Forex As A Pyramid Scheme. Why you should stay clear of ...
How to Identify And Avoid Forex Scams - Admiral Markets
Crypto And Forex Ponzi Scheme On The Rise Amid COVID-19 ...
How to Spot a Forex Scam - Investopedia
Pyramid Scheme or FOREX Trading – Kaieteur News
How to identify and protect yourself against forex scams
Unathi Kwaza RT from Tumelo Warona: Felicia Sibeko convinced her husband to sell their Toyota Quantum in order to raise money to invest R130k into Bushiri's forex scheme that was supposed to bring in R1 million in 6 months. She's now blackisted & her child was forced to drop out of varsity due to...
Unathi Kwaza: https://t.co/cO2szctiBf Felicia sibeko sold her taxi. She took the whole R130,000 and invested in bushiri's forex scheme. Even today she is still waiting for a payout, now she is broke, poor and frustrated.
Just days after the expose on JJPTR, more forex schemes are falling apart, with investors losing billions of ringgit. Three such schemes – Change Your Life (CYL), Richway Global Venture and BTC I-system – are said to be heading the same way.
So in my country theres been this Forex fever for a while, not much people believe in it but i wanted to infiltrate to let others know what’s really going on but i need money to enter which i don’t have. My question is, does anybody on this community has been part of a Forex scheme? And what happened inside?
My boyfriend is starting Forex. I think it’s a “get rich quick scheme”. Please teach me about the reality of it.
Hi. So I like to call myself a big skeptic of all things “get rich quick”. I’ve always hated MLM’s and other sorts of marketing businesses. I’ve seen many people and heard many stories of people losing thousands and I’ve always been super skeptical about them. However, my boyfriend, let’s call him Cody, has become interested in Forex. He has been a partner with Primerica for a while now but hasn’t done anything with that. He is a manager at a gym here and makes decent money from that. He was approached by a friend to start working with Forex. When I heard about this, I was shocked, just because I’ve heard horror stories about Forex. When I look up reviews online, all I see is people losing money. When I spoke to his friend to see what this is all about, all I got was attacked and hated on for being a “non-believer”. He essentially just said that people who lose money are lazy and don’t even try. I am genuinely curious in learning more and want to be more educated in this. From what I’ve read, it depends a lot on gambling and knowing a lot about the craft. Cody is convinced he will earn $40,000 (approximately) by February doing 6% everyday excluding weekends (I have no clue what that means but I know that’s what he’s doing). I want to know if and how this is actually a legit endeavor or if he’s just delusional. Please, no attacks, I want serious, informative answers. Thanks so much. TL;DR: my bf is starting Forex and I think it’s a scam, how legit is it? Edit: I told him that if he actually does make that $40,000, I’ll apologize for my skepticism and not question this typa shit anymore. We’ll see 🤷🏼♀️ Edit: He works all day with no break and gets home at 11-12 and gets EXHAUSTED. He goes to sleep at like 1 every night and spends that free time watching tv. Nothing wrong with that I just don’t see how he has time to do this stuff. From what I’ve gathered, this has to be done in the afternoon and takes a while. Update: So I spoke to him and mentioned all the advice y’all have given me here. He said he is already doing research but he’s down to join an MLM. He says “everything is an MLM, college, businesses, everything”, which is ridiculous to me but ok. I’m scared for him but I guess there’s not much I can do. He’s writing all this advice off as idiots that had a bad experience even though most people here have said that they have had ups and downs. He also says I’m being super negative and the least bit supportive. Idk what to do😕
Title says it all. I’m curious if anyone has any interesting regulatory solutions or legal frameworks that would be able to limit the destructive impact of MLM’s? Personally, I support changing our federal (legal) definition of fraud to include a more broad non exhaustive illustrative list of multi-level marketing companies and deceptive recruitment practices. For example, I saw recently on social media website a man arguing with a recent college graduate about how his new mortgage was a bad investment as (presumably) he should be investing in his “forex” scheme (basically a pay to play subscription). This very same individual that was criticizing the new home owner had a stereo typical profile showing “wealth” and encouraging others to “join his team”. I’m not sure about the exact phraseology of a statute that limits an individuals ability to make broad, vague statements about future wealth projections with the necessary intent of recruiting others (ie victims) but may be someone on here has an idea. In all honesty I think these cases are