Forex trading in Singapore is regulated by MAS, and you can report any suspected forex scams or fraudulent activity taking place in Singapore to the organisation. If you have invested with an international brokerage and feel that you may have been scammed, you can contact the governing body in that country Web30/12/ · The best way to avoid scammers is to research the company thoroughly. While some companies are legitimate, others are not. To avoid being a victim of a Forex Web7/1/ · One common forex trading scam involves the false single sellers and pyramid schemes. False single sellers often use bogus email accounts to spam people with offers WebForex scams in Singapore are not new. According to police, in the past year, residents lost a total of million dollars to these fraudulent businesses. The number of such cases Web30/12/ · The Monetary Authority of Singapore is very tough on scams and has warned consumers against unregulated trading platforms. These companies may promise high ... read more
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To continue, upgrade to a supported browser or, for the finest experience, download the mobile app. Police reports filed against trainer who 'did not teach much' in alleged forex trading scam SINGAPORE — They were apparently sweet-talked into joining his forex trading courses.
Follow us on Instagram and Tiktok , and join our Telegram channel for the latest updates. By Alfred Chua. Published September 12, Updated September 12, Bookmark Bookmark Share. WhatsApp Telegram Facebook Twitter Email LinkedIn. Jane told TODAY they met through dating app Paktor in At that point, there was no mention of his forex trading courses, said Jane. He also apparently scolded them when asking them to trade on their own.
He would approach potential attendees via social media, word of mouth or dating applications. Read more of the latest in Singapore Explore now. Stay in the know. Some scammers even use unverified numbers to entice potential victims to invest. And never make your investment decisions without the proper background information. While educating yourself on Forex scams, you can avoid swindlers who will promise you enormous profits.
A modern forex scam involves an individual seller, a false fund manager, or a managed account company. These companies claim to have the expertise and experience to predict favorable trading times in the forex market.
They may even sell their programs at an exorbitant price. This type of broker may have a low success rate and offer a hefty commission. Skip to content Forex scams in Singapore are not new. Forex Investment. Forex Scams Strategy.
Forex trading is highly popular in many regions. Not only in Europe and the United States but also in Asian countries. Singapore, in particular, has been perfectly situated as one of the major financial hubs for online trading. The daily forex trading turnover is even said to be the largest in the area and comparable to both New York and London. As a result, it is unsurprising that a number of reputable forex brokers have flocked to this tiny island of just under six million people. All forex brokers that wish to operate in Singapore must be authorized by the Monetary Authority of Singapore MAS as the financial regulatory body in the country and must adhere to strict operating standards and capital requirements.
The primary aim of the MAS is to protect consumers from fraud, corruption, and shady business practices. But even so, MAS couldn't fully guarantee that traders won't be exposed to fraudulent activities. When it comes to forex trading scams, Singapore is just as vulnerable as any other country. Thus, every trader must understand that they are not completely immune to scams and that it's important to be able to spot and avoid them. Despite being known for its strict law enforcement, Singapore has faced multiple attacks from a host of unregulated, offshore businesses.
The small island may be regarded as a paradise for some people, but the sheer number of high-profile individuals residing there may also attract scammers and other criminals.
Generally, there are various types of scams that happened within the borders of Singapore. One of the most notable cases is the fraudulent forex exchange pyramid scheme that took place in It started in early when a local forex broker Singliworld invited customers to invest in the "Singliforex" scheme. To participate, customers must open a trading account in a forex broker appointed by Singliworld, namely Triumph Global from March to April The appointed broker later changed to Union Markets from May onwards.
After that, investors were required to make deposits but not allowed to perform their own trades. Instead, Singliworld told them that the trades would be conducted by professional traders on their behalf. The truth is that there were no professional traders, no real trading, and no returns. Triumph Global and Union Markets were not connected to any liquidity provider to trade foreign currency and did not have any market license to carry out leveraged forex trading.
On top of that, Singliforex was operating as a pyramid scheme, with investors being told that they could earn money by inviting others to invest in the program as well.
About 2, investors are victims of this scheme. See Also: 5 True Stories of Forex Broker Scams. Another scam story came from a Singaporean resident James not his real name who was scammed by a fake broker.
It began with a text from someone that claimed to be James' friend living in Hong Kong. Long story short, James was persuaded by this "friend" to open a trading account in what he believed to be a trading house in Hong Kong. He even got a questionnaire to ensure that he knew the risks of online trading. This is not exactly what trading houses typically operate, but he didn't seem to mind as he was making quite a fortune with his trades.
Ecstatic, he tried to withdraw his hard-earned money, but his request was denied and he was told that he couldn't withdraw because he had not paid the taxes for his gain. To verify the matter, he contacted the Hong Kong tax authorities and figured that his investments were not recorded anywhere. He also tried calling his "friend" but the number was no longer in use. Forex scams can come in various methods and they can either be simple or complicated.
