10 Signs of a Fake Forex Trading or Crypto Website

We regularly witness foul play by many foreign currency or cryptocurrency trading brokers on social media or apps. Don‘t be surprised to receive a call from someone introducing you to a trading website you may not have heard of before. Chances are that it is fake, and you are not far away from being scammed. No matter how much such a website promises and how much it raves about investments being risk-free, you will be facing a loss. It’s important, however, to assess the forthcoming risks to stay away from investing in a fake forex trading or cryptocurrency website. In this article, we will discuss 10 such signs that indicate the forex trading or crypto website is fake.

Multiple Products, But No Registration

Many websites can come with forex trading, futures & options, along with cryptocurrency trading features. However, they may not be regulated to operate any of these. As a forex trader or a cryptocurrency trader, you should not invest through such a website.

Crypto Trading Without Being Registered as a Money Service Business

A website may be asking traders to invest in crypto, but it may not be registered as a money service business. The US Treasury makes it mandatory for cryptocurrency platforms to register with the Financial Crimes Enforcement Network (FinCEN).

Lack of Physical Address

If a forex or cryptocurrency trading platform does not show a company address, it clearly means that the website owners dont want you to know their whereabouts. If the company shows the address, validate it on search engines. In the case of offshore trading platforms, you will have ZERO protection if something goes wrong.

No Customer Service Number

If the website does not show a customer service phone line, its a sign of a scam forex or cryptocurrency trading platform. Fake trading websites may use messaging-app phones to defraud investors. Also, many websites, including the scam ones, offer live chat, email addresses, or contact forms. However, as scams are revealed, the websites no longer remain existent.

Fake Website Age

The website may claim to be operational for many years. However, the domain may be a few weeks old. You can also check the search results for the creation date of the web address. If you come across a website with a shorter domain age than projected, a scam is not far away! So, don‘t be influenced by the millions of customer numbers they might display on the website. That’s a scam!

Non-acceptance of Bank Transfers

The scam trading website will likely deny accepting bank transfers. If they connect to legal financial institutions, their fraud game will be over. That‘s why they adopt a different strategy. They will tell you the ways to convert dollars to cryptocurrency on a legal trading platform first, and ask you to make a crypto transfer to them. As blockchain transactions are devoid of anti-fraud security systems, such as credit card purchases or ACH bank transfers, you won’t get to know about scammers true identities. And it could be too late if you realize you are scammed!

High and Guaranteed Return Promises

Forex or cryptocurrency trading returns can be exponential over the long term, provided you bet correctly most of the time. However, returns can never be linear or guaranteed. They always vary depending on the market environment, trading volume, the geopolitical climate, etc. Returns can never be definite like many scam websites project. They may showcase 100% return, 200% return or likewise. As a result, they draw attention from investors and make them invest heavily.

Many become financially victimized as a result. Because returns were never going to come, as it was a scam! Of late, there have been multiple scams involving a forex trader because of such a lure.

Broken Links

Scam websites will have multiple broken links, misspelled words, structural errors, and so on. They are signs of being a fake website. So, dont move ahead with such a website, whether you are a forex trader or a cryptocurrency trader.

So Many Awards within an Incredibly Short Span

A website may present too many awards in the name of Customer Satisfaction, Best Site, or something else. However, if the website is new and is showing too many awards, beware! A scam is about to hit you if you fall for this trap.

Fake Testimonials

Scam websites look to build trust by adding fake testimonials. To be sure of the website, search by its name, scam or reviews to see what people are saying about it.

Conclusion

These were some indications of a fake forex or cryptocurrency website. As a forex trader or a cryptocurrency trader, you should check the website thoroughly about the owner profile, the companys address, the regulation status, and examine other details thoroughly. Make your money work for you by investing in genuine trading platforms.

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