The Instagram Forex Traders Scam – Beware of Instagram Trading Accounts


If you’ve spent any amount of time browsing through Instagram then you’ll have no doubt come across those Instagram Forex trader accounts.

They’re typically run by young guys or girls who all suspiciously seem to own (and showcase) an Audi R8 – and they all claim to have “easily” made millions through trading accounts online.

But on top of just showcasing the lifestyle, they’ve allegedly been able to achieve from Forex trading they apparently want to let you in on it too… And they claim that if you sign up their program they’ll show you how you can also make millions from online trading too.

According to them, it’s easy, and according to them, anybody can do it – even if they’ve never traded before (which is an insanely bold claim).

But what’s the truth? Can you really make money with these Instagram traders or is the whole thing just a scam? And if it is a scam, how are they actually making their money? Let’s take a look…

Instagram Trader Accounts Explained   |   How Instagram Traders Really Make Money   |   The Primary Targets For Forex Scammers   |   The Potential Dangers   |   The Bottom Line   |   A Better Alternative

Instagram Trader Accounts – The Concept

The way you’ll likely have come across one of these Instagram trader accounts is via a promoted advertisement, which typically consists of an image of the account owner stood by, or doing something luxurious accompanied with a message like the one shown below:

Instagram Traders Account Promoted Post

Now the thing that makes this extremely suspicious is the fact that the post is a promoted post, which means the account owner is literally paying out real money to have that post displayed in front of you…

So the first question you have to ask is WHY is the account owner so desperate to “help you make money” that he/she is willing to pay for it?

I mean if the guy (or girl) in question was just selling training on how to trade & being open about it then fair enough – they’re running a business selling training, they’re advertising it & they’re making money from the people that are buying into the training… As long as the training’s good, everyone’s happy…

But that’s NOT what’s going on here…

This guy and the many other Instagram traders like him are literally saying that you can just copy their trades – so how does he and the others make money from that if you’re not actually paying him anything?

Well, the truth is (as you’ll soon see) these so-called Instagram traders are not actually doing any trading at all – instead they’re just faking it to trick you into signing up for a borderline scam so that they can earn some money at your expense.

And more often than not despite their profiles being jam-packed full of luxurious images many of these so-called millionaire traders are actually flat-out broke.

That was recently proven when an article published in the Guardian revealed how one “millionaire” Instagram trader named Oyefeso who apparently owned multiple supercars found himself in court with the judge remarking “[you] portrayed yourself as a very successful trader within the financial market. Clearly this is not the case.” after he chose to run over a friend to whom he owed money instead of simply paying him back.

How Instagram “Traders” Really Make Money…

As mentioned above the majority of these so-called Instagram traders are not actually doing any trading at all – and whilst some of them may indeed be doing a little bit of trading, that is not where the primary source of their income is coming from…

The primary source of their income is actually coming directly from the people they manage to sucker in to “copy their trades”…

You see these “traders” are essentially just affiliates of online brokerages like IQ Option & this means that these brokerages are basically paying them commissions for getting new people to sign up & deposit.

Now in itself, there’s nothing really wrong with being an affiliate – providing it’s done legitimately. I myself am an affiliate & that’s how I make the majority of my own income online – and you too could become a successful affiliate with the help of a platform like Wealthy Affiliate

But the problem here is that these “traders” are doing the whole affiliate thing illegitimately.

First of all, they’re not telling you that the way they actually make their money is by being an affiliate of the brokers and NOT by trading – so essentially they’re tricking you into signing up to the platform… And secondly what they’re not telling you is that most of the brokers these guys are affiliated with are borderline scams (some are even flat-out scams) and that you’ll be MUCH more likely to lose money than actually make it.

You see the brokers these Instagram traders tend to affiliate themselves with are all often binary options brokers – and despite reviewing literally hundreds of different binary options brokers & systems I’ve never actually seen so much as ONE single person successfully manage to generate sustainable profits from binary options.

And out of the hundreds of brokers/systems, I reviewed it’s safe to say that around 99% were flat-out scams designed to purely steal money & the other 1% were “borderline scams” that did indeed pay out, but had the odds of winning massively stacked against you.

In fact, the whole thing is so bad that the US decided to completely ban binary options trading – and due to its insanely high risks, the UK had previously classified it as gambling rather than actual trading.

