Forex Trading Scammers On Instagram

A new generation of self-proclaimed Instagram traders is using flashy social media profiles to trick aspiring youngsters into thinking they can teach them how to make thousands every day. So-called Forex traders post pictures of the sports cars, luxury holidays.

They say that with an initial investment of around £300 and just five to 10 minutes a day of online tutorials, youngsters can earn thousands every month from Foreign Exchange or 'Forex' providing they 'DM' them for more information.

Officials say copy trading, advising someone how to trade or arranging trades for them is illegal and advise: 'If they're not authorized by us, it's probably a scam.

Sophia claims she has clients who earn between £200 and £2,000 a day after they invested £350 in her free 30-day trial.

On an Instagram story entitled 'Why Forex', she boasts: 'No experience needed, make £50 to £300 a day, become a financial expert.''

Others show her dining at restaurants with views of Canary Wharf and the City of London with captions such as 'drinks with a view... join our team and follow our Forex signals and profit as we do in generation an additional income'.

Social media sites are increasingly littered with bogus Forex traders, with the hashtag #forextrader attached to more than 4million posts on Instagram and a total of £27million lost to such schemes.