How to avoid Forex scams in 2024: real-life examples that will help you save money

May 15, 2024
4 min read

One of our main priorities at Octa in 2024 is to provide all our clients with a safe and comfortable trading environment. As part of this approach, we share useful tips on how to avoid scams. This article provides a detailed plan on how to safeguard yourself from scammers targeting Forex traders.

As a broker fully committed to ensuring transparency in trading, we created this guide to help you identify and avoid malefactors impersonating us or other trading platforms.

Red flags in Forex that surely are a scam:

  • The promise of guaranteed profit or higher returns

Scammers typically make grand promises, guaranteeing profits without acknowledging the associated risks. These messages often specify the exact amount of money you will gain if only you invest with them. Flee as soon as you are told ‘guaranteed X times profit’—this is a huge red flag. Real Octa will never promise you how much you will earn from your trades. Profit is based on various factors, including trading discipline, market trends, and risk management.

  • Someone adding you to WhatsApp or Telegram groups without your permission

Scammers rely on unexpected invitations to unofficial groups on social media, such as WhatsApp and Telegram, to reach victims and carry out fraudulent activities. If you unexpectedly find yourself added to an unfamiliar group chat with messages promoting Octa services, be cautious! Octa will never add you to WhatsApp or Telegram groups without your permission. You can join our official Telegram channel with the QR code.

  • Requests for money

A clear indicator of a Forex scam is when you are asked to send money to a personal e-wallet or bank account. Scammers often request untraceable payment methods such as cryptocurrency in exchange for guaranteed profits. People claiming to be representatives of Octa use high-pressure tactics to create a false sense of urgency. If anyone sends you personal bank account details in direct messages and asks you to send money to them, do not comply.

  • Unrealistic success stories and testimonials

Sometimes, someone might praise a scam plan, saying they earned money from it. They might talk about how quickly they’ve made a large sum of money and how often they withdraw these profits, not alluding to the fact that one needs to reinvest profits to make significantly larger profit margins. These claims are only meant to make you feel like you're missing out and are completely unfounded. Octa will never claim that Forex trading is a quick way to make money. To potentially earn from trading, you need a good plan, hard work, and discipline. Any trading opportunity that does not highlight the above is likely a scam.

  • Account management offers

A sure way to identify a scam is if you are approached by an alleged Octa representative who claims to be able to help you manage your funds and trade in your place for profits. This is not not typical of Octa. We won't offer to take control of your trading account to assist you in trading. Octa is a trustworthy broker that provides its users with access to the global financial market, not a service for managing accounts.


7 examples of scammers' wordings

We've studied many scam texts and identified phrases often used by fake Octa representatives to trick beginners hoping to earn extra money. These messages appear in unauthorised groups or private chats. Octa won't use these phrases, so ignore and report any such messages.

  • Do not block me when you start making profits.’
  • ‘Every day is payday.’
  • ‘I gave Mr X access to my personal trading account. Now I earn a lot of profit every day.’
  • ‘Message me privately for more information.’
  • ‘You will share your testimony about this investment “platform”.’
  • ‘Do this and you will withdraw $XXX unfailingly today.’
  • ‘I can see you are not ready’ or ‘You do not want to make money’.

Here's a rule of thumb: if it sounds too good to be true, it most likely is. Remember, Octa prioritises skilled trading over quick profit turnaround time. We're committed to making trading clear so you can have a successful trading journey.

Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services already utilised by clients from 180 countries with more than 42 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

Octa has also won more than 70 awards since its foundation, including the 'Best Educational Broker 2023' award from Global Forex Awards and the 'Best Global Broker Asia 2022' award from International Business Magazine.   

This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

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