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Title: Unlocking Success and Profitability: PrimeCryptoMarket.com for Trading
Introduction:
Cryptocurrency trading has gained immense popularity in recent years, offering investors a unique opportunity to earn substantial profits. With numerous trading platforms available in the market, it becomes crucial to choose one that stands out with its features, user-friendliness, and profitability. In this blog post, we will explore the reasons why trading on PrimeCryptoMarket.com can be an excellent choice for both experienced traders and newcomers looking to dive into the exciting world of cryptocurrencies.
Diverse Range of Cryptocurrencies:
PrimeCryptoMarket.com boasts an extensive selection of cryptocurrencies, giving traders access to a wide range of assets and investment opportunities. From well-established coins like Bitcoin and Ethereum to newly emerging gems, you can find various options to suit your trading preferences and risk appetite. This diversity ensures that you can effectively diversify your portfolio and capitalize on different market movements.
Cutting-Edge Trading Tools and Resources:
To succeed in the highly volatile cryptocurrency market, having access to advanced trading tools is essential. PrimeCryptoMarket.com offers a comprehensive suite of trading tools, including real-time market data, charting tools, technical analysis indicators, and price alerts. These tools enable traders to make informed decisions based on market trends, patterns, and indicators, increasing their chances of executing profitable trades.
User-Friendly Interface:
Even for those new to cryptocurrency trading, PrimeCryptoMarket.com provides a user-friendly interface that simplifies the trading process. The platform’s intuitive design ensures that navigating through charts, placing trades, and managing your portfolio is a smooth and hassle-free experience. This accessibility makes it easier for beginners to learn and invest confidently without feeling overwhelmed by complex trading mechanisms.
High Liquidity and Competitive Fees:
Liquidity is crucial for successful trading, as it allows for quick execution of orders and minimizes the risk of slippage. PrimeCryptoMarket.com boasts high liquidity, ensuring that traders have ample opportunities to buy or sell cryptocurrencies at fair market prices. Additionally, the platform offers competitive trading fees, enabling traders to maximize their profits while minimizing transaction costs.
Dedicated Customer Support:
PrimeCryptoMarket.com emphasizes customer satisfaction and provides dedicated support to ensure a seamless trading experience. Their team of knowledgeable and friendly customer service representatives are available around the clock to assist with any queries or concerns you may have. This level of support ensures that traders can seek guidance and receive prompt assistance whenever required.
Conclusion:
Whether you are an experienced trader or a novice hoping to enter the cryptocurrency market, PrimeCryptoMarket.com provides a reliable and profitable trading platform. The diverse range of cryptocurrencies, cutting-edge trading tools, user-friendly interface, high liquidity, and dedicated customer support make it an excellent choice for individuals seeking success and profitability in the world of cryptocurrency trading. Don’t miss the opportunity to unlock your trading potential – try PrimeCryptoMarket.com today and embark on an exciting journey towards financial independence!
Below you will learn a lot about forex so that you can understand the market and stay safe while trading. Please ensure you trade with regualed brokers, and if you have ever been victimised by a scam broker, please do not hesistate to report to us using the contact form.
Understanding Forex
Forex is a very diverse financial market, full of different types of terms and concepts that sometimes are quite hard to understand. For a beginner trader, learning the key terms in Forex might be a vital step towards understanding this market better.
In Forex, terminology ranges from basic terms that describe the market, to economic definitions and acronyms. Even if you are a total beginner, you might already know how many terms there are in Forex. Some of these terms are vital to describe the market movements, while others are used to describe the general situation in the market.
To help you better understand the major concepts in Forex trading, we have prepared a comprehensive guide. In this guide, we will discuss the most important terms and concepts in Forex, that will help you become a more informed Forex trader.
Most important terms
Before you start trading Forex, there are several terms that you really need to know. This will help you better understand the basic terminology and feel more in touch with the market. Before we go any further, let’s discuss the meaning behind Forex.
It is very logical to start talking about the meaning of Forex. The Foreign Exchange Market, better known as Forex, is a global, decentralized market that offers you access to currency pairs trading. In terms of trading volume, Forex is known to be the largest market.
While trading Forex, you are dealing with currency pairs. But what are they? A currency pair is the main trading asset in Forex. It consists of a pair of two currencies. The changing value of the currency pair is what allows Forex traders to earn profits.
Currency pairs are expressed in a specific format, the first currency in the pair is called the base currency, and the second one is called the quote currency. In EUR/USD Euro is the base currency, and the US dollar is the quote currency.
There are three currency pair types available in Forex, they are Majors, Minors, and Exotic currency pairs. In the Forex terms dictionary, you can find that Major currency pairs are the ones that are made up of the major currencies and USD. Great examples for major currency pairs are EUR/USD, USD/GBP, and others.
Minor currency pairs are made up of major currencies as well, however, they do not include USD. Exotics, on the other hand, are the currency pairs that are made up of currencies from emerging economies.
Names of the currencies
In Forex, many currencies, and even some currency pairs, have their own informal names. These nicknames are very easily distinguishable and you might have already come across them without knowing what they meant. These names are very frequently used by traders and brokers alike.
