While having a steady income may be a life goal for everyone, more and more people are trying to supplement their income by trading in various assets. However, with a potential of exponential growth in wealth, trading is increasingly becoming a target of large-scale financial fraud. So, how does one remain safe in trading?
Less than six months ago, when global markets fell on fears of Covid-19 and brought an end to the decade-long bull run, most people felt the opportunity was ripe to trade and make great wealth through financial markets. The trick was simple: buy stocks, commodities or exchange-traded funds and wait for the post-Covid-19 market rally.
The challenge, however, is selecting which online trading broker to use to deal in these assets. With the recent increased attention on DIY investing, there has been a surge in first-time investors who have little, if any, experience in investing in financial markets. With so many amateur traders out there who get conflicting tips from family and friends, it can be overwhelming to decide which online trading broker is suitable.
Some sophisticated online trading brokers take exorbitant commissions on your trades, while others are outright scams, preying on novice investors. Traditional local brokers are available, but even those that operate as execution-only brokers come at a premium – making it a difficult task for a new or prospective trader to start investing their money.
With the advent of technology, online trading is the new buzz. It is cheap, has plenty of asset classes to choose from and gives you real-time updates on your phone. However, it is true that many fall victim to fraudulent activity due to alluring websites that feature slick content offering significant leverage, bonuses or even guaranteed profits.
As such, it is imperative that an investor looks beyond the marketing and conducts due diligence on the online broker. One key area of research should be the jurisdiction where the broker is regulated.
Many online trading brokers are not regulated in a local or regional jurisdiction, which may be a drawback for a discerning investor. A new investor, on the other hand, may not be aware of the intricacies of regulatory law under different jurisdictions, nor the related frameworks designed to protect their capital.
Within the UAE, for example, DIY investors should ensure they opt for a locally regulated broker. For example, a broker regulated by the Abu Dhabi Global Market’s (ADGM) Financial Services and Regulatory Authority (FSRA) or the Dubai Financial Services Authority, the independent regulator for Dubai International Financial Centre, that follows stringent rules and regulations, modelled on internationally recognised standards to safeguard the best interests of investors.
With online brokers regulated in other jurisdictions that do not require a minimum capital to cover operational risks, it is virtually impossible to guarantee that clients’ funds are in safe hands when they are not allocated in a segregated clients’ fund bank account. They will be regulated by the jurisdiction in which the licence to operate was granted.
To protect the growing number of DIY investors, education is vital to ensure they remain vigilant about the growing number of fraudulent brokers
Moreover, if a dispute is raised and a legal process applied, a different jurisdiction means a cumbersome approach that is likely to bear a prohibitive cost due to legal fees and travel expenses. However, local regulators, such as the ADGM FSRA, provide investors with a clear and effective mediation should an issue occur.
Inexperienced traders are most vulnerable to online fraud and trading scams that have caused billions of dollars of losses around the globe, including in the Middle East.
So, what can be done?
Nothing substitutes education. The first step for any regulated broker is to ensure educational tools are available for traders, not just to identify fraud but also to ensure they are empowered to make informed trades. If the users are unable to find enough educational material, it is probably best to steer away.
A locally registered broker provides an extra layer of security as it falls under progressive legislative frameworks to safeguard the capital of traders. In the unlikely event that an issue occurs, authorities such as the ADGM have rigorous procedures in place to ensure that investors’ capital is safe and protected.
To protect the growing number of DIY investors entering financial markets for the first time, education is vital to ensure they remain vigilant about the growing number of fraudulent brokers.
Investors must consider many aspects before starting to trade online, but the most important step is choosing the right broker, who should be locally registered and provide strong educational content so that their hard-earned money is not wasted.
Madalina Rotaru is the chief executive of Key Way Markets Limited, the operator of the ADGM FSRA-licensed Capex.com
World%20Cup%202023%20ticket%20sales
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Mohammed bin Zayed Majlis
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
Masters%20of%20the%20Air
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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Killing of Qassem Suleimani
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
ASHES FIXTURES
1st Test: Brisbane, Nov 23-27
2nd Test: Adelaide, Dec 2-6
3rd Test: Perth, Dec 14-18
4th Test: Melbourne, Dec 26-30
5th Test: Sydney, Jan 4-8
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
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Stamp%20duty%20timeline
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COMPANY%20PROFILE
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Ireland v Denmark: The last two years
Denmark 1-1 Ireland
7/06/19, Euro 2020 qualifier
Denmark 0-0 Ireland
19/11/2018, Nations League
Ireland 0-0 Denmark
13/10/2018, Nations League
Ireland 1 Denmark 5
14/11/2017, World Cup qualifier
Denmark 0-0 Ireland
11/11/2017, World Cup qualifier
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
