about InvestMarkets:

Overview of InvestMarkets

InvestMarkets is a well-known offshore CFD broker that uses the Scipio trading platform as well as MetaTrader 4. It’s an offshore trader, meaning it doesn’t accept clients within the European Economic area and other jurisdictions such as the UK, US, Australia, Canada, and British Columbia.

It’s owned and operated by Arvis Capital Limited, based in Belize City, in the Caribbean country of Belize. Toumpaka Limited, based in Limassol, Cyprus, acts as the payment agent and handles all its payment services.

InvestMarkets operates in several countries. Therefore, it’s available in several languages, including English, Spanish, Russian, Dutch, Portuguese, German, and Arabic. You can customize your trading account to denominate your money in either USD, EUR, or GBP.

InvestMarkets Account Types

For beginners, InvestMarkets provides a demo account with 100,000 virtual money in your preferred currency. You can test your investment strategies with the virtual funds before setting up a Live Account where you begin trading with real funds.

Live accounts start from $250, and you can select any of the four options (all of which get leverage of up to 1:500):

  • Basic – $250
  • Gold – $25,000
  • Platinum – $100,000
  • VIP – $250,000
Account types

You only have a week to try out the demo account, after which you’ll have to set up one of the four types of Live Accounts. Note that the forex broker doesn’t accept traders from the US or the EU.

Is InvestMarkets Regulated?

One of the most critical considerations for any trader when selecting a forex broker is their registration and regulatory status. Typically, government agencies such as the FCA in the UK, the FSB in South Africa, IIROC in Canada, and the CySEC in Cyprus provide oversight and regulate trading companies’ operations.

InvestMarkets’ regulatory status is a bit foggy. Arvis Company Limited, the investment firm that operates InvestMarkets, doesn’t seem to appear in CySEC’s books as a regulated company. Instead, it’s the broker’s payment processing partner, Toumpaka Limited, that is officially registered in Limassol, Cyprus.

On its website, InvestMarkets indicates that Arvis Capital Limited is a licensed investment firm by the IFSC (International Financial Services Commission). This is the official regulatory body of Belize. However, a quick check on the IFSC website shows that the investment firm isn’t in its current licensed companies’ database.

It’s sound investment advice to trade with licensed brokers to not run into problems when you try to withdraw your profits. Unregulated forex and CFD brokers pose greater investment risks since there’s almost no recourse in the loss of funds due to incompetence or dishonest trade practices.

InvestMarkets Scam - UnlicensedTransaction Fees

InvestMarkets accepts withdrawals and deposits via safe banking methods such as credit cards, wire transfers, Skrill, eWallets, and PerfectMoney, among others. However, it charges around 3.5% for credit cards and up to 30 GBP/EUR/USD for a wire transfer.

These are rather high fees in addition to other over-the-top demands and requirements. There’s an 80 EUR fee charged to trading accounts that have been inactive for two months.

After six months of inactivity, the fee jumps to 120 EUR, 500 EUR between six and twelve months, and 1000 EUR for more than 12 months. Reactivating your account will set you back 2,000 EUR.

InvestMarkets Review Conclusion: Should You Trust This Trading Company with Your Money?

You shouldn’t trust it. InvestMarkets is a scam.

One of the first signs of a scam or a risky venture is the company’s registration status. Licensing and regulatory bodies do a lot to help investors safeguard their funds. They also compel the financial organizations to provide deposits that would compensate investors in the event of insolvency or if they have to cease operations before they relinquish the investments.

InvestMarkets doesn’t seem to operate within any major regulatory authority since there isn’t any unquestionable evidence of regulation. This is a typical sign of a scam. In this case, no government agency would help you recover your money in the event of unfair losses.

Arvis Capital Limited has several other identical brokers, including 24option. This is synonymous with scammers who, when they lose the trust of traders, rebrand or switch to other brands to continue their operations.

Other common signs of forex trading scams include the presence of barriers, endless hoops, and extensive delays in withdrawing your money, as the trader below discovered.

