More and more traders are using a Telegram trading group as a source of information and a means of communication for new trading and investment opportunities. Meanwhile, much of the discussion and analysis of cryptocurrencies and other asset classes takes place via Telegram channels.
In our experience, however, this is exactly where a number of fraudulent brokers are found. Numerous clients who have fallen victim to a scam site while trading online and lost a lot of money repeatedly tell our team of lawyers about the initial contact via Telegram or a similarly popular messenger service.
Highly professional fraudsters are constantly developing new methods to obtain people’s sensitive data and assets. Fraudsters often use direct communication channels to get in touch with unsuspecting people. The aim is to build up a relationship of trust on a personal level in order to be able to scam higher amounts.
Therefore, it is popular for fraudsters to contact people via SMS or messenger services such as Telegram.
If you have also become a victim of fraud via Telegram, our lawyers offer you a free initial consultation in which we analyse your situation.
With this text, our lawyers would like to inform you about the risks and dangers of supposedly good investment tips via Telegram.
Fraud via a Telegram trading group
The scammers use Telegram to communicate with their potential victims. After all, they lure them to their trading platform, which was developed specifically for this crime, with the promise of very high returns. What usually starts with trial investments and a supposedly close and competent customer service by the broker ends in a big scam.
Deposited funds are never used for the advertised trading. All investments flow directly into foreign accounts. Meanwhile, the victim is shown fake diagrams on which he can admire his alleged profits. If he then demands payment of his returns, the broker’s behaviour changes.
Usually, he demands the transfer of further money such as alleged taxes or commissions for the payout. Then the contact is broken off and the customer account is frozen.
What role does Telegram play in foreign exchange trading – Forex Trading?
Telegram combines the functions of a social network and an instant messaging service. This programme allows its users to interact socially by chatting, sharing media and forming or joining groups. Telegram was designed to allow people to talk to each other without worrying about their messages being intercepted.
Telegram’s focus is not on collecting as much data as possible from its users, but rather on providing them with a safe and reliable means of communication. Platforms like Telegram are becoming increasingly popular due to the revelations of the NSA and other intelligence agencies.
This explains why the number of Telegram users has exploded in recent years.
Why traders prefer to use Telegram
Telegram trading groups are popular among investors because it seems easier to gain knowledge about trading by participating in a community of like-minded people. Ostensibly professional traders give their assessments on various currency pairs.
A common piece of advice from brokers is that clients should organise group chats using messaging apps such as Telegram. This is supposed to answer all the questions that beginners in trading have. But it remains questionable how correct the information disseminated there is.
How do crypto signals work?
Crypto signals, also known as trading signals, give investors advice on whether to buy or sell a particular cryptocurrency. These trading signals can be created using mechanical or human analysis. These signals are often the end result of an investigation that takes many different aspects into account.
Technical analysis is often used when determining when to enter or exit a trade. But other aspects of the market, such as data from news reports or investor sentiment, can also be used in the assessment. It is common for trade signals to be accompanied by stop loss and take profit levels.
Telegram Trading Group: How credible are the trading signals?
There are few statistics on how reliable the trading signals on Telegram actually are. There are both trustworthy and dishonest sources of trading signals on Telegram. What is clear is that anyone with a Telegram account can create a trading group and send trading signals to its members.
Consequently, any group of traders, no matter how talented or unskilled, can form a group and send signals.
Therefore, you should always exercise caution when relying on trading signals posted on Telegram. There are scammers or self-proclaimed trading experts there. No amount of Telegram signals or secret tips can replace your own research and trading plans.
Signal providers should publish the full history of their signals so that users can check their accuracy. While past performance is not always an indicator of future success, it can help assess how trustworthy the signals really are.
Selling fake trading signals
Put yourself in the shoes of the person offering or selling trading signals. Professional traders, for example, usually avoid using trading signals. Almost always, the people offering you free trading signals are rogue individuals who want to make a profit from your investments.
