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Youtube Trading Scams
Have you ever searched how to trade in the stock market? and a guy with high-profit gains showed up and started selling you his strategy if you then beware before buying anything like that read their blog to know the whole story behind the new stock market scam on the internet.
When we hear about trading there are two things come to mind first, someone who has a lot of money, and second someone who lost all his money.
But today we have different issues, Since the internet has made information so easy it made it almost impossible for everyone to figure out whether the information they are consuming is right or wrong.
Scammers and hackers leverage this advantage and rob people lot of money, similar case today we are going to discuss.
How YouTubers are scamming people
The first question you are asking yourself that how they are scamming people through YouTube.
They are not using direct methods but are manipulating people by showing high gains, which makes people believe that they are highly profitable traders, and this belief leads them to follow their trading advice.
Actual Scam Process:
These YouTubers create a course and promote tat through their YouTube shorts by showing their fake and edited profit and loss screenshots.
Their course cost around 5k-25k
Method 2 :
The second method is through their Telegram channels, In this process they will invite you to their private Telegram channel promising you to give high return trading tips like calling and putting services.
And their subscription charges vary from 4K-10K.
Now let’s just think about this once, who is buying these courses?
The answer is simple the newbie traders who want to trade in the market but don’t have any knowledge so they turn to YouTube and search for how to trade. and what they get, is a YouTube showing them high-profit returns from small amounts.
That result affects them so much that they start following that guy blindly and believing everything he says. and at some point in time, he started promoting his course, In that course he explained every strategy.
This is the actual scam, they are not making money from trading in the market but they are making money by selling online courses, sometimes that course is not even there.
a famous YouTuber named Stock Burner has been banned by top brokers like Angle One, Zerodha blocked him from their affiliate program because he was manipulating people. You can read the complete article here.
What you can do?
If you are a newbie trader, let me tell you this you do not need to buy any course to learn trading, everything is available for free on YouTube you just need to watch the videos carefully and practice hard.