Our group is the first to champion Online Forex Trading in Zimbabwe. We provided the platform for free sharing of information and resources on Online Forex Trading in from October 2015. In June 2016 we created a Watsapp Platform for the group where we added more than 200 members.
During the year we later on established that we had added a lot of people who were not really interested in Online Forex Trading but members who were only interested in hoodwinking unsuspecting members. We had members who were advertising Binary Trading and other Ponzi Schemes. We tried our best to weed out these unscrupulous elements and warning group members of the dangers of working with them.
How Online Forex Trading Fraudsters Work.
Just like the now defunct MMM, Some so called Online Forex Traders open Whatsapp Groups where they recruit unsuspecting members of the public. They will promise to invest money on behalf of members with the promise of high returns. In the initial stages they usually deliver on these promises with interest rates as high as 100%. After investing several times, the scheme will collapse with members losing thousands of dollars. Members usually realise that they have been conned when they try to contact the Online Forex Trader but not successful in contacting or locating them.
Our Advice to Group Members
Stop investing in any new activities that you are not sure of. Avoid schemes operated by people you do not know. With the collapse of the MMM scheme other new dodgy schemes are cropping up every day. We therefore urge our members to be wary of any new schemes.
For the purpose of this update I will concentrate on these 2 areas only;
- Binary Trading: At face value Binary Trading is fine. The only problem comes when one promises members of the public to be an expert trader and takes funds from members for investment.
- Online Forex Trading: Jut like Binary Trading it looks good on paper-a complex financial trading scheme where millions of profits are made every trading second, millions also being lost every trading second in this high risk high return industry.
- Bitcoin Trading: Little is known by most Zimbabweans of this new form of currency and Bitcoin Traders are promising high returns to anyone joining their schemes. You pay joining fees and get paid for every member that you recruit.
There are other emerging schemes where members of the public are invited promised unrealistic high returns. Our advice is that you should never ever join these schemes. Never wire any money to anyone promising high returns.
If you remember well, sometime in October 2015 we gave members a warning about MMM and in less than 8 months later, the scheme collapsed. As for our ZBIN Online Forex Trading Group Policy, our message is clear. Just learn the basics on dummy account. Our Administrator Miss Lorraine will provide you with free resources, free website links, free videos but we will never allow anyone to take funds from members and invest.
If anyone is taking funds from members of the public and promising high returns on investment then do Zimbabwe a favour-quickly get contact details of the person and approach the Police. Report to the Police anyone promising unrealistic high returns on funds invested! If you would like to try your hand at Online Forex Trading then do a lot of dummy account practice before going live-never ever give funds to anyone to trade on your behalf!
