How to recognize a Forex Scammer ?

Jul 30, 2018 at 09:24
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130 Replies
Member Since Aug 05, 2019   7 posts
Aug 08, 2019 at 14:08
The simplest way to recognize them is with amazing money offers such as: 'Earn $50,000 a week with this trading service' this is unlikely and inevitably attracts the attention of certain users. also offer services or supposed tricks that you must perform to earn a lot in the market on condition that you pay them for the information and There are many, many other ways to recognize scammers who seek to take money from those who see the possibility of doing so.
Member Since Feb 22, 2011   4862 posts
Aug 09, 2019 at 07:14
Aaronpp posted:
The simplest way to recognize them is with amazing money offers such as: 'Earn $50,000 a week with this trading service' this is unlikely and inevitably attracts the attention of certain users. also offer services or supposed tricks that you must perform to earn a lot in the market on condition that you pay them for the information and There are many, many other ways to recognize scammers who seek to take money from those who see the possibility of doing so.

Or I made 10,000% profit with zero DD, I made $1,000,000 profit with my EA and yet I am willing to sell you a copy for $500 :)
How can anybody trust such BS
Member Since Apr 18, 2017   920 posts
Aug 26, 2019 at 15:43
Aaronpp posted:
The simplest way to recognize them is with amazing money offers such as: 'Earn $50,000 a week with this trading service' this is unlikely and inevitably attracts the attention of certain users. also offer services or supposed tricks that you must perform to earn a lot in the market on condition that you pay them for the information and There are many, many other ways to recognize scammers who seek to take money from those who see the possibility of doing so.

True; scammers always represent unrealistic profit! Yesterday I see a account with 2 million profit within just 6 months; and that guy selling this only for 200$. Lolz!
Member Since Nov 06, 2019   48 posts
Nov 16, 2019 at 17:04
I never trust anyone but myself to trade and would never give money to anybody. These are great examples of dubious trading accounts, very informative and good to see traders with a solid head on them.
Winning...
Member Since Aug 02, 2018   5 posts
Nov 19, 2019 at 07:58
AniLorak posted:
Aaronpp posted:
The simplest way to recognize them is with amazing money offers such as: 'Earn $50,000 a week with this trading service' this is unlikely and inevitably attracts the attention of certain users. also offer services or supposed tricks that you must perform to earn a lot in the market on condition that you pay them for the information and There are many, many other ways to recognize scammers who seek to take money from those who see the possibility of doing so.

True; scammers always represent unrealistic profit! Yesterday I see a account with 2 million profit within just 6 months; and that guy selling this only for 200$. Lolz!

forex is full of scammers and i don't understand if one can really make 2 million profit why they would be selling anything, they don't earn by trading they make money by selling their crappy services
Forexquanten
forex_trader_753800
Member Since Jul 16, 2019   9 posts
Nov 19, 2019 at 09:59 (edited Nov 19, 2019 at 10:06)
Forex is full of scammers, many fakes, even fake broker and with fake accounts dont wonder me anymore.
Best to use just big brokers which can not be faked, i would never open a account with a small broker that is not knowed.
Also at Roboter selling you must be carefull, specialy here at myfxbook you will find many fake accounts and fake strategies, sometimes people invest much money they build fake companys just to show some fake statistics and so on.
Member Since Oct 19, 2019   34 posts
Nov 19, 2019 at 11:18
ForexViking69 posted:
I never trust anyone but myself to trade and would never give money to anybody. These are great examples of dubious trading accounts, very informative and good to see traders with a solid head on them.
That’s the best one can do. Nobody is going to take that pressure of handling your money, better than yourself.
Member Since Oct 24, 2019   45 posts
Nov 19, 2019 at 12:18
Non Realistic claims and Non- Regulated brokers tend to be scammers often Huge wealth claims and suspecious promises in the last they are unable to provide track Find name and ownership and track record 😄
Revenue is vanity, profit is sanity, but cash is king
Member Since Jan 05, 2016   1189 posts
Nov 19, 2019 at 21:20
Baazex posted:
Non Realistic claims and Non- Regulated brokers tend to be scammers often Huge wealth claims and suspecious promises in the last they are unable to provide track Find name and ownership and track record 😄


Exactly.

One of the big problems is that new traders who lack the understanding of how the markets really work and even experienced traders will sometimes allow their emotions to take control of their trading when they see fast profits and they completely disregard any kind of reasonable risk management, so they mistakenly believe the hype being pitched by the scammer.

It's pretty obvious a person is a scammer because several low post count accounts (new accounts) will often show up and start defending the investor (multiple accounts by the same person probably).

But the reality is that they usually end up blowing their account and anyone who invests with a scammer will ultimately lose their investments with them as well.

Any time you see something like any of the following examples of 'red flags', you should proceed with extreme caution because it's high probably the person is trying to scam people.

'100% profits!'
'Elite master trader system'
'Forex is EASY'
'I found the secret to real wealth'
'Never lose again!'
'Money Back Guarantee!'
'Guaranteed profits!'



If it looks too good to be true, it's probably a scam! Let the buyer beware.
Member Since Nov 01, 2018   6 posts
Nov 20, 2019 at 22:27
A scammer will have no MYFXBOOK

OR like Samuel Leach... They will have a MYFXBOOK but they will own the broker (In this example Samuel Leach from 'sandctrading' owns the broker 'YLDFX' therefore he is able to manipulate the data on his MYFXBOOK). On Samuel's regulated accounts you can see the performance does not match or correlate at all with the performance on his manipulated trading account.

Only trust MYFXBOOK's from regulated brokers.
Member Since Sep 12, 2019   2 posts
Nov 21, 2019 at 03:33
First of all, check their regulation number and type.
Second check their products' price going is similar to other famous brokers, this way is to check your order straight through processing not market maker.
If they offer a broker manger for you one by one . that will be better.

