A person I connected with on Shapr is trying to convince me to ‘collaborate’ with them on a Forex investment on Binary dot com. Basically I fund the project and they trade on my behalf and we split the earnings. They promised a return of at least 5% weekly. We ran a demo account loaded with $10k of virtual money and they have proven themselves able to make money using it. They promised everything will be done through a broker but now are asking for me to basically give them the log in details to the Binary account so they can trade on my behalf.
It all strikes me as incredibly fishy. Is this a normal thing to do in Forex or am I just an idiot? If joint investments are done surely they would be done through a joint account. All of my trading experience has been through Crypto currency only making my own investments, so Forex is completely new to me.
I wouldn’t touch this with a barge pole, it looks and sounds way too fishy, what will probably happen once you hand over your money it will disappear quite quickly, then you’ll be asked for more to make back the lost funds.
Unfortunately this is where greed and loss come into play, you’ll end up sending more money to try and recoup you losses, before you know it you’ve lost a substantial amount of money.
If you want to trade do it the right way, learn to earn, educate yourself, online, books, YouTube, the courses available on Babypips, open up a demo account and when your confident put your money with a reputable broker and trade, if you lose money at least you know it’s down to you and not a scammer.
Unless you personally know this person or have a good friend/someone you trust that recommends this person then avoid it at all costs.
You should never need to give anyone your login details… ever.
If you REALLY want to do it which I strongly advise not to… .then at least take some precautionary measures like request a video call with him, get him to hold up his drivers licence/passport so you can verify his real name/address and photo. Also ask for other clients he has done this for and do a good check on them. If he tries to wiggle out of any of those queries, which I am sure he would, then that should confirm the red flags he is a scammer.
Forex market is a huge platform. Finding a good broker is quite tough job to do. So, you need to be very careful while you choose a broker for you. There are so many websites that provides broker reviews. You can take help from those websites.
Nah, this is definitely too fishy. I would prefer you to open a broker account that is regulated and monitored by authorities. Also, you should check on the review or forum relating in understand whether this broker is real or not.
FYI, you can make the money via demo, it is not that hard, but it is jus too fishy that they asked you to collaborate with them via requesting to access to your broker/account.
Do not send bitcoin to him. I repeat this thousand times. Do not do it. These guys are a scam syndicates and there are thousands of them. It would be worse when you give him your email and account login. He will change your password and email address on the account.
Sending Bitcoin directly also removes any possibility of getting your funds back. There is no intermediary, no middle man. It’s a direct transfer, and no bank or credit card to complain to. I would say that transferring crypto currencies to this person is the last thing you want to do.
Perhaps you should look for a copy trade platform or service rather than handing your money over to someone without any checks and balances.
Kitty smells something fishy.
You have NO guarantees and NO sense of security. Once you send the bitcoin as payment, he is good as gone and untraceable.
NO ONE can guarantee a consistent 5% weekly gain. That’s not how all this works.
Do tradin urself directly thru a regulated broker and earn that dough yourself.
That is a great decision. I have lost my $500 to this kind of scam. I am telling you from experience the moment you send the money, they show you fake profit and ask you to send more money to free your whole fun. They will not stop there. Please from one trader to another, don’t throw that money away. I’ll rather you just donate to a charity.
You’re in a great place to learn. At minimum, you at least get a better understanding of the fundamentals of tradings, so if ever you were to work with a 3rd party, you’re better positioned to understand the details. Best case, you learn on your own, demo trade, find a system that works for you and is profitable, and you transition to a live account and make a couple of bucks.
There are so many scams in this market. If you want to identify them you can visit some websites that provide broker reviews. That will help you to find out the scams easily.
