Octa Shares Safe Trading Tips

In Indonesia, What Are They?

Jakarta, CNBC Indonesia –The phenomenon of online fraud and deception is increasing in the world, including in Indonesia. Forex traders are not immune from this threat, so they can suffer financial losses.

For information, in 2024 the number of global online fraud cases will increase by 18% compared to the previous year. Online fraudsters usually do not take direct control of the victim’s account, but often use complex methods based on deception and social engineering.

This trend is very worrying for traders. The reason is, traders make many online transactions and expose their capital more than the average web user.

Trading in financial markets, especially forex, is indeed a knowledge-based skill and is very different from gambling. However, fraudsters can turn a trading session into a game of chance if traders do not take the necessary action.

The experts at Octa, a global broker with experience in the international market, have compiled a list of common types of fraud. Octa also provides advice on how to trade safely to avoid fraud.

The first is broker fraud. Some brokers engage in unethical or illegal practices, such as unauthorized trading, churning (excessive trading to generate commissions), or offering fake investment products. To protect yourself from unethical practices, Octa advises traders to choose an experienced broker with an internationally recognized license and global reach.

If a broker has successfully met the strict criteria of a number of regulatory bodies, it is likely legitimate and therefore a safer option.

The second is fake trading platforms, where fraudsters create fake trading platforms that imitate legitimate ones. Unlucky traders deposit money into these platforms, only to find that they do not exist or that withdrawals are blocked.

Octa also recommends that before investing in a broker, double-check its domain name whenever you see the broker’s logo online. It is wise to assume that fraudsters will use multiple versions of the broker’s brand name to try to scam you.

With that in mind, you should always check the authenticity of the broker’s social media pages or official social media accounts usually listed on its official website.

The third is related to signal sales. In this case, fraudsters can sell trading signals, pressure traders, and promise guaranteed profits based on fake expert analysis. These signals can be random or false, and you could lose money by following them.

Therefore, do not let yourself be fooled by people on social media who claim to be experts, and do your research before trusting sources of trading information and insights. Avoiding experts who push traders to act immediately when they are selling these insights is a red flag as they can use the sense of urgency to pressure their audience into making hasty decisions.

Fourth, there is phishing and spoofing. Scammers use fake emails, websites, or phone calls to trick traders into revealing sensitive information such as login credentials or personal data. They can also hack the databases of legitimate trading platforms to steal funds or personal data.

This means that when receiving any communication that you think is from your broker, the safest course of action is to contact them back using the contact details listed on their website and continue the dialogue through that channel.

Fifth, this is also often encountered through celebrity endorsement and social media scams. Sometimes, scammers use modern technology to create fake endorsements from celebrities or social media influencers. In this way, they can lure traders into fraudulent schemes, which often involve cryptocurrencies or high-risk investments.

So, be wary of unrealistic promises and try to check the celebrity’s official social media pages before making a hasty decision. The safest bet is to not share personal information and to do research on the company the celebrity is suspected of working with.

Broker Octa Financial Market Analyst Kar Yong Ang said retail traders can strengthen their protection from financial fraud by following industry news and learning about the basics of trading.

“No matter what tactics are used, fraudsters will have a hard time executing their plans if their targets are well-versed in finance,” he said.It is important to note that the increasing variety of online frauds requires traders to choose a broker with extensive market experience and the best knowledge of global security practices. For example, Octa, a global broker since 2011, connects traders to the financial markets safely and uses the latest cybersecurity approaches. This broker also provides clear guidance on using various trading techniques to take advantage of market fluctuations more efficiently.Octa focuses on providing all the financial knowledge that clients need so that they can recognize fraud in time and protect themselves proactively. This broker ensures high security standards through strict know-your-customer (KYC) procedures and efficient customer service.Just so you know, Octa is an international broker that has been providing online trading services worldwide since 2011. Octa offers commission-free access to financial markets and a variety of services that have been used by clients from 180 countries who have opened more than 42 million trading accounts. The educational webinars, articles, and free analytical tools they provide help clients achieve their investment goals.The company is involved in a comprehensive network of charities and humanitarian actions, including improving educational infrastructure and emergency assistance that helps local communities.In the Asia Pacific region, Octa received the ‘Safest Broker Indonesia 2022’ award from International Business Magazine and ‘Most Trusted Broker Asia 2023′ from Global Forex Awards.Disclaimer: Trading involves risks and may not be suitable for all investors. Use your expertise wisely and evaluate all associated risks before making any investment decisions.

SOURCE : CNBC INDONESIA