Passive Income Earner FX Scams - Beware

Queen Jess

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There are so many FX scams out there at the moment (and indeed many others). Unfortunately scams are even bigger at the moment whilst interest rates are so low and Covid is taking its toll.

The majority of the FX scams rely upon word of mouth recommendations/sign up "commissions" etc to circulate on the internet. As a group of online earners, we should be aware of this as I know lots of people do make decent money from recommending services. (Nothing wrong recommending services may I add as I believe everyone on here is doing this legitimately or in good faith).

To be absolutely clear, copy trading and any other FX/stock portfolios where it is passive and you just put in cash rather than actively trading yourself is illegal (and therefore a scam) unless they are authorised by the Financial Conduct Authority (FCA). The FCA ensures it is a legitimate business and you have certain protection over your invested cash.

Before investing you MUST check out the firm and make sure that they are authorised by the FCA. You can check:
1. The FCA's register to check they are authorised (some scams claim they are, but are not regulated)
2. The FCA's warning list of companies to avoid.

Don't just line the pockets of the organised criminals and scammers. If you see something you believe is a scam, please help to report it to the FCA and others being scammed.

Further advice from an Age UK site is here:

Forex trading and brokerage scams​

UK consumers are being increasingly targeted by unauthorised forex trading and brokerage firms offering the chance the trade in foreign exchange, according to National Trading Standards. Most consumers report they initially receive some returns, they are then encouraged to invest more money.
The returns then stop, the account is suspended and there’s no further contact with the firm. Many claim to be authorised by the FCA (Financial Conduct Authority) and give registration details of another company a ‘clone firm’. Some scammers sell details on to other criminals who then offer to get your money back or buy back the investment after you pay a fee.

Protect yourself:
  • Check the firm is regulated by the FCA.
  • Ask the company for the firm reference number (FRN). Use this number to search the FCA’s register.
  • If they are not registered check the FCA’s warning list of firms to avoid.
  • Never use a phone number link in an email or website from the firm offering the investment.
  • Don’t be pressured to invest quickly.
  • Be wary of promised returns that sound too good to be true.
  • Seek independent financial advice or guidance before investing.
 
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Jon

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I wish Instagram would do more to come down on these things you know

The ads for Forex trading are RELENTLESS on there and always follow the same sort of images which tend to be

EolFojbW4AIbHbG


EolFojcW4AAOcGL
EolFojbW8Aooa2v
EolFojdXUAIafiU


Every week there seems to be a new crop and it isn't helped by the fact that low hanging z-list celebrities promote Forex trading as well without a clue about it
 

Queen Jess

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Oh dear. Well as we know Facebook and Instagram are pretty awful and behind the times with restrictions on pretty much any advertising/stopping abuse etc. They are so clueless. Almost every week I see something else in the news about Facebook.

I just don't use Facebook or Instagram anymore. It's just too annoying.
 
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homie

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Yep. Nothing would persuade me more to invest than photo's of some woman standing on her doorstep fanning out dollar bills.

Not.
 
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1111zf

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Thank you QJ for posting that.

1. Please do report these people to the FCA.

2. If you cannot get your money out - you get on the phone to the Police Fraud Intelligence Bureau (Action Fraud) immediately.
Also log it with The FCA & your local Trading Standards office.

3. Please be aware Tiktok/Facebook/Linkedin/Twitter/Instagram - do absolutely nothing when you report them and these scammers know it.
They will only remove them once the press/media are involved.

4. Please be aware the FCA warning list is never 'complete' - the FCA are appalling and are not registering/investigating/taking these scammers to court - the warning list just sits there - it is not shared, no 3rd parties use it - however for now it is all we have - Please keep reporting these people.
This is why these fraudsters/scammers - criminals - are running rife across social media - because they can get away with it.

5. If it sounds too good to be true then it is.
Professional Fund traders make 2-5% per year - Do the math - these 20 year olds pretending they have mastered some magical way of extracting from the markets is all lies.
They simply want your deposit in the broker account as they earn HUGE commissions - they are enticing you via fraud - another criminal offence.
In the above post he even tells you he is earning commission from you - CPA - is Cost/Commissions per Action - he now wants you to deposit & then copy trade - so he earns even more commission.
These scammers get commission per signup of around $400-600 and then they earn commission on a traded round lot - which is the money you are trading - they earn MASSIVE commissions for doing this.

You are lining fraudsters/criminals pockets - don't do it.

6. Work from the basis that no one in retail Forex/stocks day trading makes any money - that is backed up by multiple empirical studies freely available online.


The bottom line here is - retail Forex/Stocks/Bitcoin day trading will not make you rich - ever.

If you think 20 year olds with no market experience, no financial education & no trading desk experience know how to make money trading - then you need your head checking.
They know absolutely NOTHING about trading profitably.

Anyone and everyone in retail day trading Forex/Stocks/Bitcoin never make money in the long run and none are rich - question why that is.

For those that will reply saying its all positive and these people are wonderful - these people are normally affiliates who will say anything to get you to part with your money - fake trustpilot reviews, fake graphs, fake MT4 terminal demo screenshots, fake testimonials, fake forum posts - i.e. pretending to be a novice and only just signing up and making wonderful amounts of money etc... - it is all total BS.
Everything they use is fake and can be faked - its all been proven and shown on various retail trading forums.
They will fight to castigate people speaking the truth as spam/jealous/uneducated/miserable etc.

The slightest chance of people making money warps peoples brains - scammers/fraudsters - criminals know it.

Please spread the word and help close these criminals down.
 
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1111zf

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In the prophetfx / motion capital (motioncapital) copy trading thread Jon has now locked (now deleted) - billyrayvalentine999 has just confirmed he has made money from the proceeds of crime, "I've made money from my relationship with Prophet/Motion."

Stop supporting criminals.
 
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