It raises the question of whether all of these forex traders are legitimate given the recent increase in forex traders on social media. In the Bahamas, is it possible to make a career off of forex trading from a laptop?
The quick response is no. The majority of fake forex traders you encounter on Instagram make their living by peddling courses rather than engaging in actual trading. They are only dream sellers who work as marketers.
Forex Traders on Instagram Scam
If you’ve ever followed a forex trader on Instagram, you’ve probably noticed that it’s impossible to scroll the app these days without coming across ‘traders’ displaying their money with expensive watches, exotic automobiles, and piles of cash.
Simply put, this is marketing. This opulent lifestyle piques the imagination of novice traders, prompting them to look more into how they might become wealthy themselves and, typically, leading them to buy mentorship or courses.
Unfortunately, these traders are con artists who want to make money by peddling courses rather than engaging in true forex trading.
The phrases “fake it until you make it,” “look successful on social media and you’ll be successful,” and “the rich get richer” may be familiar to you.
These Instagram FX scammers act just like this. They want to appear wealthy, but the truth is that they don’t actually make any money from trading; instead, they make all of their money from marketing courses or, worse yet, from “account management,” in which they handle your trading funds and essentially destroy your account.
How to Spot a Legit Forex Trader On Instagram?
First off, it’s crucial to note that the majority of successful forex traders do not document their daily life on Instagram. Those who do share their daily lives on Instagram almost certainly intend to market rather than just trade. There must be a trade in the background that shows an open position even if they are sometimes shown in pictures with large sums of money and expensive cars.
Genuine forex traders either won’t be on Instagram or won’t post much there. They will be too busy analysing charts and staying focused on trading.
Second, this is a fraud if they provide any form of mentoring or courses or if it seems too good to be true. Anyone who guarantees “x” amount of income over “x” amount of time, is not to be trusted. If many years in the forex industry has taught me anything, it is that anything can happen in trading.
Generally speaking, I would only rate a forex trader based on their VERIFIED trading track record; if they have been successful for at least five years, you may want to think about following them. It’s vital to remember that most traders become lucrative after 3-5 years of trading, thus it’s quite improbable that someone who suddenly enters the field and becomes wealthy over night is telling the truth.
There is no problem in paying for trading mentorship or seminars from traders, but you must make sure they are successful traders. You can’t possibly learn Italian from someone who doesn’t speak the language, can you? You might not even need to pay for a trading course when you consider how much free forex education that you can find online, including here on my site.
Last but not least, it is a significant red signal if the trader is trying to handle accounts for others on Instagram. Either selling forex signals or actual account management are used for this. You could trade hundreds of thousands of dollars in investor capital overnight if you’re a consistently profitable trader. Genuine traders are not interested in trading a $1,000 Instagram account from a user.
Additionally, successful professional traders don’t sell signals. They are aware that it is neither worth their time nor their license to provide financial advice.
Avoiding Forex Scam Instagram Traders
When attempting to protect yourself from these Instagram scam traders, there are a few important guidelines to keep in mind.
- Never believe someone who brags about their money.
- Take a look at a verified track record such as a MyFxBook account.
- Before paying for mentoring, consider if you can get the information free elsewhere
- Keep your account management to yourself.
- Avoid making any investments in Instagram forex traders.
These are some of the most crucial precautions to take in order to protect yourself from these Instagram forex scammers.
The greatest thing you can do while trying to learn about trading is to avoid using social media at all; instead, study books and join a community of traders. In this manner, another person can verify if the information they are disseminating is accurate or not. It’s usually true if something sounds too wonderful to be true.
Conclusion: Instagram traders are fake!
In conclusion, the vast majority of Instagram users who trade forex do not do it for a living. Selling classes to beginning traders or signals is how they generate revenue. Stick to free resources and spend as much time as you can learning about forex trading. You can always open a forex demo account and practice your trading strategies using virtual funds. This can be a great way to improve your trading skills and knowledge of the markets. Once you have built up some confidence and start seeing consistent results, you may then consider switching to a real live account. I personally do not think anything can beat learning how to trade manually by yourself. That way, you can learn from your mistakes and cannot blame anyone but yourself if things go wrong.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.