Hi, I have come across various forex traders on social media that claim to train people for free. All that’s needed is depositing a small amount of money (I.e. £500) into a trading platform (BDSwiss seems to be commonly used) and once that’s done they add you to a WhatsApp group with many other people who can see how the trainer trades and pick up tips.
Is this just a scam or something that’s worth doing?
Thanks
They are basically affiliate marketers for BD swiss. Earning money for every sign up. I would stay clear.
Not all forex training services are scams. I would suggest you to check review of the service providers before moving ahead with any of them. BDSwiss, I am knowing it for the very first time. As callumxx5 wrote, they might be affiliate marketers. You should research well on this.
Well there are few of trusted education sources which can help you to succeed, most of them sell cr@p and its a major problem. the only person who makes money from trading (though not trading at all) is the seller of those courses or trading strategies.
Most people want everything for free.
They want it all laid out on a silver platter for them.
The magic bullet, where they can press a button and make a fortune.
They want someone to spend their time teaching them a very valuable skill and they don’t want to pay for it. This skill probably cost a lot of time and money to acquire.
They also expect to find everything on demand online, For free. But that also cost someone time and money to deliver.
Affiliate marketing is one way where the person teaching you or proving information can get compensated for their time or effort. While also providing you with a service or information for free.
Not all educators are bad people or have negative intentions. Do your due diligence. You also have to accept and realize that you are ultimately responsible for your success. Trading is challenging and requires a lot of effort!
You could teach 10 people how to trade the same way and only one or maybe two of them might be successful. That’s just the way it is but some of those that failed will want to tell the world about how they got scammed.
I don’t see how they are scamming you from what you have said so far.
You are the one who will control the account, your money and press the buttons.
You can also test on a demo account.
I see, this type of movements on social media; in addition, most of the groups are valueless actually. So, be careful.
Truly, I’m always suspicious of “free” training, especially when I’m asked to transfer a small amount of money. It looks like a scam, but this platform might really want to help you. There’re too many scammers these days, so people tend to disbelieve everyone
Actually, I am not sure that all forex training services are scams. But as we know “nothing is free in this world”…
I think that one should be careful with these free offers. I am not saying that it is necessarily a scam, but there had been some cases of it. Like, they offer you free forex courses in order for people to place their money and then there are various issues with withdrawals. Just be careful
It’s obvious you are sceptical about this, and there’s a reason for that. Because its a scam.
Depositing £500 into a brokerage account and being added to a WhatsApp group isn’t training. That is the lowest form of education (if you can call it that) - aimed at the bottom feeders.
These guys know that showing off their cars (rented), big houses (rented) and big gains made via Forex trading (using photoshop) will sucker in those very bottom feeds who want to get rich quick.
The amount they make you deposit isn’t life changing, that’s why many give it a punt.
They force you to use a broker of their choice as they usually get a fee for the referral and then another cut of the total amount you deposited.
These guys do not trade themselves, they just give you pot luck signals. You’re better off just looking at the chart and taking a guess.
If you want free education in the form of comedy then The £10K Gamble - [The Journey] is the place for you.
IT’s a damn total scam usually especially if you get charged and charged a lot really for all that things. That’s for sure. When they ask you to deposit money here, it’s also very very bad, especially if same common platform take part in all that deal.
It may be worth mentioning here that UK registered AND regulated brokers are no longer allowed to sign up every man and his dog as Introducing Brokers anymore i.e. unlike in the old days. The Introducing Broker must also be registered with the FSC and there are certain strict and minimum requirements to be met. One of the reasons for this is that there exists a conflict of interest between Introducing Broker and client and unscrupulous Introducing Brokers would have their clients trade (“churning”) as often and as much as possible because they, the Introducing Broker, was being remunerated as a percentage of the spread and commissions on the trades. So obviously the more the client traded the more the Introducing Broker would earn. Whether the client was profitable or not was irrelevant. This is not to say that an individual cannot get paid a flat introductory fee for introducing a client to a broker. in this instance there exists no conflict of interest and it is a mere fixed finders fee (not based on the amount of funds deposited by the client).
Anyone who wants to train you for free means he does not ask you to do anything except:
Any other conditions that are mandatory does not go under free training.
If they ask to deposit certain amount of money it means he will earn something from it.
Maybe as affiliate or maybe you will be scamed.
If person wants to earn from you through affiliate marketing he should point that to you and give you choice to open account with his broker so he can earn something.
Your example for me is not FREE and will it be fair later on I cannot say because I did not test anything similar.
I fail to see why these people wouldn’t want to train someone on a demo account. Something seems fishy here.
Stay away from such kind of “mentors”. 
When it is the question of investing your money for acquiring trading knowledge, then try to pick up a reliable source. In fact today many prestigious and reliable forex brokers are providing free trading lessons and training to their clients. And even many pro traders are offering trading courses for smaller amount of funds. So try to choose the credible source here.
If you find these guys on places like Instagram I’d be very careful. I can honestly tell you that no one makes real money whilst trading from an iPhone in a pool…