While speculative trading in the currency markets in the Kingdom has spread considerably over the last period, specialists have warned against expanding investment in currency markets because of the high risk that could cause total loss of capital in one day, calling on the official bodies of the importance of educating investors and protecting them from campaigns Marketing that leads them to the brink of investment cliff
Currency markets are highly risky and are not recommended for non-specialists because they are primarily used to hedge against exchange rate risks by traders and importers to take advantage of fluctuations in major currencies against the US dollar. They are not used in themselves as speculators because they pose high risks to non-specialists, Therefore, the owners of these companies seek to market this activity as a seductive investment activity for individual investors with little experience, causing them a great loss and some of them lose their entire investment in this market
These official warnings come as foreign companies have recently been promoting a wide range of services within the Kingdom to attract Saudi individuals to the FX market and provide credit facilities of up to 500%, and are tempted to expand their investment status to collect more commissions, Liquidates the customer's position without reference, based on the currency trading agreement that gives the company the right to preserve its rights through immediate liquidation, leading individual investors to the abyss of bankruptcy.Official warning
"It is well known that financial companies that have currency trading and want to deal with the local market take their licenses from the Saudi Monetary Agency to carry out their business systematically in the Saudi market. However, with the spread of technology in the form of
">Many of these foreign companies are trying to lure their customers in the local markets without having an official license through the websites, by earning fast and doubling the finance portfolio several times to attract the largest number of traders. Thus, when losses and financial shocks occur, the trader
The source added that each trader in the local market to ensure that the foreign companies that deal with the existence of a license to practice the work and see the contracts and offer to legal advisers to know the dimensions of this investment step and knowledge of rights, the fact that the majority of these foreign companies rely on the factor of financial temptation, Traders in the local market and other markets are booming.
High riskCommenting on this, financial advisor Mansour Al-Sulaiman said that investing in currency trading is considered a high risk and is one of the most dangerous types of financial investments, especially as it is linked to financial facilities that provide the market customers with high credit lines up to 500% of the capital; The trading in the currency markets requires extensive financial expertise, accurate follow-up, knowledge of the statistics and data affecting the markets and the movement of currencies and the date of their publication, in order to protect the speculators from sudden changes to the markets as a direct result. Data."The majority of currency investment companies seek to attract as many customers as possible without focusing on their financial ability and awareness. Many of these companies are trying to attract a few people and tempt them to double their capital soon, which leads to the bankruptcy of traders a few days as a result of their occurrence In the trap and lack of financial know-how in dealing with these markets.
Pointing out in this context that the speculative currency companies have become accustomed to attract simple traders from the presentation of fictitious stories changing the situation of traders from poverty to financial wealth and play on the track of getting rich quickly and achieve dreams in a few days to win more ordinary customers and thus achieve commissions and high gains, The need to carry out comprehensive awareness campaigns supervised by the Ministry of Finance and the Ministry of Economy and Planning with the Monetary and Chambers of Commerce in the Kingdom to raise the level of financial awareness of citizens and residents alike to show the risks of investment in such markets and the most appropriate ways to develop savings Citizens, and the negative social and economic consequences of failing to understand the consequences of such financial investments
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