pretty easily prosecutable (speaking as an individual in the legal community) and would love to hear other ideas or cons to further enforced prosecution. Open to state and federal solutions. Edit possible solution; Testers - so fair housing testers have been around for a while now and have shown to be relatively effective at stopping discrimination in housing (it’s not perfect and I get that). For those that don’t know what I’m talking about, “Testing refers to the use of individuals who, without any bona fide intent to rent or purchase a home, apartment, or other dwelling, pose as prospective buyers or renters of real estate for the purpose of gathering information” - i.e. they wait for the landlord to essentially out his or her self as acting discriminatory towards a protected class through the application process for housing. What if the federal trade commission likewise created the same functional program whereby individuals / lawyers are monetarily incentivized to probe the independent distributors for fraud while posing as bona fide interested investors. If you make the act of fraud in the MLM space financially untenable, with realistic consequences for the individuals attempting to attract victims it could realistically do some good. Granted there are plenty of externalities in play here. Another issue / possible solution I would have is in registration for these companies. In terms of governance, I think it’s hard to define what separates Karen’s claims of financial freedom from a commercial advertising for wealth management (of course we can see the difference, the hard part is writing a law that reflects the deference). So another possible additional road block is creating harsher regulations / licensing for multi level marketing companies. One example would be requiring approval from the Secretary of State, or Federal Trade Commission before these companies can be operational ensuring their business plans don’t rely on recruiting. Now there will always be those that will disregard the rules, but it’s way easier to shut down an operation without a license than determine the legitimacy of that businesses operations.
I think that my friend is in a forex trading pyramid scheme "Walking ATMS"
My friend asked me if I wanted to join a group of people meeting and recruiting people for what seems like a pyramid scheme. They have videos on youtube (https://youtu.be/x5w02T_3JiI) he doesn't seem to have paid in yet but I'm worried that more people will be affected by this anyone else seen anything similar?
Housemate potentially involved in a Forex MLM/Ponzi scheme
I’m curious if anyone here has heard of or is familiar with the company KOT4X? I have a housemate who claims to have made over $10 million from this website in a few months which I find utterly ridiculous. This all began with him trying to get the rest of us signed up for his “company” which I overheard him tell someone else is KOT4X. I did some digging on them but all I’ve been able to uncover is that the “company” is sketchy as hell. It’s registered offshore (St Vincent and the Grenadines) and makes some pretty serious promises regarding how much money can be made. The catch, of course, is that it costs ≈$250 to create an account (and I would imagine there are further monthly fees associated with this). He has mentioned that there are several hundred videos that teach how to make significant money off of Forex trading, which leads me to suspect this specific website is some iteration of IMAcademy. Needless to say, I didn’t take the bait or really remark on it but now I’m thinking I should have. This housemate has not yet paid his share of the rent for the month; he keeps saying that he has and it’s “processing” and that his low standard of living given his supposed wealth is due to the fact he is “humble.” Coupled with this, I am fairly certain this housemate stole about $120 from my wallet along with my AirPods from my room, which I would imagine he sold for cash. He of course denies this and it’s frankly impossible to prove without either catching him in the act or seeing him use the AirPods, which hasn’t happened yet. If he doesn’t pay his rent within the next few days, I have all intentions of doing everything in my power to get him kicked off the lease and evicted from the house because I frankly don’t feel comfortable living here. I’m in the process of finding someone else to take my spot on the lease, but it’s not promising at the moment. Really, I’m just looking for any help or advice anyone can give regarding this supposed “company” and what I can do to stave off what I imagine will be further acts of desperation to come. I’m happy to answer any questions anyone has about it to the best of my ability, but I really don’t know much more than what he has told us. Is it possible to report him specifically to the SEC or another agency for investigation? Ordinarily I’d be inclined to try and talk him out of it, but given the theft I’d just like to see him gone and never see him again.