For instance, GBP/USD is many times referred to as the cable, EUR/CHF is frequently called swiss, EUR/USD – Fiber, USD/CAD – Loonie, and many others.
Basic terms
If you have ever tried trading Forex, you should already know that currency pairs have two different price quotes attached to them. The first price that you see is the bid price, which refers to the amount of the quote currency that the broker will pay you to buy the base currency.
The ask price in Forex is the amount of the quote currency that you will need to pay to the Forex Broker to buy the pair. In short, Bid is the buying price, while Ask is the selling price.
In Forex basic terminology, the spread is the difference between the bid and ask price. It is usually expressed in pips. In most cases, spreads are the main source of the broker’s commission. It is also a fact that most traded currency pairs have tighter spreads. For example, spreads for EUR/USD should be tighter than for exotic currency pairs.
Pip in Forex stands for the percentage in point and represents the smallest price move that an exchange rate can possibly make. You can use it to measure the value between two currencies. The minimum pip for the majority of currency pairs is 0.0001, while for JPY pairs, it is 0.01.
Another very important term that you should definitely know is a LOT, which can be defined as a unit of measurement which is used in Forex to determine the size of the trade. In Forex, you will most commonly come across three major types of lots, they are standard, mini, and macro lots. A standard lot in Forex equals 100,000 USD, a mini lot equals 10,000 USD, and a macro lot equals 1,000 USD.
Leverage
Leverage represents one of the biggest and most important parts of Forex trading. There are millions of people who are using leverage every day, but one thing that not many of them understand is that leverage can be very risky. While it is true that leverage can increase your profits, it also increases the risks of trading.
In a sense, Leverage is a type of credit that the broker gives you to trade with larger quantities. If you are using a leverage of 1:100, it means that for every 1 dollar, you can trade 100 dollars worth of positions. If you want to access leverage, you will have to first make an initial deposit. This minimum deposit requirement in Forex is shown as a percentage of the entire trading position, it is sometimes also referred to as a margin.
We have already discussed the basic Forex terminology that is vital for beginner traders to know. However, there is much more that one should know to be more comfortable while trading Forex. Now, we will move on to explaining the terms that are used to describe the processes within the financial markets.
One that every trader should know is the long and short positions. So, say that you have decided to buy a currency pair, it means that you are expecting the currency pair to go up in the near future. In this case, you will be taking a long position.
However, if you choose to sell a currency pair because you are expecting it to decrease in value in the near future, it means that you are taking a short position.
Then there are bullish, bearish, and dovish, which are the terms that sometimes confuse some traders. Forex words dictionary frequently refers to the trading strategy that you choose to use. If the market goes bullish, you are more likely to take a long position on a certain currency pair. On the other hand, if the market is going in a bearish direction, you might prefer to take a short position.
To put it simply, a bullish currency pair in Forex refers to the one that is increasing in value, while bearish currency pair refers to the one that is decreasing in value. Bullish markets are upward-moving, whereas bearish markets are downward-moving.
Economic dictionary for Forex
If you want to become a successful Forex trader, it is vital for you to understand the way finance works in general. Learning more about the economic indicators can make the job much easier for you. Below, we will provide you with some of the key economic terms that you, as a trader, should know and remember very well.
Let’s start with the one that you might already have heard, GDP. Gross Domestic Product, simply known as GDP, is a term that shows the total amount of goods and services produced in the country in a one-year period of time.
While this concept is not used to predict market movements in Forex, it is rather important to assess an overall economic climate of a certain country. This, in turn, could possibly have an impact on the currency that you are planning to trade.
Another one that you might come across in Forex market terminology is inflation. In the world of finance, it is a term that describes the environment where the prices for goods and services increase and the consumer purchasing power decreases. It is very important to follow this trend because it makes decision-making a little easier. There actually is a special way to track inflation.
The Consumer Price Index, also known as CPI, determines the change in the prices that the consumers pay for a variety of goods and services. This can be used to track the changes in inflation.
Even if you are a total Forex beginner, you might have already heard the term interest rate. In Forex vocabulary, you will find currency interest rate as one of the most important factors influencing the Forex market. The interest rate largely depends on inflation.
If the inflation goes up, the central bank of the country will decide to increase the interest rates to slow down the growth, if the inflation nears zero and gets to the point of becoming negative, the central bank will decide to lower the interest rates, to keep the market stable.
Final thoughts on Forex terms
Understanding Forex definitions can be very important for traders. There are hundreds of terms that can be used to describe different types of movements in the market, while others are used to describe financial events.
Although it is not required to know every single Forex term, it is vital to know the meaning of the most important ones. As a trader, you should take your time to learn more about Forex and build on your existing knowledge. This way, you will become a more well-rounded trader.
24Option is a CFD and cryptocurrency broker which helps traders to trade in different types of CFDs and cryptocurrencies available in the market. It is based in Cyprus and the company’s official website which has been in existence for many years is still operating till now. The company is not regulated and many reviews of 24Option show that the broker is a scam.
