Key tips on avoiding scams by LST-ICDwain Ross 21 / November / 22 Visitors: 13
Nobody can say how much Forex market fraudsters earn. It definitely should be a sum with many zeros due to the size of the market and their quantity. There is a good news though – no matter how many scammers are around, you still can avoid their tricks and traps following the simple but effective set of rules we prepared jointly with Forex broker LST-IC.
The most obvious and general advice is to educate yourself. It does not really matter what tactics or tricks fraudsters use, they are mostly targeting unexperienced traders, that’s a fact. Well, it is easy to give the general direction… But what are the fields of this education and is there something specific to start with? Let’s find out what professionals think about it and what their advices are.
Legit trader never promises easy and fast profits, that is probably the first thing to pay attention to, says Jack Finley, LST-IC financial consultant. “Browse through our company website and its content, for example. Unlike scammers, LST-IC doesn’t propose quick or guaranteed profits, generous gifts or incredible bonuses for signing in or anything of this kind. There is no such thing as guaranteed profits on Forex, so if somebody “guarantees” your profits from trading, they are likely scammers. On the other hand, LST-IC doesn’t appear in scam lists, unlike those companies which promise too much”, he adds.
Another milestone of our joint scam review with LST-IC is the importance of the information. “People should be more attentive to details. If there is something to sign and approve – don’t scroll it down without reading, take your time. And if something is not clear – ask a question, and ask again, if you still don’t get it. And it is much better to get the answers in written form”, Jack Finley explains.
«At LST-IC we believe the legit broker has no annoying clients. The more questions people ask beforehand, the easier it will be to work with them in future, that’s the difference between LST-IC and scammers”, he says. “Just ask until everything becomes clear. Our quality control department follows these things – there are different situations, of course, between clients and support, but their position is very clear. LST-IC is working as legit broker, therefore we should find an answer for any question”, Jack Finley emphasizes.
There is another useful tip – stay focused even after onboarding and start of trading. There are cases when everything goes as it should, and then something changes, LST-IC key fraud expert says. For example, one day your broker offers you a unique “risk-free” investment opportunity, deal of your life, or it may be some significant bonus or reward just after you deposit $500 or $1000 more. “I’ve seen some cases like these in LST-IC recent scam review. Just remember, that there is nothing risk-free in trading, and everything is going to be OK. And another thing to remember that unlike fraudsters LST-IC or any other legit broker never asks you to deposit more money to your account. It is up to you to decide how much money do you need for trading”, Jack Finley adds.
It happens that the company, which may have even started as legit broker, uses another fraud technique, building up Ponzi scheme or pyramid, which demands a separate explanation, according to Jack Finley. There can be different models used, but there is very simple trick to avoid being scammed this way, he says. “Just follow the golden rule – you are here for trading, and any other profits, like payments for membership or for attracting new traders shouldn’t exceed profits from trading itself”, LST-IC fraud pundit explains.
And there is also a thing which may sound controversial in XXI century, but still works in cases with Forex frauds. “I’ve mentioned LST-IC scam review previously – according to it, a great deal of successful scam attempts involved payments in crypto. I am not trying to say that support of payments in crypto is the trademark of a fraudster; LST-IC supports them, too. But these are facts – you can’t be completely sure where exactly you have transferred your funds when paying in crypto. And another thing is that literally anybody can have a crypto wallet, specify its address as the address of some brokerage and start receiving payments. Getting the status of SWIFT affiliated partner, for example, is far not that quick and easy process”, Jack Finley says.
“So even if you are a crypto prophet, consider using traditional methods of payments. Yes, crypto is really fast, it is much faster than bank transfer. But there is another thing about crypto transactions – they are quite difficult to track down and almost impossible to roll back”, Jack Finley says.