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Ehab Wasif, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries, warned against gold-trading apps operating in the Egyptian market without a license from the Financial Regulatory Authority, urging citizens to verify that the authority has approved them before using them. He explained that the gold investment fund is a secure entity, not an app. He advised people to buy gold from reputable shops with a commercial registration and obtain an invoice, or to purchase physical gold. He also warned against buying through unknown social media pages, noting the lack of safeguards to protect customers’ rights if the platforms shut down.
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