Financial sector watchdog warns about currency trading websites

The financial services authority AFM on Monday warned consumers to be extremely careful before getting involved with websites offering high returns through currency trading.

In particular consumers were warned that the high returns they are promised are often swallowed up by very high costs, which can lead to them ending up in debt, the AFM says in the Telegraaf.
‘We have serious indications that more and more swindlers are involved,’ the AFM’s director Harman Korte told the paper. ‘These currency investments, so-called forex products, are often very risky offers.’
The way the products operate means the risk is with the consumer, Korte said. Consumers who wish to invest in forex products should check out the company thoroughly and make sure they understand how much of their investment will be used to pay related costs, he said.

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