Scam Complaint

For many trading companies, the requirements for making withdrawals are more stringent than the ones for making deposits due to security concerns. But when the company makes it overly difficult to withdraw your money or slaps you with hefty hidden fees, they are likely a scam.

A licensed forex broker cares about their reputation and the potential heat from regulatory bodies. Therefore, they are unlikely to frustrate or block your withdrawal requests.

What’s more, these so-called account managers from InvestMarkets will keep calling you to compel you to deposit funds. They may do this even months after you’ve stopped using the platform.

Once again, InvestMarkets is a sorry scam. Don’t waste your time, energy, or money here.

Have You Lost Money with InvestMarkets?

It’s getting incredibly difficult to distinguish between legit trading companies and scammers. There has been a marked increase in the number of legit trading platforms and companies. However, there’s also been an increase in the number of scammers hiding behind such platforms, ready to defraud honest investors.

Even the most experienced traders may occasionally fall into the traps of scams. If you have lost your money InvestMarkets.com or any other trading platform, we can help. Schedule a free consultation today to find out if you qualify for our no-win-no-fee guarantee.

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Marketrip Review: Is This a Scam?

Have you ever invested money online and lost it? Are you still passionate about forex trading but worried about losing your cash?  You’re not alone.

Forex trading is a goldmine, and everyone is trying to grab a share.

Read this in-depth Marketrip review to find out if it’s a safe place to invest your hard-earned cash or if it’s just a scam.

If you had tried Marketrip before and lost your money, schedule a free consultation with us. We have a team of knowledgeable and experienced professionals who will help you recover your lost money.

But first, here is everything you need to know about Marketrip.

A Candid Marketrip Review

Marketrip is a forex broker that came into this business in 2019. To date, the real owner of Marketrip remains unknown. Its website doesn’t mention anything to do with the ownership and location of the broker.

When trading or investing in online platforms, every detail matters. How will you invest your money on a platform where the owner is unknown?

Does this mean Marketrip is a scam? Find out more below.

Is Marketrip Legit?

Don’t rush to invest your money at Marketrip when you don’t even know what it is all about. Any online forex broker must be regulated by a reputable body.

Is Marketrip regulated by any financial body? Let’s find out more about the legitimacy of Marketrip.

An overview of Marketrip

Marketrip is an offshore forex broker trading in a wide range of assets such as stocks, indices, commodities, CFDs for cryptocurrencies, forex pairs, and many more.

It has various account types, including Silver, Basic, Gold and VIP among others. Banking can be done via wire transfers, Visa, Skrill, MasterCard, and Citi Bank.

The Bait: Some “Good” Features About Marketrip

Marketrip claims that it serves its customers uniquely.

However, do not fully rely on the information it puts up.

Here are more features that Marketrip uses to bait you:

1.   No deposit fees

You won’t be charged a cent when depositing into your Marketrip account.

However, the broker recommends that you check with your credit card company or bank to confirm any charges on money transfers. It still stands by the fact that you won’t get charged any deposit fees, unless your financial institution imposes a third-party charge.

2.   Education heavy platform

If you are a novice investor passionate about trading and investing online, Marketrip claims that it will hold your hand and walk with you to success.

It has tons of resources and tools that it uses as proof of this.

You can choose from a wide array of e-books available at Marketrip, both at novice and experienced levels.

You can also learn how to become an independent trader through video courses on the platform. No time to go through its informative articles? You can watch its tutorial videos on your mobile devices at any time and place.

And no, this does not justify its legitimacy. The people behind it know that being packed with educative material can easily fool people to believe it’s a valuable broker.

3.   Compatible platform

Marketrip wants you to have an easy time on its platform. That’s why it has optimized its platform to give you a seamless trading experience.

You can access it on any computer or mobile device. This means you can trade at any time and at any place you want. The site is also fully equipped with powerful tools like live date feeds and customized charts to help you reach your desired goals.