Some might directly offer fake promotions to traders, most of which involve unrealistic returns and promises.
Scams might also come in the form of fake brokers or so-called experts who offer to trade on your behalf. Again, they usually offer unrealistic results in a relatively short time and zero-risk investment. While forex trading can indeed generate a lot of money, there is no guarantee that it will happen every single time. Those who tell you otherwise may well turn out to be scammers.
See Also: A Story of Popular Fake Trader on Instagram. That being said, it is necessary to know how to spot and protect yourself from scammers, instead of just relying on the authorities. According to CFTC, here are some of the red flags that you could use to identify shady businesses:. Now that you are able to spot the scams, you'll need to do the following things before you start trading:. Maybe the tips above are getting to you a little bit late and you just realized that you've been scammed.
In this case, you can try contacting the authority. In Singapore, forex trading is under the regulation and protection of MAS, so you are allowed to report any suspected trading scams or fraudulent activities that take place in Singapore. If you have invested in an international brokerage and feel that you might have been scammed, you could report the case to the governing body in that country.
See Also: How to Deal with Problematic Brokers in 6 Easy Steps. Aside from that, you can also report forex scams to other authorities as a form of criminal activity or cybercrime.
In Singapore, fraudulent activities can be reported to the local police with details. You can contact the Police Hotline at or you can make an online report at police. Despite being a high-tech center and having strict regulations, Singapore is certainly not immune to forex trading scams and fraudulent activities. As you try to find more ways to make extra money, you may come across a forex scam.
Therefore, it's highly important to do your research properly before entering the forex industry. Remember, if something sounds too good to be true, then it probably is. Be aware of the danger signs that we've explained in this article and don't easily trust anyone without getting a clear picture of who they really are. To minimize risks, try to invest in regulated firms only and be wary of any third-party tools offered. Lastly, if you feel like you have been scammed, do not hesitate to file a report to the police, MAS, or other authorities.
Who knows, maybe you will save not only yourself but also others. Passionate in contemporary global financial issues, I'm currently active in researching topics on cryptocurrency, forex, and trading strategies. Location : Australia, Cyprus, Bahamas, China, European area, Hong Kong, India, Indonesia, Russian Federation, Spain, Thailand, Turkey, United Arab Emirates and United Kingdom.
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They are taking 5 to 10 percent risk, on a trade they should be taking 1 to 2 percent risk on. If intelligence were the key, there would be a lot more people making money trading. I do nothing in the meantime. They are aware of trading psychology their own feelings and the mass psychology of the markets. The most important thing in making money is not letting your losses get out of hand. Losers get high from the action; the pros look for the best odds. If you don't bet, you can't win.
If you lose all your chips, you can't bet. If you can follow these three rules, you may have a chance. Not finding what you're looking for? Or go to one of our top sections if you need any suggestion. Search Page Search Broker Broker Name Country Established Regulation Max Leverage Min Deposit Explore Brokers. Despite having strict regulations, Singapore is certainly not free of forex scams. Let's find out the different stories of forex scams in Singapore and how to avoid them. Contents Singapore Forex Scams Stories How to Avoid Forex Trading Scams What to Do if You Get Scammed End Thoughts.
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WebForex scams in Singapore are not new. According to police, in the past year, residents lost a total of million dollars to these fraudulent businesses. The number of such cases Web7/1/ · One common forex trading scam involves the false single sellers and pyramid schemes. False single sellers often use bogus email accounts to spam people with offers Web7/11/ · The Tinder forex scam is a new, yet quite sophisticated method some groups of criminals (mainly from China) use to lure men into investing in the forex market in order WebChoosing a registered Forex broker is the first and most important step to avoid getting scammed. It is very important that your forex broker is regulated by the right regulatory Web30/12/ · The best way to avoid scammers is to research the company thoroughly. While some companies are legitimate, others are not. To avoid being a victim of a Forex Web12/9/ · More than 15 people — who have lost over S$, in course fees and trading losses in total — have lodged more than 10 police reports so far against Mr ... read more
An uptrend means that a market is reaching elevated highs and elevated lows on pullbacks. In Singapore, the role of MAS is to protect consumers from scams and malpractice. Contact us. The only exception here is for clients trading below 50, units half a standard lot per month. Tim Fries.To forex trading scams singapore you make the best possible decisions, be sure to read our complete guide to forex tradingand get to know all the basics of this type of trading. Singapore is a heavy-hitter in the Forex market. In Singapore, if you choose to trade Forex as a hobby, as opposed to it making up the majority of your income, any profit made will not be subject to tax. In the majority of cases, brokers do not have a taxing agency, therefore there are no tax deductions made. Again, they usually offer unrealistic results in a relatively short time and zero-risk investment, forex trading scams singapore.