Business Desk 
Nov 02, 2024
The Pakistan Telecommunication Authority (PTA) on Friday (November 1) issued citizens a warning, advising them against investing in unauthorised foreign forex trading platforms, citing growing concerns over fraudulent activities and financial losses.
The regulatory body is committed to safeguarding consumers and upholding the integrity of Pakistan's financial system.
Read more: PTA announces full restoration of internet connectivity in Pakistan
What is forex trading?
Forex trading, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world, with individuals, companies, and banks carrying out around $6.6 trillion worth of forex transactions every single day.
PTA warns against forex trading platforms
Platforms, including Exness, Expert Option, and OctaFX, are highlighted as illegal. These platforms are operating illegally without proper licences and regulatory approvals, posing significant risks to investors, according to PTA.
The telecommunication authority has cautioned citizens against investing in these platforms or providing funds to individuals for trading purposes.
PTA has advised citizens to verify the authenticity of forex trading platforms before investing and also to report any suspicious activities to the concerned authorities.
Consequently, strict action will be taken against individuals and entities operating these illegal trading platforms, PTA concluded.
