Why are there so many signal scammers on Telegram?

@Mamat Suganda: It's like fishing in troubled waters, the world of forex trading, which already has a negative connotation in society (because it's considered gambling), is being exploited again by them to gain profit. In my personal opinion, they indeed intend to mislead, whether they are aware of it or not.

The existing loopholes are very clear. It all starts with the wrong mindset of most traders. 

The mindset of most forex traders is "forex trading is a way to get rich quickly (get-rich-quick-scheme)". Therefore, offers of fraudulent investments, fantastic profit signals, EAs that are guaranteed to profit, etc. are attractive to traders with that wrong mindset.

As a result, these fraudsters will have many followers on Telegram because the market segment exists. Conversely, if directed to learn and practice trading for several months, most traders will back down.

To avoid being trapped, it’s good to learn how to recognize scammers on Telegram who claim to be providers of guaranteed profit signals.

Thank you

Mr. Rizki, are there any examples of such scam accounts on Telegram? So I can be careful when I want to join a group.

I have experience with FREE SIGNALS on Telegram, mostly from signal senders from Malaysian traders. They usually advertise their channels via FB. To join VIP signals, you must use their IB. The broker they use is OctaFx. They are actually not honest in providing signals. Usually they provide TP1, TP2 & TP3. Sometimes if it doesn't reach TP2, we actually lose even though it's set to BE if it touches TP1, (the BE setting can't be pressed because the price doesn't touch it, but goes straight to loss) but strangely they say profit TP1. From there, the fraud is already visible. Sometimes also if it's a Loss, they don't post, but mostly post hit TP1, hit TP2 and hit TP3.

Actually their job is just analysis, because what they need is commission from subscribers who join under their IB. Just 1 lot can get a commission of up to 2 dollars for one person. What if the number of subscribers reaches hundreds of people????.

If you want to try, feel free. You can delete the IB after we register under their IB. Of course after we join their VIP channel, because the deleted IB is not detected by them. I personally usually delete their IB after entering their VIP Channel. On Telegram I have many of their VIP channels even though I have deleted all their IBs. Starting from the Baimwong channel, Mas Joko, Mas Budi, Om Rendy, & many more. Maybe they are just 1 person farming many accounts.

That's a pretty good strategy if it involves exiting and deleting IB, but is it complicated? As for OctaFX, I won't be using it yet, sir. It seems many people have had problems with it because the broker is rumored to be fraudulent recently. So if possible, choose another broker first. Otherwise, you'll get hit twice, the broker is fraudulent and the signal provider isn't very good either hehehe...

I have been trading on OctaFx for almost 3 years now, and during this time withdrawals have always been smooth, even liquidating into the ATM within half an hour after the request. In addition, I also received a 50% bonus (minimum deposit of 50 dollars). The bonus is only for margin endurance. I also often get t-shirts or hats after trading a minimum of 5 lots. In my opinion, OctaFX or FBS have never cheated on withdrawals, although FBS takes a little longer to liquidate (about 6 hours) than OctaFX (only half an hour).

If you want to play it safe WITHOUT hassle & WITHOUT having to monitor charts every day, it is best to use copytrading on OctaFx. Minimum investment of 25 dollars (depending on the master trader). If you want to invest 100 dollars, make it 4 copytradings so that the Loss is small.

@Pangeran212
That's absolutely right, I was also a victim. The Telegram signal is dishonest, losses aren't shown, only profits are posted. They use Buy Sell almost simultaneously, I was scammed. Their language sounds like they're from Malaysia even though they claim to be Indonesian. Oh, it's because of the IB, that's why they're willing to give free signals, it's strange that they have 7-8k followers. I've learned my lesson about following free Telegram signals, it's better to learn Forex properly until you are profitable.

If you think about it LOGICALLY, it's impossible for them to provide FREE SIGNALS, they have to bother typing in telegram to give signals. Personally, why would I share free signals if not to profit from IB??? These Malaysian traders are quite clever in crafting sentences, as if they want to help, but in practice, they manipulate the SL. There are those who honestly admit a hit SL, but there are also those who are dishonest and say "Recovery" in their sentences. Even worse, sometimes they post their TP2 or TP3 hits today, even though they gave entry signals & hit TP1 yesterday or 2 days ago.

If we set a BE plus (to reach TP2) when it touches TP1, sometimes it can't be pressed because each pair has a minimum point for setting BE. If it can't be pressed, the price suddenly plummets (using Malaysian terms), you will definitely LOSS. BUT strangely they say they hit TP1.

They should be honest, they should just post what the TP is, or wait for the TP UPDATE from them (for example EXIT NOW). So there's no need to use TP1, 2 & 3. And losses should be minimized as much as possible. So there is still Profit in a week. But because they are chasing commissions from IB, they use TP1, 2 & 3 as if they are great traders.

CONCLUSION: They just work as ANALYSTS, not as PLAYERS. It is very likely that all the blue images they post on the MT4 platform are demo accounts. They don't dare to give us investor passwords because they are only looking for IB COMMISSIONS from hundreds of subscriber members, even reaching thousands. At least $300 a day from commissions is already in their hands WITHOUT having to bother being a player. IT MAKES SENSE, DOESN'T IT ???

Why are scams still rampant on Telegram? Can't the admins be traced? It's very unsettling..

To Kalista Dwi,

This is because there is no regulatory body/supervisory agency specifically assigned to monitor activities on social media. In Indonesia, the investment alert task force as the authority that monitors all fraudulent/suspicious investment actions does not delve too deeply into monitoring activities on social media or instant messaging applications (such as Whatsapp, Telegram, etc.).

That is why social media or application-based messaging groups are very vulnerable to the spread of misleading information and even fraudulent activities. Therefore, we are obliged to filter and find out the truth of information before accepting information (such as investment invitations or simply following trading signals) on social media or instant messaging applications.

Hopefully this can help.

@ Mamat Suganda:

I think they are just messing around. If the signal is sold and someone buys it, it means they are making a profit. Regarding the thousands of followers, I'm not sure.

 

Reply to Kalista Dwi: They are still around because supervision in our country is still not optimal. It's not just forex trading "under the guise of signals" on telegram, even blatant gambling offers (like slots) on social media and games (as ads/advertisements) are still prevalent.

I have reported many of these telegram groups but they still exist to this day. Oh yes, regarding the thousands of followers on telegram, don't be fooled, many of them are bots (more than 90% bots). You can also create groups with tens of thousands of members by buying telegram followers, many offering such services.

Back to the topic, currently I personally see the solution as more towards fostering financial awareness or literacy among the public.