Investors are often fooled into investing in fraudulent schemes because in the online world of trading, making someone fool isn’t that difficult. Usually it has been seen that the fraudsters lay down trap in which they want to trap investors so as to extort their money by illegal means. The unlucky investor not only loses his money but also he had no place to reclaim his stolen funds until very recently.
Forex Broker Scams – The Cruelest Form of Fruad
One of the cruelest types of online frauds is that of Forex Broker Scams. What happens in these types of scams is that an investor is made to believe that there is an opportunity of making some money by investing in forex trading. Usually, forex trading is a quick wrap kind of trading which is done particularly for a short term basis. At the same time, forex trading is relatively cheaper than most of the trading but the perks are as good as any type of trading. Fraudsters and scammers are completely aware of this fact and use the same to their advantage and as a disadvantage to a trader.
A victim is shown as if the opportunity of forex trading is real and even if the trader wants to get out of it, he couldn’t because the offer seems very legit. For orchestrating that their business is genuine, scammers have been often seen incorporating genuine looking websites where they offer investment opportunities. However, what is shown to an investor is entirely untrue and has been put in there for one purpose i.e. scamming the victim and stealing the funds.
No Deterrent Against Scams
For the past couple of years, there was no deterrent which could stop the scammers victimizing anyone. There was no fear of being caught which eventually led them believe that they can do whatever they want without getting caught. However, the situation has changed a lot, particularly in the past three years.
Investors have become apparently more cautious than before and know how they can be victimized. The investors have in fact started to educate them about the methods used by the scammers to defraud them. Most importantly, a number of private entities have been developed in the meantime, which are involved in the business of holding scammers and fraudsters accountable. In addition, these companies have developed mechanisms through which they are returning the looted and stolen funds to the persons who owned them.
Even then getting into a scam is still a bitter reality because if investors are becoming more aware then so is the scammers as well. There had been a number of online forex trading platforms which were so genuinely looking that thousands of people got engaged with them. They even provided trading opportunities and showed the traders income coming in their trading accounts. However, the truth came apparent to them when they exercised their right to withdraw the funds for their own use. They were either denied withdrawal or received no response simply.
So forex trading scams are real and one way or through the Forex Withdrawal Problems, the reality of scammers is revealed upon the traders. However, by that time, it was too late. The invested funds as well as any profits that were earned on the trading, were all gone. Investors were left with empty hands while the fraudsters absconded and successfully avoided accountability.
The word of caution is that forex trading could be a ‘trickery’ if check and balance has not been carried out prior to trading. It can have devastating impact on the victim’s mental and physical health while financial loss could be unbearable. Use platforms which offer this check and balance services for your own good and protection. Before trusting someone, do your thorough research to make sure that the people with whom you want to work are genuine.
Lastly, don’t let the scammers run away with your money. Engage services of genuine companies providing ‘claim refund’ services and put efforts in obtaining refund of your stolen funds.