News That Matters

Beware: How Forex trading and Binary options scammers took advantage of the Covid 19 pandemic

Scamming is a pandemic that seems never ending. This pandemic is targeting almost all countries, especially countries with a high level of digital transactions such as the United States, Australia, Western European countries and East Asian countries. In the conditions of the Covid-19 pandemic, it seems that we are facing two types of pandemics at once; The Covid-19 pandemic itself and the scamming pandemic involving two types of digital money businesses; binary options and Forex trading.

Binary options

Binary options may seem tempting but which many people don’t realize, they can be an entry point for scams. Basically binary options are “all or nothing options.” Some people call it the “fixed return option.” This option works on a concept similar to that of gambling; if you predict wrongly you will lose your money. At first glance it’s quite fair but in reality, scammers often create fake websites that are deliberately created to attract as many potential traders as possible. One of the classic ways that is often done is to make as if the business activities offered are in the United States but in fact the website was made by a group of people who live in one of the countries in Africa.

Usually they net out potential traders by creating the impression that they will lose the opportunity if they don’t invest the money right away. There is no real business activity, only wishful thinking. The trading platforms available don’t really exist.

Forex trading

Basically, this type of fraud has been going on for quite a long time but is increasing in the midst of this pandemic due to the desperation of most people to find income. There are lockdowns, social restrictions, and so on. Prospective traders will be seduced to deposit their money and play immediately. They will basically be playing on a fake platform so that if they lose, they would think it was their own fault. Unfortunately, in most cases the losses were actually set from the start.

The Forex scam also lies in making you believe that managing a robot is just adding it to your MT4, forgetting about everything and withdrawing your profits every month, forever. Automated systems valued at $ 100 or $ 500 can do little to no good. If they were profitable, they would not be for sale for that amount of money. The programmer would have gone to the trouble of offering it to a financial firm or investor.

So how to minimize the risk of fraud? Shouldn’t we be “doing digital business?” Should we go back to our jobs and forget everything? Of course not! We can continue to look for income online but with the right planning and anticipation. Professional funds recovery experts can be of great help to minimize the risk of losing funds if we are already caught up in fraud. In many cases, they can help fraud victims to recover all or part of their funds.