Is Forex a scam? Well, it is a virtual way of trading money in the trading market, and a legitimate form of conducting a business that is not a scam.
It is a safe platform for financial purposes and activities like buying and selling goods. However, scammers find ways to trick people into illicit work activity and damage the forex platform’s reputation. But one can not deny that forex is a risky platform as several factors contribute to its procedures and make it successful. For instance, time differences, political instability, and trading policies in different regions of the world.
EzChargeback has been working to identify and bring forth various kinds of scams played by scammers. They use other tactics on various platforms because they know the customers are unaware of their tricks, providing them an extra advantage. It has been reported that over $6 million of money is traded regularly. Since this market is open 24 hours, even on weekends, the number of investors getting into business is untraceable. It is a platform where investors are promised their investment will double. Some scammers trick them into investing in foreign currency so that they might get large returns. However, they end up losing all their investments.
How Does The Forex Market Work?
Forex is considered a “zero-sum” market where one party has to face a loss for another party to gain profit. It means that one has to pay money from their pocket, considering their side loss, and the other party will get that money into their pockets, which is their profit.
How Alicia Was Scammed on Forex
The forex scam was reported by a 30-year-old, affluent woman named Alicia who was practicing medicine. She made a profile on a dating app. After a week, she found a match which was a doctor but in a different department. Their relationship began with chatting and sharing daily routines and proceeded to long calls. Alicia decided to make a meet-up plan greatly. However, he always presents an excuse for major surgeries and meetings, which would not allow him to even step out of his work area.
He emotionally manipulates Alicia by stating how crucial a patient’s life is, for which he is responsible and needs to be extra careful.Month after their relationship, Alicia’s partner Mark brought up the topic of forex trading.He convinced her to invest in it because it ensures double return on investment. Further, he talked about how he is earning well from there.
Initially, she refused due to her busy schedule as a doctor. But, Mark pursues her that if she could make more money she can build her own hospital too, which would be based on donations – here Mark was taking advantage of her kind and soft heart.Weeks of discussion and constant talk between them regarding the forex trading investment, Mark successfully convinced Alicia. She questioned her lack of skills and technological knowledge, for which Mark ensured his full support and help to her. He guided her in every step of making a profile and account.
Initially, she invested three-digit figures because she was unsure about trusting online platforms. However, due to Mark she was ready to take a risk. She saw her money being doubled, though at first the profit was small, but with time, she saw investment returning as huge profit. She started being happy and excited about it. She also started working on owning a hospital, a goal and dream Mark put in her mind. After a couple of months, Mark advised her to make a big investment. She decided to follow Mark’s advice because he was blind to his love and the fact that the money was increasing in her account.She made a six-digit investment, a massive jump in investing money.
After a while, she started having arguments with Mark. He left her. After 1.5 years of their being together, they separated. As Mark left her, she also decided to withdraw her money from forex and discovered her account was being hacked. She contacted Mark and found out he had disappeared. She immediately ran to a nearby police station and reported a scam complaint. The EzChargeback authorities later told her that Mark was using a fake identity and that he was a scammer.
Romance scams can lead to the biggest scams virtually. Scammers ensure full access to your details like Mark had, and EzChargeback is a platform where many scams are being published to help people be aware of others’ actions.