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REVEALED: 14 Ways to Spot a Trading ScamIf you’re new to trading, listen up. There are serpent companies and individuals out there, with only one goal. To make profits and money for themselves and NO one else. They do this by exploiting the newbie trader’s optimism, greed and fear by tricking them into what I call “Easy-Money-Traps”. As a savvy trader, you need to know how to spot and avoid these scams, before you fall victim to one of them. I’m going to kick you off with 15 of the most common trading scams you may find nowadays. SCAM #1: Flaunting money and posing in flashy cars WARNING: When you see an advert with a fake ‘guru’ posing in a Lamborghini holding stacks of cash, this manipulates people into thinking they’re rich. REALITY: Most times the cash notes are fake and worthless, which is prop money that is usually used in movies. It’s also been proven that 90% of these companies or individuals usually rent the car, borrow it from their rich friend or they take selfies in front of a stranger’s car. WHAT TO DO: Don’t believe everything you see online. Scam #2: They chase after your contact number WARNING: When a fake “guru” begs for your contact number and persuades you to buy a trading course or ticket to their seminar. The more aggressive they are trying to get your money, means that their primary income is mostly likely from what they’re trying to sell rather than the money they make when trading. REALITY: A true trader with a product or service to offer, will not pester you, sound desperate and bully you with tons of marketing and promises. Their main goals are to offer you value, help and develop a relationship over time. WHAT TO DO: Never share your contact number just to “Learn More”, “Book A Free Consultation” or “Check Out” information on what the product is about. You will have marketers call you on a weekly basis trying to suck you into buying their products. Scam #3: There is NO background information WARNING: When a scam artist has little to no background or legal information. Whether it’s a trader, broker, money manager or an educator – Never work with anyone who doesn’t have the following: • A website • A proven track record (at least 5 years) • Valuable content • An “About Us” page (To learn more about them) • Contact information • Customer reviews and testimonials (Ask people!) • A company registration number • Tax registration details• Financial regulation • A website that isn’t secured (When it starts with HTTP and not HTTPS) REALITY: Most times these non-regulated individuals will try their luck to get you to deposit money into their account and then will disappear. WHAT TO DO: Always do a full check-up on the person or company through Google, Facebook, websites and reviews and take notes with the bullet points above to see if the person or company is licensed, legit and regulated by independent organisations. Scam #4: You can’t withdraw your money WARNING: Your broker or money maker, doesn’t allow you or limits your ability to withdraw funds or profits. Whenever there are delays to withdraw your money, chances are you’re dealing with illegitimate trading companies. It should never take more than a few days for your money to be returned… WHAT TO DO: Don’t invest a single cent more into the company, until you have received your funds. Use your rights and speak to a lawyer about your options, in order to find a way to get your money back. NOTE: This does not apply to fixed-term securities such as, hedge funds, bonds, retirement funds with periodic redemption rights and other constraints. Scam #5: Failure to prove their BOGUS trading results WARNING: When you see someone bragging about their winning trades or money they made for the day and how they can help you – but not willing to prove their results. Watch out with Facebook and Instagram posts on traders posting fake trading results on Telegram, MyFxBook, WhatsApp and other groups. REALITY: If they are not willing to prove their results, chances are they have been Photoshopped and are only trading with a demo account. Also you’ll see them posting their gains and winnings only and never their losses. This is a big red-flag for me which screams out – SCAM! WHAT TO DO: Avoid any person who is not willing to share their broker statements or trading results which have been verified by a reputable and licensed firm. Scam #6: When they urge you to buy immediately WARNING: When someone tries one of their high-pressure sales techniques to get you to invest or buy a product or service on the spot. If ever you get one of those sleazy salesperson’s try to intimidate you, make you feel stupid for not making a decision – warnings bells should ring. Many con artists, will pressure you with limited time offers or tell you to buy on the phone or you’ll lose the deal. REALITY: A legit and ethical company will never create such urgency. They will in fact, want you to do your own research, consider your options and take your time to see if their product or service offered will benefit you or not. They will NEVER force you to buy anything on the spot. WHAT TO DO: Do your own research before you make a decision, and make sure you leave those high-pressure salesmen charlatans. Scam #7: You hear bad investment advice or