Sweden is a Primary Target for Forex Scams

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

Ever since trading platforms became available on the Internet, Swedes have been some of the early adopters. Some have earned millions of dollars through skillful trading. There are many options out there for trading Forex and binary options, but unfortunately, there are a few that aren't legitimate.

The popularity of Forex trading has inspired more and more trading platforms to open up and offer similar services. Among them have been some scams. 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 Sweden 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, Swedes have shown a keen interest in Forex and other forms of investing at legitimate trading platforms.

Sweden has become a favourite target of Forex Scammers

With a population of over 9 million people, Sweden has a GDP of $517 billion, which keeps growing meaningfully. In 2015, its GDP had a 4.1% growth. The goods that Sweden mainly exports are machinery, steel, iron, wood, chemicals, and military armaments. Its main export partners are France, Finland, Belgium, Netherlands, United States, Denmark, United Kingdom, and Germany. It is exporting a lot of goods, but it appears that when it comes to imports, there is a downfall taking place; nonetheless, the imports keep on coming. They are petroleum, machinery, chemicals, steel, iron, motor vehicles, clothing, and food, mainly from Germany, Netherlands, Denmark, United Kingdom, and Norway. Sweden’s current public debt is 41.4% of its GDP. Fortunately, the percentage of people who are unemployed in Sweden is a low one, as there are a lot of job opportunities. This is due to many foreign countries investing in Sweden, as they see its great economic opportunities. Unfortunately, some Forex scammers have also seen the opportunity here.

Local currency trading services in Sweden are primarily offered through banks. Their high fees and lack of creativity has inspired many Swedes to look elsewhere. The Internet has some incredible online trading platforms available to them. They offer low fees, a great software package for trading, and creative promotions, bonuses, and tournaments for their users to enjoy. Sadly, some of them are scams that should be avoided!

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 Sweden. Interest in trading is very high here, and as mentioned, many Swedes have made good money trading Forex. Others, who have not been as careful in choosing the right trading platform, have been scammed!

Unfortunately, the Forex scam in Sweden continues, and it doesn’t seem like is going to disappear anytime soon. This type of scam is entering other countries, too! By taking the proper precautions, like taking your time before making a deposit, doing a search, and verifying that you have found a safe trading platform, this can be avoided. Do your homework and stay vigilant!

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