To avoid getting in these situations altogether, be sure to read our guide on how to research a Forex broker<\/a>. <\/strong><\/p>\n Read it BEFORE sending any money.\u00a0<\/strong><\/span><\/p>\n It's up to you to do your own research.<\/p>\n Do not ask us: Is ____________ a scam?<\/p>\n If you ask that, you will be ignored.<\/p>\n Everything we know is in this guide.<\/p>\n Take responsibility for your life!<\/p>\n This is not financial or legal advice, simply some ideas that you may want to explore.\u00a0<\/em><\/p>\n There are several flavors of scams out there, but the bottom line is that if a company wants you to pay a significant amount of your deposit to with withdraw your money, then it's a scam.<\/strong><\/span><\/p>\n Now let's get more specific…<\/p>\n The first thing that you need to understand about the Forex market is that trading accounts are funded with fiat currency: U.S. Dollars, Euros, British Pounds, etc.<\/p>\n At this point in time, most legit Forex brokers don't accept cryptocurrency. If they do, they will also accept fiat money.<\/p>\n So if a “Forex broker” says that they only<\/em> accept crypto, then they probably aren't legit.<\/p>\n There are trading platforms (exchanges) that allow you to trade FX pairs, so be sure to find out which one you're dealing with.<\/p>\n Is it an exchange, or it is a broker?<\/strong><\/p>\n If the person you're talking to mixes these terms, that's a clue that it's a scam.<\/p>\n A legit exchange or broker usually won't contact you from their side. So if you have someone messaging you on Instagram or Twitter, that's a red flag.<\/strong><\/p>\n One of the best things about cryptocurrencies is that transactions cannot be reversed. But in the context of Forex scams, that's a bad thing.<\/p>\n Therefore, it's YOUR RESPONSIBILITY\u00a0 to do your research on a company, before you send in your money. I'm going to repeat that because many people out there don't understand this…<\/p>\n It's your responsibility to research a company BEFORE sending money. If you don't, then you need to accept the consequences.\u00a0<\/strong><\/p>\n Another common scam is they get you to deposit money to their account, then they send you trading reports every week showing that you're making a huge return.<\/p>\n Then they will try to get you to deposit more money, so you can make even bigger returns.<\/p>\n They basically prey on your greed.\u00a0<\/em><\/p>\n Once you tell them you won't deposit any more money, they'll stop talking to you.<\/p>\n Another name for this is the Romance Scam<\/strong>. It blows my mind that someone would sink this low, but some scammers pretend to be average people looking for a date on Tinder, or any of the other dating apps.<\/p>\n I would assume that they are great texters and have a very attractive photo.<\/p>\n At some point, they will try to get you into any of the scams mentioned here, or one of the variations.<\/p>\n Some fake brokers will tell you that you have to pay a 20%+ tax before you can withdraw your money. From what I've heard, the scammers first say that you made a bunch of money and your “tax” will be more than what you initially deposited.<\/p>\n Obviously, if you agree to pay the “tax” they will keep it, along with any money in your account.<\/p>\n This is the same for any large fee that they ask you to pay before you withdraw.\u00a0<\/strong><\/p>\n This is what Adrian Shiroma<\/a> did back in the day. He showed fantastic trading returns to attract as many new customers as possible.<\/p>\n Once he had enough money, or he didn't want to deal with withdrawal requests anymore, he had one “big losing trade” and kept all the money for himself.<\/p>\n Of course, he was never trading any money to begin with, and that “big losing trade” was just a way out.<\/p>\n This one is crazy because they get you coming and<\/em> going. Some scammers offer to “help” you get your money back from a scammer.<\/p>\n Obviously, they will say that they tried…then keep your money. Here's one example of someone who always tries to spam my YouTube channel. They usually point you to Instagram.<\/p>\n Alright, if you got scammed, there are a few things that you can do to try to get your money back.<\/p>\n In reality, it's a longshot, but if it's a lot of money, you should probably try everything you can.<\/p>\n The best first step is to contact a lawyer in your area that deals with these types of cases.<\/p>\n Before going to lawyer however, be sure that you have as much information about the “broker” or “trader” that took your money.