Why are there so many forex traders on Instagram?
On Instagram, people usually want to let other people know what they are doing and it is a way to attract investors. Ever since the pandemic began people started looking for ways to make money online and then the Forex scammers boom began. It’s not like they were not there before. But it doubled up after the pandemic.
Why is forex trading becoming so popular?
Market Liquidity As one of the largest financial markets, forex trading has the potential for high gains and fast returns. This is because the huge volume of currency being traded at any time provides many opportunities for liquidity. This does however add to its volatility and increases the risk involved.
Can you really make millions through Instagram forex trading accounts?
If you’ve spent any amount of time browsing through Instagram then you’ll have no doubt come across those Instagram Forex trader accounts. They’re typically run by young guys or girls who all suspiciously seem to own (and showcase) an Audi R8 – and they all claim to have “easily” made millions through trading accounts online.
Are Instagram traders legit or fake?
Well, the truth is (as you’ll soon see) these so-called Instagram traders are not actually doing any trading at all – instead they’re just faking it to trick you into signing up for a borderline scam so that they can earn some money at your expense.
Is it possible to get scammed on Forex trading?
However, often Forex traders don’t have a great understanding of how Forex markets work and what a Forex broker does exactly, which leaves the latter a lot of room to scam the trader. Whether it is about proposals on Instagram or simply fake investment advice, beware.
Do any of the YouTubers and Instagrammers have trading history?
There are some brokers like hotforex, octa etc who also provides webinars for learning and development of traders. Somehow none of those youtubers and instagrammers have trading history. Some pictures only.