FOREX SCAM RECOVERY
There are an unbelievable amount of results when you search for forex broker scams online. Despite a gradual increase in regulation, there are still many dishonest brokers operating in the forex industry. Numerous forex-related scams prey on active traders and the general public. Scams like these are still on the rise. Forex advertisements on social media these days are often associated with images of expensive vehicles or homes, and some scammers even utilize celebrity endorsements to attract new clients. People who lack the patience necessary to succeed at forex trading may turn to promoting forex fraud. Some people carry out this due to their existing technical understanding of forex trading. Over £27 million was lost by UK nationals to online forex and cryptocurrency scams in 2018-2019, according to the UK’s FCA.
At Digital Currency Reclaim, our Cyber Investigators will apply reverse engineering methods to uncover the forex scam and recover your funds.
Types of Forex Fraud
- Unregistered forex brokers or dealers : In several regions of the world, regulatory bodies govern retail forex and CFD trading. The Financial Conduct Authority (FCA) is present in the UK, the Australia Securities and Investment Commission (ASIC) is present in Australia, the Cyprus Securities and Exchange Commission (CYSEC) is present in Cyprus, the FSCA is present in South Africa, the CMA is present in Kenya, etc. Retail forex trading is not regulated in many nations, thus any forex broker operating there must hold a license from a foreign authority, typically one that is based offshore. One good rule of thumb is to visit the website of the relevant regulator and look up a list of authorized forex brokers in your nation before dealing with any forex broker anywhere in the globe.
- FAKE SIGNAL SELLER
The signal seller scam involves a person or business offering advice on which trades to undertake and representing that this advice is based on expert forecasts and would undoubtedly result in profits for the novice trader. They typically charge a daily, weekly, or monthly fee for this service but do not provide any information that aids in the trader’s ability to profit. In order to win the trader’s trust, they frequently present a plethora of testimonials from purportedly reliable sources, but in practice, they offer no forecasting of profitable trades
- BOILER ROOM SCAM
This kind of Forex con usually involves the con artists persuading customers to acquire stock in a worthless private firm on the promise that their shares will grow significantly after the company goes public. They rely on the use of “urgency,” which implies that if they do not act quickly, an opportunity would be missed, which hinders the target from making adequate research on the opportunity. However, oftentimes the entity is a fraud with a phony address, location, and website. Once the scammers have stolen as much money as they can, they will vanish with all of the investors’ money
- FOREX HIGH-YIELD INVESTMENT PROGRAMMES
High-yield investment programs (HYIPs) are typically just a type of Ponzi scheme where a high rate of return is guaranteed for a little initial investment into what is actually a Forex fraud. When there are no more participants in the scheme, the proprietors often close it down and seize all of the remaining funds. In actuality, the initial investors are being paid back from the money created by the current investors, and a steady flow of new investors is required to keep the funds flowing
- FAKE REWARD & BONUS PROMISES
Margin trading has a significant risk of loss due to the volatility of the foreign exchange markets. To inform potential traders of the risks involved in trading forex and CFDs, brokers are mandated by major authorities to post risk disclosures on their websites.
Therefore, it is a warning indicator if a broker is perceived to make bonuses such as a $50 bonus upon account opening, risk-free trading, or 80% returns on trading signal purchases. These incentive assurances are deceptive traps designed to keep the trader from exercising essential caution. The majority of the main authorities forbid brokers from making any offers
- FAKE SOCIAL MEDIA INFLUENCERS
The goal of the majority of motivational forex videos and advertisements currently trending on social media is to give the audience the impression that the speaker or guru obtained all of those possessions through successful forex trading. This usually involves showing luxury Yachts, Cars, and other vehicles. These fake social media influencers do not adhere to this regulation requirement since they assert that their programs are virtually risk-free, which is just untrue. They wouldn’t be publicly disclosing the alleged winning formula if it were genuine. Never take any advice given on social media at face value.
- FOREX PONZI & PYRAMID SCHEMES
These types of affinity fraud are fairly prevalent. From a modest upfront commitment, they guarantee high returns. Early investors typically do receive a return on their investment and driven by their alleged success, they then convince their friends and relatives to join the scheme. The ‘investment opportunity’ doesn’t actually exist, though, and their initial return is being financed by contributions from other scheme participants. The con artists shut down the plan and take the money when the investor numbers start to decline
- FOREX BOT SCAM
Scammers that use forex robots entice beginners by promising large gains with little work or expertise. To sway clients into purchasing their goods, they could use fictitious or deceptive data. No robot can adapt to all surroundings and markets, hence their claims are false. Professionals typically just utilize software to analyze historical performance and spot trends. All software should be professionally and independently evaluated, but because reviews can be bought, care must be taken when relying on them. They wouldn’t be selling their product if it delivered on what they had promised; instead, they would be utilizing it entirely themselves
- FAKE FOREX ACCOUNT MANAGERS
An amateur or busy forex trader can open a trading account and give it to a qualified account manager to handle his trades. These experts charge for their services.
This service has served as an avenue for fraudsters to defraud traders by offering to manage their accounts. They might execute trades against the interests of the client or simply disappear with the money. Investors should research the account manager’s history to learn about his track record of performance and review their risk management plan and historical drawdowns to determine the fund manager’s effectiveness. The appropriate authorities must also grant the account manager a business license.
HOW TO PROTECT YOURSELF FROM FOREX SCAMS
- The first step to becoming a forex trader is to educate yourself on the practical know-how and nitty-gritty of the industry.
- The best way to learn how to trade is to use a demo account that several notable brokers offer
- Do Not Trust Opportunities that seem too good to be true
- As already mentioned, it is essential that you should only trade with brokers who are regulated by a government authority.
- Before settling on a forex broker, you must read their reviews and check trustworthy information websites, forums for user reviews & other trader experiences
- Even if you are sure about all aspects of your broker, you still need to know all the risks, assess and manage them properly
HOW TO RECOVER FROM A FOREX SCAM!
It is wise to be thorough and maintain a complete record of all your forex deals and transactions. This makes sure you have convincing evidence in the event that a dishonest broker does manage to con you.
Digital Currency Reclaim (DCR) has a reputable team of Asset Recovery Experts with a focus on Forex fraud. DCR is a major digital asset-trading and recovery organization. DCR supports victims of forex fraud in legal lawsuits, both civil and criminal, against unregulated forex firms, internet fraudsters, and Ponzi-style pyramid schemes. Additionally, we specialize in litigation against Binary Options trading companies
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WHY CHOOSE US
We collaborate with YOU to recover your money from Crypto scams and other frauds. Our pre-planned processes, consistent flow of services, and goal-oriented methodology have earned the trust of our users. As we extend, you can take a chance and rely on us
NOTICE!
Be aware that due to the expenses involved in conducting an Asset Recovery Operation, we only administer cases where losses accrued to an equivalent of 10,000 USD and above. Depending on the complexity of each case, we charge fees for our services and provide a contingency payment plan with a “No win - No fee” clause, whereby payment is made subsequently to the completion of our service.
DCR provides a satisfactory Financial Asset Recovery Service and devotes a large portion of its resources to battling cryptocurrency-related fraud.
