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Don't be a victim of bitcoin, forex and other trading scams
Dineo_T
Contributor
Read more blogs in

Scam.jpg

 

 

Over the past couple of years South African investors have had their fair share of dodgy investment scams disguised as unique investment opportunities. Recently, someone posted on the community under the talk section, asking for clarity on what seemed like advice on a cryptocurrency scheme('Financial advice and bitcoin trading'). It made me think about the case involving one Steve Twain and the ‘$50-million cryptocurrency scam’ that left some South African investors in financial disarray. In Australia, cryptocurrencies have become the second most common investment scam. Not to say there's anything inherently wrong with crytocurrencies - however, they're fast becoming an easy vehicle for scammers to take advantage of people simply because they, much like forex, remain incredibly difficult to understand for the man on the street.

 

Whether we're talking equity, forex or bitcoin scams, when it comes to trading or investing schemes or platforms, be sure to look out the following signs:

  1. High returns in a short period: Trading scams usually come with the promise of overnight riches.
  2. Little or no risk is mentioned: Any broker you speak to will be sure to highlight risk when it comes to investing. When returns are guaranteed, you should immediately assume that something’s fishy.
  3. Unconfirmed figures and graphs: It’s not uncommon for people to create performance charts to suit their narrative. This is easy for them to get away with when their target is uninformed. Always try to verify chart and figures.
  4. Look for accreditation or registration with the Financial Services Board (FSB): If there’s a product offering of some sort, then usually there’s a governing body that companies have to be registered with. Always check this. Granted, this may be difficult for thosw wanting to invest in cryptocurrencies to do, since most regulatory bodies haven’t quite settled on how to regulate cryptos. That said, you should still do your due diligence – look at platform reviews. You’ll find plenty reviews on platforms with a quick Google search. And pay attention to all the negative reviews. Be vigilant when it comes to putting your money in someone else’s hands, particularly if they’re not a regulated deposit taking institution. If something is off, let the South African Reserve Bank know by going to resbank.co.za or you can call the FSB’s Fraud and Ethics Hotline on 0800 313 626.
  5. If it’s too good to be true, it probably is: This is the golden rule. If you are guaranteed high returns in a very short period of time, you should be very sceptical.

For those of you with a particular interest in crypto scams, you can also check out this great article on Investopedia on How to Identify Cryptocurrency and Initial Coin Offering Scams.

While the FSB can’t regulate sites domiciled overseas or keep tabs on each and every single scam out there, bringing such cases to their attention can help them spread awareness. The internet has made it very easy for people anywhere in the world to run elaborate schemes and by-pass regulators. After all, the FSB and Reserve Bank can’t regulate which sites South African consumers choose to visit.

 

The most that you as an investor can do, is arm yourself with as much information as possible.

 

Want to learn how to avoid forex scams? Check out the podcasts below:

Forex trading : Separating myth from reality - Part 1

Forex trading: Separating myth from reality - Part 2

Read more blogs in
39 Comments
Michelle_1
Occasional Contributor

Great article

Bulelani
New Contributor

This is what is happening and they will not tell the truth. If standard bank is leading on Blockchain and agrees that blockchain is the safe place then you must understand that Bitcoin is the safe currency. All the bank they doing something positioning themselves. All the banks of south Africa doing something called project khokha also spring block. All the governments agree that Blockchain the mother of Bitcoin or the backbone of Bitcoin or the core of Bitcoin they all agree its safe then that tells you Bitcoin is the safe currency. Here are the news with standard bank but they wont tell you coz the rand or money is their business if they coment to the public and say bitcoin is the safe currency and the best with lot of freedom and opportunities now the the bank will be like its distroying itself.

https://www.iol.co.za/business-report/technology/standard-bank-gets-serious-about-bitcoin-blockchain...

