Following up from the classic betting scam video, I felt I should highlight another, more modern, scam. A Betfair trading scam.
This relies on a number of factors, but the primary one is that you can make money through trading, but a lot of people want somebody else to do it. Unfortunately that doesn’t make any sense (As I have pointed out in other videos)
So it’s likely if somebody offers to trade on your account or using your money, it’s a scam.
If you can trade profitability, there are virtually no legitimate reason why you would need to raise any funds to trade with or trade on somebody else’s account.
Alarm bells should start ringing immediately if somebody offers either of these ‘services’.
Link do palpite
Be very careful guys. Late last year I was scammed exactly as Pete describes here. The bustards are ForexPrime – stay well clear. Mind you they are not the only ones. But these bustards took me for £1000!!
I copied this as I could not clearly explain what happened: Using different company names to hide everything from the regulators. Yes, Invest.com is registered on CySEC, but as you clearly hear in the recording John said that Forex Prime, the signal provider and training center, is NOT regulated. This means they would easily mislead traders into placing trade they really shouldn’t be placing. On paper, a different company is advising about the trades you should place. This is just the same way a dodgy auto trade scam works, even if it links to a regulated broker. The 3rd party app is responsible for the trades, not the broker. In this instance, when things goes bad, it would be very easy for the broker (invest.com) to blame the unregulated signal provider (Forex Prime) for the bad results.
I find it amusing that anyone could be stupid enough to fall for something like this… I suppose there is one born every minute though!
Great advice Peter. However, if YOU offered to trade on my behalf, I'd willingly have your babies – and I'm a bloke! LOL
BETFAIR have pulled off a massive scam, NEXT US PRESIDENT market was in fact ELECTORAL COLLEGE VOTE market, ORANGES are not BANANAS, misleading at least, at most a £1.6 billion FRAUD
Would the company Mercurius fall into this category? They seem legit
What most depresses me about trading scams is that although they are often obvious, many victims refuse to see that it is a fraud. It sounds vaguely plausible and the confident voice and patter seems to explain everything and heads off questions.
I have seen people with several decades of experience in financial services hand over thousands to the most ridiculous ponzi scheme and despite going through every claim in detail to demonstrate its mathematical and practical impossibility they refused to see it. If it were a share scam they would have understood it instantly but because it bombarded them with talk of horses, second favourites, Betfair trading and book value it hit an enormous blind spot. To add insult one sent me an invitation to join (he got a bonus for introducing people). I was even told that I had a credibility gap as I'm such a trading minnow.
A few years ago I read of a fraud case where the police had to arrest the victim and get a court order to freeze her assets. Despite the detectives showing her it was fraudulent, she refused to believe it and began sending information about the police investigation and even more money to the scammers.
As pension funds are accessible early now and everybody is looking for a way to make a return…..the scams proliferate. Land banking, self storage pods. Maybe the ostrich farms of the late '80s will make a return. Personally I am playing safe and sticking with the little certificate that says that I have three bottles of wine valued at £20,000 in a vault. Somewhere.
Hello I'm gonna customise your car, all you have to do is to give me the keys and that's it! you'll have a better car. I'm really surprised that people still fall for that
Thanks for highlighting this scam… I'm certainly enjoying your many informative videos
What a great actor
Which dimwit hands their account details to some stranger?!
peter awesome vid as allways
i got approached by someone on facebook trying this exact scam and luckilly i saw through it, if you want any of their details peter i'd certainly help out
Loved this video Peter …. Acting could be apart of 2016/17 if your getting bored of trading 😃
I'm sorry but you'd have to be seriously stupid to fall for this…
if you combine the first scam you described in another video with this scam. Then the other account he gambles with doesn't have to be his own, it can just be another victim. And if he makes 5 good trades out of 10 people, he gets commission + possibly tips, and so on. Cool video!
Hi Euler, was there any connection with the victims that contacted you regarding how their details were gotten? Like similar pages they had subscribed to for the 250% profit in 12 months type thing, or anything likewise. Every slimey animal leaves a trace!
Many money was raped 🙁
It's not a bad scam I guess but you would have to be silly to fall for it as a gambler/trader. If you were the scammer you would make the person being scammed have basically no chance of winning and use their balance to lay. Just find a market with no lay odds available and lay the persons entire balance on something that should win and be small odds, then put up the best price you can with their balance and then log in your account and back it. I guess you could go the other way also and find something that has minimal chance of winning with no odds up and put up all their money at 1.01 as if they wanted to back at that price.