Hey, Bro, Wanna Join Us for a High-paying Job?—A New Forex Fraud Scheme

Source: Fazzaco 2020-06-04

The outbreak of COVID-19 in 2020 has made the already-tight job market tighter, which gives some so-called “fintech companies” opportunities to lure job seekers to open account in unauthorized platforms in the name of recruiting forex traders.

Job Wanted? Scam Indeed

Forex traders reported a company advertising roles with abundant starting salary for new traders turned out to be a fraud group that cheat job seekers to trade on an unregulated platform. After three weeks of training, job seekers were asked to open an account and invest 3,000 dollars at an unregulated website (www.ordersforex.com) as an exam. Trade accounts were to be distributed after they passed the test. “Passing the test would mean we can finally get the job, but almost none of us succeeded in the last few months,” said one of the traders.

Why You Failed the Test?

Scams in disguise of recruiting traders are very common today. Many may think a company set tests for traders because they can provide bumper profits for the company by helping investors earn more money. But in fact, many companies make profits out of the trade made by the trainees who recruited and told to open trading accounts. More trainees would produce fatter income. These companies operate at a very low cost, only including recruiting fees, office space rent, and labor cost, but can make a revenue of 6,000 to 10,000 dollars out of commission (increased by 2 pips, for example, if those trainees fail the test and continues to trade on the platform) on the basis of over 200 monthly lots per trainee.

If you pass the test, the company has to give you a basic pay plus bonus, which would increase the burden of the company. Moreover, the company has to bear the risk of losing money when giving your authority to operate a trading account. Therefore, many companies, which have no real investors actually, would find all kinds of excuse to stop you from passing the exam because they don’t want a higher risk. Once the victims find they are cheated, they can do nothing else but leave.

ORDER Markets Listed as a Fake Broker by FX110 Earlier

After the hoax was revealed, we found the company is still advertising posts with attractive salary and low threshold. It is hard to believe senior high school graduates are capable enough to be a skillful trader. Since formal financial job require qualification or certificates, there must be something fishy behind these companies!

ORDER Markets was listed as a fake broker back in October, 2019 by us.

It claimed that it was under the regulation of EFISO and NFA, but no information is available online except for a platform named “ORDERS TECHNOLOGY CO. Ltd” (ID 2735403) if you enter “ORDER” in EFISO’s official website.

After consulting NFA’s website, we also found a platform named “ORDERS TECHNOLOGY CO LIMITED” (ID 0523359), but it is not one of the four retail forex traders under the regulation of NFA.

Obviously, ORDER is completely an unregulated platform.

Reminder

We have received many scam cases reported by our investors when seeking jobs, especially at a time when many are going to graduate from universities. Most of these scam companies are targeting at your money and profit from transaction commission. Please watch out, and don’t get beguiled by the illusion of high-paying jobs.

forex

forex traders

forex trading

United States

Hey, Bro, Wanna Join Us for a High-paying Job?—A New Forex Fraud Scheme

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!