You have access to multiple assets, including cryptocurrencies, CFDs, and FX under a single wallet.

4.   Trading signals

Here’s one of the strangest features; Marketrip purports to have accurate trading signals. This is a blatant lie.

In fact, you need to subscribe to this service so that you can receive the signals.

In short, you’ll be paying money and receiving signals that will not help you in your trading experience. That can make you a frustrated trader.

Wait! There’s more.

Marketrip scam signals

Let us look at the other side of the coin. Is it safe to trade with Marketrip? Does it have a real owner and location? Does it have some negative reviews from its customers? Check this out:

The legality and location of Marketrip is questionable

Marketrip has no corporate identity; no one knows who owns or operates it and where it is located. There is nothing, not even a valid registration number, to guarantee its legality.

It is anonymous and unregulated. You all know how dangerous it is to trade or do any business with an anonymous person or company. In case of any problem or if you lose your money on such a site, you won’t have any legal protection.

Marketrip claims to be under St. Vincent and Grenadines’ (SVG’s) laws.

Marketrip Unregulated

However, this is a popular location for unlawful brokers.

There are no solid forex trade regulations in this region, which makes Marketrip a scam forex trader.

If you look at Marketrip’s terms and conditions, you will find no valuable information.

The only contact information provided by Marketrip is a phone number traced to the UK. But we all know it is possible to get a contact number of any country without being in that country, all thanks to technology.

No specified withdrawal method

Marketrip allows you to deposit money in several ways, including wire transfer and Skrill. It even goes ahead and claims that it does not charge any fee on deposits. This is just a way to encourage you to deposit more money in your account so that you can get scammed.

The broker does not offer any tangible information about withdrawals. In fact, there is no specified method to withdraw money other than a “withdraw funds” button on the site.

Here’s what a user said in Forex Peace Army:

Scam ComplaintMarketrip review conclusion: Is it a scam?

Yes, Marketrip is a scam.

Any novice player will rush to trade with Marketrip after being enticed by its educational tools and materials, mobile compatibility, and claims of accurate signals.

However, Marketrip gives you useless signals. Withdrawal is a pain. It exists in limbo. No legal identity. No regulation. In fact, it can disappear any time with your hard-earned money. Have nothing to do with this unregulated scam forex broker.

Are you a victim of Marketrip? Have you lost money to any forex scam? All is not lost. Book a free consultation with ShieldForensics. We can help you recover your money, fast.

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Credit Card Chargeback: Step By Step

What is a credit card chargeback?

It’s a credit card dispute. You can apply to your credit card company and dispute a transaction.

More specifically, a credit card chargeback is a feature of VISA and Mastercard credit cards that enable your bank to deal directly with the supplier’s bank to attempt to obtain a refund for the transaction in question. In a chargeback, your bank does not deal with the supplier (the person or merchant that you bought from). Rather, your bank deals directly with the supplier’s bank, which makes it possible to get a refund even if the supplier in question has gone bankrupt or refuses to give you a refund.

The Chargeback Process

As easy as a chargeback might sound, the process is far from being easy. Multiple parties are involved in the chargeback process, which might further delay the decision-making process. To make things easier for you, we use a step-by-step approach to illustrate the chargeback process in simple terms. Check out the link to avoid these scams:

Step 1 – Initiating a chargeback request

The first step of the chargeback process is to initiate a chargeback request with the issuer of your VISA card – most probably your bank. By now, you might have already contacted the relevant supplier to inform him of the dispute and the supplier might well have turned a blind eye to your claims or in a worst-case scenario, the supplier might have filed for a Chapter 11 and is no longer in operation. In any case, the first step is to call or contact your bank by any other means to provide the necessary details to your bank and initiate a chargeback to win back your money. 

