I am not sure that forex is illegal in any country, there might be some money laundering issues or some religious issues but forex is not illegal. It is 100% legal and famous worldwide also there are monitoring authorities which monitor what is happening out there in forex business and everyone is following forex rules.
- It is confirmed trading Forex in Egypt is illegal & the whole middle east except in UAE and Kuwait.
- You can't wire the money to your broker and also you can't receive money from him, cause you are a drug - arms dealer, you are a money launderer. I am asking the central bank governor of Egypt "how I am a money launderer when sending/receiving less than $1K every 3 months or so!!!!!??????". Forex trading is very hard, but you won't let it go until you make Forex trading is impossible.
- And if you used a credit - debit - visa card(or any type), your card will be stopped and your account will be frozen and in order for you to make your card work again, you have to go to your bank and sign a paper states that "you will never use your card in this type of financial transactions". Hence Forex - Stocks ...etc.
- And if you ask the banker "WHY!?" - He doesn't know. Just sign the papers to make your card work again sir, even though he doesn't know what Forex is?
- Even though the governor of the central bank admits that he is trading USD/EGP, the hypocrisy is unbelievable. They can do it but we can't.
Last edited by moha sasa; 09-16-2018 at 06:12 PM.
- In Egypt, Forex is forbidden by the government also by Azhr(the largest Islamic establishment in the world), yet they let a very well known British broker to be the golden official sponsor for Cairo investment expo from 22-23 of Oct 2018
Last edited by moha sasa; 10-04-2018 at 11:39 AM.
Egypt’s government approved on Wednesday prison sentences for traders selling foreign currency outside the official exchange rate, marking an escalation in the central bank’s crackdown on a black market it says destabilizes the country’s currency.The bank kept the pound steady at 8.78 pounds against the dollar at its official foreign currency auction on Tuesday, and the currency was stronger on the black market at 10.9 pounds per dollar, stronger than last week’s 11 pound rate.
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