Updated: Jan 15
There are many newbie traders contacted me that they got scammed and how they can recover their money. The truth is 95%of them will never get their money back.
Why Beginner Traders gets scammed?
Many beginner Traders wants to become rich quickly and they get trapped by online scammers. Most new traders do not understand how stock market and cryptocurrencies works and they rushes to sign up with any online broker or website without doing any research. You should always check reviews of any company or website before handing over your bank details, not 1 review but many reviews because some reviews are fake and paid by the company. Keep in your mind there is no easy way of money. You have to work hard to make money that's how the life has been designed. Greed is the biggest enemy of an investor. Do your self assessment, be honest to yourself and find out are you too greedy? If yes then you need to work on it and control on your greed. Remember one day you and me will die and leave everything behind. No ones going to take anything with them no cars, no house, no dollars. People will remember you for few days or few years after you die and then will forget about you, Even your own family members.
Right now Showing Off is the serious sickness in people's mind. Whoever has that sickness They are not happy. They have low self esteem. They do not appreciate what they have. You do not need to be multimillionaire or billionaire or celebrity to become happy, in fact many of these people are unhappy in their lives. There are people who are not rich, happy and satisfied with their lives. Anything gives you stress you shouldn't run after that thing. A cheap and reliable Toyota car does the same job as Rolls Royce, take you from A to B. A cheap Casio watch tells you the same time as an expensive Rolex Watch. The Purpose of your life should be helping poor people in need, than wasting money on expensive stuff for showing off and You will definitely feel better and happy that way.
How New Traders get Scammed?
Understanding Stock Market and Cryptocurrency is difficult, however remember nothing comes easy in this world. You will have to work hard, be honest and have dedication to understand it. The rule of investment is never ever invest in something you don't understand or until you are 100% sure that you understood about that particular investment.
There are many website and brokers who promises that they will make you rich quickly and that's the first and serious alert that they are scammers. If you join a trading platform and if they are asking you to buy bitcoins and transfer to their website account then you are getting scammed, because when you try to withdraw your money then they will say they lost your private keys and will ask you to pay more to get private key, Stop right there and do not pay anymore money. They normally ask you to buy bitcoin and transfer to their website account because they don't want you to be able to get your money back or withdraw because bitcoin is anonymous and you can't charge it back like you do in banks. If you pay by PayPal or credit card then you can still get your money bank by help of your bank. There are some platforms who allows credit card or PayPal but they might be still scammers.
Firstly you should never ever do day trading. Day trading is gambling and 90% of day traders loses money according to eToro and many other websites. You need to understand the difference between investing in stocks and betting on stocks. Read My post How to start investing in the stock market? (beginners to intermediate guide) and
Can You Recover Your Money from Scammers?
The answer is No. There is only 1% chance you will get your money back. The Internet is anonymous and scammers always prepare themselves before scamming people. They make it difficult for the government and police to track them. At the end Government and Police are very powerful they can track anyone they want and catch them, however Police will more likely won't help you for your mistake. They may take your complaint but won't spend their money and energy for your mistake and I don't blame them, because there are millions of greedy traders gets scammed and then goes to Police, which increases their workload unnecessarily. That's why prevention is better than cure. Its your responsibility to protect yourself from scammers.
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