We all know that Times Square is one of the most popular tourist destinations in the world. But it is also one of the top spots for scams in New York City. From character photos and fake attraction tickets to pickpockets, locals know how to avoid these scams from happening to them. However, do you know how to spot a forex trading scam online? With more people participating in the foreign exchange market, it is essential that you can identify a scam so that you do not lose money.
They Promise High Returns
If you are contacted about a good investment and promised that it is going to be amazing, be very careful. When a salesperson promises you guaranteed high returns, this is often a sign that it is a scam. It is often hard to predict a return and there is nothing that is going to be guaranteed. Every investment has a certain amount of risk and the market is always changing. Their exaggeration is true to the saying, if it seems too good to be true, it probably is.
You Receive Unsolicited Calls and Emails
Perhaps you have already contacted some people to help you with forex trading. You can expect them to get back to you by calling you or sending an email. But if you start to receive messages from salespersons that you did not contact, this could be a scam. Always delete the message or hang up straight away. Do not give them any of your personal details. Go with your gut and ask yourself, is forex trading legit from this message? If you have a bad feeling, make sure that you ignore it.
They are Aggressive and Pushy
When you are looking into forex trading, there should be nobody that is overly pushy or aggressive with you. If this is the case, there might be something wrong and they want you to quickly take their deal. Be very cautious of anyone trying to convince you to make quick decisions. They do not want you to think about what you are doing. Therefore, take your time before you make any decision to do with forex trading. This is especially true if you are new to this type of trading. Always error on the side of caution.
You Cannot Find More Details
Say that you have been contacted about a forex trading opportunity. You should always do your research before you agree to anything. For instance, look up the person or the company they say they are representing. Check to see if they have a website or any personal details. Unfortunately, a lot of forex trading scams look legitimate so they might have a website. But check to see if their contact details are freely available. Often, they do not want you to be able to contact them and they will not be listed correctly. For instance, there might only be a mobile phone number and not an address.