So I’m into investing and I came across one of my friends constantly posting on social media his forex (Foreign Exchange Currency Trading) trades. I struck up a conversation about what he does and got roped into an hour long pitch call about an MLM (They didn’t even tell me what their company was called) That involved a 250$ start fee and 180$ Monthly fee, thats waived if you recruit people each month. If anybody knows what its called, please let me know. I’m also confused as to how a forex teading MLM works, it just seemed like they called trades over a zoom call and didn’t sell any product.
If you’ve ever gotten involved in a Pyramid scheme like Forex Trading or Flat Tummy Tea, what were you thinking when you joined? Did you know it was a scheme and didn’t care? Or were you genuinely fooled? What are your thoughts on the onslaught of insane social media posts to your friends about it?
Has anyone been paying attention to the amount of Forex pyramid schemes that have been circling around lately ? I live in Canada and so many people I used to know are trying to recruit people into their scam.
http://twitter.com/forex_in_world/status/1304238918565494787Mech Scheme Update: Internal Bar Momentum Diagram 2.0 (Sept. 4 – 11) https://t.co/JS7B3Qvw8g— FOREX IN WORLD (@forex_in_world) September 11, 2020
Thousands of Forex trading related Ponzi schemes, Cryptocurrency related Ponzi schemes have already been unveiled globally, more specifically in India. As Indian investors are habituated to forget ... The spot forex market traded over $6.6 trillion a day as of April 2019, including currency options and futures contracts. With this enormous amount of money floating around in an ... 6) Pyramid schemes under the guise of FOREX traders, do not have actual brokers who are the promoters of the scheme. Therefore, the person who brings you on to the scheme is not a broker who can actually trade and chances are that the company you are signing up with is not a broker either. This means that all trades will be done through someone else; not the person who brings you on or the ... Forex schemes have been on the rise in Malaysia and the modus operandi has always been the same – the company that eventually receives the money is based outside the country, while the ... Forex scams will be around for as long as the Forex market exists. As schemes are evolving, scammers are always somewhere nearby, trying to steal your money. But could there be a solution to this problem? Investment scams take many different forms. Some of the scams are even named after their creators - such as a Ponzi scheme, named after the infamous Charles Ponzi. Forex scammers tend to ... 4) Untrustworthy Investment Schemes & Funds There are several entities & individuals that promise to offer get-rich-quick investment schemes through forex and cryptocurrency - that are not ... There is an ongoing forex craze fueled by multi-level marketing schemes with the promise to earn you passive income on the side and even crazier, financial freedom. You need to be careful or risk…
Forex Trading is a SCAM 🚨 👀 Learn about FOREX SCAMS - YouTube
How to stay safe from Fake Fund Managers This episode of the Koncrete Podcast tells the story of a kid in his mid 20's named Blayne Davis who managed to steal millions of dollars utilizing foreign e... Forex trading is a scam. Forex scams and forex trading are very popular. 100% of the gurus on YouTube who claim to be profitable forex traders are frauds Dis... Forex trading a scheme http://need-goods.com/forex Temos você pessoalmente sem dúvida ser contou sobre forex trading corporation. Também aqui presente inform... Find out why Forex hedging schemes are not only counterproductive but actually financially dangerous. Yes freedom rocks but freedom is best achieved through profitable trading. Is Forex Trading a Scam? http://www.financial-spread-betting.com/forex/forex-trading.html PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! I sometimes get... Samuel Leach explains how to keep your capital and yourself safe from forex scams. Taking you through what you should be looking out for and how to catch the... Please don't join any Forex Groups Follow me on Instagram • https://www.Instagram.com/itslova All updates on Twitter • https://www.twitter.com/itslova Is iMarketsLive a Scam ? Is Forex Trading a Scam ? Is Forex Trading worth it ? Is iMarketsLive a Pyramid Scheme ? In this video , I answer all of these quest...