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.
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
