Since 2012, the forex market has experienced explosive growth. A variety of individuals now seek to make a career out of it but with so much money changing hands it increases our likelihood of witnessing more scams in this arena more forex scams.
Thus, you should protect yourself against scams and fraud in the market. But how can you detect possible forex or cryptocurrency fraudsters? Well, the key lies within your choice of trading platform.
Attaining peace of mind requires having a reliable platform by your side; in this article we’ll look into factors which might indicate potential scammers. Let’s get right into it.
Trading Platform Guarantees a High Level of Performance
First and foremost, any trading platform promising exceptional levels of performance should not be considered; as the crypto market can be extremely unpredictable. You cannot know in advance how any coin might perform over time.
Therefore, there is no way a platform can guarantee a high level of performance or returns on your efforts. Nevertheless, the trading platform you choose can require you to provide a streamlined trading experience. This means that it would provide you with relevant tools and features to make the right decisions.
Using those tools, you can get a fair share idea of how the price movements are going to impact the price of the forex currency pairs or crypto coins. But again, if it claims to ensure a high level of performance, then you might just be becoming a victim of an online trading scam.
Robot Scamming is Also on the Rise
Another type of forex scam that is quite common in the market is robot scamming. In this type of scam, the online broker you choose would let bots take action on your behalf without informing you. The online broker will claim that you will make money even in your sleep.
However, you must remember that profit will only come if the right decisions are being made – with automated trading there can be no knowing whether bots are providing accurate buy/sell signals or not. This is something that you need to check before choosing an online forex broker.
No Segregated Accounts for the Traders
Last but not least, the forex broker might not have a segregated account for the funds that are deposited by the traders. Not many people will know about it, but it is a crypto trading. Without segregated accounts, it can be quite difficult for you to track the performance.
This gives online brokerage firms a free hand to use their money and invest it anywhere they like. For instance, they can be using the traders’ funds for paying high salaries or using it for any other purpose. So, it is important to check the online brokerage firm you have is keeping the funds of traders separate from those that they use for running their day-to-day activities.
This will ensure that you have the right platform by your side, allowing you to focus on your trading efforts rather than worrying about losing them in a potential crypto scam.
Final Word
The growing crypto scams are a concern for many traders as most people look forward to dealing with this issue. All in all, finding an appropriate trading platform ensures your funds will always remain safe while offering you peace of mind so you can identify potential opportunities across both forex and crypto markets. And if you have been scammed, then consider getting in touch with a reliable scam recovery service provider like Claim Justice.
