In a documentary series that aired in October last year, Singapore-based news agency CNA reported on how Southeast Asian youths may have been duped in online dating scams that led to illicit investment.CNA).

In this fraud mode Victims are tempted to use dating applications. Invite them to communicate online for a period of time to convince them. Then invite them to “invest” together using applications that claim to be able to make money. On the first and second attempt Victims can withdraw money. but in several subsequent attempts The victim’s account was suddenly suspended.

in the following article The author will share some tips to see if the trading application recommended to you is a scam or a fraud. Here’s how:

1. Understand the mechanics

Think practically for a moment. Any business, including game application businesses or even NGOs, definitely needs profits to run properly. Although these profits are not the main focus. as well as business applications To create an application costs millions. Not to mention the cost of hiring managed HR.

Usually, legitimate or well-defined trading applications benefit from advertisements or user-funded subscription fees. Fee or no ads at all It is possible that the application uses money game mechanics or Ponzi Project.

Put simply, money games and ponzi schemes are forms of financial fraud that use new users’ money to pay profits to existing users. Money games or ponzi schemes are not allowed in Indonesia.

Trading apps with this model often offer trading on a wide range of assets that you may not understand with low or no capital and costs. and high profit level (Much above average). “Low risk trading” or “Easily earning”

2. Check the legitimacy

There are applications in which the mechanisms and methods of obtaining benefits are clear. But it is not endorsed in Indonesia such as foreign forex trading applications. Subscription fee But it’s legal in Indonesia like the mutual fund investment app Seeds.

Therefore, the second step in finding out if the trading application you are using is a scam is to check its legitimacy on the official website of any financial institution OJK. Both banks and non-banks Must be licensed to operate from the Financial Services Authority (OJK) and abide by the regulations set by regulators.

all Trusted forex trading app It must be supervised by OJK, so there is no doubt about its legality.

To eliminate fraud under the guise of investments, the Financial Services Authority is partnering with other institutions to establish. Investment Alert Task Force (SWI). SWI regularly eliminates sites offering fraudulent investments and sites that operate using ponzi schemes or money game mechanics.

Especially for investing or trading forex and commodities. You can check the legitimacy of the respective company on the Commodity Futures Trading Regulatory Agency (BAPPEBTI) official website. Check directly on the institution’s official website to see if the application you are using is a scam.

3. Check the credibility of the website

One way to avoid fraud in the investment and trading mode is to check the credibility of the website. First, make sure the website is not blocked by Kominfo. The user of the website looks credible. Third, check the credibility of the website to the website from third parties such as. trustpilot.com.

on this website You can see what people think about the website you are looking for, so you can find out the credibility of websites and trading applications in general.

4. Check the credibility of the application.

Not just a website Applications also need to be verified for credibility. The reason is that in order to be listed on the Google Play Store, the developer only needs to pay for the subscription. And their credibility was never checked. There are several ways to check the credibility of this trading application, namely:

  • By looking at the number of people downloading. The more people download The better the app, the better.
  • read reviews If you want to read reviews directly on Google Playstore, you need to be careful as these reviews can now be created using bots. There is no definite way to check if a reviewer is a bot. but in general The language used by the bot reviewers is vulgar. It feels repetitive, even if the usernames are different and seem too inviting for users to use relevant applications.
  • For foreign forex or cryptocurrency trading applications, you can find reviews on the trading application review page such as Nerdwallet, Investopedia or DailiyFX.
  • Check websites and social media. In general, legitimate trading applications are not supported by just one application or market channel. They also use a variety of other marketing channels.

5. Check the credibility of the developer.

Be it trading forex, crypto or even stocks. The credibility of an application development company is important. For example, in the case of crypto, the dubious credibility of developers can also trap traders in scams. carpet pull project.

The way to verify the credibility of this developer is to look at the name of the company that published the application on Google Play, copy and paste the company name. If the company name does not appear or appearing to be suspicious don’t download

What is a suspicious company? For example, the name of a company copied the name of another existing company but with minor modifications. Or the company’s office doesn’t appear clearly on Google Maps. If you can access the company’s website and see the name of the person behind it. You can find the names and backgrounds of these people on social media.

Because in this digital age Others can easily download images on your social media for irresponsible purposes. Therefore, be sure to check the credibility of the application development company before using it.

In principle Trading and investing is just like any normal business. Sometimes profit, sometimes lose. It takes patience and patience as well as enough knowledge to become a successful investor and trader. This includes patience and perseverance in choosing the broker and trading application used.


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