Step 2 – Issuer reviews the chargeback request

As we discussed earlier, a chargeback request is handled by your card issuing institution and the supplier’s bank. As such, the issuing bank of your card will thoroughly investigate the matter from their side before taking any further actions. As you might have realized, there is nothing you can do to speed up this process as the investigation process will be entirely carried out by your bank. The good thing is that the card-issuing bank will, at most times, take the side of the consumer at this stage.

Step 3 – Issuer decides how to proceed

In the unlikely event that the card issuer has found the fault to be on your side, which we highlight as unlikely since the card issuer has very limited data at this stage, the issuer will decline your request. However, most of the time, the card issuer will do the exact opposite by granting you a conditional refund. Thereafter, the card issuer will contact the acquirer or the bank that is associated with the merchant’s account, to provide them with the chargeback data to investigate the matter further.

Step 4 – The supplier’s bank takes further action

The supplier’s bank notifies the supplier and then proceeds to approve the chargeback request on their own if clear signs of a dispute are present. However, the merchant has the option to challenge the chargeback request initiated by a cardholder on the premise the merchant has done everything right about delivering the product or service paid for by the consumer.

Step 5 – Merchant provides supporting documents

If the merchant believes that the chargeback request is illegal, or doesn’t apply to this specific transaction, the merchant will provide any proof that he has to his bank to block the chargeback request. At this stage, the acquirer, or the merchant’s bank, will send all the relevant documents and information to the issuer of your card to arrive at a final decision regarding the chargeback request. 

Step 6 – Issuer bank takes the final decision

It’s judgment day, and the issuer of your card will take into account all relevant information, including the documents submitted by the merchant, and decide whether your chargeback request is deemed fair. In case the issuer determines that your chargeback request was based on fairgrounds, you get to keep the conditional refund received earlier in the process. However, in the unfortunate event that the issuer bank determines the merchant has a fair and clear case, the case would be closed in favor of the merchant and the conditional refund issued to you earlier would then be reverted.  If new information emerges indicating a fraudulent activity by the merchant or information pointing that the merchant has not kept his side of the bargain in the transaction, the issuing bank of your card has the option to initiate a second chargeback request as well.

Warning to the wise

It is NOT an easy process for the unfamiliar. As straight forward as it might sound, chargeback requests take time to process and it’s vital to provide accurate information to your bank and to reply to the claims of the disputing company in order for you to win the chargeback. Specifically if you are dealing with a company that is well versed in the chargeback business and even more so if they are practicing dishonestly or unethically. In cases like these it will be close to impossible for a novice to succesfully win a chargeback.

Time to Call The Pro’s

That’s why there are professionals that offer there services with chargebacks Shieldforensics.com is the trusted name in chargeback services and fund recovery and you can get a free consultation by by filling out this form. One of our in-house experts will reach out to you to discuss your chargeback request, and as a personal advisor, your rep will guide you through the entire process by helping you find supporting documents, advising you on which documents to submit to your bank, and what and when to reply and ultimately get your money back into your bank account.

What’s Covered in a chargeback?

Among the things covered under chargebacks are the bankruptcy of a supplier or merchant, defective goods, non-delivery of paid for goods and services, clerical errors involving duplicate charges, and fraudulent transactions authorized on your card.

The good thing about a credit card chargeback is that it addresses any of your transactions completed from your VISA or Mastercard credit cards, regardless of what the item purchased was.

We warn you against being over-excited about this cool feature that you just learned.

A lot of individuals call us after they’ve already tried to raise a chargeback and have failed, at that point we can no longer help them. Visa and Mastercard both allow for a chargeback to be raised once. If it fails, your money is gone forever.

It’s not legal case

A Visa chargeback is not the legal procedure to claim your money by any stretch of the imagination, which means that there is no guarantee that your bank would be able to get a refund from your supplier’s bank. This is where it becomes tricky, and probably a reason why you should work with an experienced financial advisor to help you out in the process to get it done right the first time.

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Is Forex Trading A Good Idea?

Forex Trading can be a very risky investment, but can you make money doing it? 

