Forex Trading or Scam? - الحج و العمره

Forex Trading or Scam?

October 14, 2018
Forex Trading or Scam?


Forex Trading or Scam?
The Egyptian Financial Supervisory Authority (EFSA), in cooperation with the Ministry of the Interior's Public Finance Department, has recently been able to identify new online crimes committed through foreign currency trading, which is called the "Forex" trade.



1. Forex trading is not regulated by the Central Bank of Egypt or the Egyptian Financial Supervisory Authority.

2 - The Egyptian government prohibits the granting of a license to brokerage firms in the "Forex" and subject to the violators of legal accountability.

3 - Some brokerage companies in Egypt in the currency market through the authorization of financial advice.

4 - Fraudsters took from the "Forex" cover for raising funds.

5 - The Egyptian government believes that the "Forex" does not meet the economic need, and fear its impact on the stock market and bank deposits.

6. Anyone who has a complaint in this regard must immediately report to the Commission.

In recent years, Egypt has witnessed a wide spread of crimes of fraud and fraud (professionally) on citizens through the Internet. Last year we followed closely the crimes of network marketing and its negative repercussions, which shattered the dreams of thousands of young people to achieve rapid wealth and turned it into a nightmare ended up losing their money.

The problem of cybercrime in general is its ability to move easily across borders without restrictions, as well as the difference of laws between countries that may lead to gaps through which crimes are infiltrated, and the danger is also that crimes are easy to commit but difficult to reach.

And finally the monument through the market or foreign exchange "Foreign Exchange Market" on the Internet, where he ordered "Sharif Sami" head of the Egyptian Financial Supervisory Authority to refer companies engaged in trading in foreign currencies, "Forex", to investigate them (one in the area of ​​Mokattam and the second In Nasr City, in addition to a third company suspected and is being followed to follow), and this decision came after the examination of the investigations of the Department of Public Funds Investigation Ministry of the Interior. Stressing the keenness of the Authority to combat the risks resulting from trading in foreign currencies, "Forex", because it is an activity is not licensed or allowed to practice in Egypt, and therefore does not find the client (a narrator) resort to him in the case of manipulation and placement, which suffers from many who were naively or Hoping to get rich quick. He added that these companies run this activity through websites (an establishment outside Egypt) that rely on attracting their victims by promoting the possibility of quick financial gain, to receive their money by claiming to invest in speculative and profitable profits.

The "Forex" .. A hidden market in Egypt is increasingly pioneers and is not recognized by the law:

There are two types of work in foreign currencies: the first is foreign exchange trading through what is done in exchange companies (this type is governed by the law of the Central Bank), the second type is the "Forex" and is intended to deal in the foreign exchange markets or trading currencies in the exchange through Internet (this type is not allowed by the Egyptian Capital Market Law). Although the law prohibits this activity, some companies practice it under the umbrella of licensing offices and financial consulting firms or import companies (taking advantage of the absence of specific penalties). The risk of Forex is that it is an easy way to trade, where the client needs only a computer connected to the Internet and a small cash flow starts at ($ 100), this is contrary to trading in the stock market, bonds or the local stock market, which requires the volume of liquidity Large, in addition to the large number of manipulations that take place in the stock market and the lack of guarantee of profit in trading the market (which is the same factor with trading in "Forex".

We find that this hidden market has emerged in Egypt since 2008 (limited) in conjunction with the global financial crisis and the collapse of the American bank "Lehman Brothers", which revealed that Egyptian businessmen suffered losses of hundreds of millions of dollars from trading in the market " . In particular, with the beginning of the second half of 2008, the trade turned into a phenomenon after successive losses hit the speculators on the Egyptian stock exchange. The market began to flourish throughout Egypt in 2009, with the Forex market gaining a broad base of customers through the temptation to access the Internet. Many forums and websites have devoted a detailed explanation and gave simple trial accounts, "How to Become a Millionaire Through the Internet", "Forex Trading with Limited Risk and Attractive Return".

Egyptian law criminalizes trading in Forex:

The Egyptian legislator organized the crime of the monument, its limits, its acts and its punishment in Article 336 of the Egyptian Penal Code, which provides that "Anyone who has obtained the seizure of money, offers, bonds, bonds or any transferred goods shall be punished by imprisonment. Or some of them, either using fraudulent methods that would inspire people to have a false project or a false fact or to create a false profit. "

It also deals with the entities that seek to attract citizens' funds by claiming their investment in the activity of "Forex" or other unlicensed commercial activities through the application of Law No. 146 of 1988. The first article of the law prohibits non-companies registered in the register prepared for that in the Authority Shall not receive money from the public in any currency or by any means and under any name for its employment, investment or participation, whether this purpose is explicit or hidden. It also prohibits these companies from inviting the public by any direct or indirect means to subscribe or to collect such funds To be employed or invested Or participate in it.

