There are many potential variations of forex scams across the world (and all over the internet), but there are a few common warning signs to look out for. Forex scams often assert that they can guarantee profits – something no reputable firm or broker would ever claim. While downplaying risk, forex scams tend to use high-pressure sales tactics (as in, FOMO on an incredible investment opportunity) to persuade you to send them money. Another forex scam to look out for is the phenomenon of impersonators and imposters. Scammers will steal photos and personal information to create fake social media accounts of high-profile traders (I’ve been impersonated dozens of times). To sum it up, remember the following four warning signs if you want to avoid forex scams: Unbalanced claims. Forex scams promise high returns and downplay risk. Urgency. Scam operators will pressure you into sending money, and prey on your fear of missing out (FOMO) on an opportunity. Imposters. Forex scam artists may impersonate real people (using their name, identity, and photos) and impersonate legitimate brands by imitating the websites of reputable brokers. Regulation. The best way to protect yourself from forex scams is to make sure your forex broker is properly licensed in trusted regulatory jurisdictions. Learn more about how that works by visiting our Trust Score page.