The FCA, the UK’s financial regulator, has recently warned investors about the risks of financial advice from influencers promoting crypto and forex trading as a way out of crisis situations, local publication City AM has reported.
A representative of the regulator has said that an Instagram post became the reason for the warning. Its author, a trader with more than 100,000 followers, claims to have made a fortune of “nearly £2m” after losing his father’s savings.
To do so, he allegedly “traded smart” by buying Bitcoin at a low price and closing the position at the peak.
According to the owner of the account:
“I achieved success in trading by learning the hard way and realizing that I can save myself only after I lose all the money.”