Who is at risk of becoming a victim of Forex scams? Forex scam review from Stocks Wide experts
Social media and forums are full of reports of people who have once again been too gullible and lost money by trusting crooks looking for victims in the financial markets. However, many people have managed to make the same Forex the basis of their financial well-being and avoid scammers. Together with Stocks Wide experts let's find out who the scammers are after and who is at risk.
According to Stocks Wide legit experts, forex broker scams pay particular attention to the elderly. The crooks are counting on the weakening cognitive abilities of the elderly, but even this is not the main thing. Unfortunately, many pensioners are deprived of social activities. They are willing to give up a lot in search of companionship. They are addicted to fake attention. But everything has its end, Stocks Wide points out, the whole truth comes out. Often, too late.
Young people are less likely to complain about a lack of communication, but they lack life experience and accuracy. A typical case, Stocks Wide experts say, is brand scammers. Young people see a high-profile name, but don't check whether it is rightfully used. And on a wave of trust, they give away money.
Young people underestimate the significance of age. A fly-by-night company in the eyes of an inexperienced young person may look like a Stocks Wide with a founding date of 2011.
Also, young people are too often in a hurry. Rather than researching the issue thoroughly, they plunge in, trying to figure it out as they go along. And the result is that the company they choose does not pay - Stocks Wide advises not to put off checking for later.
People who have lost their income sometimes panic. They start looking for salvation by thinking uncritically. According to Stocks Wide fraud experts, Forex broker scams prey on such people. They are morally ready to deceive themselves, which means they are easily deceived by others. Such people often need comprehensive help, i.e. simple methods of self-control for them. Stocks Wide advice: is a good broker, trading licence, bank details, financial statements are things that should be studied. It is boring, but it allows you to concentrate and regain self-control.
Those who have received an inheritance
The reverse is true. Their financial situation has improved dramatically and they want to live up to their new status. Such people have a blunted sense of loss, which makes them vulnerable. According to Stocks Wide experts, the full truth may come to them too late. After the money has been squandered.
People with bad financial discipline
Those who don't keep track of their credit cards and are constantly borrowing are another typical victim. According to Stocks Wide, forex scammers buy up data on such people at every opportunity to attack them with annoying advertisements. Banks do not sell such information, but it may be possessed by semi-legal and illegal loan sharks, pawnshops and similar organisations. They also profit from this category of people. A person who borrows money from an illegal pawnbroker is likely to sign a contract with a stockbroker without a trading licence, and Stocks Wide advises avoiding both.
You don't have to be a con man, but there are people who are willing to take higher risks. They think they are taking it consciously. In reality, they think uncritically. For example, the cases of brand scammers - Stocks Wide believes that some of their victims realise that the case is not clean. But they are counting on increased profits for the risk. And are confident that they are the lucky ones. Adventurers often fall prey to one-night stands. They think they have time to jump out of the scheme before it crumbles, but it does not always succeed. Stocks Wide's advice: the company's founding date should be checked first. And market newcomers require the most thorough double-checking.
If you recognise yourself in these portraits or see a partial resemblance, don't be upset. On the contrary, you have been warned. And hopefully in time. Increase your control and pay attention. According to Thomas Müller, Director of Development at Stocks Wide, it doesn't pay to let it happen.