Forex scams are increasingly common, and many of these messages come in the form of unsolicited messages on social networking sites and website advertisements. Scammers also often use photos of celebrities to pique people’s interest and influence them to click on their adverts. One person who reported the widespread use of binary options in recent years is Tom*. He matched with a woman named Zhu Xin through a dating app called Tinder. She claimed to be from Hangzhou, China, and would spend time traveling between Hong Kong, Singapore, and China. After a week of chatting, she mentioned investing in her messages and referred Tom to Wang Li, who was an advisor at Business Choice Partners Group.

The group asked Mr Luxford to promote Binance wallets and invest in bitcoin contracts. They told him to deposit up to $30K USDT in the group’s wallet, confirm that they were 100% legitimate, and ask for his personal information. They told him to download a WhatsApp messenger app, deposit up to 30K USDT (USDT is a stablecoin worth $1) into it, and start trading in the US dollar and gold market. However, he had no experience of any kind of investment and had little money to spend.

The phony brokers that operate on whatsapp are known as “scammers” because they have a large following. They offer lucrative commissions for trading, but they only offer a small amount of profits. In some cases, they even ask their victims to sign up for affiliate plans. Some of these bogus schemes require the victims to invest between $400 and $800 a day. If you are worried about these scams, follow up as soon as possible.