Article 21 of the law provides that "anyone who receives money is in disputeForex Trading or Scam?
The Egyptian Financial Supervisory Authority (EFSA), in cooperation with the Ministry of the Interior's Public Finance Department, has recently been able to identify new online crimes committed through foreign currency trading, which is called the "Forex" trade.



1. Forex trading is not regulated by the Central Bank of Egypt or the Egyptian Financial Supervisory Authority.

2 - The Egyptian government prohibits the granting of a license to brokerage firms in the "Forex" and subject to the violators of legal accountability.

3 - Some brokerage companies in Egypt in the currency market through the authorization of financial advice.

4 - Fraudsters took from the "Forex" cover for raising funds.

5 - The Egyptian government believes that the "Forex" does not meet the economic need, and fear its impact on the stock market and bank deposits.

6. Anyone who has a complaint in this regard must immediately report to the Commission.

In recent years, Egypt has witnessed a wide spread of crimes of fraud and fraud (professionally) on citizens through the Internet. Last year we followed closely the crimes of network marketing and its negative repercussions, which shattered the dreams of thousands of young people to achieve rapid wealth and turned it into a nightmare ended up losing their money.

The problem of cybercrime in general is its ability to move easily across borders without restrictions, as well as the difference of laws between countries that may lead to gaps through which crimes are infiltrated, and the danger is also that crimes are easy to commit but difficult to reach.

And finally the monument through the market or foreign exchange "Foreign Exchange Market" on the Internet, where he ordered "Sharif Sami" head of the Egyptian Financial Supervisory Authority to refer companies engaged in trading in foreign currencies, "Forex", to investigate them (one in the area of ​​Mokattam and the second In Nasr City, in addition to a third company suspected and is being followed to follow), and this decision came after the examination of the investigations of the Department of Public Funds Investigation Ministry of the Interior. Stressing the keenness of the Authority to combat the risks resulting from trading in foreign currencies, "Forex", because it is an activity is not licensed or allowed to practice in Egypt, and therefore does not find the client (a narrator) resort to him in the case of manipulation and placement, which suffers from many who were naively or Hoping to get rich quick. He added that these companies run this activity through websites (an establishment outside Egypt) that rely on attracting their victims by promoting the possibility of quick financial gain, to receive their money by claiming to invest in speculative and profitable profits.

The "Forex" .. A hidden market in Egypt is increasingly pioneers and is not recognized by the law:

There are two types of work in foreign currencies: the first is foreign exchange trading through what is done in exchange companies (this type is governed by the law of the Central Bank), the second type is the "Forex" and is intended to deal in the foreign exchange markets or trading currencies in the exchange through Internet (this type is not allowed by the Egyptian Capital Market Law). Although the law prohibits this activity, some companies practice it under the umbrella of licensing offices and financial consulting firms or import companies (taking advantage of the absence of specific penalties). The risk of Forex is that it is an easy way to trade, where the client needs only a computer connected to the Internet and a small cash flow starts at ($ 100), this is contrary to trading in the stock market, bonds or the local stock market, which requires the volume of liquidity Large, in addition to the large number of manipulations that take place in the stock market and the lack of guarantee of profit in trading the market (which is the same factor with trading in "Forex".

We find that this hidden market has emerged in Egypt since 2008 (limited) in conjunction with the global financial crisis and the collapse of the American bank "Lehman Brothers", which revealed that Egyptian businessmen suffered losses of hundreds of millions of dollars from trading in the market " . In particular, with the beginning of the second half of 2008, the trade turned into a phenomenon after successive losses hit the speculators on the Egyptian stock exchange. The market began to flourish throughout Egypt in 2009, with the Forex market gaining a broad base of customers through the temptation to access the Internet. Many forums and websites have devoted a detailed explanation and gave simple trial accounts, "How to Become a Millionaire Through the Internet", "Forex Trading with Limited Risk and Attractive Return".

Egyptian law criminalizes trading in Forex:

The Egyptian legislator organized the crime of the monument, its limits, its acts and its punishment in Article 336 of the Egyptian Penal Code, which provides that "Anyone who has obtained the seizure of money, offers, bonds, bonds or any transferred goods shall be punished by imprisonment. Or some of them, either using fraudulent methods that would inspire people to have a false project or a false fact or to create a false profit. "

It also deals with the entities that seek to attract citizens' funds by claiming their investment in the activity of "Forex" or other unlicensed commercial activities through the application of Law No. 146 of 1988. The first article of the law prohibits non-companies registered in the register prepared for that in the Authority Shall not receive money from the public in any currency or by any means and under any name for its employment, investment or participation, whether this purpose is explicit or hidden. It also prohibits these companies from inviting the public by any direct or indirect means to subscribe or to collect such funds To be employed or invested Or participate in it.

