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By now you’ve heard about the government’s efforts to stop foreign exchange trading bots from ripping off Australian investors and banks.
So what can you do to avoid losing money to these fraudsters?
We’re here to help.
We’ll help you find a safe, transparent, and compliant broker.
If you want to know more, go to the ABC’s Money Advice website.
There are two main ways you can protect yourself.
1.
Stop buying from the bot traders.
You could stop buying foreign exchange from these foreign exchange brokers.
It’s a straightforward process, and it’s completely free of charge.
However, it’s important to know that these brokers are often highly paid agents for governments or governments-linked organisations, and they’ll sometimes charge you extra fees.
If you’ve got a big account, you might even have to pay a fee.
The Australian Securities and Investments Commission (ASIC) and the Commonwealth Ombudsman have both received complaints from foreign exchange traders about these brokers.
You can stop buying from these brokers at the ASIC website.
2.
Take action to protect yourself from foreign account fraud.
Find out more about how to stop account fraud from foreign brokerages, including how to get a foreign account number and how to report suspicious activity.
Read more about foreign account scams and how you can fight them.
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