too-good-to-be-true deals WARNING: When you hear bogus advice or too-good-to-be-true statements from an individual or company that is contrary to anything you’ve ever been told. As soon as you hear any of these messages, they are most likely scams: • “You can put your life savings into our brokerage firm.” • “Follow our +80% win rate trading system.” • “Do you want GUARANTEED returns?” • “Take out a loan and invest with us.” • “You’ll bank over 10% a month.” • “We don’t use stop losses.” • “100% accurate signals.” • “Get rich quickly.” • “Easy money.” WHAT TO DO: Don’t run away just yet. Do the full check up on the company and with their track record and then decide for yourself. Most times it’s just the marketing agency, rather than the actual trader, who’s trying to hype up the copy through their copywriting, Click Funnels, Value Ladders etc… Scam #8: They ask for your personal information WARNING: When someone asks you for unnecessary personal information to make a transaction. There are salesperson’s out there that will ask you for a bunch of unnecessary personal information including: • Bank card details • Facebook account details • Phone number • Income per month • Trading account password • Home address REALITY: If you’re looking to invest in a trading product or service or open an account with an institution, then no trusted and legit company will ever ask for the above details. WHAT TO DO: Never give any details to an individual or company that you don’t trust. You can also ask for their Terms & Conditions and Privacy Policy statements, to read each detail of their security and privacy matters. Scam #9: You get a call from a stranger WARNING: You may get an unexpected and unsolicited local or international phone call “cold call”, email, letter or personal visit from a stranger offering you a deal. REALITY: These are most times marketers or customer services trying to sell you something, in order to make a sale. WHAT TO DO: Kindly tell them to remove your number off their data-base and that you will do your own research and will call them back if you are interested in what they have to offer. Scam #9: Watch out for bad wording WARNING: When the company or individual is packed with bad wording. Bad wording includes: • Misspellings • Incorrect dates (Look at the footer of a website where it says ©) • Badly written content • Unprofessional content i.e. emoticons, !!!, ??? and swearing • Typos everywhere • URL website has spelling mistakes e.g. (Foerxtrading.com) WHAT TO DO: This should be your judgement… NOTE: I personally am sceptical whenever I see any of the above, even though I may make a typo or grammar mistake with my own content every now and then. Scam #10: The never-ending Facebook scams WARNING: When you see posts that offer you free signals, tools, get rich quick messages or advertising ploys that direct you to deposit money. You’ll see countless scams on a daily basis in Facebook groups and pages that will direct you away from them by sending messages such as: • “Inbox me” • “Ask how” • “Join our Telegram” • “100% accurate signals” • “Reply add” • “Do you know you can make XXX amount of money” • “Click this link” • “Ask for more info” • “Daily free signals” • “Daily 200 – 500 pips” • “Guaranteed results” • “No scam” WHAT TO DO: Do your thorough research and follow the above #3 step before making your decision. EXTRA TRADING SCAMS TO WATCH OUT FOR: #11: Trading software, robot or EA that guarantees a +70% win rate system. #12: Fake Facebook profile name, picture with dodgy friends. #13: Any product or service that promises “Zero-Risk”. #14: Any notion that promises you riches quickly and tells you to trust them or take their word for it. If you enjoyed this trading lesson of the day let me know in the comments and follow me for more daily tips. Trade well, live free. Timon MATI Trader
JSE:J200Education
by Timonrosso
Reminescence of a Scam Operator (ANTI SCAMMER GUIDE)Reminiscent of the roaring 1920s, the 2020 epidemic and the inability to work for many people brought an influx of new retail investors to the public market. Furthermore, the FED's decision to prop up the market by dropping interest rates combined with stimulus checks handed out by the U.S. government lured in even more investors who were hungry for profits. Although the market sensation also brought a rise of omnipresent scams across all trading platforms. Lack of workforce, sophisticated methods, and automated bots often play into the hands of perpetrators who try to get ahead of the platform and its users. Therefore, we decided to write this concise article with the purpose of helping new investors to recognize good apples from bad ones. The most common means of communication for criminals is to use private chat, public chat, comments, ideas, and headline references. Several examples of red flags are shown below. RED FLAGS AND OTHER POINTS: Asking for personal information and TradingView account information One common tactic criminals use to exploit their victims is to ask for personal information or account information (login and password). This information should not be disclosed to anyone, including someone claiming to be a platform's employee/support (as these people tend to have access to this information). Asking for trading account information Another