Unless you’re off the grid or live in a cave, you’ve likely heard about forex and cryptocurrency trading. These two very different financial trends have one thing in common: They are very popular. Unfortunately, some want to take advantage of its popularity and try to lure unsuspecting customers into cryptocurrency scams or fake forex deals.
It can be hard to find out about legitimate deals and scam brokers. Scammers do not necessarily adopt telltale signs such as promotional materials that are riddled with typos or poorly designed websites. Now forex scams and shady crypto deals can look elegant, professional and true to life.
It would be a shame to walk away from real opportunities because there are more than a few rotten apples. It is true that people have made profits from forex trading and enjoy the flexibility, convenience and profitability of legitimate investment in cryptocurrency. However, identifying real and fake deals requires some knowledge and a willingness to do thorough research.
Don’t lose hope if you have already lost money to an unregulated forex broker or crypto scheme. Refund efforts are often successful if you go to professionals who are skilled in tracking these schemes and negotiating with banks or regulators.
MyChargeBack provides guidance to consumers trying to recover their money from merchant disputes, cryptocurrency scams, or other types of fraud. Talk to MyChargeBack Specialists and start to recover the money.
What is forex?
Forex is a very popular word, and to some people, it can seem far from their everyday life, but it is just an acronym for foreign exchange. Forex trading involves comparing two forex pairs and predicting which of them will rise in value.
Think about a European vacation. You may have decided to delay the circulation of funds until you get the best rate for your local currency against the Euro. This is the basic principle behind forex trading.
However, forex is much more complicated than simply changing money on vacation. with the Average daily trading volume is 6 trillion dollarsForex is the largest market in the world. It is also a fast-moving market. A single title can send a currency up or spinning in a downward spiral. In addition, governments and investing institutions can buy or sell currencies without notice.
It is difficult to track economic developments around the world to predict the next move of a government or a multinational corporation. This is why individual forex traders may see an unexpected rally or crash.
Most people who start forex trading do not make money until they have experience dealing with fast moves in the market. Therefore, forex trades that promise novice traders huge returns in just days or weeks can be dishonest.
What are cryptocurrencies?
If you don’t buy or sell cryptocurrencies like bitcoin yourself, you probably know someone who does. After Shane hit in 2008 with his first coin or bitcoin, his popularity skyrocketed, plummeted after 2017 due to widespread fraud and rising again in the wake of the COVID-19 pandemic, cryptocurrencies have been on a fast track.
Like forex, cryptocurrencies tend to be highly volatile in value. For example, between October 2020 and April 2021, the price of Bitcoin rose from From $10,000 to $60,000 Before falling into skeptical tweets from prominent investors. At the end of 2022, the price of Bitcoin was around $50,000 and it is still moving fast with the news cycle and other factors.
Cryptocurrencies are digital currencies that can be used for purchases and trading. There is no physical equivalent, and people can access it through tokens and keys. All cryptocurrency transactions are recorded on the blockchain, with a new block created on each new transaction. Although anyone can see the transactions, they are completely anonymous.
Pros and cons of cryptocurrency and forex trading
One significant advantage of trading forex and cryptocurrency is that it can be fun and exciting. Cryptocurrencies are at the beginning of a trend and are likely to be here to stay. Forex has a slightly different advantage – it’s been around for a while, but it’s also here to stay.
Cryptocurrencies and forex are ideal trading assets for people who don’t mind taking risks, don’t trade with the money they need (and can afford to lose), and like fast-paced trading. With these assets, you can make quick deals instead of long-term investments.
The downside to cryptocurrencies and forex is that they are inherently risky. It is not the right asset for conservative investors who rely on the buy and hold style. Many people find forex and cryptocurrency trading stressful because the assets fluctuate a lot and in multiple time zones. To ensure that they get enough sleep at night, investors may prefer buying preferred stocks and holding them for the long term.
Another disadvantage of cryptocurrency and forex trading is that it attracts many dodgy players who want to take advantage of inexperienced traders. You may have seen crypto scams announced on Whatsapp or social media. Some of these scammers are trying to portray themselves as licensed brokers. It is necessary to be careful and avoid fraud.
How to spot a cryptocurrency and forex scam
Here are the common signs of a cryptocurrency or forex scam:
Guaranteed Unrealistic Returns
No contact information
No transparency about who runs it
There are no written terms and conditions
Unsafe site or no site at all
Claims additional deposits but will not release funds
Charges high fees, commissions and spreads
Encourages clients to trade on margin (with money they don’t have)
Credit cards or money from online payment platforms are not accepted to fund accounts
Refuses to allow customers to withdraw funds
Not responding to contact
Do not engage in any kind of trading with any service that shows any of these red flags. If you have lost money due to forex and cryptocurrency scams, a refund is possible if you work with experts at your side
Consult MyChargeBack Experts And start asking you for a refund. We have extensive working knowledge and relationships with regulators as well as the dynamics of cryptocurrency recovery and can improve our chances of getting your money back.