November 21, 2020

Forex scam Australia- Are you being scammed?

Most of the countries in the world are dependent on international trade which is why the demand for foreign exchange (forex) currency exists. Many people from different countries and different parts of the world want to invest in forex currency to earn more profits. But the problem is many countries don’t allow their currency to float on the interbank markets. Australia is one of the few countries which allow its currency to float in the International market.

Australian Financial market is growing and evolving rapidly. According to DailyForex, ASIC allows forex broker to utilize leverage upto 1:500. ASIC, Australian Securities and Investment Commission &  APRA, Australian Prudential Regulation Authority have created a competitive regulatory environment that allows forex brokers to expand their reach at the global level. Australia has become a hub for forex trading as it’s capable of implementing technology faster than other countries. That is one of the reasons why the forex market is expanding rapidly in Australia. With the rapid growth of Forex market in Australia, the Forex scam Australia industry is also growing rapidly.

Many forex traders are located there. So are these scamsters related to Forex Scam Australia?

The most noticed information about this scam is they sound professional and makes you believe you will earn more profits. This is the reason people trust them easily and they give in to their plea without any prior research. They will claim to be authorized and licensed but they aren’t. Until you see their name in the official website of ASIC of listed companies don’t jump into investing.

What are these trading scams Australia about?

Recently a scam is prevalent which has its roots in the Australian forex trading market. This is known to be an investment scam in which the prospects are approached by a random person who offers them to invest in a foreign trading platform and promises profitable returns. They initially deliver good returns to gain the confidence of the investor and later asks them to invest more until he wants to withdraw his money. As soon as the investor wants to withdraw the money they ask for an additional fee (in the name of taxes) to withdraw their gains. They keel sucking more and more money out and the person in distress does so, they are pressured to invest more.

How they trick you into trading forex scam?

They will make use of your less knowledge about the market to their fullest. You will be asked to invest more and when the profits will fall, they will ask you to invest more to cover up the losses. They won’t return your money and you will keep running in circles. They sound professional and convincing and you won’t even know you are being scammed. They offer guaranteed high returns which are unrealistic in the market. The prospects are scared to lose their money and to recover their loss, they invest more. To avoid this scam, do extensive research before you even thought about investing just by listening to a stranger on call, cross-check it with ASIC, an authorized body. Report about fraudulent phone calls and avoid them at all costs. Take the help of a genuine fund recovery service if you feel you