You can message for more info.
Member Since Jan 05, 2016   1189 posts
Nov 21, 2019 at 10:14
sharpiemomo posted:
A scammer will have no MYFXBOOK

OR like Samuel Leach... They will have a MYFXBOOK but they will own the broker (In this example Samuel Leach from 'sandctrading' owns the broker 'YLDFX' therefore he is able to manipulate the data on his MYFXBOOK). On Samuel's regulated accounts you can see the performance does not match or correlate at all with the performance on his manipulated trading account.

Only trust MYFXBOOK's from regulated brokers.

Ask them to provide you the read only investors account information.

Legitimate investment account managers have no problem providing it to their clients upon request.

If they refuse to allow you to review their trading live trading history then it's probably a scammer.
If it looks too good to be true, it's probably a scam! Let the buyer beware.
Member Since Apr 18, 2017   718 posts
Nov 30, 2019 at 08:35
I don’t believe the trading performances with any no-regulated brokers; since it’s very easy to make fake data!
Member Since Jan 05, 2016   1189 posts
Dec 12, 2019 at 22:30
Another thing to be aware of with scammers is that they will block anyone who questions what they are saying, and then often times they will delete their account and recreate them under a new name.

For example, here is an account that was claiming MASSIVE 700% gains in one month.

Link to discussion in question:
https://www.myfxbook.com/community/trading-systems/bigreturnsystem-icmarkets/1874388,1

As you can see this scammer advertises on their services with a new account.



They claim a 700% profit in only 30 days, but hide the trading history so people can't see what they've done.



They've manipulated the stats in a manner which give them an appearance of massive gains, but it is nothing more than a high risk martingale system which ended up with a blown account with only 30 days of trading.


Gain: +709.39%
Drawdown: 58.18%

58% DD is the same as saying you've lost 58% of your investment capital, the 90% 'win' ratio indicates you simply held those bad trades until they became profitable.

This is why you have 90%+ win rate currently, and why you have a massive DD% against the account.

Also... You are probably using a Martingale (or similar) lot size calculation and are simply holding those trades until they become profitable

NO skill in trading and they ended up with a blown account.

And of course they immediately blocked me.




And then they deleted the system so no one else could see what they were doing.



And lastly they deleted their user account, so no one else could see what they were doing.




Anyone who advertises their services, but refuses to allow you to see their trading history is PROBABLY trying to scam you, ESPECIALLY when they try to make people believe they can easily make 700% profits per month.







Attachments:

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Member Since Apr 18, 2017   920 posts
Jan 02, 2020 at 15:23
Professional4X posted:
Another thing to be aware of with scammers is that they will block anyone who questions what they are saying, and then often times they will delete their account and recreate them under a new name.

For example, here is an account that was claiming MASSIVE 700% gains in one month.

Link to discussion in question:
https://www.myfxbook.com/community/trading-systems/bigreturnsystem-icmarkets/1874388,1

As you can see this scammer advertises on their services with a new account.



They claim a 700% profit in only 30 days, but hide the trading history so people can't see what they've done.



They've manipulated the stats in a manner which give them an appearance of massive gains, but it is nothing more than a high risk martingale system which ended up with a blown account with only 30 days of trading.


Gain: +709.39%
Drawdown: 58.18%

58% DD is the same as saying you've lost 58% of your investment capital, the 90% 'win' ratio indicates you simply held those bad trades until they became profitable.

This is why you have 90%+ win rate currently, and why you have a massive DD% against the account.

Also... You are probably using a Martingale (or similar) lot size calculation and are simply holding those trades until they become profitable

NO skill in trading and they ended up with a blown account.

And of course they immediately blocked me.




And then they deleted the system so no one else could see what they were doing.



And lastly they deleted their user account, so no one else could see what they were doing.




Anyone who advertises their services, but refuses to allow you to see their trading history is PROBABLY trying to scam you, ESPECIALLY when they try to make people believe they can easily make 700% profits per month.







I have also same experience; it’s really irritating experience on this community!
Member Since Oct 26, 2018   2 posts
Jan 02, 2020 at 22:56 (edited Jan 02, 2020 at 22:58)
Anywhere profit is proportional of risk, this is a non transgressible natural low, many profit mean many risk allways !!

More over if you do good profit with a system you dont need to sell it or you dont need nobody to invest.
sellers of system make profit selling, not trading
Member Since Apr 18, 2017   718 posts
Jan 03, 2020 at 13:11
fxatsystem posted:
Anywhere profit is proportional of risk, this is a non transgressible natural low, many profit mean many risk allways !!

More over if you do good profit with a system you dont need to sell it or you dont need nobody to invest.
sellers of system make profit selling, not trading

True; even scammers mainly offering 100% success ratio of their trading tool; lolz!
Member Since Jan 26, 2015   13 posts
Jan 09, 2020 at 09:38
Unrealistic promises + they sell you something that can make money for you (either tools or knowledge)
"Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected" - George Soros
Member Since Oct 15, 2014   54 posts
Jan 09, 2020 at 11:15
Anyone selling their 'expertise' instead of just using that knowledge for their own trading is a scammer.
Member Since May 01, 2019   4 posts
Jan 09, 2020 at 14:18 (edited Jan 09, 2020 at 14:18)
5astelija posted:
Anyone selling their 'expertise' instead of just using that knowledge for their own trading is a scammer.
I cannot agree with that. If you can earn
1. 10-20-30 K per month by trading
2. Have a chance to get a training course over the weekend for the same money as in point 1.

Will you use just one of the options? If yes, which one?
Buy Low, Sell High
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