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Typical Forex Scam Case
Though each fraud case is individual, and victims can often find themselves in unique situations, the fact of the matter is that scammers operate on well-tried tricks and scenarios. Recognising the mechanisms of the scheme may be the key to avoiding it, and so we’ll present you with the typical case of a forex scam. Be warned that specific situations, conditions of fraud, or your own experience may differ (from other victims).
One should understand that scams influence targets much before they come in contact with them. Primarily, fraudsters create fake social media profiles, set up fraudulent trading systems, and sometimes invest in aggressive marketing across the internet. They utilise these assets to practice social engineering and create a false image of being legitimate forex companies. When eventually, someone finds the site or fake social media profile, it looks genuine and reputable.
Regardless of the form the forex scam takes, it dominantly entices its victims with the dazzling promise of an unbelievably large return on investment with a 100% guarantee. Basically, They promote instant vast wealth with no risk whatsoever. They support these claims by feigning financial expertise, state-of-the-art forex robots, insider information, and so on.
At first, the individual experiences small profits, and they might even be able to collect them. This is all for the purpose of reinforcing the insidious illusion that the forex scam is actually working. The victim believes the broker generates wealth, and so they are encouraged to invest larger and larger amounts. However, the moment the person tries to withdraw their money, they realize they can’t. They are met with withdrawal fees and transaction costs, but ultimately they realize their money is gone.
Blacklisted websites
RoyalCFDs.com
RoyalCFDs is a Forex and CFDs broker. The broker is the trade name operated by DIGITAL WORLDWIDE OU, registered in Tallin city, Estonia.
Is RoyalCFDs A Regulated Firm?
based on our investigation, RoyalCFDs is an offshore broker that has not been a holder of a license from any financial regulatory entity. The broker is not regulated in any of the countries and it has even been blacklisted by the UK’s Financial Conduct Authority.
Is It Safe To Invest With RoyalCFDs?
a victim had lost so much money to the firm. It has been noticed that right after your investment, the broker freezes and blocks your account preventing you from login back to your account. Hence, it is not at all safe doing trading with RoyalCFDs.
SGTMarkets.com
Sgmarkets is an online FX broker provides the MT4 and MT4 Mobile top trading platforms. It offers over 65 currency pairs, Gold, Silver, Energy, Stocks, and equity Indexes for your personal investment and trading options.
Is SGT Markets Legit?
Despite SGT Markets’ assertions to be incorporated in the British Virgin Islands, its website still states the correspondence address in Bermuda, another offshore zone. In addition, all the provided contact phone numbers are British, however, SGT Markets doesn’t have any branch in the UK and it is not licensed there.
Is It Safe To Invest With SGT Markets?
SGT Markets has a very poor reputation in the market. It has been rated negatively by its previous traders and has a lot of scam records. Hence, it is strictly recommended to refrain from trading with SGT Markets.
ShternGroup.com
Shtern Group is a Forex and CFD broker, that offers several account types, including an Islamic one, with leverage as high as 400:1 and a web-based trading platform.
Is Shtern Group Regulated?
As per our investigation, Shtern Group is an unregulated and offshore broker that has not been a holder of a license from any financial regulatory entity. The Malta Financial Services Authority (MFSA) has issued a warning to investors against Shtern Group, stating that the broker is not authorised to provide service.
Is It Safe To Get Into Business Activities With Shtern Group?
Shtern Group claims to provide a good return to the traders on the minimum investment of USD 100. But unfortunately, there are a lot of negative reviews posted online which proves it to be nothing but a big scam. Hence, it must be strictly forbidden and no trading activity should be done through it.
StarfishFX.com
StarfishFX is a Forex and CFD broker that claims to be located in the United Kingdom. It provides the standard MT4 one which with fixed spreads and leverages up to 1:500.
Is StarfishFX Legit?
As per our investigation, the StarfishFX was registered in New Zealand but was banned by New Zealand’s FMA (Financial Markets Authority). It provides a UK address and a Hong Kong country code, so it is quite confusing the location of their office.
Is It Safe To Invest With StarfishFX?
Many traders have complained against StarfishFX and posted numerous negative feedbacks on many websites. Moreover, dealing with an unregulated website increases the chance of losing your funds immediately. Hence, we do not recommend dealing with this broker for any kind of service.
TradeCapital.com
Trade Capital is an unfamiliar Forex broker founded in 2017 and primarily focused on cryptocurrencies. It also claims to offer a wide range of financial instruments for trading. The entity does not share much of its corporate information such as trading conditions.
Is Trade Capital Legit?
Trade Capital is an unlicensed platform owned by Trade Capital Investment LLC., a company based in Geneva, Switzerland.
Is It Safe To Invest With trade capital?
The entity fails to disclose any substantial information regarding its regulations and legal validations. Consequently, the entity is likely to be illegitimate and operates autonomously.
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