standard method bad actors use is asking for trading account information. On such occasions, a perpetrator asks for existing account information or requests a victim to create a new account; then, a perpetrator usually asks the victim to invest money into the account and let them use it in return for shared profits. False promises The third point probably accompanies every other point on our list. This point relates mainly to false promises about trading achievements, which often include statements about having a high win rate, high net worth, and an unbeatable trading system. Financial gurus and lavish lifestyles A high follower count and strong social media presence do not equal reliability. Perpetrators often portray lavish lifestyles across social media platforms to entice more people and trick them into buying a trading signal service or trading course (or any other service). The public image does not necessarily have to match a person's authentic lifestyle. Indeed, trading as a career is highly time-consuming and does not come with trading from a vicinity of a pool or ski resort; that is just public perception. Trading signals and trading courses Unfortunately, most of the time, trading signal services (for buy) lack performance and do not consider subscribers' risk tolerance and account sizes. In regard to trading courses, we hold a similarly low opinion of them as we think learning a skill to trade goes far beyond a few hours of any trading course. Unrealistic win-rate claims Most brokerages report that their retail clients lose about 50-90% of the initial capital, especially when trading CFDs. Therefore, we would like to put in perspective how realistic claims about a high win rate really are. Professional traders tend to peak at approximately a 50% win-rate over a consistent period. Thus, claims about a 90% or higher win rate are likely to be false. Guaranteed moves and risk-free investments Another tactic of scamming utilizes guaranteeing moves in the market. However, there is nothing like a guaranteed move since the market constantly changes and is influenced by complex factors. These are just few points we included, however, we ask a public to share their own points in the comment section. DISCLAIMER: This content serves solely educational purposes.
SP:SPXEducation
by Tradersweekly
68
BTC Will Fall: The War on Fraud BeginsBTC triple topped into the ascending triangle which broke down to the downside, an extremely bearish move. I wondered why altcoins are up and I believe it is because everyone is liquidating out of BTC and potentially into stablecoins. I strongly believe this investment by the US gov into the IRS is to crack down on illegal principles funded by drug dealers, credit card scammers, and unemployment fraud scammers, who use the blockchain network as a web for their operations, I strongly believe this also includes the cartel but I think the cartel > is way stronger than the government and we'd never come for them, but actually, that would make more sense into why we're funding out IRS as a military at the moment, fascinating. Just to explain how this web works. Someone can pretend to be you, order unemployment debit cards to YOUR address, stand outside of your house, and catch any mail that would've notified you of this activity. They will then proceed, to deposit this let's say for example $10k into BTC. They will then proceed to advertise to people "hey, send me 5k, and I'll double it, to 10k and send it to you" these people take their tax-paid cash hard-earned and then send it to the scammers. These scammers now have 5k in clean free cash flow, and the victim who sent them 5k is going to be sent 10k in illegal cash flow. Now the blame is spread across the American people. And just imagine what was happening when stimulus checks for thousands of dollars were floating through to people that didn't know if they were eligible. Another point I also have is that most BTC holders don't pay their fair amount of tax on capital gains. Even these public millionaires I believe use the BTC as a tool to escape taxes. Anyone can simply say "oh, I lost the crypto wallet password, I have no capital gains" which is technically true because I have sent crypto through the wrong network before and lost it, however, exchanges account for that information and I'd be safe. However, these degenerates who think the government isn't a mafia, are going to be taken by surprise by the amount of taxes they will need to pay, forcing them to liquidate. This second point is dependent on how the IRS classifies BTC, because if it's property, then things are different because you don't pay capital gains on your house, but you do pay a property tax year over year so there's that, they'll potentially put in a "Billionaire Bill" which forces people to liquidate and pay taxes for owning their property based on a percent. If not treated as property and instead as an asset or currency, then spitball fire and this is gonna be a messy slaughterhouse of taxes needing to be paid, I believe both possibilities lead to a bearish decline to at least 21k, then a potential 19k, I'll see if 18-19k support holds, then go in, but if not we could see bearish lands of 11k but I don't honestly see 11k happening unless huge market activity pushes this sentiment.