About 24Option
24Option has a web trading platform through which a trader can trade directly from the website and there is no need to download the software. The minimum initial deposit required by 24Option broker is 250 Euros/GBP which seems to be neither high nor low. The transaction is possible through Mastercard, Visa, Maestro, Wire Transfer and many more. There are 3 types of accounts offered by the broker. It offers around 30 CFD underlying assets and the digital coins used are Bitcoins, Ethereum and the others.
The information on deposit and withdrawal methods is also not provided clearly by this broker. The trading account offered by 24Option are self trading account, Social trading account and Auto trading account. In the automated trading account, the robots trade on behalf of traders through artificial intelligence theory. In the social trading type account, a user copies the position of successful traders.
24Option offers a high leverage facility which is 1:200. The broker offers a bonus of 15% to the traders who trader exotic cryptos.
IS 24Option a legit or scam?
24Option is a part of a large corporation but there has been no proofs which show that the broker is regulated. They do not have a valid license from any of the known EU based regulating authorities. We have also received a lot of complaints from victims of 24Option scam. This fact makes us believe that 24Option can be a scam broker. Due to regulations imposed by known regulating bodies, a broker can not easily run with the money of the traders.
The lack of a proper trading platform and a lack of trading conditions specified by 24Option broker support the fact. We have also seen a number of trader complaints and negative reviews of this broker in the internet. Many traders have reported that their money was lost to 24Option broker in an unfair manner and the broker is not a legitimate one. Therefore, we will not recommend trading with 24Option broker. It is not worth the risk to trade with an unregulated broker like 24Option and put your money at risk. If you are a victim of 24Option scam, Report to us as soon as possible, and we will help you recover your lost investment.
Reports are showing that this is a huge risk in using them
They have no license as brokers
Unusual withdraw terms and conditions
Payment methods are dodgy
Other people’s experience with KontoFX
Stay far from KontoFX
There are so many different investment brokers on the market. Many of them are legit, but there are some of them that are illegal and just another scam for people to lose money. KontoFX is one of the brokers that have many negative reviews and comments. But, still are there so many people that are making use of them, and that are getting scammed on a regular basis.
This is why it is so important to make sure that you are reading all the reviews and information online, to ensure that you are not going to fall for a company like KontoFX. If you are still considering using them, you should make sure that you are reading this. This will ensure that you protect your money, and not lose money by using them.
What is Konto FX
The first thing that you need to know is what is KontoFX. This is an investment CFD broker on the crypto market. They are offering a huge variety crypto coins that you can buy and resell. This is why this is also called an investment.
They are offering a fast and huge turnaround on your investments. They are also promising that the risks are much lower than with other CFD brokers. But, is this really the truth?
Why are there so many people making use of them?
If there are so many complaints about them and so many bad reviews, why are there still people that are making use of them and falling for their scams?
The answer is simple. Most people don’t read reviews and don’t gather as much information as possible before they are using a website. They just trust them and start using them.
The other reason is that of the promises that KontoFX are making. Some are really unrealistic promises, but still, people believe them. Just to find out after a month or two, that they were actually a victim of a scam where they have lost a huge amount of money.
Reports are showing that this is a huge risk in using them
The negative publicity that KontoFX is getting, has nothing to do with people that are just unhappy because their investments didn’t show a profit. Reports are showing that all their information is misleading and not honest at all.
From the fact that they have some terms and conditions that are ridiculous to promises that are impossible to keep. When you are taking the time to do some research, you will find there aren’t any positive reviews about them. All of the reviews are warnings that they aren’t legit and that they are scammers.
These are some of the reasons why you should stay away from KontoFX if you are looking for a cryptocurrency investment.
They have no license as brokers
The first thing that you need to realize is that they are an unlicensed broker. This means that they can make and break rules as far as they can go. They aren’t registered as a broker, so you can’t report them for being dishonest and misleading.
This is normally the first sign that there is something fishy with this broker. Every legit and trustworthy broker is licensed and needs to obey all the rules and regulations of being a CFD broker.
Unusual withdraw terms and conditions
The last thing that you want, is not to be able to withdraw your money from a broker when you need to get the money that you invested in. In most cases, a legit CFD broker doesn’t have high withdraw terms and conditions. You can get the money paid into your account at any time.
However, this isn’t the case with KontoFX. They have unusual withdraw terms and conditions that you will see immediately when you read the terms and conditions. And, this is a mistake that everyone makes. Who really read the terms and conditions of a company before buying or using their services? You can’t withdraw your deposit with your profit immediately after requesting it. Meaning that you will have huge problems for getting the money paid into your bank account.
Payment methods are dodgy
Looking at the payment and deposit methods that they are offering, something isn’t right. The popular and trusted e-wallets that you can use aren’t available at KontoFX for paying the deposit and for withdrawing the money from your account. Most reliable services are making use of options like Neteller, Skrill, and PayPal. You can only make use of your visa, debit or credit card. Those cards where you can’t get a refund when you realize it is a scam.
Now, you need to ask, why don’t they make use of the normal e-wallet options. This is normally easier and better to use than to use your visa, or credit card. Maybe because they don’t want to lose the money with a refund?
