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Singapore is a Primary Target for Forex Scams

 by ForexScam.net   Posted: 01/04/2020
There are many scams in the world, but there is one in particular that has been frustrating traders in Singapore: Forex Fraud. At the moment, Singapore is one of the primary targets of Forex scams. This is due to Singapore having a rich economy and for having a population that has shown great interest in Forex.

Ever since trading platforms became available on the Internet, Singaporeans have embraced it. Some have garnered millions of dollars through their trading prowess. There are many trading options out there, but unfortunately, there are some that aren't legitimate. A Forex scam would want you to deal with unregulated broker, which will cause you to deposit funds, only to find out that you can’t withdraw! There are traders who have fallen for this type of scam and have found out that were manipulated to lose their investment by conducting bad trades.

There are a lot of auto-trading robots out there that are presented in a very believable way. A lot binary options scams are presented on very high-quality websites, which can definitely throw you off. Not only that, but the wording that is often chosen is often nicely selected, which can make even the most expert trader doubt about it being legitimate or not.

Some of the scams targeting Singapore state on their site that they are providing free software, but this really far from the actual truth. You will have to make an investment with an unregulated broker in order to utilize the platform. The platform itself would be poorly designed on the inside. It is quite relieving to know that ever since the information about the Singapore scam came to light, more people are taking the proper precautions to not become victims of it.

Singapore has become a favourite target of Forex Scammers

Singapore’s economy has been ranked as the most open in the globe. It provides low tax rates to its citizens, and it is very pro-business. It encourages its population to start something on their own. The GDP of Singapore is $407.55 billion. It tends to export chemicals and electronics the most. Its main export partners are Malaysia, China, Hong Kong, Indonesia, United States, Japan, South Korea, and Canada. The imports that Singapore conducted totaled to approximately $463.77 billion in 2014. Its main import partners are China, Malaysia, United States, South Korea, Japan, Indonesia, and the United Arab Emirates. In 2014, it was estimated that Singapore’s public debt was a meaningful amount. Fortunately for the people of this particular country, the economy is taking a toll for the better. There are a lot more investors investing in Singapore, which equals to more jobs, making the economy take a meaningful boost. This economic success has also has attracted Forex scams, unfortunately.

Local currency trading services in this Asian country is mainly provided through banks. The fees associated with them are very high, making Singaporeans want to look elsewhere. The Internet has provided Singaporeans with great online trading platforms, as low fees, bonuses, tournaments, and software for trading are involved.

Unfortunately, the Forex scam in Singapore continues, and it doesn’t seem like is going to disappear anytime soon. This type of scam is entering other countries, but by taking the proper precautions, like verifying the proof that is mentioned on the websites or by doing search on the creator, you can play it safe.

As a Singaporean, it’s important that you are aware that you are at 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, find a safe operator and stay vigilant!

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