Binary options scams
Today, binary options investment, also known as cash or nothing investment, usually pays nothing or a certain amount of money. Unfortunately, most of the binary trading market is fake and unregulated, which means that it is unknown to investors, it is impossible to make a profit, and there is no compensation at the end of the road. In addition, there are binary options brokers who tell investors that their money goes into a separate bank account, when in fact there is no such account, and the money usually goes into the broker’s account located in the tax country. People who want to get their money back always run into a stone wall, and unfortunately, they know it well.
Forex trading fraud
Foreign exchange trading (Forex, FX or foreign exchange) trading has become a popular and attractive way to invest in the market. The Forex market sets the exchange rate for each currency. It covers all aspects of buying, selling and exchanging currencies at current or fixed rates.
Fake Forex agencies take advantage of people’s lack of experience in online trading and promise high profits with little or no risk (risk-free trading). As a result, people try to give their money without realizing that the promised return is not zero. All this, combined with the bulldozer attitude of Forex brokers, makes this scam one of the most sophisticated financial scams in recent history.
In 2018, Cryptocurrency scams caused $1.7 billion in losses for people who wanted to invest in this type of online currency. The unprecedented success of Bitcoin has led to the creation of other cryptocurrencies and crypto wallets, which naturally lead people to invest in coins online. The most common Cryptocurrency scam is the Ponzi scheme – where “old” Cryptocurrency investors are paid when new investors buy virtual currency. There is no real return, money circulates among investors and the returns are very close.
Other types of online scams
Apart from Forex, Binary Options and Cryptocurrency scams, there are other types of online scams that target the savvy; For example, online dating / romance scams are very common and usually target women around the world; many women feel lonely and fall prey to men who want to be in a relationship.
Once their victims were comfortable and confident, men scammed women out of thousands of dollars and asked for large sums of cash for emergencies. Widespread fraud does not result in lawsuits because victims are too embarrassed to be deceived and nauseated by scammers.
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