Other people’s experience with Konto FX
It is easy to see that KontoFX are illegal and a scam, by just looking at other people’s experience with KontoFX. There is not one single person that has left a positive feedback about this broker. You will see that the company wasreported a lot of times, because of scams.
Reviews are negative, there are many complaints and reports against them. But, still, they are in business and scamming people out of money.
KontoFX is offering some great services, with promises that might let you consider using them. However, you need to make sure that you know that if something sounds too good to be true, it probably isn’t true at all. They are unlicensed brokers and they are not really paying profit out.
This is one of the most popular CFD brokers, that is ending up stealing your money. So, before you consider making use of them, because of their promises, you need to make sure that you are getting all the facts. Facts that might show that they are fraudsters and they will steal your money, without thinking twice.
Send us a message if you have been scammed by Konto FX
Trading psychology is a critical aspect of achieving success in the forex market. It deals with the emotional condition of a trader when entering and exiting trades, looking for potential trade opportunities, or carrying out other trading-related tasks.
Usually, most traders experience losses because of negative emotions that poison their rational decision-making processes and cause them to make improperly planned trade decisions.
We, as humans, are innately emotional creatures, something which dictates our judgments. We tend to elevate our egos when making decisions or make outbursts when we think things are not working right.
Although these emotions are not necessarily wrong, how we react to them is what matters, especially when trading currencies.
If emotions get the best of you and you fail to control them, illogical decision-making crops up. Eventually, even if you are an experienced trader, losses start accruing even in trades that could have been profitable.
Some traders think that divorcing themselves from emotions could solve their problems. However, that’s impossible—if you are still a human being. If you use the feelings well, they may assist in accelerating your trading success.
Trading psychology can make the difference between success and failure in forex trading. Having a stable mental state is an essential element you need to become a consistently profitable trader.
So, how can you control your emotions and ensure they work for you and not against you?
Let’s start by talking about the four main psychological obstacles to successful trading.
Fear
Greed
Revenge
Euphoria
1. Fear in Trading Psychology
Fear is the natural reaction we display to threats that could cause us harm. Being fearful is normal. In fact, the emotion is regarded to be crucial to our survival. Without feeling afraid, it will be difficult to notice danger and escape from it.
However, in forex trading, fear is harmful when we allow the perceived loss-making threats to cause us to make irrational and unsound decisions.
Instead of motivating us to execute trades without worries, fear draws us back from making trades, convincing us that we are wrong. This fear of being wrong overrides the power of our analysis and the amount of time we’ve taken looking for good setups and points us to the darker side of the market.
Another type of fear is that of missing good trades. This fear often makes us enter trades at any price, without waiting for the appearance of profitable trade setups. A fearful trader who does not want to miss good opportunities frequently disregards a rational approach to trading and allows excitement to overrule their decisions.
The last type of fear, which is even more dangerous, is that of loss. The fear of failure causes a psychological scare in our minds and send us dreadful warnings before making trade decisions.
For example, let’s say you have a long running position on the EUR/USD currency pair, and bad news comes regarding the state of the Eurozone economy, what would you do?
In such situations, most traders will feel scared, overreact, and quickly close the trade without a second thought. Even though they may be taking action to avoid losses, fear usually drives such decisions and could lead to missing out on the possible gains.
Fear in forex trading usually leads to ruins: as fear pushes traders to make unfounded decisions, their trading accounts get depleted slowly by slowly—until they receive margin calls.
2. Greed in Trading Psychology
Greed is even more dangerous than fear. Greed is the selfish emotion that drives you to want more profits always when trading forex.
Let’s put it straight: every forex trader yearns to get substantial returns from their efforts. However, this yearning becomes unproductive, even harmful, when it’s too powerful.
Nothing is wrong with the desire of realizing financial success in forex trading. But, if these greedy desires suffocate your common sense and drive your trading decisions, then there’s everything wrong with them.
There’s a common saying among financial traders that “when bulls and bears make profits, pigs are slaughtered”. The pig is a very greedy animal, and the analogy is useful in the trading business, since it shows that the market does not respect pigs—greedy pigs lose their money.
As such, the psychological emotion of greed is even more harmful than fear. Fear can prevent you from making trade decisions or make you exit too early. Conversely, greed compels you to push the buy or the sell button in a manner that’s far too risky. That’s why greed can be much more destructive than simple fear.
Since greed pushes us to act irrationally, it’s a very dangerous emotion. Just like drinking alcohol, greed can prompt you to behave foolishly when it has intoxicated your system. If greed cripples your trading choices, then you’re drunk with it, and you’ll soon wipe out the trading account.
For example, traders intoxicated with greed usually fail to exit their winning positions because they think the market will forever obey them. Greedy traders also add to open positions whenever the market has moved according to their expectations. Other dangerous behaviors of greedy traders include overleveraging, quickly jumping into trades, and overtrading.
3. Revenge in Trading Psychology
Revenge is another perilous emotion that obstructs trading success. Revenge trading usually takes place when traders try to make more aggressive trades, especially after experiencing losses.
