Forex. It sounds like a complicated word, doesn’t it? You might have seen advertisements regarding online forex trading while browsing the web or using music streaming platforms. It is the combination of two words, foreign and exchange. Forex trading is the most significant monetary market globally, which allows the exchange of monetary forms between financial backers and companies. Like any other transaction involving money, forex trading is also susceptible to scams. We cannot end these scams or avoid them altogether; however, we can learn about them to reduce our chances of falling victim to them.
What is Funds Trace?
Nevertheless, there is a slight possibility you will become a victim of a forex trading scam. So what can you do? Fundstrace is a consultancy company focused on recovering funds lost to scams. This company can help you get your funds back from scammers, whether it is an online, banking, cryptocurrency, or forex trading scam. I was not aware of forex trading scams until I visited the company’s website. It provided detailed information about the types of forex scams; hence, most of the information in my blog is from their website. But before I tell you about how Funds Trace helped my cousin when he was scammed, let me tell you more about the types of forex scams.
Top 3 Forex Scams Funds Trace Warns People off
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Forex Broker Scams
A broker can be an intermediary person or company that charges a fee for carrying out transactions for the investor. The broker should be trustworthy as they have to handle all the buying and selling for the client. However, scammers may pose as brokers and steal the money from the client.
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Robot Scams
Scammers have a system that generates enormous profits on the investment through automated exchanges; hence, it is called a robot scam. However, authorities have not tested or approved these systems, making them unreliable and possibly fraudulent.
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Managed Forex Account Scams
This type of scam is more commonly known as signal seller scams. Signal sellers refer to retail firms, managed account companies, or individual traders which charge a fee for a given time frame and provide information on the best time for transactions. The scammer promotes their credibility through testimonials, but once the clients make the initial payment, the signal sellers will disappear with the money without providing the service as promised.
Recovering Funds With Funds Trace
My cousin fell victim to a forex broker scam last year in July. His friend had a similar experience the year before, so he recommended contacting Funds Trace. My cousin filled in the contact form on the company website and received a response within 24 hours. The company informed my cousin that his forex broker was a scammer, but they could help him recover the money. Guidance was provided at every recovery process step, and by the end of that week, the money had been recovered as if it had never been lost to the scam.
