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Online Traders and Investors Scams Growing Significantly amidst Global Pandemic

Online trading activities cause significant safety and security concerns that prevent many people from exploring new opportunities in Online trade. Data safety and efficiency of personal information storage have significantly affected user participation.Indeed, the stories of Online trading scams have been rising since the beginning of the Covid-19 pandemic. In this regard, Dany Mawas, regional director at INFINOX, a leading global CFD trading broker has expressed his concerns regarding data security. Mawas has also recently launched IX Social mobile app in Africa.

He further adds that, unfortunately, many people that have fallen victims to trading scams are beginner traders, or those who are elderly or those struggling financially, or all of the above.Mawas summarizes a checklist that will help the prospective traders not fall victim to scammers to prevent this scam from happening and growing.

Online Traders and Investors Scams Growing Significantly amidst Global PandemicDoing the research, ensuring whether the broker is regulated, checking the brokers’ website for authenticity, and being vigilant on social media are some basic points to remember while trading Online.However, traders should be able to credit and withdraw funds easily through a simple client portal. Being able to access one’s funds at any selected point of time and place seems crucial.

It is equally important that client funds are separated from working funds and other forms of investment. Besides, brokers should also have an insurance policy in place to protect their clients from scams.Africa is soon becoming one of the primary destinations for traders of all financial assets, as told by Mawas. It is important for the traders to be cautious of online trading scams and ensure that they remain alert and do not fall victim, he told to conclude.

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