Whereas the primary intention of revenge trades is to try to win back the losses, it often results in more losses than initially intended. Revenge traders often blame the market for their losses and end up placing retaliatory and miscalculated trades.
Revenge trading is harmful because of three main reasons. First, since it’s usually not planned well, it leads you into making hurried trades that are less likely to be profitable. If you engage in revenge trading, you will be gambling and not trading. You will speedily place trades without any planning or comprehensive analysis.
Secondly, because you become desperate to recoup the losses, revenge trading forces you to open trades with larger position sizes. You will ignore the risk management part of your trade plan just because you want to win back the losses quickly.
Lastly, it is an emotional trading habit that’s driven by the wrong motives. It changes your focus from rational trading decisions to emotions-driven trading choices. Your emotions cloud your thoughts and make you throw discipline and sound mind out of the window, which bleeds your account—pip by pip.
For example, you can enter a long order on EUR/USD, but you end up losing 50 pips. Frustrated, you decide to double your position size on the next trade so that you can recoup your initial loss. However, the trade goes contrary to your expectations again, causing further damage to the trading account. It will be easy to open an even bigger position now, because the market “owes” you money and you want to take “your” money back.
4. Euphoria in Trading Psychology
Lastly, euphoria can also cripple your trading success. It is the feeling of excitement often realized after experiencing several big wins in the forex market. Your euphoric state convinces you that your understanding of the movement of currency pairs is perfect and your analyses are faultless.
While it is normal to feel excited after winning a trade, overconfidence can result in problems. For example, because you placed a long order on EUR/USD and made a win, this doesn’t mean that another trade will automatically result in a win. The market does not work like that.
Euphoria often leads to a slippery slope of trading errors and losses. After a series of successful trades, a trader can become overconfident and start placing trades without careful analysis of the ever-changing market conditions.
Overconfidence can also cause you to risk too much capital, falsely believe in your analysis, or forget about your trading plan. Having a party after each successful trade is an emotional motive that can increase your trading flaws.
How to Overcome the Psychological Obstacles
Invest in forex education
Forex trading education is one of the critical ingredients for overcoming the above-mentioned psychological impediments. With proper training, you will gain essential skills for making rational decisions, instead of relying on your gut feelings.
If you want to blindly enter and exit trades without having sufficient reasons for making the decisions, you’ll become emotional, and hurt your trading capital.
You need to understand how the forex market operates and the factors that cause its movements. For example, if an economic news report is released, you need to know how it is likely to affect movements in the market, instead of becoming fearful and starting to close and open trades haphazardly.
A proper forex education will assist you in creating a strategy capable of generating consistent profits. Trading without a profitable strategy gives too much room for disaster. However, a reliable trading strategy will help you to relax and be calmer, as it reduces your risk and your anxiety.
Follow your trading plan
Trading with a robust plan lowers risks and assists you in keeping your emotions under control. Typically, a trading plan consists of a set of guidelines and strategies for executing trade decisions.
A trading plan is usually created after doing an extensive analysis and studying the market behavior. It is what you need to maintain consistency and profitability in your trading.
For example, a good trading plan should answer the following questions.
conclusion
The psychology of forex trading is an essential aspect of becoming a successful trader. For most traders, this is what triggers the biggest percentage of trading mistakes.
Therefore, you need to strive to keep your emotions in check. If you fail to control them, they will surely control you—and you’ll regret the trading decisions the emotions lead you into.
The success or failure of your forex trading career depends on your expertise at eliminating emotions from trading decisions, and in that expertise resides the alpha and omega of profitable currency trading.
Are You a Victim?
if you are a victim of any type of online scam, feel free to send us a message for free consultation
Considered by many the most revolutionary breakthrough of the 21st century, Bitcoin continues to surprise the world with its allure and resilience.
Launched in 2009 as a way to create a decentralized method of exchanging money, Bitcoin is by far the world’s biggest and most valuable cryptocurrency. It peaked at around $20,000 per coin in 2017 and today’s value is just under half that amount.
The Bitcoin Scam Industry
The rise of Bitcoin and the cryptocurrency industry it fathered has created great interest and attention over the last ten years. Nobody is certain as to the projection Bitcoin’s value will take over the medium-to-long term. This uncertainty, however, has not deterred investors from purchasing and trading the commodity.
Such interest and attention has unfortunately given rise to a number of criminal entities that seek to take advantage of innocent and unsuspecting victims through cybertheft and cryptocurrency fraud.
Recent investigations into the darker side of the cryptocurrency world have revealed that victims have been scammed out of an estimated $16.5 billion in digital currencies since 2011.
Types of Bitcoin Scams
The number of Bitcoin scams that have surfaced are too many to list. Hackers and scam artists continue to develop new ways to defraud their victims. New scams surface almost on a daily basis. Below are a few of the most notorious of these:
Fake Bitcoin Exchanges
The rise in popularity of Bitcoin and other cryptocurrencies has created an increase in fake Bitcoin exchanges. These exchanges deceive their users by offering excellent market prices, giving the impression that the user has made a great investment. The user however, discovers later that the Bitcoin exchange is fake and the scammer has run off with the money.
