Australia is a Primary Target for Forex Scams

 by   Posted: 01/04/2020
Forex scammers victimize investors around the world, and Australians are some of their favourite people to target. Why are they focused on Australia, and how can you avoid them?

Trading Forex and Binary Options on the Internet is a relatively new activity, and was practically unheard of only a decade ago. It has gained popularity because of the freedom and opportunity that it gives investors. Legitimate platforms allow users to trade with amazing software programs. With these programs, trades can be made instantly, with low spreads and minimal fees. Once their account is linked to a bank account or eWallet, users and move funds on and off of their accounts with relative ease.

Australians have earned millions of dollars with shrewd trading on safe platforms. This has inspired more and more trading platforms to open up and offer similar services. Unfortunately, not all of them are legitimate, and do not offer any real opportunity. In some cases, these fraud brokers will allow users to open accounts and deposit funds, but make it very difficult (and sometimes impossible) for them to withdraw. In others, they will trick and manipulate users into making bad trades and losing their investment.

Forex scams have become quite prevalent in Australia 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, Australians have shown a keen interest in Forex and other forms of investing at legitimate trading platforms.

Australia has become a favourite target of Forex Scammers

By nominal GDP, Australia was the 12th largest national economy in 2012. This country is the 19th-largest exporter and the 19th-largest importer in the world. Its GDP is $1.2 trillion. In 2012, there was a 1.8% GDP growth, which keeps augmenting almost every year. The goods that Australia exports are transport equipment, machinery, wheat, wool, meat, coal, gold, and iron. Its main export partners are first foremost China, followed by Japan, South Korea, United States, and India. The imports that it received in 2015 amounted to $208.4 billion. When it comes to imports, Australia deals with computers, office machines, transport equipment, and telecommunication equipment. Its major import partners are Germany, Thailand, South Korea, Japan, United States, and China. Its gross external debt is approximately$122.5 billion. The public debt amounts to 23.3% of its GDP. The economy of Australia, which has a population of almost 24 million individuals, keeps growing in great measure, and it doesn’t seem like this is going to stop any time soon. This economic success has, unfortunately, attracted some Forex scammers to the Oceanic country.

Local currency trading services in this country is mainly provided through banks. The fees associated with them are very high, making Australians want to look elsewhere. The Internet has provided them with great online trading platforms, as low fees, bonuses, tournaments, and software for trading are involved. Many of them are legit, but there are some snakes in the grass (scammers) that you need to be aware of.

Trading Forex successfully takes skill. There is considerable risk in it, but with discipline and knowledge it can be very profitable. This dynamic makes trading appealing in well-educated countries like Australia. Interest in trading is very high here, and as mentioned, many Aussies have made good money trading Forex. Others, who have not been as careful in choosing the right trading platform, have been scammed!

As an Australian, it’s important that you are aware that you are at great risk of becoming a Forex scam victim. Don’t feel rushed to act on any unsolicited call or email you receive about an investment opportunity that goes hand in hand with an investment opportunity. Do your homework and stay vigilant!

"Australia is a Primary Target for Forex Scams" User Comments

I've just been scammed in Australia


"Yes, fees on banks transferring to and fro from overseas is off the charts, and slow process - Time is money. So I go with the longest running and biggest forex Australian brokers only to find they are all a complete scam. I dare say it is most likely all round the world"

Posted: November 10th, 2017
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