I had to publish this blog post as soon as possible. Welcome back, if you aren’t subscribed yet, please feel free to do so. Check on the sidebar for a subscribe button, enter your email address, click subscribe, check your email for a confirmation link (which may be in spam/junk folder). Click on the link to confirm your subscription and you’ll be get all new publications delivered to your email. You can also download the app which is now available on Google Play Store. Back to the business of today, which is about COVID-19 Forex scams that are on the rise.
Due to the COVID-19 pandemic, all Central banks are resorting to cutting their Interest Rates to save their economies, most people are desperately in need of investments that can pay better returns. The drop in Interest Rates means less Returns On Investments (ROI) and less Interest on loans. Basically, lower Interest Rates makes borrowing more attractive and saving & investing less attractive. You can read more about how COVID-19 has affected the global markets on my latest blog post here. For that reason, scammers are having a field day targeting unsuspecting investors to invest in fake investment scams hidden under the Forex umbrella. The fraudsters are having it easy because when people hear the word Forex, they think of making quick buck or easy money (and that it is not the case at all).
Your smart phone is your ATM
The statement above has caused so many people to fall for anything that promises them high returns with just little effort . During this period of lock down, most people are bored, scared and panicking about the possibilities of loosing their jobs or being unable to save their small businesses after lock down. Most people are on their cell phones most of the time trying to find opportunities to make money online. Don’t be a victim, if it sounds too good to be true, it probably is, even during COVID-19. Don’t be fooled into believing that one only needs a smart phone to make money through Forex, there’s a lot of learning that needs to happen before one can make some money. I can also assure you that it won’t happen over night.
Be very cautious of cold calls
I have been getting a lot of questions regarding Forex investments where someone calls, sms’es or WhatsApps to present an “Investment” opportunity which promises incredibly high returns on a weekly or monthly basis. Some are even promising to double your investment in a week. The more you invest, the more money you make. Be very careful to never fill in any forms or agree to any verbal contract over the phone. I also get a lot of requests from people who are asking if I can trade for them (I don’t trade public funds, only my account). This has shown me that the level of desperation is very high and has inspired this blog post.
Be very scared if you are suddenly being head hunted by social media” fund managers”, you are likely to become a victim. I know for sure that I cannot guarantee the returns for myself even after so many years of trading the markets, I cannot imagine someone trying to promise hundreds of investors guaranteed profits, in most cases, those are just pyramid schemes hiding under the Forex umbrella. There’s a high possibility that NO funds ever end in a trading account, they just rotate money, paying new investors with old investors money until they run out of new investors which is when they collapse leaving many people bankrupt. DO NOT be a victim!
They make is so easy to fund and give you access to some dashboard where you can monitor your investment. Most of them pay you for recruiting more people and they usually have a very short lifespan. With the global Interest Rates drop, scammers are out here to use this opportunity to scam more people. Stay safe, stay at home, wash your hands regularly and also stay ALERT. DO NOT be a victim!
Thank you for stopping by and reading this post, please kindly share with anyone who might need this content, you might save someone from being scammed. I am not a financial adviser, I only share my experiences through this blog. For financial advise, kindly contact a professional.