In recent years Forex Trading has gained an almost cult following online, the question remains, can you make money in forex trading? And more importantly, should you risk your money trading on the Forex Market?

Can I Make Money Trading Forex? 

Noyou can not make money trading Forex. That is, if you are asking the question. The answer for most people will be a resounding no. This is because it takes years of training and education to embark on such a risky endeavor and even the most experienced traders can get hit very hard and end up losing their pants.

If you’ve searched the internet for ways to make money quickly in the financial markets, you’ve probably seen some ads for forex trading platforms. Some of these services offer truly insanely high returns. Can their claims of 100, 200, or even 300 percent in one-year claims be true? Can you really double your money overnight? Definitely not.

The more important question is, how likely is it that you will make any profit at all? 

We’re going to explain what the forex market is, how it works, and how you can make it work for you. We’ll also look at some of today’s most common forex scams, and point out the warning signs that you may be dealing with someone who doesn’t have your best interests at heart.

What is Forex?

Forex is short for “foreign exchange”, which means using money in one currency to purchase money in another currency. This may be familiar for any international travelers, whether you’re traveling between the US and Canada or between the UK and continental Europe you will require a different currency to be able to get by. But can you make money while buying and selling foreign currency? And if so, how? 

The Basics Behind Foreign Currency Trading 

There are two reasons a person or organization might want to invest in foreign currencies.

Using Foreign Exchange as a Hedge

This isn’t a common concern for individuals, but many corporations and most governments hold some of their assets in the form of foreign currency. This is especially common in countries like Russia, which has a volatile currency – and therefore holds more US dollars in reserve than any other country. In this way, the Russian government is guaranteeing that they have a way to pay their bills if the Russian Ruble suddenly takes an unexpected nosedive.

For most people, this is something that will never affect them. The average person barely has enough savings in their own currency, and setting up a separate savings account in a foreign currency would be a useless ordeal. However, for governments and large corporations keeping Forex is essential for the upkeep of their businesses.

Speculating on Foreign Exchange Rates

When most people talk about trading on the forex market, they’re talking about trading foreign currency as a speculative investment, similar to investing in the stock market. This can be profitable because currencies are constantly being exchanged at different rates.

For example, suppose today’s exchange rate for US dollars to British pounds was 2:1. An American investor could spend $1,000 to purchase £500. Then the US investor would wait until the exchange rate becomes more favorable to him. Suppose in a month the rate becomes 2.5:1. The US investors would then sell the £500 for $1250, earning a cool 25 percent profit (minus any exchange fees).

Many institutional investors already do this. Major finance companies like Goldman Sachs and Merrill Lynch have entire branches that specialize in forex trading. And many brokers will offer forex trading services to individual investors.

Here’s where the trouble starts. Foreign exchange is what economists call a negative-sum game. Unlike the stock market, which trends upwards over time, exchange rates are constantly in flux, and central banks have a strong incentive to keep them from moving too far in any one direction. Because of this, every forex trade has a winner and a loser. Worse, both parties end up paying exchange fees.

So how do banks make money this way?

They do it with teams of highly-paid analysts who are constantly working on short-term trades that are based on current economic conditions. As an individual, you don’t have these resources. Rest assured, the big institutional investors are smarter and better informed than you are, meaning that they’ll enjoy the majority of “wins” in the system, leaving smaller investors as the “losers”.

This isn’t to say you can’t make money in foreign exchange trades. It just means that it’s an uphill climb for a person with a day job to put in enough work in their off time to understand the market. As long as you’re comfortable with the risks and willing to do your homework, it can be worthwhile. Just make sure to limit your investments, and not to invest more than you’re willing to lose.

Common Forex Scams (And How to Avoid Them)

Another risk that individual investors face is the proliferation of online forex trading scams. There are so many of these scams that in 2008 the U.S. Commodity Futures Trading Commission (CFTC) established a dedicated task force to address the issue. Since then, despite the best efforts of authorities the world over, these scams have continued to proliferate.

Here are four of the most common scams.

