There are dozens of websites, apps and whatsapp groups apparently offering online trading in foreign exchange, promising lucrative profit rates and assuring doubling investments within a week or two.

Traders associated with forex trading outlined three common ways for online trading in Pakistan.

The first mode is legal: There are brokers, as many as 300, registered with the Pakistan Mercantile Exchange offering legitimate trades in foreign exchange.

Another mode, which is not illegal, is trading via fleet farms abroad. However, such foreign exchange trades have no legal protection in the country.

Then there are foreign exchange trading through specialized software on which everything – ranging from profits earned and losses accrued to traders – is fraud.