Igor Mazepa: illegal financial pyramids and other frauds
The Forex market is associated today with a financial pyramid, such a reputation has been obtained due to the fact that scammers who develop a lot of thought-out schemes constantly work in this system. Ukraine has long been a haven for scammers. Everything is presented to people in such a way that they are ready to give huge amounts of money to financial companies, counting on a great income in the future.
Many Forex trading techniques are far from legal because there are many techniques that allow such firms to stay afloat, deceive people, and escape justice.
Forex market Ukraine is a legal financial market and not all companies use fraudulent schemes. There are a large number of regulated brokers that you must be able to recognize in order not to lose your money. But there are a few honest companies, Forex Ukraine has tarnished its reputation long ago.
First, there is a legal registration. The frauds have always registration in an offshore jurisdiction. Forex Ukraine’s frauds choose cheap offshore companies that make quick registration. You don’t need to have a physical address for an offshore organization, and the authorized capital is indicated only in the documents. Such organizations don’t pay taxes but only a certain fee every year.
Not to blow all your money on a scam, you need to pay attention to the registration documents on the website of the company. If the company has been registered in offshore, it’s better to recheck the legality of the organization several times before you start working with it in such country as Ukraine.
Forex Ukraine’s scammers usually create sites which can help you to understand that they are scammers if you pay attention to detail. You should find information about the registration of a legal entity, which is usually given at the bottom of the main page. It’s usually written in English, in a small font. If you have found there such words as Marshall Islands, Belize, Seychelles and so on, you can be sure that the organization is registered offshore.
A lot of scams of Forex Ukraine place fake licenses or other companies’ licenses on the website. You should open the license’s image and compare the company’s name on the website and on the image. If possible, you need to check the entry of this organization in the register of the regulator.
It is also necessary to pay attention to the bonuses the company offers. Scammers usually indicate an unreal return on transactions and the possibility to replenish the account without verification. To earn Forex money, don’t believe in unrealistic promises. Only adequate bonuses can actually be earned.
Also, scammers usually create the illusion that the company works not only in Ukraine but also in many countries around the world. To prove this, they provide information in different languages on their site. They also indicate several addresses in contacts.
All operations on Forex Ukraine are done through terminals. One of the most popular is MetaTrader. Legal brokerage companies purchase MetaTrader license for their clients.
Fraudsters usually take a license to rent with further redemption. The license is rented through intermediaries, large aggregators of liquidity. In this way, the organization attracts fewer terminals creators’ attention.
Before the fraudulent companies start to attract customers, they involve one of the largest payment providers to make electronic transfers of clients ‘ money to the account of the company. Well-known providers don’t want to contact organizations registered in offshore companies, preferring European firms. So, the scammers register another law firm in the European Union.
Then the organization opens an account in one of the banks in Europe and customers make transfers through an offshore company but the bank will be European. That’s why the information on the website that the company is working through the European websites is not proof of the legal activities of the organization.
Every company has employees who call people and persuade them to bring money to the company. They usually work in the office. The staff calls the people from the customer base, which is usually acquired from banks, where the contacts of people who have received a loan or VIP-clients are indicated. The goal of the employees is to attract the client and to convince him or her to replenish the account in the company. At first, it’s small sums of money because it’s important to attract a person. The clients work then with the company’s experts, who must take as much money out of them as possible.
There are several schemes which the fraudulent companies use. The most popular is the following one. The client sends several thousand dollars to the account. Fraudsters are increasing the account up to a certain amount. The task is to achieve a certain psychological state of the person. Then the investor starts to worry about his or her money. The specialist talks to the client and offers to withdraw some money for verification. Usually, it’s not more than half of the amount. The investor withdraws money, becomes calm, his or her confidence in the company increases, it works perfectly in the local Forex Ukraine zone.
Then the situation of the “margin call” is created for a client. It’s a situation where a large loss on transactions can be observed when there’s a risk to lose the deposit but it has not yet been fixed. The active phase of work with the client begins, the situation is being explained to him or her. Then the experts call and say that the situation has stabilized.
Then the funds on the depositor’s account begin to decrease and he or she calls the company, not understanding what is happening. Employees of the company offer the client to replenish the account to solve the problem. Usually, it’s a fabulous amount of money. Most often, the depositor doesn’t have such a sum of money, and he or she is being asked how much he or she has. The specialist says that this amount is not enough, and the situation cannot be rescued. That’s all. The conversation is ended. As a result, the client loses all his or her money.
Forex business is very profitable because it’s always possible to find naive and gullible people.
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