[whohit]Beware of millionaire Forex trading scams[/whohit]If you are a regular user of social media, you must have come across the countless Forex trading offers, claiming to help you make millions over a short period of time with the help of gurus promoting themselves through popular Instagram accounts.
However, none of this is as good as it sounds.
The set-up is simple. Influencers post pictures of sports cars, exotic holidays and luxury homes, which they claim to have bought with cash earned from trading foreign currency.
Their followers are urged to sign up to expensive courses, which promise to teach aspiring traders how to make their own fortunes.
Hopeful investors are then told how the trader is supposedly betting on foreign exchange fluctuations, known as forex. These trading templates are known as ‘signals’.
Insiders say some trading social media stars make most of their money in commission — rather than on the currency exchange itself.
The bedroom traders can be paid between £40 and £80 every time they convince a follower to deposit £250 with a third-party broking platform.
So definitely be careful when considering any investments that involve questionable practices.
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