Forbes too even published an article warning about the dangers of options trading as shown below:

Binary Options Forbes Article

They’re Preying On Young Adults With Little Financial Knowledge & a Burning Desire For Success

Most of the so-called Instagram traders just so happen to be 18, 19, 20 or 21 years old… It’s very rare that you see many of them older than this & it’s exceptionally rare to see any above the age of 30…

Instagram Traders

The reason? Because most people 25+ are a little wiser when it comes to finance & they would be much more reluctant to jump so easily into something like trading as they’ll likely know that more often than not it’s losses as opposed to wins…

The truth is that nothing comes easy with trading – and those that do indeed make money from it often spend their entire days glued to their PC checking the markets… It’s not an easy game at all, and it’s a game where everything can also be lost just as easily as it can be gained.

Affiliate marketing (which is how these “traders” really make their money) is much more straight forward, there’s much less risk & it’s much easier to build up a sustainable source of income for the long term.

Therefore if done right affiliate marketing can be a MUCH better (and safer) way to make good money online – and if you’re interested in starting with it do be sure to check out the free platform Wealthy Affiliate where you can learn much more about it.

But yeah, basically these Instagram traders are all young because the way they’re getting people to join their “scam” is by getting them to relate with them.

What 18, 19, 20-year old etc doesn’t want success? Who at that age wouldn’t love to have a supercar or a house paid off?

Most people of that age would love nothing more than an easy way to make a lot of money, and when they see an image in their Instagram newsfeed of somebody the same age as them who’s allegedly done it they immediately become curious & want to find out more.

The next step they’ll likely take is to hit the follow button – they may be curious but at the same time they’ll still likely be sceptical.

However once that follow button has been hit the account owner will often immediately send a direct message to the user trying to encourage them to get on board.

“All you need to is £250 to get started”…

“Just copy my trades, you can’t lose”…

Those are the types of things these Instagram traders tell their unsuspecting “victims” & when the curiosity of the user overpowers the scepticism that’s when the problem arises. They sign up to the broker the “trader” recommended, they deposit the £250 as they’re told & from there they’re left to find out the hard way that the whole trading thing wasn’t so easy after all.

Sadly though even if they still have funds left within their trading account most of the brokers recommended by these so-called Instagram traders are flat-out scams & one way or another they’ll refuse the withdrawal request.

Some, like IQ Option, are “more legit” – but ultimately if you read my review on them you’ll see how the whole thing is dead set against you… And whilst they may pay-out, it doesn’t seem like anybody ever wins anything to actually get paid out!

Regardless though the Instagram trader doesn’t care – he or she will simply block your account if you hit them up with any comeback because the second you made the deposit they already made their money from you. The broker will hand them a shockingly high commission for referring you (sometimes in excess of £200) & you’ll just be left to feel frustrated with no obvious way of getting your money back.

Sometimes Though The Scam Can Be Much Worse

Losing £250 to an online scam sure as heck isn’t nice, but if you get caught out by the Instagram trading scam & manage to get away with only losing £250 then you might want to actually consider yourself pretty “lucky” as some people have ended up being scammed out of tens of thousands of pounds.

How? I hear you ask…

Well upon depositing £250 to the brokers sometimes the broker will just see all your trades lose & have the scam over & done with – however other brokers can be much more cunning & can actually fake your profits to get you to deposit more.

This one story I previously published of what a binary options scam did to a single mum showed that rather than trading as she thought she was, she was essentially just playing a video game via the broker.

Her account wasn’t connected up to the markets at all & all of the profits/losses shown were being manipulated by the broker to make her think she was profiting. She was even assigned an “account manager” who regularly encouraged her to deposit more & more to see even bigger profits…

And it would be easy to get carried away with the deposits if you truly believe you are making so much money – but sadly when she came to make her withdrawal she was left to find out the hard way that she was not.

The whole thing had been a lie & tens of thousands of pounds later she was only then left to discover that she had actually been scammed.

So basically, in short, the brokers these Instagram Forex traders recommend are just set out to take as much cash from you as possible, and more often than not the Instagram traders themselves are set out to get you to deposit as much as possible because they are often paid higher bonuses based on how much you deposit.

Ultimately it’s all bad news.

Don’t Fall For The Instagram Trading Scam

When it comes to this Forex trading scam on Instagram the saying “curiosity killed the cat” couldn’t be more relevant. That’s all these so-called “traders” are preying on – your curiosity, so they can trick you into depositing via a broker that’ll pay them a commission at your expense.

I mean sure these guys are very good at making it look like they are genuinely making money from trading but ultimately with social media, it is very easy to create an imaginary lifestyle & that’s all these guys are doing.

So the next time you see a so-called millionaire trader on Instagram that wants to help you make money just give him (or her) a wide-berth & for any of your friends that get interested, just send them over to this post!

