A joint survey by Finance Magnates and FXStreet found 60.09 percent of traders that fell victim to scams on Telegram lost funds.
The presence of active traders on Telegram makes it vulnerable to scams.
Despite Facebook surpassing Telegram in targeting traders, over 60 percent of victims on Telegram actually lost money, a joint survey by Finance Magnates and FXStreet found. Although Telegram and WhatsApp both have about the same percentage of scam victims who lost funds, the number of traders getting targeted on WhatsApp is smaller than Telegram, which hosts many channels and groups of active traders.
The survey, in which 631 traders participated, revealed that 60.09 percent of traders targeted by scammers on Telegram lost funds. The figure is 59.6 percent for traders on WhatsApp, 56.2 percent for Facebook, 51.8 percent for Instagram, and 50 percent for SMS. For X (formerly Twitter) and LinkedIn, this figure is at 43.7 percent and 45.4 percent, respectively.
Telegram is a favorite trading platform and hosts multiple active communities, unlike platforms like Facebook. Because of features like privacy, anonymity, and the ability to create channels and groups, traders prefer this platform over others. However, this enables scammers to target active traders on Telegram precisely.
Pere Monguió, Co-CEO at FXStreet
"Telegram is built around privacy and a hands-off approach to content moderation," said Pere Monguió, FXStreet's Co-CEO. "This has its obvious downsides: it lags in account verification and infringement take-downs. Impersonating anyone is so easy, and taking that account down is so difficult that it is an ideal platform for scammers. Telegram should take action or take responsibility for what happens on its platform."
The messaging platform's move towards integrating payment systems can be exploited by scammers to facilitate financial transactions directly within the app, making it easier for them to receive payments from victims without going through external payment processors that might have more stringent fraud prevention measures.
WhatsApp also provides end-to-end encryption for messages and is constantly adding features. The anonymity feature of the platform also help scammers to operate there. Furthermore, with a global user base of about 2.78 billion, WhatsApp provides a vast target to scammers. WhatsApp's private messaging nature makes it harder for external parties to monitor and report scams.
Finance Magnates approached Telegram and WhatsApp to know their view on the matter but has not received any response as of press time.
Earlier, Finance Magnates revealed the rampant clones of brokers and signal providers on Telegram. According to a Financial Times report, Telegram has 900 million users and is nearing profitability. The messaging platform is now considering to go public.
“I would encourage any trader to not solely rely on a social media post or conversation with a potential provider but to instead insist on seeing the documentation that lays behind their claims,” David Harvie, Saxo Australia's Head of Direct Sales, told Finance Magnates. “You also have the opportunity to check on the website of your jurisdiction's regulator to ensure your broker is appropriately licensed.”
David Harvie, Saxo Australia's Head of Direct Sales
“All in all, I would encourage a prudent approach when choosing a broker. While the headline in a social media post may be alluring, a savvy trader should dig deeper to gain confidence they’ve made their first decision a smart one – picking a reputable broker for the long term.”
According to the latest survey, 20.8 percent of the traders who were victims of online scams on Telegram did not lose any money. This figure is 18.78 percent for the victims on Facebook, 17.95 percent for Instagram, 20.74 percent for WhatsApp, 28.43 percent on SMS, 23.94 percent on X, and 36.96 percent on Linkedin, which is the highest.
Despite Facebook surpassing Telegram in targeting traders, over 60 percent of victims on Telegram actually lost money, a joint survey by Finance Magnates and FXStreet found. Although Telegram and WhatsApp both have about the same percentage of scam victims who lost funds, the number of traders getting targeted on WhatsApp is smaller than Telegram, which hosts many channels and groups of active traders.
The survey, in which 631 traders participated, revealed that 60.09 percent of traders targeted by scammers on Telegram lost funds. The figure is 59.6 percent for traders on WhatsApp, 56.2 percent for Facebook, 51.8 percent for Instagram, and 50 percent for SMS. For X (formerly Twitter) and LinkedIn, this figure is at 43.7 percent and 45.4 percent, respectively.
Telegram is a favorite trading platform and hosts multiple active communities, unlike platforms like Facebook. Because of features like privacy, anonymity, and the ability to create channels and groups, traders prefer this platform over others. However, this enables scammers to target active traders on Telegram precisely.
Pere Monguió, Co-CEO at FXStreet
"Telegram is built around privacy and a hands-off approach to content moderation," said Pere Monguió, FXStreet's Co-CEO. "This has its obvious downsides: it lags in account verification and infringement take-downs. Impersonating anyone is so easy, and taking that account down is so difficult that it is an ideal platform for scammers. Telegram should take action or take responsibility for what happens on its platform."
The messaging platform's move towards integrating payment systems can be exploited by scammers to facilitate financial transactions directly within the app, making it easier for them to receive payments from victims without going through external payment processors that might have more stringent fraud prevention measures.
WhatsApp also provides end-to-end encryption for messages and is constantly adding features. The anonymity feature of the platform also help scammers to operate there. Furthermore, with a global user base of about 2.78 billion, WhatsApp provides a vast target to scammers. WhatsApp's private messaging nature makes it harder for external parties to monitor and report scams.
Finance Magnates approached Telegram and WhatsApp to know their view on the matter but has not received any response as of press time.
Earlier, Finance Magnates revealed the rampant clones of brokers and signal providers on Telegram. According to a Financial Times report, Telegram has 900 million users and is nearing profitability. The messaging platform is now considering to go public.
“I would encourage any trader to not solely rely on a social media post or conversation with a potential provider but to instead insist on seeing the documentation that lays behind their claims,” David Harvie, Saxo Australia's Head of Direct Sales, told Finance Magnates. “You also have the opportunity to check on the website of your jurisdiction's regulator to ensure your broker is appropriately licensed.”
David Harvie, Saxo Australia's Head of Direct Sales
“All in all, I would encourage a prudent approach when choosing a broker. While the headline in a social media post may be alluring, a savvy trader should dig deeper to gain confidence they’ve made their first decision a smart one – picking a reputable broker for the long term.”
According to the latest survey, 20.8 percent of the traders who were victims of online scams on Telegram did not lose any money. This figure is 18.78 percent for the victims on Facebook, 17.95 percent for Instagram, 20.74 percent for WhatsApp, 28.43 percent on SMS, 23.94 percent on X, and 36.96 percent on Linkedin, which is the highest.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
CySEC Fines Wonderinterest €100K, Operator of CFD Brokers Zetano and Investago
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