Bitcoin Ponzi Schemes
Similar to mainstream investment scams, the scammer receives Bitcoins from new investors in order to settle accounts with previous investors. This inevitably results in the investors never receiving a return on their Bitcoin investment.
Fake Cryptocurrencies
A common scam is to release a new cryptocurrency to the market that promises to rival existing ones. The premise is that the time to invest successfully in existing cryptocurrencies has lapsed and that it would be a great investment idea to purchase a new up-and-coming cryptocurrency. This new cryptocurrency may be featured on a fresh, professional looking website. You can bet that it will exaggerate their client base. The purpose is to create a ‘fear of missing out’ illusion forcing victims to scramble to jump on board.
Malware
Using sophisticated techniques, scammers can access your wallet and deplete your funds if you do not have the required malware protection. Malware can be downloaded by clicking on links from unknown email sources, downloaded from the internet and social media, and elsewhere.
How to Avoid Getting Scammed
The best advice is to trust your instincts and go with the common wisdom that if something seems too good to be true, it probably is.
Other tips to protect yourself from Bitcoin fraud is to:
Stick to popular, well known Bitcoin exchanges
Ensure you have updated virus and malware protection
Keep up-to-date on the latest Bitcoin news and red flags
Research and double check your sources before making a decision to purchase
Do not trust anyone that approaches you for an investment opportunity
What to Do if You Have Been Scammed
If you have fallen victim to a cryptocurrency scam, dont hesitate to send us a message. we have helped several victims recover millions of dollars lost to scammers.
Are You a Victim?
if you are a victim of any type of online scam, feel free to send us a message for free consultation
Mastercard cracks down on binary options and unregulated forex
In what seems like a well-synchronized effort, MasterCard has seemingly shut the door on a loophole that unregulated forex, binary options and CFD brokers have used to solicit their fraudulent “products” to unsuspecting investors. The company recently sent out an email to numerous payment processors notifying them about the imminent changes.
Binary options, CFDs, forex, cryptocurrency options and ICOs are considered “high-risk” according to MasterCard. However, that will soon change. According to the letter any high-risk business that operates without a license in their given jurisdiction will fall into a new category.
High-Risk Securities Merchants
In the past, Mastercard mandated that any business that is designated aa a “High-Risk Securities Merchant” all transactions are cast into a special group that has the number 6211 as the card acceptor business code. This number indicates that clients have a 540-day period to execute a chargeback.
Beginning, October 12, 2018, (a total of six months from when the payment processors received MasterCard’s letter) revised standards for high-risk securities merchants will officially commence. Additional monitoring will be applied to any “high-risk securities merchant” that uses Mastercard, Debit Mastercard and Maestro.
New set of rules
All brokers whether they be forex or CFD and ICO issuers will only be allowed to execute transactions in areas where they are legally permitted to operate. Additionally, any payment processor who is processing the transactions of a high-risk securities merchant must demonstrate to Mastercard that adequate due diligence has been applied. Brokers and ICO issuers will be required to present evidence of legal authority to operate in a given jurisdiction.
Such evidence can be a copy of the merchant’s license to operate issued by the official authority in the given country and a copy of a licensed exchange or licensed trading platform with which the broker is operating. Payment processors will be required to cease all processing of high-risk securities transactions from such merchants until presented with the said documents.
If the local regulatory agencies are not authorizing such operations in the given country, a legal opinion from a reputable local company must be presented by the brokerage or the ICO issuer that identified all relevant trading laws and other laws applicable to the brokerage. Furthermore, the legal opinion must contain all pertinent trading rules and other laws related to credit or debit cardholders that may conduct transactions with the broker or the ICO.
Is this the nail in the coffin?
After years of conducting rogue operations binary options, forex and CFDs and the relatively fresh ICOs are finally being besieged not only by the regulatory agencies but key corporations such as Mastercard and Google.
With VISA and Mastercard usually feeding off one another, it is incredibly likely that Visa will follow suit and target these online trading companies as well. Will this ultimately put an end to online trading scams being perpetrated by binary options and forex brokers? We will find out in due time.
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The Italian financial authority, CONSOB warned against a bunch of unregulated forex brokers, including BitFxMarkets and 24proinvestors.
The regulator also ordered internet providers to block access from Italy to the websites of these entities offering financial services without the proper authorization.
Both forex brokers mentioned above are most likely involved in investment scam. BitFXmarkets may offer trading in wide range of financial instruments on the Sirix platform, but its website features no company name, no address, so traders have no idea who will be dealing with their money.
And 24proinvestors is a brand of the notorious offshore company Game Capital Ads Limited. Most of its brokerage brands are already present in the warning lists of one or several European financial regulators – Exilon Markets, Btcglobefx, CapitalBTCfx, CryptoClubFX FirstFXClub, gameBTCFX, 247smartfx, ProCapitalFX, and more. We are compiling a review which includes detailed reviews on most of those fraudulent websites, which are obviously involved in a seral scam scheme,
Here is the full list of brokers who have been blacklisted by the Italian financial regulator on the 11th of May:
-BitFxMarkets;
-24proinvestors – a brand of Game Capital Ads;
-StsRoyal, owned byStsRoyal by Ltd and Capital Letter Gmbh ;
-Cnbsfin – trading name of CNbsfin Ltd.;
-DAXCFD, allegedly operated by One Thousand One Ltd .