Short
by kibakilla33
6
Crypto101 - How to spot a scam 👀Hi Traders, Investors and Speculators 📉📈 Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Hundreds if not thousands of new cryptocurrencies launch monthly. All with big promises of use case, flashing tech and a stock-standard wide mouthed YouTube guy telling you how high it will moon. With these new tokens and coins also comes many initial coin offerings (ICOs) that are often scams. The demand for these have grown, even despite the fact that many people get rugpulled. This mostly unregulated market makes for a perfect place to scam innocent people out of their money, with little consequences to the thieves. When it comes to cryptocurrencies, one of the biggest challenges for investors is not getting caught up in the hype. Digital currencies have quickly risen to prominence in the portfolios of many retail and institutional investors. At the same time, people are still shocked when something like the recent LUNAUSDT / TERRA happens. Let's discuss a few ways to navigate this wild west market: - Research the team. Perhaps the single most important success factor for any ICO or cryptocurrency is the developers and administrative team behind the project. The cryptocurrency space is dominated by major names, with superstar developers like Ethereum ETHUSDT founder Vitalik Buterin capable of making or breaking new projects simply by having their names listed on a development team. For that reason, it's increasingly common for scammers to invent fake founders and biographies for their projects. - Check the whitepaper. The whitepaper should lay out the background, goals, strategy, concerns, and timeline for implementation for any blockchain-related project. Whitepapers can be incredibly revealing: companies that have a flashy website may reveal they lack a fundamentally sound concept. On the other hand, a company with a website containing spelling errors may have a whitepaper that indicates a rock-solid concept and a carefully conceived implementation plan. - It it sounds too good to be true, it probably is. The idea of getting rich quick on an investment in a hot new project sure is tempting. Keep an eye out as you look for new investment opportunities in the ICO and cryptocurrency spaces. Remember that projects sounding too good to be true , likely are. Spend time scrutinizing every detail, and assume that the absence of a piece of crucial information may be an attempt to hide an unsound model or concept. Look for outside sources to verify the legitimacy of any project before making an investment. Ask questions that you can't already find the answers to. Now, the project on the chart - BURGERUSDT . BurgerCities crypto was developed on the BNB Chain ecosystem and is now linked to MetaFi . People compete for rewards on the BurgerCities platform. BurgerCities transitioned from being a DeFi product available on the BNB chain as Burgerswap to integrating DeFi and NFT into a more expansive metaverse space, producing uniform and standardized Web3 behavioral metaverse universe. Being a metaverse-oriented project, BurgerCities supports the NFT concept making it possible for users to earn returns through gameplay. Don't get me wrong; I am not stating that Burger coin is a scam - I am merely pointing out that you should always do your due diligence research on new coins / projects, and be extra cautious when the coin / token has a funny name. _________________ 👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎 👍Hit like & Follow 🔔 We thank you for your support ! CryptoCheck
BEducation
by Crypto-Check-
87
Space X - the Solar City BaggyPPA Models are simple. straight forward and rather easy to project. IF, of course, you have a brain and are not running an enormous scam on the Backs of Taxpayers. Eron front-loaded the install under the guise of Bond Issuance covering upfront costs... 20-year Bonds are now on the Books of Tesla and Space X. _______________________________________________________________ $2.3 Billion to the PowerWall Sh_t Mix - a noose around the neck of Debt. Eron excels at Hide the Cheese. Bitcoin... eventually he'll need the Junk Coin to run well north of $100K in order to bail out his BS. Investors, Fanbois, and the Cult of Eron have short memories. We'll take their monkey money.
