Scammers & Scams in Forex & Crypto

scam

Unfortunately Scams in Forex trading are rife – we are in an epidemic and have been for several years now – it is getting worse, here I will try to list out as much information as I can to help you avoid them and what you need to do if you fall victim to one.

If someone is promising you to get rich quick it is going to be a scam.

If you are scammed in the UK you can report the scammer to these organisations below.
Get as much information on the person or company that scammed you so the organisations responsible for dealing with it can follow up and action it and hopefully prosecute them.

Main Scams

Main scams are either selling forex courses (selling you complete dud information) or broker affiliate scams where they get $500-1000 to sign each new person up with the broker.

These people are masters of deception – they will do and say anything.

They pose as punters, they operate in forums and social media creating fake lifestyles to suck people in – hiring cars, hiring watches, buying designer bags on ebay, paying for paid PR – it goes on and on and on.

They have dozens of affiliates and companies creating fake reviews on their behalf – these are well oiled scam machines.

The latest scam presented is signing up to their online “Prop Shop”…

Metatrader (MT4) and any webpage results can be faked very easily.

Who to Contact, Report to & Follow

Report to FCA here https://www.fca.org.uk/consumers/report-scam-unauthorised-firm

Report to Trading Standards via Citizens advice https://www.citizensadvice.org.uk/consumer/get-more-help/report-to-trading-standards/

Report to Action Fraud (UK Police Fraud Intelligence Bureau) https://www.actionfraud.police.uk/

ASA if they advertise on Instagram/Facebook etc https://www.asa.org.uk/make-a-complaint.html

HMRC for tax evasion https://www.tax.service.gov.uk/shortforms/form/TEH_IRF

IPSO for press complaints https://www.ipso.co.uk/complain/complaints-form/

Ofcom for Television complaints https://www.ofcom.org.uk/complain-to-ofcom


The UK FCA
CONTACT – Report it to the UK Financial Conduct Authority (FCA) –
https://www.fca.org.uk/consumers/report-scam-unauthorised-firm

The current UK Financial Conduct Authority (FCA unauthorised UK) firm/warning list is here https://www.fca.org.uk/consumers/unauthorised-firms-individuals#glossary – Please be aware this list is SEVERELY OUT OF DATE and SEVERELY LIMITED – you only have to read my posts to learn how bad the FCA is at investigating, dealing and issuing warnings on scammers.

IOSCO
A global warning list by IOSCO is available here https://www.iosco.org/investor_protection/?subsection=investor_alerts_portal


CONTACT – Citizens Advice UK who will pass the information to UK Trading Standardshttps://www.citizensadvice.org.uk/consumer/get-more-help/report-to-trading-standards/


CONTACT – Action Fraud https://www.actionfraud.police.uk/ – This is a unit of the UK Police, please be aware it can take up to 6 weeks to get the case reviewed.



Twitter

Please note the latest trick is for actual scammers/educators to pretend they are on your side – there are a few of these around now. Be on your guard.

For updates and a view on scams and scammers in Forex the USA based Twitter account Guruleaks is quite good to follow. They list global scams or scammers around Forex Trading – https://twitter.com/Guruleaks1
However, I am not sure of what Guruleaks is trying to achieve as they never work with us nor follow up with the right agencies – Guruleaks is tweeting the US SEC and nothing happens – they should be logging complaint with the US FTC.
Update 11/04/2020 – it appears Guruleaks is convicted fraudster Emmett Moore who runs Tradingschools.org – great. So the supposed scammer revealer – is in fact a scammer, a convicted scammer.

https://twitter.com/SkewVolture – worth a follow.

https://twitter.com/FTC – For the USA follow the FTC they WILL take action and are far more proactive than the UK FCA.

https://twitter.com/trading_lies – worth a follow.

https://twitter.com/forexrob_ – more active on Telegram & Instagram and other social media than Twitter.

Telegram

Forexrob Army – we love the work Forexrob does – find him here on telegram – t.me/joinchat/AAAAAFVnvNwn3j49k1ZpKQ – beware the room is full of scammers, affiliates and shills.

Websites/Forums
There is a website/forum that is supposed to list scams in forex called Forex Peace Army – however, it is so badly organised/structured I won’t be sharing the link.
Further they have got well known ‘educators’ that know little about trading running threads.

Articles/Videos
There is a good read here from the Guardian “The Wolves of Instagram” – By Symeon Brown – https://www.theguardian.com/news/2018/apr/19/wolves-of-instagram-jordan-belmont-social-media-traders
This article was published 2 years ago – The instascam lifestyle scammers are more profilic than ever – the FCA has done absolutely nothing to combat this situation – Instagram (Facebook) certainly couldn’t give a shit.