The Italian financial regulator regularly issues warnings against unregulated brokers targeting local investors. Previous month it blacklisted Tradefxzone and FXtrading Corp, among many others. The regulator also maintains a register with investment companies that are authorized to provide financial services in Italy. In order to operate legally in the country, forex brokers need a license by the CONSOB itself or the relevant authorities of another EU Member State.
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Online dating and romance has become common nowadays. While there are people that have found love through online dating (you probably know some), its rapid increase in popularity over recent years has seen a dramatic rise in online romance scams.
Finding love online can be challenging because you will never know when you will get to meet the right one or if you are meeting someone who will only scam you out of your pockets.
Not long ago, it was embarrassing to find love online. Some people thought it was a clear sign of desperation. Some thought that dating websites were scams and full of people that were up to no good. But due to the ever-changing world, it can be challenging to find a partner.
Fortunately, due to innovations, more and more people are checking the internet for almost everything including love.
How Romance Scams Work
As you all know, more and more scammers are taking advantage of individuals who are looking for people with whom they can get try to grow a bond with, leading to a misconception that a relationship is forming. Here are some of the typical steps romance scammers take to lure in a victim:
Quick Takeaways about Dating Scams
Scammers often join dating websites, social media, and other dating apps, and pretend to be someone who is interested in their prospective victim. They act on emotional triggers to get these victims to provide personal details, gifts, and even money.
Dating scams often happen through dating websites, though these scammers can sometimes use other means of communication such as email or social media sites. They usually create profiles that are fake so they can lure their victims in. They often use fictional names or they sometimes obtain information from other people, including professionals, aid workers, or the military personnel.
Once you have been lured in, they will start expressing their strong emotions for their victims and will request for you to start moving the relationship away from the dating website. They can either ask for their victims to do instant messaging, email, or phone. A majority of the scammers are claiming to be from Australia or the United States, but there are others who are claiming to be from other western countries.
Once the scammer has gained your trust, they will directly or subtly ask for gifts, credit or banking card details, or money, which can lead to identity theft issues for you. They may even ask for photos or videos of an intimate nature of yourself to use as blackmail. They will also pretend that they need money for emergency purposes or they are having a hard time dealing with their finances.
People are losing a lot of money through online romance and dating scams. Estimates indicate that in the US alone, of all internet crimes, online romance scams accounted for up to $143 million in financial losses. And because many victims are usually too embarrassed to report being duped and conned of large sums of money, these estimates may be grossly under-reported.
It usually is very difficult to recover any monies sent to online romance scammers, but by knowing what to look out for and the tactics these fraudsters employ, you can avoid falling victim. Now, in this post, we are going to discuss some of the most common tactics used by online dating scammers and how to spot and avoid them.
What To Look Out For In Romance Scams and How To Avoid Them
Almost all online dating scams follow the same pattern. They all begin with some hook. Often, the scammer (the would-be suitor) will make contact and use something in common or a common interest, for instance, religion or profession, to spark a romantic relationship. The relationship usually ramps up very quickly afterwards.
most of the victims are women aged 50 and above. Those that are recently widowed or divorced are ideal targets as well. Such group of women easily fall victim because they believe that they do not have a good chance of finding love. They are, therefore, more vulnerable to these scams. Perhaps another reason these women easily become victims is that many are less tech-savvy but at the same quite affluent.
Once the victim is sufficiently groomed, they are tested. Initial tests are simple. They can, for instance, involve the victim to send money, say, to help the would-be suitor fix their car. When things get a little bit more serious, the scammer may ask the victim to send them things that could later be used against the victim. This can be some compromising videos or photo leading to potential identity theft. The scammer will later use these to threaten the victim, especially when the victim is in some long-term relationship or marriage and wants to hide the relationship. Sometimes, message histories can serve this purpose.
As the online relationship gets deeper, the victim is eventually asked to send money in large sums. Some are even asked to carry out illegal activities, and they may go ahead and do them willingly either because they are in love or because they’re being threatened.
Surprisingly, in some cases, even when the victim realizes they are being conned, the scam continues because the victim is too embarrassed to tell family and friends or report to law enforcement agencies. There are also cases where the victim knows full well that they’re being scammed, but they are in love with the scammer. So they continue to send money. This shows the manipulative powers online dating scammers can have and the vulnerability of some of the victims they target.
So, how do you avoid being scammed? The red flags to look out for
Some people assume that only the really “stupid” people can fall for online dating scams. However, this is far from the truth. These days, online fraudsters are very clever; by the time you know you are being scammed, you’d have lost a significant amount of money.
In case you are contemplating trying online dating, here are some warning signs that a prospective partner isn’t upfront:
1. “Trusted” profiles
Usually, online dating involves individuals creating profiles (which are often fake) on a dating website or some social media sites. This is called catfishing. Some of the most common guises include medical professionals, aid workers, and military personnel because victims are more likely to trust individuals in these professions. In most cases, romance scammers will create several profiles on different sites using stolen images.
