According to a recent study on internet users, the number of people who admit to having made profit trading cryptocurrencies has doubled. It was also reported that this increase in the use of digital currencies is due to the increasing popularity of forex trading. However, most of these traders are not legit. This article will provide a list of ways to spot legitimate and illegitimate forex traders so you can avoid getting scammed by them.
Spot Legitimate Forex Traders
If you’re looking to get started trading cryptocurrencies, then it’s important that you do your research on the forex markets. Forex traders use different strategies and indicators to determine whether they will profit from their trades or not.
Forex Traders are generally those who have high levels of education and a better understanding of the markets than the average user. Most of the time, forex traders are professional traders who use sophisticated methods to figure out when they can make money while others are merely speculators who invest in cryptocurrencies.
To be successful, most forex traders need to have good knowledge of fundamental analysis, technical analysis, and indicators like MACD (moving average convergence divergence). Additionally, forex traders should be familiar with basic technical analysis such as trend lines and relative strength index (RSI).
Spot Inauthentic Forex Traders
Identifying the fake forex traders is not as difficult as it seems.
In fact, this list can help you spot a real trader in the first place.
Here are some of the indicators that will give you a clue that you’re dealing with an imposter:
– They do not have enough information about their customers and are unwilling to provide it. – They send out spam emails with links to other websites or affiliate marketing schemes that promise to help them make more money. – Their ads do not contain any relevant content to be shared with your customers. – They don’t use social media accounts like Facebook, Twitter or Instagram- instead they use fake accounts to promote their online trading services.
If you see any of these signs, run away from them!
Avoid Getting Scammed.
Forex trading is a kind of investing in currencies. You buy and sell currencies on the forex market. There are three main types of forex trading:
1) Short term (usually 1-2 days)
2) Long term (usually 2-6 months)
3) Futures contracts that have a limited life span.
In most cases, you will be able to identify the legitimacy of a trader by checking their social media accounts and other online marketing efforts. They should make sure they have enough capital to support themselves in forex trading; you don’t want someone who can’t afford them falling prey to scams or getting scammed into losing money.