Everyone’s Talking About Trading Online – Nobody’s Talking About the Real Danger
First and foremost, it is important to state that the turbulence we’ve witnessed in the markets is far from behind us. True, a certain steadiness is being felt with the COVID-19 vaccine being distributed and with matters calming down in the USA after a stormy elections, but the conditions in today’s trading environment are still far from calm. One look at the recent GameStop short squeeze is enough to conclude that there are still stormy waters ahead for Wall Street and its counterparts around the world.
When we talk about volatility in markets, we tend to ignore one of the biggest risks of trading in these conditions – and that is the growing potential for falling victim to a trading scam. Since a major part of trading is done online today, this is a risk that should not be taken lightly. Let’s try to understand the three main reasons for this phenomenon being so common lately.
Crime Has Moved Online
The COVID-19 reality, along with the lockdowns and restrictions that came as a result of it, have caused many aspects of our life to make a shift to the virtual sphere. The bad news is that crime has made that exact same shift, and criminals stuck at home are finding creative ways to carry on with their misdeeds. True, this also means a decrease in organized and petty crime, but you need to get used to the fact that even at home, in front of your computer, you aren’t safe anymore.
The online trading environment isn’t immune to this danger. Trading frauds have been a part of this sector from day one, and now they’re just becoming more common and even more sophisticated. However, they can be avoided as well. All you need to do is choose who you trade with very carefully. If an online broker seems shady to you, trust your instincts and stay away. It really is that simple.
Financial Decisions Are Made With Less Thought
It may sound strange to you, but people are much less cautious with their money these days – especially when making trading and investment related decisions. There are two main reasons for this concerning trend. One is naturally the volatility of the markets. The fact that prices are moving up and down rapidly, puts traders in a ‘now or never’ state of mind when buying and selling. This is good for seizing opportunities, but it is also an invitation for crooks to operate.
The other reason is, once again, COVID-19. Many people have lost their source of income and are desperately looking for ways to make money (and preferably fast) – instead of cutting down on expenditures. However, trading on the markets isn’t fast money, especially not for people who are inexperienced. You can be sure that the crooks know well how to take advantage of the pressure people are in to gain an income.
The Rising Popularity of the Cryptocurrency Market
A quick look at the markets in 2020 shows one asset standing out from the rest, with a tremendous rise in value: Bitcoin. While investors were shying away from stocks, commodities, bonds and forex, they seemed to have been rushing toward the crypto coin and its value soared accordingly – to an all-time high, just recently.
It doesn’t surprise anyone, thus, that Bitcoin scams of all kinds have also become common. One very disturbing example is phony online brokers promising Bitcoin trading services, based on an initial deposit, but when you want to withdraw your profits, there’s usually nobody to talk to on the broker’s side. This method has become popular among scammers, and countless amounts of phony crypto trading sites have popped up accordingly.
To Sum it Up
Trading in 2021 is definitely less safe than it was in the past, in wake of these new dangers that have appeared as a result of the current reality. However, this does not mean you shouldn’t give the stock markets a try. It means you should do it with caution, and you definitely shouldn’t be ashamed to ask for help and guidance in the process.
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