The foreign exchange market, better known as Forex, is a global decentralized market for the trading of currencies. With an average daily trading volume of over $5 trillion, it is the largest financial market in the world. However, with such high stakes, it is also a breeding ground for scammers and fraudsters. One such scammer that has been making waves in the Forex community is TRADE DAILY FX. In this article, we will delve into the details of this fraudulent company and expose their deceptive practices.
The Rise of TRADE DAILY FX
TRADE DAILY FX claims to be a reputable Forex trading company that offers high returns on investments. They promise their clients a guaranteed profit of 20% on a monthly basis, with minimal risk. This enticing offer has attracted many unsuspecting individuals, who have fallen victim to the scam.
The company was first registered in 2017 and has since then gained a significant following on social media platforms. Their flashy website and social media presence give off the impression of a legitimate and successful company. However, upon closer inspection, it becomes evident that TRADE DAILY FX is nothing but a cleverly disguised scam.
The Deceptive Practices of TRADE DAILY FX
One of the main red flags of TRADE DAILY FX is their lack of transparency. The company does not provide any information about their team or their trading strategies. They also do not have any verified track record of their trades or any regulatory licenses. This lack of transparency is a major warning sign for any legitimate investment company.
Furthermore, TRADE DAILY FX uses a multi-level marketing (MLM) scheme to attract new investors. They offer referral bonuses to their clients for bringing in new investors, creating a pyramid-like structure. This is a common tactic used by scammers to keep the money flowing in, while providing little to no returns for their clients.
The Truth Behind the Lies
Despite their promises of guaranteed profits, many clients of TRADE DAILY FX have reported losing their entire investments. The company has a history of blocking clients' access to their accounts and refusing to process withdrawals. There have also been numerous complaints of the company manipulating trades and falsifying trading results.
Unraveling the TRADE DAILY FX Scam
TRADE DAILY FX's fraudulent activities extend beyond their lack of transparency and their MLM scheme. Despite their promises of guaranteed profits, many clients of TRADE DAILY FX have reported losing their entire investments. The company has a history of blocking clients' access to their accounts and refusing to process withdrawals. There have also been numerous complaints of the company manipulating trades and falsifying trading results.
Moreover, TRADE DAILY FX has been accused of using high-pressure sales tactics to coerce clients into investing more money. They often target inexperienced traders who are not fully aware of the risks involved in Forex trading. These tactics include making false claims about the potential profits and downplaying the risks involved.
Legal Actions and Consequences
Due to the numerous complaints and evidence of fraudulent activities, several legal actions have been taken against TRADE DAILY FX. Many clients have filed lawsuits against the company, seeking to recover their lost investments. Regulatory bodies in various countries have also issued warnings about TRADE DAILY FX, advising potential investors to steer clear of the company.
Despite these legal actions, TRADE DAILY FX continues to operate, albeit under different names. They have been known to rebrand and set up new websites to continue their scam. This is a common tactic used by scammers to evade legal actions and continue defrauding unsuspecting individuals.
Conclusion: Stay Informed, Stay Safe
In conclusion, TRADE DAILY FX is a prime example of the scams that plague the Forex trading industry. They use deceptive practices to lure in unsuspecting individuals and defraud them of their hard-earned money. Aspiring Forex traders must be cautious and do their due diligence before investing their money. Remember, if something seems too good to be true, it probably is. Stay informed and stay safe in the world of Forex trading.