By Panithan Onthaworn

 

Only commercial banks and securities firms can be granted licences to trade foreign exchange (FOREX) for investment, Thailand’s central bank reminded the public Friday, warning of scams by unauthorized and potentially fraudulent operators. 

 

An enticement to invest and speculate in FOREX with high returns often turns out to be a scam, said the bank’s assistant-governor Alisara Mahasandana.

 

Alisara cautioned Thais “not to trust the investment invitation as not only is the business illegal, but also people are at risk of losing their money.”

 

Full story: https://www.thaienquirer.com/34018/thai-central-bank-cautions-against-forex-scams/

 

-- © Copyright Thai Enquirer 2021-10-16

 

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4 hours ago, webfact said:

Alisara cautioned Thais “not to trust the investment invitation as not only is the business illegal, but also people are at risk of losing their money.”

So is it only Thais that are risk of losing their money and if so why is that?

 

In many respects forex dealing is a scam . Most small investors lose there deposits  because of high gearing and inexperience.

I have read that there are six large banks in the world that manipulate the market.

Of course exporters need to protect there positions using forex . 

 

1 hour ago, fangless said:

So is it only Thais that are risk of losing their money and if so why is that?

 

The story is referring to several scammy promotions going round, in Thai language, on social media and advertising aimed at Thai people. That was not made clear by the article. 

1 hour ago, fangless said:

So is it only Thais that are risk of losing their money and if so why is that?

 

They are greedier than most other nationalities and more stupid.

If the bank knows about these scams then why do the police let them advertise on social media. Surely they should close them down and prosecute the offenders. Problem solved.

17 hours ago, itsari said:

In many respects forex dealing is a scam . Most small investors lose there deposits  because of high gearing and inexperience.

I have read that there are six large banks in the world that manipulate the market.

Of course exporters need to protect there positions using forex . 

 

Where did you read this ?

11 hours ago, smiggley said:

If the bank knows about these scams then why do the police let them advertise on social media. Surely they should close them down and prosecute the offenders. Problem solved.

Perhaps police are running them.

4 hours ago, Albert Zweistein said:

Perhaps police are running them.

Hmmm.....

Much higher up.