Blackmarket Forex: Examining Illegal Trading Schemes

Blackmarket Forex: Examining Illegal Trading Schemes

What is Black Market Foreign Exchange?

Black Market Foreign Exchange (FOREX) is a method of trading currencies on the international market outside of a country’s official legal regulations. This type of trading is usually undertaken by entities that are not registered with a central bank or international exchange regulations. The aim of black market FOREX is to provide a way for buyers and sellers to exchange currency in a manner that is not restricted by laws and regulations.

Trading on the black market FOREX is risky and quite often illegal, as there is no standard of acceptable risk management or transparency of prices. This can result in buyers and sellers becoming disadvantaged by illegal trades. There are also illicit funds and transactions which are often involved in black market FOREX which can sometimes include criminal activities, money laundering and tax evasion.

Causes & Extent of Black Market in Foreign Exchange

A lot of countries have established legal foreign exchange regimes, greatly reducing the need for the illegal market. However, there are still some regions that are not subject to these laws. Furthermore, countries may also encounter situations where the official foreign exchange rates do not match the international market rates, thus leading to an unofficial currency exchange rate. This currency exchange rate illegally bypasses legal regulations and makes it difficult for a central bank to fight against inflation.

Also, officially sanctioned foreign exchange simply may not be available in certain areas, leaving people with little other choice than to resort to the black market. In some cases, local laws, such as import and export controls, have driven people to use this illegal alternative in order to obtain the foreign currency needed for certain transactions.

Options Open to a Country

When faced with an issue of black market trading, there are three options open to a country. The first is to simply enforce the relevant laws and regulations and bring those caught breaking the law to justice. The second is to allow the black market trading to continue but to monitor it more closely in order to prevent abuse and money laundering. Finally, the country could consider creating a more flexible foreign exchange regime which would reduce the need for such an illegal market in the first place.

The most effective way of dealing with black market foreign exchange is for governments to create stable economic conditions that reduce the demand for such an exchange rate. This would involve making foreign exchange more widely available, providing an open and transparent market, and reducing the spread between official and unofficial foreign exchange rates. This would reduce the incentives for people to trade illegally, thus eliminating the black market.

Backmarket.com – Are They Legit?

Finding reliable online stores to purchase refurbished goods isn’t easy, especially when you consider the significant risk of being scammed. Backmarket is one of the more popular stores offering refurbished products and many shoppers wonder if they can be trusted. This article offers an overview of the online retailer, an assessment of the trustworthiness of their products, and a verdict on their customer service.

What is Backmarket.com?

Backmarket.com is a Brooklyn, NY based online retailer that specializes in selling refurbished products. They are accredited with the Better Business Bureau (since 7/19) and list significant details about their services on their website. Purchasing from backmarket.com requires that you sign up for an account with them and they offer discounted prices if you use their praise payment method.

Are Backmarket.com Products Trustworthy?

From my experience, yes, backmarket.com is legit. The phone I purchased came in excellent condition and the description of the item was accurate. It’s fairly clean and free of any major defects. With that in mind, the quality of the products tends to vary depending on the refurbisher and can also depend on the brand you are purchasing from.

Backmarket.com Customer Service

Backmarket.com does offer a customer service department but they are not the quickest to respond. It can take up to 5 days for them to reply to an inquiry and they typically require signature verification on returned items. This can be a hassle and it’s important to be aware that they likely won’t refund you in full if you have to return an item. Overall, I would rate their customer service as average and wouldn’t say it’s the worst I’ve seen in terms of online retailers.

Final Verdict

Overall, I believe Backmarket.com is trustworthy and their refurbished products can be of good value. However, it’s important to be aware of their customer service policies and take into consideration the risks associated with buying refurbished products online. As long as you are comfortable with that, then Backmarket.com is a good place to purchase refurbished merchandise.