Experts dealing in financial services have warned the investors in the nation about social media pranksters offering – quick route to get rich using forex trading.
Facebook and Snapchat are common platforms that are home to people who offer trading services based on speculative changes in the currency exchange market. Many people claiming to deal with forex trading in India offer the best results to the investors on investing 5k dollars.
The worst part of this is that these investors proclaiming to offer such benefits often lack accreditation or qualifications and are not covered by international laws.
As per a report of Action Fraud, an estimated 27 million pounds were lost each year owing to cryptocurrency and forex trading. Though the amount in India is quite less it is good to be safe.
Cautions to exercise when forex trading in India
It is important to stay safe when opting for forex trading in India. For this, one needs to follow the following tips –
- It is vital to stay safe when using social media platforms. Not every professional-looking site is an actual one.
- One should avoid the company’s offering big claims for making your money triplicate in a short time.
- Criminals also use the name of top brands to make their offer seem legitimate. So, avoid any uninvited investments offers made through online or offline channels.
- Research into investment offers and the company. You can also seek the help of financial experts to get the best results.
- Taking up copy trading and binary options is illegal. Therefore, the same help you identify and overcome the issue of getting caught on the wrong foot.
Many unauthorized currency traders focus on the lack of knowledge among the participants. Therefore, while selecting forex trading in India, it is vital to avoid any such persons who are not registered or are not authorized to carry out such activities.
If you choose to select these people, there are major chances that you will not get to see the money invested. It is very crucial to look for companies or brokers who guide you through the trading process and help you gain excellent returns from your investment.
It is vital to ensure that money is invested in the right medium through the right and highly professional brokers. For this, you need to make a smart investment strategy and invest in brands that are reliable and regulated by relevant authorities.