THE FOREX MARKET IS STEALING THE DREAMS OF YOUNG PEOPLE.
(No, the dumb people who don’t know how to invest in the market are the problem. The market is not the problem. FOREX can’t steal anything if you don’t play.)
The experiences of a number of young Iraqis have shown that the electronic currency trading market (Forex) often turns into a trap for fraud and loss, rather than a source of quick profit.
Saad Karim, 35, lost all his savings after five months of trading when the financial intermediary disappeared, despite the initial profit that had given him the illusion of success. Similarly, Khuloud Nasser, a housewife, lost some of her gold jewelry after encouraging her husband to enter the online trading market, asserting that greed and being deceived by advertisements on social media were the main reasons. Economic experts believe that the reason for this trend is the ease of entering the market and the ability to trade with small amounts, which makes young people, especially the unemployed, vulnerable. Economist Thamer Al-Haimas considers it a form of escapism from unemployment and rising prices.
In the absence of legal regulation, fraud is rampant through fake platforms and unlicensed intermediaries. Iraqi law indicates that trading outside official channels can lead to money laundering and terrorist financing. Lawyer Ibtisam Riyad stressed the need to regulate the market and protect young people through specific laws and regulations, to ensure the safety of their savings and to reduce chaos and financial exploitation.
