“They guaranteed doubling my money, now I must pay more”

Forex, binary options or cryptocurrency trading scams attract you with the promise of high returns in a short period of time.

Scammers generally contact you on social media claiming to be from the US or Europe and show photos of luxury goods on their profiles to appear successful.

They sometimes pose as a Luno representative which leads some of our customers to believe that Luno is part of the scam.

They may offer to create an account for you on a trading platform and will share screenshots of your profits before requesting that you pay various fees in order for the funds to be released.

These fees are payable in cryptocurrency to a non-Luno wallet (so that the funds cannot be recovered) for things like:

  • Consultation fees.

  • Registration and verification fees.

  • Tax fees.

  • Profit release fees.

  • Cost of transfer (COT) fees.

  • Package activation fees.

  • Poor online reviews.

When you refuse to pay, they block you on social media and disappear, leaving you without recourse or funds.

Here’s what to look out for:

  • The false promise of guaranteed profits (if it sounds too good to be true, it probably is)

  • A broker that operates in a country with a poor regulatory framework.

  • Poor online reviews.