Explaining What is Forex Trading by Discovering Cryptocurrency Scams

Part of your discovery about What is Forex Trading? “ includes the utilization of cryptocurrency or digital cash.  Though it could be a convenient means to settle some financial transactions,  it could also pose risks, especially scams. Here is a list of the common scamming techniques that are done online.

1.False Websites

Some trading platform sites may have a duplicate website which when accessed will direct you to a different website that requires you to input your personal information and then ask for payment. In order to avoid access to such websites,  computer experts suggest checking if the website has a lock icon that indicates security and “https” in the website. If you can’t find these features on the website, then this could be a false website.

2.Fraudulent Mobile Applications

With mobile applications serving as one of the instruments for forex trading providers to facilitate their services,  scammers also have mobile applications that look very similar to legit mobile applications. Just like the recognized trading applications for mobile phones,  these fraudulent mobile applications are also downloadable on Google play or even Apple App Stores. In the Bitcoins news,  several trading fanatics were victimized by these mobile applications so it is important to check the legitimacy of the application prior to downloading.

  1. Malicious Social Media Updates

Because of the vast opportunities given by social media applications to their respective users,  scammers can disguise themselves as successful forex traders and then they encourage you to join their team.  At first,  they would promise thorough mentoring for free but as the days pass by,  they begin to ask you to transfer some of your cryptocurrencies to a certain account for some reason.  To safe keep yourself from this unscrupulous act,  be vigilant with social media updates that are posted on the internet.  There are lots of fake accounts out there so you better give it a couple of days or weeks to verify and check the legitimacy of the account before trusting it.

  1. Email offers

Spams on emails can also be an option for scammers to look for victims.  When you use your email to subscribe for newsletters or trading updates,  you could be a potential target of these criminals.  They send you proposals or offers that seem too good to be true and sometimes difficult to reject or ignore because they seem promising.  But before grabbing these kinds of offers on your email,  try to check the email address connected to a legit company.  It would be good to personally get in touch with the mentioned company or agency and ask if they really have such an offer for their clients.


Part of learning about “What is Forex Trading? “ is discovering the various means on how scammers can take advantage of your assets.  It is therefore important for us to be vigilant in identifying which sources are reliable to those that aren’t.  This strategy is perhaps one of the best things that we can do to ensure our safety.

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