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UAE is a Primary Target for Forex Scams

 by ForexScam.net   Posted: 01/04/2020
Forex scammers victimize investors around the world, and United Arab Emirates are one of their favourite countries. Why are they focused on Emiratis, and how can you avoid them?

Trading forex and binary options online is an activity that wasn’t even present a decade ago. Over the years, it has been able to build its 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, the trader can move funds off and on accounts with ease.

There are some trading platforms and systems out there that are presented in a very believable way, that really aren't legitimate. A lot of Forex and 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 Emirates 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. It is quite relieving to know that ever since the information about Forex scams came to light, more people are taking the proper precautions to not become victims of it.

In the last few years, Forex frauds have become very present in the United Arab Emirates. 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 testimonials are real. 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. It is quite unfortunate that people have to go to this level to eat!

United Arab Emirates has become a favourite target of Forex Scammers

In the Arab world, the economy of United Arab Emirates comes in second place. It has a GDP of $570 billion. The economy of the United Arab Emirates is highly reliant on oil. Besides petroleum, it exports natural gas and fish. Its main export partners are Oman, China, India, Japan, and Iran. The import goods that enter the United Arab Emirates are food, chemicals, transport equipment, and variety of different types of machinery. In 2012, it was noted that its public debt was 40.4% of its GDP. With an approximate population of 9 million individuals, the government of the United Arab Emirates is focused on exporting their goods to other countries, including Mexico, because compared to other countries in the world, it is not as economically strong. It is clearer than water that the United Arab Emirates has a lot to offer to the world; it just needs the adequate leadership so that other countries can enjoy the goods that it produces, which are way more than just oil. Forex scammers have, unfortunately, been quick to jump on this opportunity.

Local currency trading services in the UAE are primarily offered through banks. Their high fees and lack of creativity has inspired many Emirates to look elsewhere. The Internet has some incredible online trading platforms available for them. They can find operators with low fees, a great software package for trading, and creative promotions, bonuses, and tournaments for their users to enjoy.

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

It is important to be aware that, as a citizen of the UAE, you are at a considerable risk of being victimized by a Forex scam. If you receive an unsolicited email or call about a Forex or Binary investment opportunity, don't feel rushed to act. Take your time and do some research before choosing a secure trading platform. It could save you from being scammed.

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