As a new trader in forex trading that is only exposed to learning from social media, you can easily be tricked into believing that success in forex trading can be achieved overnight.
But young people coming into this game in hope of a life-changing financial opportunity, would you do diligence in making research to confirm if this luxurious lifestyle posted on Instagram is actually true? maybe not.
With that, “are forex traders on Instagram Legit”? No, there are no forex traders on Instagram that can be 100% legit.
So can success in the forex industry be achieved overnight as portrayed by these fake Instagram traders?
That leads us to the next section
Instagram Forex Traders Investment Scams (You Need To Know)
With many audiences generated from Instagram pages, this social media has become a tool that most of these Instagram gurus use to catch the attention of many newbies.
So, who are they?
These are individuals who come on the platform to show glamorous trading results, luxury lifestyles, driving fast cars, and hindsight trading analysis while promising their audience the best of courses and mentorship.
As a matter of fact, if you’re a trader who is used to this social media, you would have realized that once you follow these so-called “gurus” found on Instagram, you would find so much money on their pages, open trades that are in profits in the background, luxury cars and many more.
Why do they do this?
As mentioned above they’re trying to draw the attention of many people to their trading courses so as to have more people purchase their courses.
In short, they are trying to market their courses even more than the values that their courses provide (that’s if their courses provide any).
Take for instance someone who portrays him or herself to be rich is promising you that within the shortest time, you can be like them if you follow their path.
Wouldn’t you be so eager to know how the person does his or her things? For the most part, yes you would.
This is the bait that they use to catch their prey.
Guess what?
They are only after the money that they would get from you when you purchase their course.
Many of them do not make money from trading.
They make their money from marketing their courses and rely so heavily on affiliate marketing (earn a commission when you sign up with their brokerage firms through them) instead of providing valuable resources.
You must have heard the term, “fake it till you make it”.
If you’re not familiar with this, it simply means that you should fake your results, profile, or credentials till you make a living off that.
This term explains what exactly these Instagram forex traders do and they are considered forex trading scams.
Do you know the unfortunate part?
Many individuals or new traders who are looking for people with a promising higher return just by managed accounts, often fall into the hands of these people who just run their accounts into ruin.
Mind you, in as much as they are fake forex Instagram traders out there, I also come across some who happen to be legit.
With all this said about these forex traders, how can you distinguish between the legit forex traders on Instagram from fake ones?
How To Identify Legit Forex Traders From Fake Traders On Instagram.
If you have paid close attention while reading this article, you would have noticed that the characteristics of the fake traders have been mentioned which makes it easy for us to be able to identify legit traders.
Why?
This is because when you would want to find a trader who possesses qualities that are almost opposite to the ones of the fake traders.
Let’s explain this a little further.
As opposed to the enticing lifestyle portrayed by most of these fake Instagram traders, the legit traders are not out there doing the same.
In fact, they might be doing the complete opposite.
Many, because this social media app has been flooded with fake traders, have refrained from using this particular social media app so that they are not tagged as fake traders.
Also, if these so-called Instagram forex traders have promising courses and mentorship programs that would take you from grace to grass within a very short period with little to no effort, then they are most likely after your money.
For you to be able to have a solid reason to purchase any course or mentorship, you must have made sure that they have a minimum of five to six years-worth of trading experience with proven profitable results and perform some background checks on them.
For an average trader, it takes a minimum of three years before they can find consistent profits trading forex.
This is to tell you that if someone just comes up all of a sudden with results and a display of wealth, then the person should be suspicious.
Purchasing courses may not be harmful, but you can make it harmful if you do not purchase from a good source.
And one more important thing is to also check out testimonials from others who have found success practicing what they preach
To reduce the stress of looking for legit forex traders and the risk of falling prey to the hands of these scam work, the forex mastery program has over eleven years of trading experience that can help you on the right track.
The most common trap set by these fake traders is that they tend to offer managed accounts for individuals with large funds.
Some even tend to offer account management for as low as $200.
Once you see this as part of their profile, it is best that you run away from such people because they would divert your money into their accounts and become unavailable.
Many of these fake gurus also provide forex signal services to people so that they can practice what is called copy trading.
Legit traders understand that they are in a position to give financial advice to anyone and therefore, desist from providing signal services.
At this time, you might be curious as to how to avoid these scams.
How To Avoid Instagram Trading Scams
Having done enough justice on how to identify these scam Instagram traders, it is also necessary to understand how to avoid these Instagram scams.
This doesn’t just work for Instagram alone but for other social networks as well.
Firstly, you have to remove every iota of trust that comes with a luxury lifestyle or flaunting of wealth.
In forex as with other careers, these attributes do not connote success.
In line with these acts, they also promise unrealistic returns such as 300% within weeks of investment (this already looks too good to be true).
Avoid totally those who promise to help you manage your trading funds, because as earlier said they want your money in their pockets.
Before you buy any course or purchase any mentorship program, ensure that you have done a lot of background research on your potential mentor.
Make sure that you do not invest blindly in an Instagram trader.
If you eventually do and he or she scams you, make sure you report such people so that others would not fall into their trap, or better still, ask for the track records of their previous trades to ensure your trading from a Good profile.
FAQ
Conclusion
Many of those Instagram traders are scammers and marketers who do not have the interest of their audience at heart.
They do not earn a living from trading.
Even though there are Instagram scams, they can be avoided if you adhere to the instructions given above.
Finally, as a newbie, the best way to avoid these scams is to get books, join profitable forums and do the diligence of making research into your choice of mentor.
