Saudi Arabia Government Warns Their Citizens About Illegal Forex Trading

Forex trading is very tempting. But many people are not aware that legal and safe forex trading is only the one approved by the government, as well as through a trusted broker with a good reputation. Therefore, to avoid victims of illegal forex trading, the Saudi Arabian government has warned its citizens about this. Although foreign exchange trading in Saudi Arabia is not as big as in other developed countries, the government still insists on being extra careful to protect its citizens who could be lured into illegal forex trading without a trusted broker. That’s why if you only want to trade with a trustworthy broker in Saudi, we suggest you visit right away.

The Saudi Arabian authorities issued a warning to the public against trading in the foreign exchange market without permission, according to a statement published by the Kingdom’s central bank.

The Standing Committee for Awareness and Alerts, a body within the central bank, warned that there had been an increase in new methods used by unauthorized companies and individuals to promote illegal business.

Some of these methods include using slogans of government agencies and private parties, and the publication of statements that are falsely attributed to the government or public figures in advertisements.

These methods aim to mislead members of the public and create the illusion of a legitimate financial institution.

In the statement, the committee noted that suspicious agencies used state-branded online advertisements to demand contact information and promote investment opportunities with quick financial returns from people who accidentally clicked on the link.

Scammers also use social media to promote their services, either with advertisements or paid promotions, hoping to ensnare people in their scams.

The Committee called on the public to take the necessary steps to ensure the legality of the financial institutions with which they are associated, noting that they must have the necessary licenses to offer investment services.