The internet is filled with shady deals, crypto scams, and forex scams. The number of fake brokers has been rising and CNBC has reported that Americans have lost $500 million so far in 2021 online scams. Many of these frauds involve fake brokers. ChargeBax professionals have created this updated list of scam brokers to watch out for in 2021.
It is important to know which brokers to look out for and what tactics they use. Gone are the days when every scam was obvious because of poor spelling in marketing content, a sloppy website and an unprofessional manner.
Although many of the brokers on this list fit that description, many can pass as legitimate brokers until one discovers, after some research, that they are a clone of a real broker, have gotten into legal trouble, or don’t release funds to clients.
That is the reason ChargeBax has compiled this list and adds new brokers regularly. We are not only experts at fund recovery, but prevent problems from happening in the first place and empower consumers with the knowledge they need to make sound financial decisions.
How Forex Scams and Crypto Scams Trick Smart People
Many people assume that online scams only happen to people who are gullible or are naive about the internet. Read the headlines about cybercrime and you will realize that people from all walks of life get hacked, invest in frauds and lose money to crypto scams and forex scams. Government offices and high net-worth individuals can invest in fake ICOs or get hacked with malware after clicking on the wrong link.
It is easier than ever for an individual to start a business and to use social media, web designers on freelance sites, and professional copywriters to give them the veneer of respectability. The harsh truth is that often people don’t realize a service is fraudulent until the broker disappears or they refuse to release funds. By then, they feel it is too late. However, it is important not to give up hope because, with the ChargeBax team, fund recovery is possible.
Common Signs of Broker Scams
The following are common signs we often see investigation broker scams:
- No license
- Aggressive marketing tactics, including spamming
- No secure website-relies only on social media
- No information about who is behind the service
- Little contact information and poor communication
- Excessive fees
- Does not allow withdrawals
The last item, not allowing withdrawals, is an obvious sign of a forex scam or a crypto scam, but it of course happens when a customer already has deposited funds with the broker. At that point, fund recovery is required. Before it reaches that point, you can avoid signing up with a fake broker from the beginning by insisting on a top-tier license, confirming the license on the regulator’s site, and avoiding any brokers that fit the criteria of a scam listed above.
Also, look carefully at the list and avoid any brokers mentioned here. If you have lost money to any of these or other scam brokers, contact ChargeBax professionals for fund recovery services. The faster you act, the more likely you will get your money back, so contact us today.