Where there’s money to be made, be sure that there’s a bunch of fraudsters waiting to cash in. The internet has made it easy to make money legitimately such as by trading through the IQ Option platform. It’s also given rise to a new breed of fraudsters who use this technology to rob unsuspecting traders.
IQ Option has done a great job to ensure that their platform is secure. It’s virtually impossible for hackers to access their servers and steal from traders.
However, it’s your job to make sure that your account and money aren’t accessed by scammers posing as fellow traders or even IQ Option employees.
This article will look at the common ways scammers use to defraud unsuspecting traders. If you’re able to spot such scams, you’ll be in a better position to protect yourself against financial loss.
Social media scams
Social media platforms have made it easy to create small groups of like minded people. They’re also increasingly being used to defraud traders.
This scam goes this way.
A scammer creates a special group that’s dedicated to IQ Option traders only. The group rapidly grows with supposedly pro traders joining in. This scammer might even use social media ads to attract your attention. Once you join the group, that’s where the action starts.
The supposed trading pro will regularly post snapshots of winning trades many of which make thousands of dollars per day. Not to mention the selfies of the scammer traveling to exotic places and hanging out with famous people.
The goal of all this is to create a mental picture of where every trader wants to be. Next, the scammer ordains himself as the only person that can make you wealthy as a trader.
There are two main ways the scammer might get your money.
Firstly, he could ask you to “invest” in his trading fund. here, you’ll send him money and you get to reap profits once he trades with your investment.
Second, the scammer could propose that he becomes your account manager. But to do this, you’ll pay an upfront fee.
The problem with social media is that anyone can create an account and claim that they’re some millionaire trader. Photo editing software can be used to create a successful lifestyle.
The only way to avoid this type of scam is not to give your money away to a stranger claiming he can trade with it and make you millions. There are good social media groups you can join.
These can be used to learn more about trading from fellow traders. But once someone asks for your money, this should be a red flag.
I’m affiliated to IQ Option
This scam starts with a phone call or even an email. The caller purports to be an employee of IQ Option or even work with a company that’s affiliated to the platform.
The offer is to help you make more money trading on the platform. The scammer will very likely claim to know how to game the platform ensuring that you consistently make profits.
Alternatively, they may claim that their company is one of the most profitable on the IQ Option platform. They will also go to the extent of providing proof (Photoshoped images to show their earnings).
All you need to do is invest your money with them.
The thing is, IQ Option employees will not call you directly to discuss your account let alone finances. The only time IQ Option employees will contact you is if you initiate the conversation. For example, sending a query to their support team.
Also, if someone call yo claiming to be affiliated to IQ Option, it’s advisable to first look at the official IQ Option contacts on their website.
IQ Option website impersonators
This type of IQ Option scam uses a domain name extension. But rather than finding the official IQ Option website on this domain, you’ll find that the site sells trading signals.
Simply put, you’ll be expected to pay some money to access “hot” signals that will give you an upper hand when trading on the IQ Option platform.
Others are designed to resemble the IQ Option platform. All that the scammer needs is for you to enter your login details. These are phished allowing the scammer to gain access to your account – and drain it.
This is not to say that all websites that have IQ Option in their domain is a scam. Many are actually good sites that offer trading tips and advice (such as this one).
Trading bots that are actually malware
Trading bots are usually marketed as the holy grail of trading. You simply install a bot to your favorite platform or browser, click a few buttons and the software is supposed to make you money on autopilot.
This sounds like a great offer especially if the bot comes with a free month’s trial.
But how can software that’s supposed to turn you into a millionaire while you sleep be free? And, why do the software creators sell it for a few bucks?
The answer to these two questions is simple – the software doesn’t make you money. It only makes money for its creator.
These trading bots are designed to collect your account login details and send them to their creators. Once this data is captured, they will simply log in to your trading account and drain it.
Never try trading bots unless you’ve created them yourself. It’s better to learn how to trade and make money the hard way (actual trading) than give someone else access to your trading account while looking for a quick way to make money.
The best trading strategy for sale
There are many different trading strategies. As I’ve stated before, no strategy is superior to another. It’s how and when you use a particular strategy that matters.
Self proclaimed trading gurus will claim to have specific strategies that have made them millions. But in order to gain “limited” access to this strategy, you have to join their groups for a fee.
Many of these secret strategies are actually freely available online. But, you’ll only discover this once you’ve paid their access fee.
One thing most traders know is that anyone with a new strategy that makes millions will guard it with his life. Many of the successful traders seldom reveal their trading strategies.
So why would a millionaire trading guru go against this norm?
Tips for securing your IQ Option trading account
When opening an IQ Option account, use your official email address. Avoid using social media accounts. This not only makes your account more secure, it makes password recovery easier.
Ensure that you use two layer authentication for your trading account. This protects it from unauthorized access especially if someone illegally obtains your login details.
Two layer authentication requires you enter a code sent to your phone number to log in to your account.
Make sure that the browser you use to access your trading account is always updated. Your computer should also have antivirus software installed. If you’re using the IQ Option apps, you should ensure that they’re the latest versions.
Make sure that your trading account is fully verified especially after migrating to the real money account. Account verification ensures that no one can withdraw your funds to their account. IQ Option requires that withdrawals be made to the account used for deposits.
Never share your account log in details with anyone.
Finally, if you suspect that your account has been compromised or are contacted by someone you believe is a scammer, contact IQ Option support and report this.
Know of other tactics scammers use to defraud traders? We’d love to hear about them in the comments section below.