<\/p>\n Have names, email addresses, message logs, company names, social media usernames, videos and pictures.<\/p>\n Anything that can identify the people who took your money.<\/p>\n If you wired the money from a bank, then report the account to the bank.<\/p>\n You'll need to have this information to build a case against them.<\/p>\n From there, the lawyer can advise you on what to do. As with most things like this, it doesn't hurt to get a second opinion.<\/p>\n You can also report them to the regulating body in your country that handles financial investments.<\/p>\n Just look that up on the internet.<\/p>\n Again, you'll have to have all of the information listed above. The more the better.<\/p>\n If you don't have any of that information, then there isn't much that the regulating body can do.<\/p>\n If you deposited money with a credit card, you can simply deny the transaction with your credit card company.<\/p>\n This will result in a chargeback and you'll get your money back.<\/p>\n Now be sure to use this method only if you're sure that it's a scam.<\/p>\n If you do a chargeback on a legit broker, then they will eventually stop offering this convenient funding method if enough people abuse chargebacks.<\/p>\n If you paid with cryptocurrency, there's no way to get your money back.<\/p>\n It's gone.<\/p>\n This is the last ditch effort that might actually work. Just keep bothering them until you get your money back.<\/p>\n Send messages, emails, whatever. Flood their inbox or Telegram channel. Make it unusable.<\/p>\n I'm not a fan of this method, especially if you only lost a small amount of money, because it can be a waste of time.<\/p>\n But it could work, if everything else fails. At the very least, you'll annoy the crap out of them.<\/p>\n Here's where you need to make a decision.\u00a0<\/strong><\/p>\n If you tried everything and nothing worked, then you're just going to have to chalk it up as a learning experience and not let it happen again.<\/p>\n But now you're at a crossroads…<\/em><\/p>\n Are you going to go back to your 9-5, with a boss that you hate? Or are you going to learn to trade and invest for yourself, to create more freedom in your life?<\/strong><\/p>\n The decision is up to you, I'm not going to try to convince you either way. I'm done with trying to convince anyone.<\/p>\n Freedom is not for everyone. I'm serious.<\/em><\/p>\n Some people prefer to just go to a job every day and spend the best years of their lives wasting away under fluorescent lights and hanging out with people they hate.<\/p>\n If you really want freedom, you'll have to take responsibility for everything you do. That's not for everyone.<\/p>\n But if you are up to the challenge, you can start with our completely free educational articles on our trading blog<\/a> and take it from there.<\/p>\n Here are a few of our most popular article categories:<\/p>\n I wish you the best of luck on your journey to personal and financial freedom.<\/p>\n Remember, you're more powerful than you know. Take responsibility for your development and you just might be surprised at how far you can go!\u00a0<\/strong><\/p>\n <\/p>\n To your success,<\/p>\n Hugh<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Learn how common Forex trading scams work, what you can do if you think you’ve been scammed and what to do if all the recovery methods don’t work. <\/p>\n","protected":false},"author":1,"featured_media":1021024,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1021009","page","type-page","status-publish","has-post-thumbnail"],"yoast_head":"\nCommon Forex Scams<\/h2>\n
![\"Forex](\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/scammer-.jpg\")
<\/p>\n\n
Cryptocurrency Scam<\/h3>\n
Greed Scam<\/h3>\n
Dating Scam<\/h3>\n
![\"Tinder](\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/romance.jpg\")
<\/p>\nPay Your Tax Before Withdrawing Scam<\/h3>\n
Dump and Run Scam<\/h3>\n
Money Recovery Scam<\/h3>\n
![\"Forex](\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/Screen-Shot-2021-09-17-at-7.18.42-PM.png\")
<\/p>\nYou Got Scammed, Now What Can You Do?<\/h2>\n
Contact a Lawyer<\/h3>\n
Report Them to the Regulating Body \/ Authorities<\/h3>\n
Contact Your Credit Card Company<\/h3>\n
Be a Pain in the Ass<\/h2>\n
I Tried All That and it Didn't Work, Now What?<\/h2>\n
![\"Your](\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/you.jpg\")
<\/p>\n\n
![\"Hugh](\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/sig-sm.png\")
<\/p>\n