As a seasoned crypto investor with a background in commodities trading, I can’t help but heed the warnings of industry veterans like Peter L. Brandt. His latest warning about sham prop trading is a stark reminder of the wild west nature of our industry.
Experienced commodities trader Peter L. Brandt recently shared a crucial message on his platform, alerting his audience to an impending wave of scams. Unlike the usual focus on Bitcoin, these deceptive activities are anticipated to target transactions within traditional financial markets, as he explained.
Brandt’s warning about sham prop trading to community
In a recent tweet, the experienced trader emphasized once more his previous cautions regarding the questionable realm of supposedly exclusive trading, warning about numerous individuals posing as legitimate operators who are actually scammers. Brandt asserted that his earlier alerts were indeed warranted.
Peter Brandt advises traders to be cautious as fraudsters may soon emerge, touting their trading training and coaching services. Specifically, he alerts that these scammers will boast about their success in trading futures markets. In such instances, Brandt recommends verifying the authenticity of their claims by asking for their IRS Form 1256 filings instead of simply trusting their statements.
I’ve consistently cautioned aspiring traders about the deceptive nature of some trading education providers. My warnings proved valid, and now I’m issuing another one: Be vigilant against individuals peddling training and coaching services. Keep in mind that if someone claims they have been profitable in futures markets, ASK FOR PROOF…
— Peter Brandt (@PeterLBrandt) November 22, 2024
Bigger warning earlier today
In a series of tweets this morning, Brandt flagged several accounts he suspects are deceiving users in the prop trading sector, calling on them to provide their mentioned tax forms (IRS Form 1256) as proof of their claimed earnings: “It’s high time for you to show your IRS Form 1256 to validate your income claims. Prove it or stop boasting.
A short while back, he issued a strong cautionary notice to novice traders, warning them about fraudsters who have been aggressively marketing themselves over the past few weeks. He urged people not to fall for these scams as “many swindlers are expected to enter the market”.
I’d like to wrap up this discussion with a significant caution for budding traders. We might soon witness the emergence of an industry, which unfortunately has already started aggressive marketing in the past few weeks. This industry consists of individuals or firms who falsely claim expertise in helping people transition…
— Peter Brandt (@PeterLBrandt) November 22, 2024
To ensure a firm that boasts expertise in futures trading and promises to aid novice traders, it’s crucial to insist on them providing evidence of their profitability rather than just taking their words for granted, as Brandt suggested.
Brandt provided a specific set of documents that traders should ask for from the firms in such situations: “A. Copies of their personal IRS Form 1065, which is used to report futures trading profits.
B. A years worth of month end statements from a registered FCM.”
Traders are advised to verify if a Future Commission Merchant (FCM) is registered by conducting a search using the FCM’s name on the National Futures Association’s website, as suggested in the tweet.
Read More
- FIS PREDICTION. FIS cryptocurrency
- Tips For Running A Gothic Horror Campaign In D&D
- LUNC PREDICTION. LUNC cryptocurrency
- EUR CAD PREDICTION
- Luma Island: All Mountain Offering Crystal Locations
- OSRS: Best Tasks to Block
- DCU: Who is Jason Momoa’s Lobo?
- XRP PREDICTION. XRP cryptocurrency
- How to Claim Entitlements In Freedom Wars Remastered
- Borderlands 4 Will Cut Back on ‘Toilet Humor’ Says Gearbox
2024-11-22 18:28