In the world of finance and investing, there have always been some trouble makers. And ironically, they often succeed at coaxing people into their fraudulent traps.
Apart from the high volatility, scepticism also hovers around the cryptocurrencies due to fraud. A study highlights that out of ten, every one person in the US would fall for such trading scams in a year.
But the attackers do not always use the same ways to trap people, apparently just like there is a range of digital assets available in the market. The unethical actors also have a range of ways to carry out their unethical activities.
Let’s Have A Look At The Varied Types Of Trading scams:
Advance Fee Schemes
Advance Fee Schemes are basically when the attackers disguise themselves as traders and take out money from the folks with a promise to trade and make profits.
The targets of such a trading fraud are those who have recently lost their investment money, and they often get along thinking they may earn from this.
As the name suggests, these are the unregulated brokers, and there is a chance they can run away with your funds. This type cannot necessarily be counted as a scheme, but people still need to be aware.
Software scams are those that comprise Forex Robots or Expert Advisors developed by attackers. The programs assert that they can automate Forex trades. The creators utilise false statistics to coax the victims to purchase the product. Newbies to the…