Fortunately, today, there are various online tools that can help you in case you are suspicious. You can, for instance, you can use a very useful service called BeenVerified. BeenVerified run total checks about anyone on the net and prove if they are real or not with a whole heap of real information. You can visit the website here or read more about BeenVerified further down this article.
Another common indicator that someone isn’t who they’re claiming to be is poor English. This is especially the case if they are purporting to be university educated or from some Western country. If you have doubts, consider testing on knowledge of the area the person is claiming to come from.
Note also that many scammers work in groups but pose as a single person. So changes in such things like grammar, use of emoticons, and tone can also be a red flag that you are potentially talking to a scammer.
2. They hook you with some common interests
Scammers know how to start a conversation with you and spark a friendship. From your religion, hobbies, a line of work, etc., they will carefully pick information from your profile and use it to start a conversation with you. It does not take long before unsuspecting victims start divulging more information which the scammer uses to further the friendship or romantic relationship. In fact, some scammers will even adjust their profiles, so they are the perfect person you have been looking for.
Online dating and romance scam has become such a lucrative business that some people now write scripts for scammers for money. A UK woman was recently jailed for writing such scamming scripts. Some scammers don’t bother getting original content, so they lift such things as romantic poetry and verses from the Internet. Fortunately, you can easily check such content online to find out whether or not they are used elsewhere.
3. They become overly emotional very quickly
Scamming is often a full-time job for most of these fraudsters. And because they are usually trying to scam multiple people at a time, they are always rushing things. They don’t waste time. They will, therefore, ramp up the relationship quickly so that they can get to where they are now actually able to profit. Not so long ago, a British man had only been in an online relationship for five weeks before he began sending money to his “partner”. Before he knew it, he had sent around $290,000.
It is very common for scammers to shower their victims with affection and love. They will message and even call constantly. This is called love bombing. It is such a serious behavior that victims sometimes feel like they had been brainwashed.
In most cases, especially when using some dating website, the perpetrator often asks the victim to move to some “more secure” and private chat forum. It is advisable to keep your conversation on the dating website because most of them look out for suspect activity.
4. Asking for money
This often starts very innocently. As noted earlier, romance scammers will start asking for small amounts of money to fix their car, buy an elderly relative some food, etc. It then quickly ramps up. A common way of asking for money involves the perpetrator asking to visit the victim. They will then say they need some money for the flight and other expenses.
In some cases, when the victim gets comfortable, the romance scammer can even ask for a large sum of money to start a business (most of the time asked to be sent via Western Union). Sometimes, it is medical costs or any other excuse. And the urgency of such demands often ramps up and may even start becoming threatening. Another common request for money involves sending money for some fees or charges in the pretense that a victim will be compensated with, say, an additional (usually huge) sum of money. Recently, one American woman was lured into sending $260,000 this way.
There is some good news though. Some companies such as Western Union are these days looking out for such cases because they are being held accountable by regulatory bodies for helping scammers. They are, therefore, becoming very strict on the money transfers they allow. Even so, it is always advisable not to send money or your banking details to an individual that you don’t completely trust.
5. Asking for suspicious activities
There are so many suspicious and potentially illegal activities that romance scammers can ask victims to do. For instance, they may ask them to pass some goods or money across countries. One British woman named Sharon Armstrong learned she had been scammed the hard way. The lady had agreed to pass a “contract” from Argentina to the UK on behalf of her suitor. She ended up getting a two-year jail term in Argentina for trying to smuggle cocaine.
If an individual is asking you to carry out any such suspicious activities, chances are they are fraudsters, and they will get you into trouble if you are not careful. Never send or receive any goods or money on behalf of people you do not know or don’t trust.
6. Introducing you to relatives, business partners, etc.
As pointed out earlier, some scammers work in some highly organized groups. Sometimes, victims may be contacted by different people posing as the same person. More elaborate fraudsters may introduce victims to other characters posing as business partners, travel agents, lawyers, bank managers, or just friends. And this usually happens too early into the relationship. In case it happens to you, be aware; you may be dealing with a con.
7. Making broken promises
These romance scammers are always good at making promises and having excuses for not doing what they promised. They can be so elaborate that they seem believable. And then the excuses become the gateway to ask for more money.
One of the most common scenarios involves the scammer promising to visit the victim. The victim is so excited and perhaps even tells family and friends about the visit by their girlfriend or boyfriend. The scammer doesn’t turn up and gives some excuse, for instance, not having enough money for passport or ticket. With hopes for a real-life meeting, the desperate victim keeps sending more money even when the excuses are getting more and more farfetched.
As I sum up, it is important to note that while this list is not exhaustive, these are some of the most common tactics employed by online dating scammers to defraud unsuspecting victims. If you are contemplating finding a friend or a romantic partner online, look out for the warning signs discussed above to avoid falling victim.
If you are suspecting some fraudulent activities or in case you have been conned, please send us a message so that we can investigate the matter and help you get your money back.
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if you are a victim of any type of online scam, feel free to send us a message for free consultation
