One of the biggest markets worldwide, and, particularly, among Thai financial markets, is the Forex market. Globally, it has been really active for the last few years, and the daily transactions on this domain have increased to more than $5 trillion. Now, these are some astounding stats on Forex trading.
One of the biggest markets worldwide, and, particularly, among Thai financial markets, is the Forex market. Globally, it has been really active for the last few years, and the daily transactions on this domain have increased to more than $5 trillion. Now, these are some astounding stats.
The market has provided the financial institutions and banks a safe trading space. This ever-growing demand for obtaining foreign currencies contributes to this booming market. This is a lucrative option for the local currency traders and has a significant role in Forex.
The Forex market stays open for 24 hours daily, Monday to Friday. With the growing use and application of technologies, trading on this market has become easy and facilitated. Within a few clicks, anyone from Thailand or anywhere else can be eligible for trading on the platform. But only proper guidance and awareness can determine your success.
What most people get wrong about Forex traders is that all they do is stay online and go through the latest currency trends and fluctuations. Although, this is just a small part of a bigger picture. In fact, there is another aspect of trading that people should pay attention to.
Beware of Forex Frauds
The strong presence of the Forex market comes with the scams, just like a coin has two faces. The increased speed of online transactions has also increased the occurrence of scams. Overall, these Forex frauds are, in some way, affecting the financial markets. But how to control or avoid it?
Having the right knowledge of how the Forex market functions can save you from potentially fraudulent activities. Many services assist in setting and start trading on this medium. However, many ‘fake’ brokers are posing themselves as reliable support services.
The Forex market of Thailand has many investors dealing with scammers during their transactions. These events have been growing rapidly, and many complaints have been filed in the Department of Special Investigations.
The reason why scammers continue to operate is that they take advantage of uninformed and innocent investors. Slacking regulations and rules and the in compliance of customers and other small industries may also be the reason behind this. Here are a few cases of Forex scams from Thailand.
Forex-3D: New Way of Scamming
The escalating use of digital platforms for performing Forex transactions has made committing frauds somewhat easier for the imposters. For instance, numerous investors have been deceived by Forex-3D. It is a fake Forex trading firm that utilized social media platforms to drive in people’s interest.
Moreover, a few complaints also state that they have lost over a million Thai Baht to an exploitative trading company. Similar to all other scams, the company displayed ‘high returns for customers’ claims. The clients saw potential positive outcomes by using this platform. A small group of traders fell for the trap, and the situation ended with one of the largest Forex scam registered recently.
This clearly states that trading in Thailand’s forex market can be a bit unsafe for first-time traders. However, with the right experience, knowledge, and advice, you can become an expert in no time. Check-in with dependable providers like LifeForex to have comprehensive support for trading in Thailand Forex Market.