In fact, if you enjoyed this post or found it insightful into how the Instagram trading scam actually works then do me a favour & share it on your social media anyway – let’s expose these guys once & for all & stop them taking advantage of other unsuspecting victims.

And if you’re still looking for ways to earn good money online legitimately, then check out my top picks right here.

A Better Alternative

The sad truth is that unfortunately most of the programs promising to help you make money online are scams. I can say that confidently after exposing over 500+ of them here on this blog.

But the good news is that even though most of them are indeed scams, there are actually some very good programs in amongst them - some programs that can truly help you to earn money.

And out of all of the legit programs I've seen, the one I would recommend the most to anybody looking to get started online is Wealthy Affiliate. In my own opinion, that's the best place to start.

At Wealthy Affiliate, you'll be provided with everything you need (including the training & tools) to begin earning real money by promoting products or services for companies like Amazon online.

The best part is that there's literally no limit on the amount you can earn with it & the process is pretty simple which means that it's absolutely perfect for people that don't have much experience.

Some wealthy affiliates even earn as much as 5-figures per month... Or more!

Amazon Earnings Example

I mean don't get me wrong, that kind of money won't just fall into your lap without doing any work... But the harder you're willing to work at it, the more you stand to earn with it.

So if you're looking to get started but don't know which route you should go down or which program you should join (and don't want to waste money on bogus things that don't actually work), then I'd highly recommend checking out Wealthy Affiliate first. You can learn more about it here.

About the Author:
Born & raised in England, Dale is the founder of Living More Working Less & he has been making a living from his laptop ever since leaving his job as an electrician back in 2012. Now he shares what he's learned to help others do the same... [read more]

27 thoughts on “The Instagram Forex Traders Scam – Beware of Instagram Trading Accounts”

  1. hi, I have been scammed by an Instagram so-called forex trade but I need my money back is there any way I can get my money back please reply me thanks.

    • Hi Shakil – I’m sorry to hear about that. Could you provide more detail of exactly how the scam went down? I’d really appreciate it if you could & I’m sure many others reading this post would be interested in hearing your experience too. With regards to getting your money back I would suggest contacting your bank for assistance as even if they can’t help you directly they will generally be able to advise what steps you should take (such as reporting etc).

    • I have been scammed by ANNA MACKO. SHE ADVERTISED for crypto currency course which costs over 2000 $. She is very professional scammer. She started by saying you send 300 $ then reduced it to 100 $ and will give full access to her programs. She lives on your 200$ and my 100 $. When I asked her to pay back the 100$. ” I am not a machine ” is her answer. Then I start saying that you got 100$ but any thing can happen to you on your flight or car accident or or. She deleted the conversation and blocked me. The other scamming trick she tried is after she got 100$ she tried to get more and and.

      Dale why you do not make it clear that Anna MACKO is scammer. To help others and save them from her terrible scamming technique. Shame on her. No millionaire behave very low like this. Thank you

  2. My case is worst, 4 trading experiences with different people i thought i could trust. but everyday they were either asking me to pay for a license, a tax fee, support of account and much more. I just wish someone legit can direct me on this. trading is something i love with so much passion. am happy for the experience and i believe i know so many things now in the trading world

  3. Greetings, after reading this I beleive I may also be in a scam . I’ve met a trader via Instagram, I’ve deposited a certain sum for the account,and was later encouraged to make another deposit of for an account upgrade. Ive done both and now to make a withdrawal I need to deposit 10% of the total account to the broker to commence. Your thoughts?

    • Hi Jonathan – I’m sorry to tell you that yes, it sounds like you have been drawn into the Forex scam. I’d advise you NOT to deposit any more money, even if they claim that after depositing you’ll be able to withdraw (because that’s just a further part of the scam to get more money from you).

      • hi dale
        i had deposited 5000 usd and now she ask me to add more for faster trade but i saw a lot if people commenting and had their money back
        and keep saying she is honest

        how to trust?
        i even talk to that person and she said yes u can trust her and so on

        • Unfortunately the scammers have associates who pretend that the trading has worked for them as this lulls victims into a false sense of security & encourages them to deposit. It is just like a street-scam where the scam artist has a crowd of people cheering that they are winning to trick passers by into participating, however they are all in on it with the scammer.

  4. Hey Dale.

    There is this guy named Daniel
    We had a long conversation over Whatsapp and i joined his Free myTeachable course. I registered an account on CityIndex. He told me to deposit an minimum of 250€. Is this trustable?