These financial advisers are pulling our people to the forest coz they know the ways that are safe on investing on Bitcoin which is mining Bitcoin
If they sing blockchain is safe like they do obviously they have done their beat research.
They know know the are opportunities to invest on this safe place called blockchain.

Blockchain is the core of bitcoin which is mde up of 21 companies that can be seen on blockchain charts. These 20 companies are own by most rich people and the other is own by the guy called Russ muldin who only created this company for the public to come and invest.

If these banks know about blockchain and praise blockchain they know the ways of investing they have invested but because these are dirty people who do not care about you only want to make money from so that them remain on the top forever they will not tell to invest up until they have positioned themselves.

Russ muldin made this company called bitclub network for the public to come and invest in bitcoin as the company form a part of blockchain when you invest in the company you buy a bitcoin mining machine this machine will be one of the machines that control bitcoin make safe and process the transactions of bitcoin.

So when you buy this machine you will become you and your family the next master card and visa card coz bitcoin will be processed by these machines you bought of which you can buy as many as you can.
Then as long as bitcoin exists you kids and grand kids will own that machine forever and process bitcoin transactions for your family.

These bank people will not tell you that coz they greedy and they do not like bitcoin coz it here to free the people.

We encourage Africa to do bitcoin so that we lead the world on this revolution so that we dont do Europe things and start doing Africa for Africa.

We also encourage people to mine bitcoin instead of buying or trading

Mining is to buy these machines that make bitcoin work so that you can forever have shares in this world bank called Blockchain

Bitclub network invites the public to come and buy these computers that makes bitcoin work so that we lead as public to this bitcoin so that all the transactions are processed by bitclub network

Buy the gooze that lay golden eggs dont buy eggs for more information on how to be involved
0835161488

We also warn the public any company that is says ot mines Bitcoin but its not the on blockchain charts run and run very fast for your life dont invest into that company
Coz blockchain is the mother of bitcoin if you mine bitcoin we must see you on the charts

Dr wallen
Not applicable

Most crypto exchanges such as Bitsane take advantage with customers funds because they feel these customers don’t know how to get their funds back, But trust me there are hidden ways you can get your lost funds back from the broker. I was able to withdraw my 17BTC from Bitsane, If you want to recover your money back then mail recoverywealthnow360 at gmail dot com

dave lewis
Not applicable
Please beware there are many fake bitcoin mining/clouding out there, I got scammed twice before I met a hacker who helped retrieve my bitcoin. The whole plan was so smooth I could not doubt it. Bitcoin is actually a great investment option but one thing I discovered over time is that it is not possible to mine bitcoin so don’t be deceived. I invested 35BTC on a particular website called bitcoincloudminer, I monitored the profit yielding but got locked out of the account before I could withdraw. I went online and met this recovery expert fightingscams at aol dot com who helped me retrieve my bitcoins back in few hours. You saved my life and I will forever be grateful. I referred my friends whom we got scammed together right away and they got help too. You can contact fightingscams at Aol dot com. Thank me later!
fredtuck
Not applicable

In kentucky I’m sure you know how you make your money working for a boss who really doesn’t care about you , I was pissed doing that job, I had to quit I told my son I quit and he said he knows telling how drunk I was coming back home that night He told me to give this bitcoin thing he has been telling me about that his friends dad did it and made enough money from it , boy want money .Well I had no choice than to give it a try after meeting my son rich friend dad lol I made a whopping sum of $36k after few weeks working with this great experts [email protected]
This is real I can’t believe it , I’ve learnt a lot from this team about bitcoin strategies,trading ,mining , investing and So on , send them an email and have a great experience,trust me this has been the greatest thing to ever happen to me in my life.

vantagepointx
Not applicable

I like the valuable info you provide in your articles.in forex trading istanat and right information are the back bone of trading,to improve your trading skills and get the best results<a href=“http://www.vantagepointx.com/ How-to-trade-forex/>Auto Trading</a>.

