Forex traders who can’t or won’t get the money they need to move their funds can now be targeted by scammers who are willing to do anything for a few thousand dollars.
According to a new report from the National Association of Forex Professionals (NAFPR), there are over 300 scams in the forex industry, many of which involve using people’s real names to buy and sell stock.
This means that traders can now fall prey to a range of scams, some of which can take up to a year to complete.NAFPC said that in the first half of 2018, there were more than 20,000 scams, of which 7,000 were targeting forex traders.
In total, over 300 people were identified as victims of these scams, with most of them being young traders, said the report.
In some cases, forex brokers will even make up fake bank accounts to help them get the funds they need.
But for those who are unable to move the money or simply can’t afford to pay the money, there are now ways to do so.
According the NAFPC, one of the biggest scams involves people using a fake name to buy shares of the company in which they work.
The scammer then tells traders to use their real name to deposit the money.
The money will then be withdrawn in cash, leaving traders holding the bag of bad news.
However, if the money is not deposited within the required time frame, traders are then told they can withdraw their money via a bank transfer.NAFs advice on how to avoid being scammed on the Forex market is to: