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Home Press Release

Protect yourself from becoming a victim to online trading scams

Tech Gist Africa by Tech Gist Africa
01/15/2021
in Press Release, The Big 5, Tips
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Many would-be traders are worried about the safety and protection of personal funds and information and are thus unwilling to start trading.

Jay Mawji, Managing Director of INFINOX (www.INFINOX.bs), an online trading partner that is now available in Africa to enable traders to exchange Forex, bonds, commodities and other financial instruments with e, says the emergence of the digital era has resulted in an abundance of information and quite a lot of this information consists of unqualified opinions and regurgitated claims,

“As technology has grown, scammers have evolved to take advantage of digital opportunities, and as the number of online traders is expected to continue to grow, it is essential to protect themselves when it comes to trading for aspiring online traders,” he says.

“As such, working with an established, reputable, and regulated broker who will monitor the activities of its customers, partners and stakeholders is vital for potential traders to ensure that they operate within the regulatory guidelines,” he says. “Implementing stricter regulations has been a game changer, and regulated companies put their clients first and ensure that their businesses are run in a sustainable manner.”

Finding the right broker

In order to find the right broker, Mawji says it is crucial to conduct research on the brokerage and the regulations that they abide by, and adds that the best place to do so would be the Securities Commission of The Bahamas (SCB) who keeps an up-to-date register of all firms and their business activities.

Secondly, he explains that traders must recognise the investment risk versus reward, and take into account that it should be a balanced approach between the two, while being aware that if it is too good to be true, it usually is. “Be wary of schemes that are too easy to open an account, too easy to deposit, too easy to trade, and too easy to make money. This is a clear sign of limited regulations and processes,” he says.

It is also important to question that if your investment is too low, how is the brokerage making money? If this is the case there is often more at play that we may initially realise.

Mawji explains that the broker’s physical location also comes into play, citing that although the business is one that is run online, firms that have a physical presence demonstrate a commitment to their business, their teams, and ultimately to their clients. It is for this reason that INFINOX will soon offer clients on-the-ground presence in South Africa – an extension of its London-based headquarters.

Mitigating risks is key

While some traders may still fall victim due to more-elaborate schemes, Mawji does offer valuable advice on how best to mitigate the potential risks.

He says that apart from never dealing with unregulated brokers, traders should take their time when it comes to deciding which broker to partner with, and be familiar with their services. Most importantly, Mawji suggests that aspiring traders ask a friend for advice as they will most often only have your best interests at heart and make you aware of any potential risks they may be aware of. 

“There are unethical practices in all industries, and CFD trading is no different, but by having the right monitoring and supervisory policies in place, and by working with regulators, will grant the industry and its traders the peace of mind in knowing that there is no easy way for someone to tarnish the reputation of our industry,” concludes Mawji.

INFINOX is available in African countries including Nambia, Mozambique, Botswana, Tanzania and Ghana.

For more information, kindly visit www.INFINOX.bs.

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