Forex is growing popular especially in Kenya due to the flashy lifestyle those who claim to be engaged in it portray. It has also been used by those with questionable wealth to hide and evade public scrutiny. Many have used this idea to scam unsuspecting kenyans.
A true forex trader is always trading. Thinking of making money out of his skill. Always learning about the patterns that will influence his next trade. Many people claim to be traders when they are not. Here’s how to avoid being scammed.
Most of these cons don’t make money through forex. They make money through you by bringing you on board. Mostly, they’ll ask for “fees” to teach you. A genuine trader has no time to teach strangers for 10K when he can use that time to trade or learn because with forex, it’s a continuous learning process. Being told to pay to be taught is the first foul play to notice.
Most scammers are influencers. They flaunt in cash claiming how forex pays. This is to target unsuspecting kenyans to feed your desire so they can harvest from you. You are the trade. Either through the fees to teach you or through their affiliate links that gets them paid when they link you to a trading platform.
Binary Bots is another scam that has been going rounds. Someone telling you that he’s selling you a binary bot is a liar. Question should be, why can’t he use the bot to make more money than selling the bot. And if the bot is genuine, he’ll be secretive about it. Don’t fall into that trap.
Account Management is another trick. Once they register you through their affiliate links and you complain about losing daily, they tell you about account management. This is with an agreement that its a win or lose situation. So whether you lose or gain, they’ll get paid trading on the partner platform. The only person losing is you.
Pool trading. This is when they tell you that you need to put funds together and make a major trade. After which winnings will be devided according to contribution percentage. This is a scammer who will take your money and just like gambling, he’ll tell you he lost the trade.
Serious traders don’t have time to do all these. All they do is continue learning or monitoring their trade. All the rest telling you about signal selling, account management and all that just want your money.
Check this out:
- Crime Of Passion? Wife Of A Missing Taxi Driver Becomes A Person Of Interest
- What You Need To Know About Germany Opportunity Card
- Kipchoge Speaks About Kiptum For The First Time Since Smashing His Record