Signal Sellers

Signal sellers are people who claim to be market analysts. They offer to send you lists of currency trades along with direction, entry price, stop loss, and target levels. In theory, this sounds attractive. Why not gain the same sort of insights that power the big banks’ profit machines?

Because a lot of them are scams.

We’re not saying every signal seller is a con artist. But there are a couple of things you’ll want to look at before you trust one.

First, beware of signal sellers who work for free, but require you to use a particular broker. These signal sellers earn a kickback from the broker every time you make a trade. As a result, they’re not concerned with how good their advice is, they’re just concerned with how many trades they can convince you to make. An honest signal seller will charge a flat fee for their advice, and won’t care who your broker is.

Secondly, verify your signal seller’s advice. Many reputable foreign exchange brokers offer the option to perform free “practice” trades with fake money. Take your signal seller’s trade advice for a virtual test drive. If it turns out at the end of a month that you would have turned a profit, you’ve found an honest – and competent – signal seller.

Robot Scams

“Robots”, in this context, means computer software that executes trades automatically, even while you sleep. The attraction here is obvious. “You mean I can make money while I’m in bed? Shut up and take my money!” As usual, if it sounds too good to be true, it probably is.

Much like the case of signal sellers, not all robots are scams. Major banks use computer software to automatically make billions of dollars in trades every day. But many of these robots are either not as good as advertised or are outright scams. Here are a few things to look out for.

Beware of unrealistic claims. We’ve seen forex robots that claim to earn a 300 percent profit in under a year. There’s not an investment on planet Earth that can earn that kind of return. Look for realistic numbers, not fantasies.

Find out what broker the robot trades through. Many unregistered forex brokers offer robots. Ensure that your robot’s broker is regulated before you send them a single penny. Here’s a list of regulated forex brokers throughout the world, along with a list of known fraudsters.

Dishonest Brokers

Not all brokers deal with regulated trades. As a matter of fact, the majority of forex trades are spot trades, and those types of trades are completely unregulated. So how do you know if your broker is reliable?

The best way is to work with a broker who’s already authorized to perform stock trades. In the US, they would be regulated by the SEC and FINRA. In the UK, they would be regulated by FCA. These brokers are most likely to be honest because although their forex trades are unregulated they don’t want to risk losing their stock broker’s license over accusations of improper behavior.

Phony Funds and Ponzi Schemes

Another common foreign exchange scam is the phony fund. Basically, these are online funds that don’t really exist. You send them your money, and you never hear from them again. If you call them, they’ve never heard of you.

How do you avoid these types of scams? Simply avoid funds that are based in high-risk countries. The biggest offenders are Belize, Vanuatu, and Estonia. These countries are notorious for turning a blind eye to this kind of scam, so criminals feel comfortable operating inside their borders. These scams are rare in the US, UK, and Canada because anyone who blatantly stole people’s money like that would quickly end up in prison.

A related scam is the Ponzi scheme, where the “fund” skims money off the top and pays off anyone who wants to cash out with payments from new investors. There are two warning signs that a fund is running a Ponzi scheme.

First, they promise unrealistic rates of return. Ponzi scammers lure in new investors by promising ludicrous return rates, counting on their unrealistic promises to continue drawing in more money.

Second, they don’t want you to withdraw your money. If you want to withdraw part of your investment and your fund says anything other than “Check or wire transfer?”, you’re probably dealing with a Ponzi scheme.

What Can I Do if I’ve Been Scammed?

If you’ve been swindled by a forex scammer, it’s not too late. While you may need to go to court if you’ve paid them by cash or check – good luck suing a con artist in Belize – credit card and bank transfer payments are more common, since they allow easy transfer of funds from country to country. In this case, you can simply have your bank or credit card company issue a chargeback to recover your money. This can be a complex, time-consuming, and intimidating process for the average person. Shieldforensics has been getting people’s money back for years. Contact us for a free consultation. We recover your money or you owe us nothing. It’s that simple.