How do forex, crypto and other investment scams work?

While there are a variety of investment scams, in most cases, they all have some similarities. You can avoid many potential fraudulent schemes if you carefully "ask, check and confirm".

First, scam brokers will promise you high returns, high yields, and little or no risk. They usually approach you as an online friend and send screenshots of proof of earnings (fake) where you can see them to lure you in.

Second, scam brokers are always unregulated.

They either do not disclose any regulatory information or the regulatory information they do disclose is false. (If they disclose regulatory information, a quick check on FxGecko's website or the regulator's official website will tell you whether it is true or not).

In addition, they are usually registered somewhere offshore and their websites lack contact numbers, email addresses, addresses, legal documents and other details, which helps the scammers to remain anonymous and untraceable.

If you open an account with such an entity, the scammers will constantly try to approach you to get you to make a deposit as soon as possible.

Once you have made a deposit, the scammer will convince you to trade. This way you will soon see your account generating a good profit - which of course is also fake. But not knowing the truth, you will get excited and ask for a withdrawal.

In order to gain your trust, the scammers will usually let you withdraw a small portion of your funds without any problems the first time and try to get another deposit from you with the promise of more lucrative earnings waiting for you.

When you have more and more money in your account and want to withdraw large amounts of money, as you might guess, they will not let you do so.

They usually ask for a false tax payment or say that your account is abnormal and that you can only withdraw if you pay the fee in advance. If you make a payment, you will increase the amount you have been scammed out of, but if you continue to ask them for your money , you will soon realize it is a scam! 

What should you do if you get scammed?

You should first report it to the authorities - call the police and contact your local regulators and other government agencies that deal with crime and fraud.

Also, deactivate your bank or credit card as soon as possible and call your card or credit card provider to report the scam you have encountered and ask for help - they can provide essential information and help you reduce further financial losses.

Finally, you can file a complaint against a scam broker on FxGecko's website or app, providing more information about how the scam works to alert others not to fall for it. FxGecko will send your complaint to the broker for resolution and will also expose their scam further.

Complaint here：https://www.fxgecko.net/en_US/

It is important to note that you should not blindly seek to recover your losses, as many fraudulent charge-back agencies are waiting for victims of fraud - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a "recovery scam". Beware!