If you are an investor who tries to make a profit using forex or bitcoin exchange then you are most likely to fall into the traps of FX scams. A forex scam is conducted in the form of a fake trading platform with bogus claims. These are fake trading platforms that are established just to lure the victims. Often, there are no regular dealings or strategies and the money is often transferred out of the victim’s account without a penny. Just one fake trading platform could cost you a lot of money.
The most common form of bitcoin scams is called bitcoin pump scam. The scammers get access to users’ bitcoin wallets and lock the money to the platform. Once the money gets locked they will start pumping the bitcoin in order to make the bitcoin price rise.
Broker scams, are the lowest of the low. They start with a mail or an online advertising, but there is a catch. Once the victims interact with the imposter he will lead them to another website and further into the web, and after the victims invest money into the scam he disappears and the victims do not receive anything in return.
This scam is mostly used by Indian cryptocurrency exchanges and scammers. They earn a commission when you sell your Bitcoins or exchange your coins for cash. The scammers masquerade as cryptocurrency exchanges and even boast that they have banks’ and institutions’ support and assure you of 100% accuracy. However, once you agree to pay the required fee the scammers vanish and the victims are left with heavy losses.