Wilfred rosa
Not applicable

@Dineo_T wrote:

Scam.jpg

 

 

Over the past couple of years South African investors have had their fair share of dodgy investment scams disguised as unique investment opportunities. Recently, someone posted on the community under the talk section, asking for clarity on what seemed like advice on a cryptocurrency scheme('Financial advice and bitcoin trading'). It made me think about the case involving one Steve Twain and the ‘$50-million cryptocurrency scam’ that left some South African investors in financial disarray. In Australia, cryptocurrencies have become the second most common investment scam. Not to say there's anything inherently wrong with crytocurrencies - however, they're fast becoming an easy vehicle for scammers to take advantage of people simply because they, much like forex, remain incredibly difficult to understand for the man on the street.

 

Whether we're talking equity, forex or bitcoin scams, when it comes to trading or investing schemes or platforms, be sure to look out the following signs:

  1. High returns in a short period: Trading scams usually come with the promise of overnight riches.
  2. Little or no risk is mentioned: Any broker you speak to will be sure to highlight risk when it comes to investing. When returns are guaranteed, you should immediately assume that something’s fishy.
  3. Unconfirmed figures and graphs: It’s not uncommon for people to create performance charts to suit their narrative. This is easy for them to get away with when their target is uninformed. Always try to verify chart and figures.
  4. Look for accreditation or registration with the Financial Services Board (FSB): If there’s a product offering of some sort, then usually there’s a governing body that companies have to be registered with. Always check this. Granted, this may be difficult for thosw wanting to invest in cryptocurrencies to do, since most regulatory bodies haven’t quite settled on how to regulate cryptos. That said, you should still do your due diligence – look at platform reviews. You’ll find plenty reviews on platforms with a quick Google search. And pay attention to all the negative reviews. Be vigilant when it comes to putting your money in someone else’s hands, particularly if they’re not a regulated deposit taking institution. If something is off, let the South African Reserve Bank know by going to resbank.co.za or you can call the FSB’s Fraud and Ethics Hotline on 0800 313 626.
  5. If it’s too good to be true, it probably is: This is the golden rule. If you are guaranteed high returns in a very short period of time, you should be very sceptical.

For those of you with a particular interest in crypto scams, you can also check out this great article on Investopedia on How to Identify Cryptocurrency and Initial Coin Offering Scams.

While the FSB can’t regulate sites domiciled overseas or keep tabs on each and every single scam out there, bringing such cases to their attention can help them spread awareness. The internet has made it very easy for people anywhere in the world to run elaborate schemes and by-pass regulators. After all, the FSB and Reserve Bank can’t regulate which sites South African consumers choose to visit.

 

The most that you as an investor can do, is arm yourself with as much information as possible.

 

Want to learn how to avoid forex scams? Check out the podcasts below:

Forex trading : Separating myth from reality - Part 1

Forex trading: Separating myth from reality - Part 2



   I almost gave up until I got help from betty Richard and she recovered back my lost funds you can contact her on this Email Address  bettyrichard 722 @ [email protected] .com who help me to recover alll my lost funds and profits bac

Wilson jean
Not applicable

   I almost gave up until I got help from betty Richard and she recovered back my lost funds you can contact her on this Email Address  bettyrichard 722 @ gmail .com who help me to recover alll my lost funds and profits bac

Amanda smith
Not applicable


I am so grateful to Mr.Carlos Oscar.. You have made my dreams come true, after i try to invest with so many expert forex and binary traders who scammed me, I finally met carlos oscarthrough someone he helped, I took a bold step invested $500 which was all I got at the moment and unbelievably I got my profit worth $5000 within 7 days I am happy right now so if you are interested in starting up an investment with him kindly Contact Him now on WhatsApp +1(502)2064419 or Email: [email protected] 

Isla James
Not applicable

Due to the ubiquitous nature of binary and monetary scams and the damage they inflict on consumers, several developing countries have banned binary trading through retail investors permanently in addition, Google and Facebook have stopped accepting classified ads similar to binary sites.