Article 21 of the law provides that "anyone who receives money is in disputeForex Trading or Scam?
The Egyptian Financial Supervisory Authority (EFSA), in cooperation with the Ministry of the Interior's Public Finance Department, has recently been able to identify new online crimes committed through foreign currency trading, which is called the "Forex" trade.



1. Forex trading is not regulated by the Central Bank of Egypt or the Egyptian Financial Supervisory Authority.

2 - The Egyptian government prohibits the granting of a license to brokerage firms in the "Forex" and subject to the violators of legal accountability.

3 - Some brokerage companies in Egypt in the currency market through the authorization of financial advice.

4 - Fraudsters took from the "Forex" cover for raising funds.

5 - The Egyptian government believes that the "Forex" does not meet the economic need, and fear its impact on the stock market and bank deposits.

6. Anyone who has a complaint in this regard must immediately report to the Commission.

In recent years, Egypt has witnessed a wide spread of crimes of fraud and fraud (professionally) on citizens through the Internet. Last year we followed closely the crimes of network marketing and its negative repercussions, which shattered the dreams of thousands of young people to achieve rapid wealth and turned it into a nightmare ended up losing their money.

The problem of cybercrime in general is its ability to move easily across borders without restrictions, as well as the difference of laws between countries that may lead to gaps through which crimes are infiltrated, and the danger is also that crimes are easy to commit but difficult to reach.

And finally the monument through the market or foreign exchange "Foreign Exchange Market" on the Internet, where he ordered "Sharif Sami" head of the Egyptian Financial Supervisory Authority to refer companies engaged in trading in foreign currencies, "Forex", to investigate them (one in the area of ​​Mokattam and the second In Nasr City, in addition to a third company suspected and is being followed to follow), and this decision came after the examination of the investigations of the Department of Public Funds Investigation Ministry of the Interior. Stressing the keenness of the Authority to combat the risks resulting from trading in foreign currencies, "Forex", because it is an activity is not licensed or allowed to practice in Egypt, and therefore does not find the client (a narrator) resort to him in the case of manipulation and placement, which suffers from many who were naively or Hoping to get rich quick. He added that these companies run this activity through websites (an establishment outside Egypt) that rely on attracting their victims by promoting the possibility of quick financial gain, to receive their money by claiming to invest in speculative and profitable profits.

The "Forex" .. A hidden market in Egypt is increasingly pioneers and is not recognized by the law:

There are two types of work in foreign currencies: the first is foreign exchange trading through what is done in exchange companies (this type is governed by the law of the Central Bank), the second type is the "Forex" and is intended to deal in the foreign exchange markets or trading currencies in the exchange through Internet (this type is not allowed by the Egyptian Capital Market Law). Although the law prohibits this activity, some companies practice it under the umbrella of licensing offices and financial consulting firms or import companies (taking advantage of the absence of specific penalties). The risk of Forex is that it is an easy way to trade, where the client needs only a computer connected to the Internet and a small cash flow starts at ($ 100), this is contrary to trading in the stock market, bonds or the local stock market, which requires the volume of liquidity Large, in addition to the large number of manipulations that take place in the stock market and the lack of guarantee of profit in trading the market (which is the same factor with trading in "Forex".

We find that this hidden market has emerged in Egypt since 2008 (limited) in conjunction with the global financial crisis and the collapse of the American bank "Lehman Brothers", which revealed that Egyptian businessmen suffered losses of hundreds of millions of dollars from trading in the market " . In particular, with the beginning of the second half of 2008, the trade turned into a phenomenon after successive losses hit the speculators on the Egyptian stock exchange. The market began to flourish throughout Egypt in 2009, with the Forex market gaining a broad base of customers through the temptation to access the Internet. Many forums and websites have devoted a detailed explanation and gave simple trial accounts, "How to Become a Millionaire Through the Internet", "Forex Trading with Limited Risk and Attractive Return".

Egyptian law criminalizes trading in Forex:

The Egyptian legislator organized the crime of the monument, its limits, its acts and its punishment in Article 336 of the Egyptian Penal Code, which provides that "Anyone who has obtained the seizure of money, offers, bonds, bonds or any transferred goods shall be punished by imprisonment. Or some of them, either using fraudulent methods that would inspire people to have a false project or a false fact or to create a false profit. "

It also deals with the entities that seek to attract citizens' funds by claiming their investment in the activity of "Forex" or other unlicensed commercial activities through the application of Law No. 146 of 1988. The first article of the law prohibits non-companies registered in the register prepared for that in the Authority Shall not receive money from the public in any currency or by any means and under any name for its employment, investment or participation, whether this purpose is explicit or hidden. It also prohibits these companies from inviting the public by any direct or indirect means to subscribe or to collect such funds To be employed or invested Or participate in it.

Article 21 of the law provides that "anyone who receives money is in dispute

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