If you are new to forex trading, it’s easy to search for guidance online and end up on platforms like the Forex Billionaire Telegram channel.
But before you follow any advice, there’s a crucial point to understand is forex trading legal in India or retail forex trading is illegal in India.
This raises an important question: how safe is it to rely on such a platform for trading decisions?
Let’s break down the regulatory concerns and potential risks in a clear, neutral way.
Forex Billionaire Telegram Channel Review
Let’s begin with a few snapshots:
What 15% profit-sharing commission is in the description on Google?
The very first red flag that must not be overlooked.
The platform is not only promoting illegal forex trading but also running its operations illegally.
Further, it creates urgency by giving assurance of quick profit with the statement like
“I will help 7 people to invest $350 to earn $5000 within 3 days”
Do you think it’s possible? If yes! You need to consult with a savvy investor.
The red-flags and warnings do not end here, check Telegram channel details below:
Did you find anything fishy?
First of all, there are two different Telegram channels with the same name.
One with 1.93K subscribers with 19 links
Another one with 142k subscribers and 420 links.
So, which one is real?
However, a few things are common in both
Both promise 92.55% accuracy and induce people with the line like – ‘Zero to Billionaire Club’.
Should You Join the Forex Billionaire Telegram Channel?
If you are thinking of joining this group, wait and think again! ‘
Here are some major reasons of why joining this channel could be risky:
1. Claim Guaranteed Returns
The degree of accuracy is subject to market performance. No one can claim any accuracy or guaranteed returns!
Even if it is still ok, promising “zero to billionaire” is an inducement. While you trade on any forex app, you have to take note of these red flags.
2. Forex Trading is Illegal in India
Now the telegram group is full of tips and recommendations.
Before you follow any, just take a minute to think, how much you know about Forex Trading by yourself.
Do you have an understanding of reading charts, understanding the market, etc?
If not, then blindly following tips and putting it in the forex platform, which is again not regulated in India, you are only doubling your risks.
So, if by trusting this platform, you follow the tips blindly and if unfortunately end up in losses or some kind of fraud, you won’t be able to report it anywhere.
3. Cross-Selling of Other Unregulated Software & Platform
Here is another proof that the channel is promoting Algobot to do algorithmic trading.
Now Algobot is a cryptocurrency algobot, which is legal in India but not regulated.
Another layer of risk.
Now, just think, why is this telegram channel promoting this?
What’s the assurance that you will get access to this platform after making payment, and even worse, what if you end up downloading and making payment on the fabricated Algotbot platform?
Seems scary, right?
4. Assurance of Loss Recovery
In one of the messages, the channel even promotes another Telegram group claiming to offer loss recovery.
Really?
Statements like these can easily mislead people, and many end up trusting them out of desperation.
What usually follows is a familiar pattern: instead of recovering losses, individuals struggle even to retrieve the funds they invested, hoping to earn more.
Risks of Joining the Forex Billionaire Telegram Channel
There are certain risks associated with joining the channel as an Indian or from India. Here is the list below.
- The messages posted in the channel can redirect you to a third party link. It makes you vulnerable to online fraud or scams.
- The company does not have a website or app. If you download their APK, the chances of a virus attack or cybercrime increase.
- The temptation to join the “Forex Billionaire VIP group” can encourage you to invest a lot of money on illegal currency pairs.
- The brokers are not SEBI-registered. So, you will not get any benefit in case of fraud.
Moreover, if they ask you to download an App, you have no way to verify if that is a clone app or a real app.
Any transactions made in the clone app can deposit money to an unknown account without letting you be aware of it.
Therefore, be extra careful! Following social channels such as Forex Billionaire Signals in Telegram is not illegal. But doing whatever they ask you to do can put you behind bars.
How to Report Telegram Scammers?
Understanding the provisions available for any fraud in Forex trading can safeguard from making losses. You have the following ways to get help for any mishaps.
If you have traded through a registered forex broker and lost money or got to know if a telegram channel is fake running such illegal forex trading scam, then:
- Collect all the details of the financial transactions, messages, screenshots, etc., as proof of Your claim.
- File a Cyber Crime Complaint.
- File a Complaint in SEBI by sending an email.
- Register an FIR at the nearest police station.
- Consult with the registered financial advisors to modify the strategy.
Need Help?
Forex trading complaints in India are rising over the past few years, hence for any financial fraud, register with us.
We provide end-to-end support in understanding, managing, and recovering financial assets.
The experts will assist you in,
- Filling out complaint forms to approach the concerned authority.
- Consulting with a professional person or a platform that deals with such cases.
- Recovering the lost amount liable under the Foreign Exchange Management Act.
- Guiding you to the best solution to avoid harsh penalties.
Conclusion
Following the advice of Forex Billionaire Signals Telegram or similar channels running Telegram scams in India can be a disaster.
Understanding legal and illegal aspects of Forex trading in India is the best way to stay safe. In case you need to earn high profits or make financial gains in the short term, consult with us to get the legal roadmap.
