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Trading platforms sell the dream of making big money fast. The reality can be far more brutal | Kirsty Major

With wages stagnating, people are turning to complex financial products known as CFDs – risking addiction and disastrous losses Who doesn’t want some extra cash – especially when prices are soaring and inflation is eating away at people’s savings? Over a decade ago, the answer to increasing earnings might have been to work more hours or train for a better-paid job, but these days work no longer pays. Workers in the UK are £11,000 a year worse off after 15 years of wage stagnation. Over the same period, financial tech companies (fintech for short) began to offer a tantalising alternative to the drudgery of work. Those who were otherwise uninitiated into the world of finance could make big money fast by trading in something called contracts for difference (CFDs) on online platforms. Kirsty Major is a deputy Opinion editor for the Guardian Continue reading... always shares this Contents with License.

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