On the one hand, this means that trading signals can only be used to facilitate low probability trades. On the other hand, it means that the signal providers do not care about the outcome of the trades. They make their money from the traders’ purchase of the signals and not from the traders’ actual profits.
As a result, traders have to rely on unreliable information to make trading decisions. Therefore, losses occur with comparable regularity. If you use this type of service, you may make hasty and wrong decisions when trading CFDs or other products due to lack of experience.
Trading community or gathering place for scammers?
Friends or virtual acquaintances with trading experience appear to be the best source of advice and guidance for traders. Investors strive to stay in touch with the Telegram group so they can ask questions about brokers, signals and market movements whenever they arise.
By belonging to a group, they are able to learn the names of new traders much faster. Traders and anyone interested in forex signal services can join any number of relevant Telegram groups. To keep up with these conversations, traders join Telegram.
Copy trading and other account management services are available on multiple channels. But where funds flow, scammers can also be found. Fake online trading platforms, misinformation, fraudulent brokers, are just some of the many risks and dangers to be expected in rogue Telegram trading groups.
Now we will introduce you to two more scams, mostly carried out via Telegram, involving investment fraud.
Grandchild trick was yesterday – the new scam
The grandchild trick is now widely known. The trickster (or often the trickster) contacts the mostly elderly person by phone or via messenger services such as Telegram. The tricksters do not give their name, but choose the form of address and pretend to be a close relative – often a grandchild.
Whether by telephone or Telegram, it is important for the fraudsters to have direct personal contact with the victim of the scam in order to take them by surprise.
Combination of new grandchild trick and investment fraud: Due to the further development and expansion to the crypto area, it is now open to the fraudsters to not only focus on the older fraud victims.
By contacting them via Telegram and offering them the “unique chance to make a lot of money quickly with crypto trading”, the scammers have expanded their target group to almost any age group.
In this variation of the scam, too, the focus is on building trust with the later victim so that he or she transfers funds that are supposedly used for online trading. In reality, the deposits are transferred as quickly as possible, without the knowledge of the victim of the fraud. The victim only finds out about the fraud when he demands payment of his supposed winnings.
Still topical: Love Scam via Telegram
A still very current scam variant is the so-called Love Scam via Telegram. In this scam, also known as romance scam, fake profiles on singles exchanges or social media are used to attract the interest of the later victim through initial flirtations. The messenger service Telegram is often used for this scam.
After the initial flirtation, a pretence of being in love is made. “I have finally found the person I have been waiting for all my life. I want to spend my future with you”.
Ultimately, this represents a modern form of the classic marriage scam.
Unlike the marriage scam, there are no allegedly unforeseen problems after the initial getting-to-know-you and falling-in-love phase, which is why the deceived person is asked for money.
In the case of the love scam or romance scam, the conversation is instead often steered towards new investment opportunities with which the lovers are supposed to be able to finance a carefree life together. Here, too, the scammer (often women) presents her later victim with a great website on which a lot of money can be earned in the crypto sector within a short time.
This means that not only the chat of the alleged lovers is conducted on Telegram, but also the later contact with the “financial expert” of the great trading website takes place on Telegram.
The scam victim does not want to embarrass himself in front of his new girlfriend/boyfriend by admitting that he/she is not familiar with the crypto sector. After all, these investment opportunities are on everyone’s lips.
So the proposals for the individual investments are quickly agreed to and money is willingly deposited on crypto platforms.
This money often evaporates just as quickly as the supposed infatuation of the con artist.
Save your chat histories – we may be able to secure valuable information from them that our lawyers can use in the further course!
Telegram Trading Group Scam: Is there help for victims?
Telegram Trading Group Fraud: There are definitely ways and means to recover your funds. Feel free to contact our lawyers and claim our free initial consultation. We will carry out a case-by-case assessment, examine your documents, screenshots and other evidence. Afterwards, you will receive a realistic and honest assessment of success from us.
If we see possibilities to recover your capital, we will take all civil and criminal law steps with you.