Hills Financial Planning

Forex Trading Scams

19th November 2020

Forex Trading Scams

Just when I thought I had seen everything, I had a meeting in the office this week with someone who is convinced they are making a  return of 20% + per month with online Foreign Exchange Trading. It is the part of my job that I find the most difficult – breaking it to someone that they have been scammed. This meeting was all the more difficult because the client left still convinced that the promised returns were genuine. 

If anyone suggests Foreign Exchange Trading, please stay well clear, the FCA have warned about this many times. Sophisticated scammers pray on people with the allure of high guarenteed returns and a luxurious lifestyle, but sadly it usually ends in tears!

According to the FCA, “Most consumers report they have initially received some returns from the firm to give the impression that their trading has been a success. They will then be encouraged to invest more money but at this stage or soon after the returns stop, their account is suspended and there’s no further contact with the firm. Many scam firms claim to be based in the UK and even claim to be FCA authorized” 

If you ever need a second opinion on any investment opportunity presented to you, please do not hesitate to get in touch.

By Chris Todd - Chartered Financial Planner, 19th November 2020

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