Bitcoin Forex Scams
Bitcoin Forex Scams
Bitcoin and forex are both major financial trends. You don’t have to spend very much time on the internet to see bitcoin and forex deals advertised on social media or even in your spam folder. These are hot trends that unfortunately are the focus of cybercriminals, which is the reason there are so many forex trading scams and bitcoin scams.
Broker Dispute provides expert fund recovery services and has a strong track record of success. Our team consults with clients and guides them through the fund recovery process whether they require a chargeback, a wire recall, intelligence reports or need to file a complaint. Contact us right away and get started on your road to fund recovery.
What Is Bitcoin?
Bitcoin is the original cryptocurrency, and it appeared on the scene in 2008. Since then, thousands of cryptocurrencies have followed bitcoin’s lead and have come onto the market.
People who are unsure about using or investing in cryptocurrencies, often identify bitcoin as the most stable. It has been around the longest and is accepted as payment by many companies, although there is no doubt that it is volatile. Even though bitcoin itself is not a scam, it often plays a central role in all kinds of frauds, including forex trading scams and crypto scams.
The reason cybercriminals prefer to use bitcoin and other cryptocurrencies to other payment methods is that they are managed by the blockchain which is anonymous. In addition, transactions on the blockchain cannot be reversed or refunded. For fund recovery, an additional transaction is needed on the blockchain.
What Is Forex?
Forex stands for “foreign exchange” and is trading that involves comparing a currency pair for fluctuations in value. It involves basically betting that one currency will perform better or more poorly than the other. This may seem like a straightforward type of trading, not unlike what travelers to foreign countries do when they determine the best time to change money.
However, forex trading is more complicated than it seems because of its extreme volatility. There are also many governments and institutional investors that can move the market in an instant if they unexpectedly buy up currency or dump their holdings. One sign of forex trading scams is those behind it will make it seem like forex trading is easy or that they can guarantee returns. Neither is true, but forex trading takes time and experience to master.
How Do Bitcoin Forex Scams Work?
Bitcoin forex scams can take several forms. Either they involve a broker that offers both bitcoin and forex as trading products. Alternatively, they are mainly fake forex brokers who demand that all payment is in bitcoin or other cryptocurrencies. The first is not necessarily the sign of a scam but the latter is.
A regulated broker who is legitimate may offer cryptocurrencies to trade alongside forex, commodities, and ETFs. This is perfectly fine and it is possible to trade safely in such a situation, as long as the broker is reliable and regulated.
However, If the broker accepts only bitcoin or other cryptocurrencies as payment, that is a red flag. A regulated broker should provide a choice of methods for transferring and receiving money, including a credit card or online payment platform. When a service asks only for cryptocurrency, it means they want complete anonymity and that their transactions should not be traced.
Even if you are enthusiastic about using bitcoin or other cryptocurrencies, it is important to use caution when making transactions with it. Ensure that you are using bitcoin only with a legitimate website or a regulated, reliable broker. Beware of services that demand only bitcoin or other cryptocurrencies as payment.
What Kind of Threat Is Posed by Bitcoin Forex Scams? Bitcoin and forex scams, combined and separately, are growing problems and require vigilance to avoid. Investopedia estimates that $9 million a day is lost in crypto scams and forex trading scams. This is a staggering number and it continues to grow.
The reason there are so many crypto scams and forex trading scams is that these concepts are popular. Scammers, like marketers, pay attention to what is trending and try to find targets for their schemes by diverting traffic from legitimate brokers and financial services.
How to Avoid Bitcoin Forex Scams?
With so many bitcoin forex scams, there are some important steps to take to avoid these frauds, which include:
- Do not trade with any unlicensed service or broker
- Do not trade with brokers that demand payments only in cryptocurrencies
- Research all financial services carefully before signing up
- Beware of offers that guarantee high returns and make extravagant promises
- Demand transparency on all fees, spreads, and terms and conditions
- Verify that all contact information is accurate
Doing due diligence is the first step for staying safe from the majority of bitcoin forex scams. However, there is no guarantee that even if you are careful and only use a licensed broker that you will never have a forex withdrawal problem or a crypto complaint. It is important to stay alert even when working with a legitimate service because disputes can arise and frauds can be waiting disguised as reliable brokers.
What to Do If You Have Been Targeted in a Forex or Bitcoin Scam?
If you have been targeted by a bitcoin forex scam, it is important to do something right away. Filing a complaint is essential, not just for your own fund recovery, but to help authorities track down the cybercriminals and bring them to justice.
Although it may seem hopeless, there are solutions. Broker Dispute has advanced methods and tools for investigating these scams. We have helped numerous clients track down scammers and help the authorities retrieve their funds.
Do You Need Fund Recovery Services? Talk to Broker Dispute Professionals
Have you lost money in a crypto scam or a forex trading scams? Do you want a team of seasoned experts on your side to help you with fund recovery services? Speak to Broker Dispute today. We will consult with you and build your case in a way that will improve your chances of success. We have connections with banks, regulators and authorities and can make help you with the fund recovery process