CME:BTC1!
by HK_L61
bull trap to 22.3k, 200 WMA, weekly close in 4 hoursYesterday I gained 300$ from shorting BNB, today I lost 535$, I don't know anymore. I short at absolute of absolute bottoms, then long absolute of absolute tops, this comes from having an idea that X rejects at price Y, and from reaching price Y, I invalidate my trade then follow with opposite, while my previous wasn't invalidated We either reject from here and first weekly close below 200 WMA, or we go up and close above it, scam pump, before retesting 20k. RSI says we need correction. I don't know, I don't know, I don't know anymore. Im confused. I am LONG till 22k, then opening a short. Who joins me!
BITSTAMP:BTCUSD
by Heartskull
1
Crypto Regulation & Retail Protection Continuing FarceWhile the Securities & Exchange Commission continues litigation against Ripple $XRP and Library $LBRY, retail gets REKT by "influencers" peddling their wares. $VPAD & $KASTA were developed/introduced by some of the most well known YouTube & Crypto influencers in the market. Each having dumped on the influencers' followers and the Crypto market. 18,800+ "cryptocurrencies" and climbing. Regulatory agencies like the SEC & CFTC are way behind the power curve and will continue to fall behind the remainder of the year as the administration looks to have "policy recommendations" in 12-18 months.
V
by UnknownUnicorn20630062
TOTAL MARKET CAP and some disturbing figuresPersonally I find it disgusting that there is a central entity out there with enough control over this space to pull the rug which equates to the GDP of dozens of countries within a half an hour/ with no regulation to back any of it up... Being sold Tether by some entity which has nothing to back it up while the US government does nothing to regulate it... It seems to me that the US government which actively go's around overthrowing other nations that try to issue their own currencies or nationalize their economies, is fine with some random source issuing so called stable coins... Or maybe its the corrupt US government that is behind it all... At this point there is no way a few key figures called "whales" can control the prices to the degree of pulling out 20+ nations worth of annual nominal gdp in about a half an hour.. There is no whale out there with that much money! Period This is beyond criminal.. Having 40% of an entire markets value sucked dry within 2 months is just insane and to think that people out there will continue to do it while no regulation comes in shows how messed up this world really is... 12 million starve to death every single year and this criminal market go's unchecked..
CRYPTOCAP:TOTAL
by HighcardJezus
Binance investigated for alleged investment app crypto scamsRecently the FIA, an acronym for the federal agency dedicated to investigation and cybercrimes in the United States, announced that it would be investigating Binance operations. The federal body is investigating a crypto scam that links to the popular exchange, according to reports. • Binance agents in Pakistan must testify regarding links to crypto scams. FIA sent Binance an order of attendance to Hamza Khan, the head of analysis at the Pakistan-based exchange. The order shows that Khan could be involved with crypto scams using fake apps to encourage people to invest their money. The federal body also sent a questionnaire to Binance based in the United States and the Cayman Islands to clarify things. The investigations opened early on Friday, January 7, 2022, and could show progress in the coming weeks. FIA clarifies that for some time, crypto investment fraud has been observed within Pakistan and the Ponzi methods, where the trader loses all his money for an ROI that never comes. The FIA does not point to the exchange as a fraudulent crypto company, but it does expect its head of analysis in the country of South Asia to give testimony.
BINANCE:BNBUSD
by BernardMikhail1