    • Hi – before you proceed ask to see his license & then check it exists on the authorities register. It’s a requirement by law for anyone promoting investment opportunities to have relevant authorisation. Also if you were provided a specific link to sign up to the broker via then I would give it a wide berth as the referrer will be earning money at your expense, so it’s generally not in their interests for you to profit.

  5. Hi.
    This happened to me I feel so stupid! Initially deposited £500 For a trade she then cane back and said that the trade had sky rocketed and I would be getting £30,000. Alarm bells did ring but I am saving for a postgraduate and thought that this would be perfect!! Then came the trouble… she said that because I only invested a little amount and that the money had skyrocketed the trading platform needed release fees of £2000, the next day this had gone upto 2500, a couple of days passed and there was another problem she needed another 1500, she said that she would pay the 500 and waive her interest on the money as it had taken so long, I was skeptical and she ensured that after this payment the trading platform would send me a receipt of all the fees I had paid, they would refund the fees and the money would be released into the account. Within an hour of me sending the money she has blocked me from messaging her and also on Instagram. I feel so stupid, in total she has taken £4500 Of my savings. So I’m back to square one saving for my postgraduate. She is still active on Instagram as I have checked from different account. Just feel like an absolute idiot.

  6. I just want to know if this account is scamming me on Instagram I have paid him 250 and he made me 10k no is on my crypto account but he said that I have to pay for tax payment 10% of that money is he is scamming me or not
    And his Instagram is *account handle removed*

  7. Hi. I find on internet Instagram Certified and licensed Forex/Crypto Expert David Charles (link removed), he advice me to send deposit to Broker Fxaccord (link removed) and David Charles ask me only my email address what I enter on webpage Broker Fxaccord and than he trade with 500 EUR what I send Broker on my account for me. There is now profit about 20 000 EUR. He told me that I withdraw profit, but before I must Broker pay tax profit 2 000 EUR. He don’t tell me this earlier from the beginning of our conversation when I ask him if exists any expenses except for deposit, because I don’t have more money. I search on internet more detailed and find that pictures of person David Charles on Instagram is another person name Dr.Steve G.Jones (link removed).

    • Hi Ana, I’m sorry to hear you got caught out by this but thanks for sharing your story. I’ve removed the links in your comment to protect people reading this post from clicking through to the profiles & also getting caught out themselves (as it’s happened in the past). Of course, it comes without saying that the “tax payment” is just an additional part of the scam, and that you should certainly not pay it. It’s just “David” once again trying to extort more money from you.

  8. Hi Dale,
    I have gone through the same situation like the others in IG. The initial investment started with $500 but more additional fees came along including DNS activations, Server errors and even Custodian Dividends before funds were confirmed. After reading all of this, yes a little too late to realize that I also have been scammed in great scale.
    I wish I would have come across your blog earlier.

  9. Hey Dale, there is a guy advertised as (username removed) on instagram who offers VIP signals. So far the signals seem to be worth while. But he also offers account management, so basically you hand over your mt4 account password. He trades your account and takes 50% of the profits made. This you transfer daily via bank transfer.
    I’m tempted, and my broker says that he can’t withdraw my money from my account as he only has access to my trading platform(he has no contact with my broker and has no idea who my account is with just as a note so he has not asked me to deposit with him). What are your thoughts? My concern is he trades my account to 0 or turns my account negative and I’ll owe my broker. Or he changes my account password in order to holdy account to ransom (I should be able to reset the password). Based on his signals he seems to know what he is doing?

    • Hi TR, what you have to ask yourself, is if he could truly so confidently generate profits in your account, then why would he not just trade with his own money & generate profits for himself? Why is he having to run an “account management service” and charge for it to earn an income, instead? In my opinion, it sounds like the oldest scam in the book.

      What you also have to remember is that often the brokers are in on these scams too. Most legitimate brokers would advise NEVER sharing your password with anybody else, so it’s very alarming that they’re even discussing it with you. Lots of red flags here as far as I’m concerned.

      I’d avoid it, 100%.

  10. I’ve been contacted by about 5 different people on IG claiming to be forex traders. They found ME, I never searched for them. They all just started DMing me and talking about what they do. I’m assuming they’re all scammers? How do they even target me?!

    • They generally find profiles via hashtags or via what posts you’ve liked or commented on etc. It’s actually very easy to target specific demographics as a business user on Instagram.

      • I’m glad I found your page. I’ve been messing with these people lol I make them believe I’m falling for their scam and then give them hope and then turn them down 😂 That’s what they get for wasting my time trying to scam me! lol


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