Norway is a Primary Target for Forex Scams

 by   Posted: 01/04/2020
Due to having a rich economy and a population that has a high interesting in Forex, Norway has become one of the primary targets for Forex scams.

Trading forex and binary options online is an activity that wasn’t present just a decade ago. In recent years, it has been able to garner a meaningful popularity due to the opportunity and freedom that it provides to investors. With Forex platforms, trades can be easily conduced with minimal fees, and low spreads. When a trader’s account is linked to eWallet or bank account, users can move funds off and on accounts with ease.

There are many legitimate operators out there, but one has to be extremely careful when choosing one to trade in. 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 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 frauds have become particularly present in Norway, as this country has a rich economy, local alternative offer high fees, and the population has an interest for trading platforms. One has to verify that the proof that is being providing, the name of the CEO, and the testimonials are real. The testimonials that you will notice on website that goes hand in hand with a scam will be 100% fake. Scammers tend to hire actors and actresses to lie in front of a camera, only to later get the videos together and form 1 single video, one to show to prospect victims.

Norway has become a favourite target of Forex Scammers

Since the start of the industrial era, Norway’s economy has shown a robust growth. Its current GDP is $376 billion. When it comes to its PPP, it is $365 billion. Norway has many good that it imports, but the main ones are metals, chemicals, machinery, and different types of foods. Its main export partners are first and foremost United Kingdom, followed by Germany, Netherlands, France, Sweden, and Belgium. Its main imports partners are Sweden, Germany, China, United Kingdom, United States, and Denmark. In 2012, its estimated public debt was 30.3% of its GDP. Norway is definitely a country that has an economy that keeps getting stronger as each year goes by. It is one of those countries that many businesses are beginning to invest more in, causing for there to be a lot of career opportunities for adults and teens. Unfortunately, Forex fraudsters have also sensed that opportunity, and are looking to capitalize on it.

The local currency trading services in this European country are mainly offered by banks, but their lack of creativity and high fees make Norwegians 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, a few of them are scams.

Trading Forex takes practice. With knowledge and discipline, it can definitely be very profitable. This challenge has attracted many Norwegians, who are more well-educated than average and are known to have a natural talent for trading. The success stories of some has created a healthy marketplace. Some scammers have tried to take advantage of that.

If you are a Norwegian, 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. Stay alert, find a secure Forex operator, and you could be very profitable.

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