The session began with Mr. Nafi defining forex as trading in foreign currencies by selling or buying currency pairs with the aim of achieving profit from the price differences between these currencies.
Below is a continuation of the key points discussed in the session regarding the forex market…
Main Types of Traders: Cash Forex, which is the most common type of traders
In addition to forex derivatives such as futures contracts and options contracts
Risks of Speculation in the Forex Market:
- Dealing with fraudulent companies.
- The risk of dealing with the product itself without experience or knowledge.
Key Signs of Fraudulent Companies in the Forex Market:
- Using direct marketing methods such as phone calls, email, and similar approaches.
- Enticing the investor initially by transferring a small profit amount.
- Having agents inside Saudi Arabia to reassure the investor that their money is within the country.
- Offering excessive facilities.
Key Considerations for Investors in Licensed Forex Markets:
- Global market impacts on the forex market.
- Using demo platforms that provide an opportunity to learn forex basics.
- Starting with small amounts of money.
Important Alerts to Increase Awareness for Beginner Investors in the Forex Market:
- Beware of anyone who promises you unrealistic profits within a short period.
- Avoid dealing with individuals who interact with you informally and without contracts.
- Beware of anyone who communicates with you through unofficial email.
- Do not respond to text messages claiming your account will be closed or informing you that you are eligible to win a prize after completing certain procedures.
