Instagram is a huge social media platform with over a billion users. As a result, scammers are always on the lookout for ways to fool users. These are not sophisticated cybercriminals, but instead young and desperate people who see nothing wrong in trying to become rich. Scammers often use social media videos to fool people into believing they can make money by trading.
To protect yourself against Forex trading Instagram scams, first check the information provided by the broker or company. For instance, they should be able to show proof of their credit balances. Also, they should offer consumer and student options. Furthermore, they should be able to customize trading parameters. Many of these companies are based online.
One of the most common scams involves fake Instagram accounts. These are accounts claiming to provide the secrets of FX trading success. In some cases, these scammers use photos of well-known personalities to attract viewers and trick them into giving out their personal information. However, it is very important to stay away from such scammers.
Another popular Instagram scam involves a popular Thai dancer named Natthamon Khongchak. He defrauded thousands of investors by claiming to be a forex trader. He also claimed to offer private forex trading courses. His videos promised high returns. The alleged victims have since filed complaints with the Thai police.
These accounts use the hashtags #binaryoptions and #traderlifestyle. The scammers’ posts on these accounts are often photoshopped. These photos often show profits but the victims don’t actually make a cent. The scammers’ messages are often not regulated by regulators. As a result, people who follow these accounts are susceptible to fraud. Therefore, it is essential to check and confirm information posted by these accounts before making an investment.
In addition to scammers, Instagram users can also fall victim to unsolicited marketing. Pushy sales tactics are one of the hallmarks of a forex trading scam. The scammer may try to lure you into providing personal information, which will lead to identity theft. As such, it is important to be cautious and educated when dealing with forex scams.
As with any scam, it is important to do your research before signing up for a forex trading account. Scammers often show profits within a specified time, but they can also post charts that are from demo trading accounts. It is important to ask for background information and a full disclosure of profits and losses.
Forex scams can be difficult to recover from, but you can reduce your risk by asking the right questions of potential brokers. This way, you’ll know whether they’re a genuine broker or a Forex scam artist. You should research the contacts of a forex broker and check their business background and company registration. It’s also important to ask for a reference from people you know.