These actions, as welcome as they were, simply encouraged many traders of fake binary sites to rename them as online Forex brokers and even personal banking companies. Our duty is to help you obtain your cash back techniques that we have mastered over the years with the help of experienced professionals to assist you. Check Out [email protected] File a report.

 

ARSHDEEP STAPLES
Not applicable

How to recover your money from forex schemes, brokers, binary, fake investments proposals or funds recovery from other platforms. 
Investment scam is all over the place in recent time and due to greediness people fall victim daily to bogus promises.
I was scammed on investing in BXTCOIN Inc ensuring a guaranteed return. I sent them 1.0089BTC . This was one of the biggest mistakes of my life, after which I got blocked and couldn’t contact them anymore.
I felt so frustrated and devastated, not until I saw on YouTube a referral for a recovery agency Quadhacked @ gmaiL . com , this agent saved my life , he helped me hack the rippers and I was able to recoup all I los
I’m doing this because I know there are people out there falling for everyday scams, send a message to QUADHACKED @ GMAIL . COM   , Go get your money back .

Weah
Not applicable

TO BE HONEST not all recovery agents are legit , after several contacts to different recovery agents who turned out to be scams. I saw someone recommend FASTFUNDSRECOVERY AT PROTONMAIL COM and actually I contacted him and sincerely his services were really valued, as a result of he received all my points rectified in full. I lost my money by way of three hyper yielding investment platforms whose corporations had been registered in London, UK. They claimed to have registered their firms in the US as nicely. The three corporations are Moni-Finex (Moni-Finex Global), HybridReserve and CRYPTONXT.

Rachel Turner
Not applicable

 

 

Even with my level of knowledge still cant believe how they fleeced me, compared to what I have been reading about people who have lost more. Iqoptions has to be the worst and how they can lie is unbelievable making me loose my hard earned 120k USD was astonishing. After a year constant turmoil I was able to recover my full investment from Iqoptions so much thanks and gratitude Geminihacks   -.-   com they were so professional and true to their word thank you so much. If you lost money trading Binary options reach out to  Geminihacks   -.-   com

 

James Willey
Not applicable

For me the quarantine gave me the impetus to engage in investing, I invest in both stocks and cryptocurrency, but I like cryptocurrency more, because it is more profitable. I invest in cryptocurrency with coinigy cost which I really like and feel comfortable using. I advise you to start moving in that direction too.

 
steve005
Not applicable

scammerswill strike up an offer in other to persuade their target to trust and send money or bitcoin. They send their edit and downloaded fake paper work and also proofs to this person. They will go any length to gain your interest and trust and one of the ways to do that is make you win your first investment.

To recover your money from a bad binary option broker the first thing you to do is to file a complaint to the financial regulatory authority and that's if the company is registered.

Report to the law enforcement agency.

Report to your bank o your credit card issuer

lastly contact werecoverfundsLMT dot com

suefairweather20
Not applicable

Can the victims of scam get their money back? Yes, if you have fallen victim to scam from an unregulated investment platform or any scam at ll then are eligible to recover what was stolen from you and this can only happen if this is reported to the right people. With the right approach and with evidence, you will get what you lost back. Those behind these unregulated platforms will likely want to sell the idea that what happened to your investment was an unfortunate occurrence when in reality what happened was theft via elaborate means. If you are a victim or you know any one who is a victim of these occurrences, you should know there are people who can help you. Simply search ( c o r e c r y p t o t e c h- c r y p t o c u r r e n c y r e c o v e r y ) on google just the way it is in that bracket. It is never too late if you have the right information, your sanity can be restored.

Kyler Phillips
Not applicable

This is the only way to recover lost funds, there are a lot of bad eggs online so you are lucky if you are in touch with the right one. I was lucky and you can be too ( support @ corecrypto .tech) is the contact you should send an email to.
So there's no reason to get scared after losing your funds to scammers.