Influencer marketing is a big trend in the social media era. Brands pay influencers to promote their products and services in social media posts to thousands or even millions of adoring followers. By associating their offerings with the lifestyles these personalities lead, businesses reach new audiences who eagerly consume their advertisements. But legitimate businesses aren’t the only ones that use these tactics! It’s just as easy to use the influencer lifestyle to scam as it is to sell a designer handbag. Learn how to spot and avoid a forex scam on social media!
Faking the Influencer Lifestyle
It’s unlikely that a celebrity influencer like Kim Kardashian is going to promote a forex scam on her Instagram. Instead, scam artists create their own illusory influencer lifestyle in order to convince victims that they, too, can live a life of luxury after learning how to do forex trading.
It’s surprisingly easy to fake a glamorous life on the internet. Sure, you have to spend money to make money, but it costs a lot less to rent the trappings of the rich and famous than to actually buy them. There’s an entire industry dedicated to allowing influencers to have the best of the best just long enough for a photo shoot.
Did you know that you can rent time on a grounded private jet in order to create the illusion that you never fly economy? Or that you can rent a luxury sports car? Brands like Rent the Runway make it possible to temporarily wear designer brands. Or, of course, fake influencers can wear fake designers, getting their rip-off watches and sunglasses on the street corner or from ecommerce sites. Stock photo sites are another source of fake luxury… why travel to exotic locales when you could just purchase someone else’s vacation photos and post them as your own?
How to Spot a Forex Scam on Social Media
Forex scam influencers like to talk about how much money they made by trading forex, and how easy it is, if you just follow their process. They’ll try to sell you a training program, or offer to be your broker, all while showing you the glamorous lifestyle they’re leading.
To spot these fakes, take a close look at their social media feed. Do you see them using the same photos, or different photos from the same location, over and over again? They probably rented a jet, car, or penthouse suite for a few hours, or took one budget trip to a beautiful location, and are recycling that content for all its worth.
Also, ask yourself this: if they can make so much money from forex trading, why do they need to spend so much time trying to sell their program to you? If you were rich, what would you do with your time: sip umbrella drinks on a beach surrounded by beautiful people, or post ads to Instagram?
Be aware of any trader who tells you their system offers “no risk” or “guaranteed results” or who pressures you to commit more than you can afford. These are all red flags of a forex scam, as any legitimate trader knows that trading comes with a risk and you should never trade more than you can afford to lose.