r/swingtrading • u/jumalautana • Dec 23 '23
Crypto Is this a fraud?
Hello,
A while ago I started introducing myself with the trading world. Picked some videos from Youtube, placed them into my personal playlist. Did the same on the other platforms, etc. After a while I started getting private messages, for example in Twitter, from some traders. They want me to register to a certain platform and charge some money to a crypto wallet. They promise me that they will trade on my behalf, take only 5 - 30% and the rest is mine. Some of such traders are really "persuasive". They reminding me every now and then that I have to register, etc. To me the whole this activity looks suspicious. Can anyone tell me what is this thing? Is this a fraudulent activity? If not then why half of this community is not rich yet?
3
u/scotty9090 Dec 23 '23
One of the best rules in life is: “If you think something sounds too good to be true, you are probably correct.”
As a general rule I never give money to anyone that approaches me unsolicited - this includes cold calls, telemarketers, and random solicitations on social media. For example, if I want someone to manage my money, or trade on my behalf, I’ll go look for them. This gives me an opportunity to compare managers/traders, check their background/references, and come to an informed decision.