Forex scams
The most common frauds aimed at traders, and how to avoid them.
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Lessons
- 01Common forex scams.Common forex scams include fake or cloned brokers that block withdrawals, signal sellers with unverifiable records, strangers who offer to manage your account, and schemes that pay fixed monthly returns from new deposits. They share one promise: steady profit with little risk. Recovery scams then target people who have already lost money.
- 02How to spot a forex scam.A forex scam usually shows itself through a few shared signs: a guaranteed or fixed return, pressure to pay before you can check, a stranger who contacted you first, payments to personal accounts or to crypto wallets sent in a chat, and new fees before any withdrawal. Check every firm on the regulator's own register before sending money.
- 03What to do if you have been scammed.If you have been scammed, stop sending money at once and call your bank or card provider, because speed often decides whether a payment can be stopped or disputed. Save all evidence, report to the police and your financial regulator, and ignore anyone who offers to recover your money for a fee.