In the last few decades, the financial regulatory authority has become stringent and more policies have been enacted to ensure the smooth process of transactions for investors. As many brokers are emerging, they need to control them by imposing regulations that are beneficial to customers. Earlier, there were many popular frauds in this industry where investors would be tricked to provide the capital for a strategy. Slowly this has been unrevealed but as this sector evolves, so do the con artists. New ideas have been discovered and people are getting in fooled in ingenious ways. As the modern generation of traders is becoming habituated with smartphones and its uses, many traps are also being smartly designed. Nowadays brokers offer their designated platform on mobile application and this is a growing trend. Investors can manage the fund from their devices and remotely execute orders.
Most struggle to find the perfect trend and this is where another brilliant scam is slowly growing root in ETF trading industry. It is the signal-seller business and without experience, it is hard to tell when you are being scammed. After going this post we expect the readers to perceive the latent threats that often become dangerous over time. This not only kills the potential of an individual but also drains him out of his self-confidence.
What is this signal-seller thing?
This is exactly what it sounds- vending probable price direction in exchange for monetary rewards. A bunch of people would approach an investor with confident speech and convince him into spending or subscribing to their premium signals. As this sector is virtual, advertisements popping out that illustrates how they have changed the lives of struggling customers. After purchasing their product, they can easily make tons of money without worrying about the outcome. It does not require analyzing and their groundbreaking AI does this work at a fraction of time at super-fast speed. For skeptical customers, hundreds of customers’ testimonials can be found on their websites, praising how simple it is to follow yet efficient results.
Such websites often portray reputed professionals to ensure they have the backup of a genius mind if there is an error on the system. A dangerous aspect of this con is it is specifically designed for novices. Due to their lack of experience, they cannot distinguish right from the wrong and ended up spending capital. Hundreds of thousands of dollars have been conned by these swindlers using this technique.
Things to learn from the elite traders
Try to find one trader who depends on the Signal service provider. You will never find any successful trader in Singapore who copy trades from other traders and earning millions of dollars. Educate yourself properly with the help of free resources at Saxo. Use their paper trading account and test your trading skills. Gain more confident and soon you will never look for the signal service provider.
Are all seller fraud?
No matter how much credible source is presented, a group of enthusiasts and lazy traders would always like to know whether this amazing opportunity is a swindling method. As it is as easy as ABC to open up a website and start selling signals, investors are often confused. Sweet talks lead them to believe this agency might not be a racket. Many professional groups may lend their expertise but the reliability is questionable. Moreover, who would possibly waste this talent for a few bucks when this could potentially change the career? All they need to do is use leverage in confirmed movements and change lives forever. However, if you get lucky, you might find some pro traders who sells authentic signals that can secure a path to earn money.
Why has regulatory bodies not shut it down already?
Unfortunately, it is not as easy as it seems. Any person can set up a convincing portfolio and persuade potential clients. Moreover, it is not possible to keep track of every financial site. Rackets take this chance and often lure novices and successfully take their deposit. It is the responsibility of individuals as well to be aware of such tricks and protect themselves.