Forex scammers victimize investors around the world, and Belgians are one of their favourite people to target. Why are they focused on Belgium, and how can you avoid them?
As trading platforms have become available on the Internet, Belgians were one of the first to embrace them. Some have used their trading skill to earn millions of euros. While there are many good trading options out there, unfortunately, there are a few that aren't legitimate.
A scam would want you to deal with an unregulated broker. If you considered yourself to be an expert in the trading field, then you know that dealing with unregulated Forex or binary options broker is the worst thing that you can do for your investment. This is because when you opt for this type of broker, it is more than likely that you will end up losing your entire investment in a short period of time. Once you do, there will be nothing that you could do in order to get it back. This is quite unfair, but that is just the way it is when your deal with them, hence the importance of always being on the lookout for any new scams out there, so that you do not fall for them. If you stop to think about it, it is better to prevent than lament.
Forex scams have become quite prevalent in Belgium in recent years. Fraudsters have been known to focus there efforts here. There are 3 main reasons for this. Firstly, it has a rich economy and a population with more disposable income than most other countries. Secondly, local alternatives have high fees and lack creativity. Thirdly, Belgians have shown a keen interest in Forex and other forms of investing at legitimate trading platforms.
Belgium has become a favourite target of Forex Scammers
Belgium, which has a population of 11.29 million individuals, has a current GDP of $527.8 billion. Its main industries are motor vehicle assembly, metal products, engineering products, scientific instruments, transportation equipment, chemicals, processed food, textiles, petroleum, among many others. These are mainly exported to Germany, France, Netherlands, United Kingdom, United States, and Italy. Unfortunately the revenue that has resulted in imports has taken a downfall for Belgium in recent years. Its main import partners are the Netherlands, Germany, China, Ireland, United Kingdom, and France. When it comes to its finances, its public debt is grand. It was established in 2012 that the revenue of Belgium amounted to $227.3 billion. At the moment, Belgium is beginning to make some changes to what countries it exports to, as it wants to begin to export to more countries that are not in Europe. Its government strongly believes that the economy could grow in great measure if this type of change is conducted. Unfortunately, Forex scammers also believe that there is opportunity here, and have set up shop.
The local currency trading services in this Western European country are mainly offered by banks, but their lack of creativity and high fees make Belgians want to opt for something else. Thanks to the Internet, they have had the opportunity of taking advantage of trading platforms that offer tournaments, bonuses, creative promotions, great software package, and low fees. Unfortunately, some of them are scams.
Trading Forex takes practice. With knowledge and discipline, it can definitely be very profitable, hence the importance of knowing a lot of about the trading field before entering it. As a well-educated country, Belgium has embraced the challenge of Forex trading. As mentioned, many have done well at it, and their stories of success have created a healthy marketplace. Some fraudsters have become aware of this, and have tried to exploit it.
If you are a Belgian, you should be fully aware that you are at higher risk than a person living in another country of becoming a Forex scam victim. For this reason, do not fall for any call or email that goes hand in hand with an investment opportunity. Take your time and do some research before choosing a safe trading platform. It could save you from being scammed.
As trading platforms have become available on the Internet, Belgians were one of the first to embrace them. Some have used their trading skill to earn millions of euros. While there are many good trading options out there, unfortunately, there are a few that aren't legitimate.
A scam would want you to deal with an unregulated broker. If you considered yourself to be an expert in the trading field, then you know that dealing with unregulated Forex or binary options broker is the worst thing that you can do for your investment. This is because when you opt for this type of broker, it is more than likely that you will end up losing your entire investment in a short period of time. Once you do, there will be nothing that you could do in order to get it back. This is quite unfair, but that is just the way it is when your deal with them, hence the importance of always being on the lookout for any new scams out there, so that you do not fall for them. If you stop to think about it, it is better to prevent than lament.
Forex scams have become quite prevalent in Belgium in recent years. Fraudsters have been known to focus there efforts here. There are 3 main reasons for this. Firstly, it has a rich economy and a population with more disposable income than most other countries. Secondly, local alternatives have high fees and lack creativity. Thirdly, Belgians have shown a keen interest in Forex and other forms of investing at legitimate trading platforms.
Belgium has become a favourite target of Forex Scammers
Belgium, which has a population of 11.29 million individuals, has a current GDP of $527.8 billion. Its main industries are motor vehicle assembly, metal products, engineering products, scientific instruments, transportation equipment, chemicals, processed food, textiles, petroleum, among many others. These are mainly exported to Germany, France, Netherlands, United Kingdom, United States, and Italy. Unfortunately the revenue that has resulted in imports has taken a downfall for Belgium in recent years. Its main import partners are the Netherlands, Germany, China, Ireland, United Kingdom, and France. When it comes to its finances, its public debt is grand. It was established in 2012 that the revenue of Belgium amounted to $227.3 billion. At the moment, Belgium is beginning to make some changes to what countries it exports to, as it wants to begin to export to more countries that are not in Europe. Its government strongly believes that the economy could grow in great measure if this type of change is conducted. Unfortunately, Forex scammers also believe that there is opportunity here, and have set up shop.
The local currency trading services in this Western European country are mainly offered by banks, but their lack of creativity and high fees make Belgians want to opt for something else. Thanks to the Internet, they have had the opportunity of taking advantage of trading platforms that offer tournaments, bonuses, creative promotions, great software package, and low fees. Unfortunately, some of them are scams.
Trading Forex takes practice. With knowledge and discipline, it can definitely be very profitable, hence the importance of knowing a lot of about the trading field before entering it. As a well-educated country, Belgium has embraced the challenge of Forex trading. As mentioned, many have done well at it, and their stories of success have created a healthy marketplace. Some fraudsters have become aware of this, and have tried to exploit it.
If you are a Belgian, you should be fully aware that you are at higher risk than a person living in another country of becoming a Forex scam victim. For this reason, do not fall for any call or email that goes hand in hand with an investment opportunity. Take your time and do some research before choosing a safe trading platform. It could save you from being scammed.
