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Have you come across Forex traders on Instagram who claim that they can help you to make money, just like them?
Their profiles typically boast a luxurious lifestyle but as you’ll soon see in this blog post things are more than likely not quite as they seem.
I’ll be exposing the Instagram Forex traders scam & explaining how it all works.
Plus I’ll also be showing you proof that some of the “luxurious” lifestyles the Forex traders boast may not actually be quite as luxurious as they make them out to be.
What Is The Instagram Forex Scam?
The Instagram Forex scam involves so-called Forex traders setting up profiles through which they boast a luxurious lifestyle in an attempt to trick people into investing.
They use a combination of curiosity & social proof in an attempt to lure their victims.
And unfortunately, it’s pretty effective.
Basically the “trader” will open an Instagram & regularly post lots of luxurious pictures which typically includes luxury sports cars, expensive purchases & Rolex watches.
Then, in the users bio & on their story they will usually place links through which you’re told you can get access to help.
Allegedly, they want to help you make money just like them, and some of them claim that they’ll even do the trading for you entirely on your behalf.
Some others claim that all you need to do is copy their trades.
Either way, it sounds simple enough, right?
And all you need to do is make a small deposit with a Forex broker that they recommend to you in order to get started which makes the whole thing seem pretty much risk-free.
The problem, however, is that it’s not.
The whole thing is actually just a scam & as you’ll see in the next section, any money you deposit in order to trade with you’ll likely just end up losing.
How Does The Instagram Forex Scam Work?
As mentioned in the previous section of this blog post, the traders design their Instagram profiles in a way to trick people into making an investment with a broker that they recommend.
They boast that they’re making hundreds or thousands per day & they claim that if you make a deposit with the broker that they recommend, they’ll help you to do the same.
However, this is where the scam lies.
What they fail to tell you is that they’re actually affiliated with the broker that they recommend to you & that they’re not really earning their money from making trades.
Instead, they’re actually earning their money from tricking people into making deposits & getting paid commissions from the brokers at their expense.
And worse, 9 times out of 10 the brokers that they recommend are unlicensed scammers, too.
So as an unsuspecting victim of the Instagram Forex scam you’ll make a deposit with the broker as recommended by the so-called trader, but then you’ll be left to find out after that, thing’s don’t go as promised.
Instead of the trader helping you to make profitable trades, they’ll simply block you & disappear.
They’ve earned their commission at your expense & you’ll just be left to find out that you’ve deposited money with a broker who’ll make it very difficult for you to get it back.
Of course, some traders may indeed initially actually offer assistance with the trading.
Not every Instagram Forex trader will immediately disappear, but you can sure as heck trust that once things start going wrong & profits start falling down they will.
Take Gurvin Singh for example, who recently featured in the Daily Mail.
It’s reported that he tricked thousands of people into joining his “copy-trade” plan, but then disappeared & deleted all traces of his profiles the moment when profits began falling.
And he’s not the only one. It’s a similar story across the board.
The Truth About Instagram Forex Traders
Despite the majority of the profiles of Instagram Forex traders leading you towards believing that they’re living a luxurious lifestyle, generally, that’s not really the case.
Instead, it typically seems to be a case of “fake it until you make it”.
A good example of that can be seen with a Forex trader named Elijah Oyefeso.
Elijah boasted his wealth on Instagram & claimed that he could help others to achieve similar results by having them simply copy his trades – for a fee, of course.
He gained so much attention that in 2016 Channel 4 invited him to feature on their program Rich Kids Go Shopping.
From afar it seemed like he really was indeed making lots of money & he claimed that “on a bad month” he would still earn £30,000 by working just 1 hour per day.
His Instagram & YouTube channels regularly showed him with luxury cars & private jets, too.
However, he found himself ending up on trial for something totally separate. Apparently, he had tried to run over a friend in his car who he owed money to.
And in the trial, the judge said:
[you] portrayed yourself as a very successful trader within the financial market. Clearly this is not the case.
And his own lawyer said the following:
Oyefeso makes a number of claims about his wealth but I have seen no evidence of this … clearly, if he had this money he could have written a cheque to the victim.
So in reality, despite Elijah Oyefeso claiming to be earning over £30,000 per month “on a bad month”, he ended up in jail for running over a friend he owed money to, rather than paying the money.
Clearly, therefore, he was not as wealthy as he made out.
And according to various news stories, that seems to be the case for most of the Forex traders who ultimately end up getting exposed.
Forex Traders In The News
A few years back the Instagram Forex trading scam went a bit under the radar. The Guardian posted an article about it, but other than that there wasn’t really much coverage.
Now, however, many news outlets have begun exposing the Instagram Forex trading scam (and scammers alike).
Here are some stories that have recently been featured in the news:
- Insta-SCAM: ‘Get rich quick’ Instagram trader, 20, ’empties accounts of more than 1,000 investors in £3.5m fraud’ – three days after UK medical student posed with Ferrari at Eiffel Tower
- Illegal traders of Instagram: Warning over ‘get rich quick Forex’ profiles promising a life of fast cars and lavish holidays if you ‘follow their signals’ and invest
- Fake it till you make it: meet the wolves of Instagram
The FCA has also published a page outlining details on the scam, including what to do if you feel you have been scammed by an Instagram Forex scam.
Reporting Instagram Forex Traders
If you’ve been scammed by an Instagram Forex trader yourself, know somebody who has or have a suspicion of somebody running a Forex scam on Instagram then I’d urge you to report them.
You can report them to Instagram by following the instructions on this page.
Furthermore, you can also feel free to leave their account username in the comments below this article & share some details about your experience.
By sharing your experience you’ll help others who have found themselves in the same situation, or others who are considering getting involved with the trading.
And for future reference, as the good old saying goes, “if something sounds too good to be true, it probably is“.
P.S. here’s a list of known & “famous”, yet questionable Instagram Forex traders:
- …add any additional names in the comments below.
A Legitimate Alternative
It's true to say that there are many scams online, but in among the scams there actually some legitimate (and very good) ways to earn extra money online.
Some of them, with effort, can even see you earning a living online.
My top recommended method (which is the same method I personally use to earn an income online) is something called affiliate marketing.
Affiliate marketing basically involves you promoting products for companies like Amazon online & getting paid commissions in return. It's a fantastic way to earn.
The best thing about affiliate marketing is that there are no eligibility requirements to get started meaning its open to everybody & the amount you can earn with it is uncapped.
On top of affiliate marketing (my top recommended method), there are also still some other good ways that you can earn too.
The alternatives may not necessarily see you earning as much, but if you want to check them all out & see which fits your criteria best, you can check them out here all the same.