Does it make you curious what an online trading scam really looks like? If you are asking this question, it is a clear indication that you have not been scammed before. If that’s the case, it’s good news. However, just because you have not been scammed before does not mean you are not faced with the threat of getting scammed. The world of online trading abounds trading scams that run with a variety of fancy names. Now, if you know what the scam is all about, what its salient features are, and how it tries to lure you, there is a good chance you can avoid one when you see it.
So, if you are looking for some help in identifying an online trading scam, you have come to the right place. Please read on to know how you can save yourself from a trading platform scam by knowing its features.
It Keeps Most of the Information a Secret
You will notice this trend with some online brokerage firms that they don’t provide you with much information. You can keep looking on their website for several minutes and still not find anything meaningful. Are you learning anything while roaming on the website? Did you get to know about any specifics? The answer to all those questions will be a big “no”. When you are on a legitimate online trading website, you are given a full comparison of the account types and their features. When you are on a deceptive platform, you don’t get to know about the trading accounts at all.
If you are on the right website, you should know about the swap fees, swap rates, leverages, spreads, trading times, and the assets that you can trade. When you can’t find all of that information on the website, you can be sure that there is something wrong with the company. The best ones will not even keep their services charges and fees hidden from you.
It Asks for Information You Should Not Give Out
Firstly, you have to make sure what type of information you are required to disclose before you sign up with an online trading platform. In some countries, you will require to give out your personal information including not only your identification number but a picture of the identification card as well. But that rule does not apply to every region and country in the world. At the same time, if the company is asking for details from your credit or debit card that you are never required to disclose, you can say no and look for a different option.
The simple rule is that you should be able to prove that you are you. If the information you are giving out helps someone else prove to be you and sign up in your name, you should not give out that information.
It Is Not Regulated
The right trading platform is regulated. More importantly, if the company is regulated, it will present you with that information right on the website. This is a great trust symbol for online trading services providers and that’s why they like to highlight it as much as possible on their websites. If they don’t, it could mean that they are not regulated at all. That’s not a good sign and can often lead you into the wrong direction. Do keep in mind that registration of a business does not mean its regulation. If the company says it is registered, it is only registered as a business—it never means that it is regulated by a third party and a recognized regulatory body.
Final Thoughts
Despite all these details, if you still end up becoming scammed, you should get in touch with Claim Justice. The company can help you get your money back by helping you with the refund process. It can guide you through the process and help you with its professionals to make sure the scammers are compelled to return your money.