Latest forex scams in Nigeria

I will go first, from my observation, the common forex scam in Nigeria today is that of fake brokers. There are so many unregulated brokers operating discreetly in Nigeria

Same playbook, they appear rich first then sell you the dream

Someone tried to market me to open an account with a broker called WMarkets. When I investigated I found out the broker was not regulated and their website looked fake. On the website they had no regulatory info and on the "about us page" there was a title "meet our Managing Director" but no photo of him/her, no name of the Managing Director etc. pure scam

Same thing here in South Africa, these guys now have their own brokerages and they pressure their students go open accounts with them. The problem? the brokerages are not regulated and can crash any time resulting in loss of customer funds. Sometimes students have reported placing a withdrawal and the broker is unable to pay and I suspect it is because the scammers behind the brokerage have used the student deposits to buy cars or fancy stuff.

brokerages owned by scammers may be allowing you withdraw money but they can manipulate your trades so you lose most of the time. Remember, they are the ones to be trading against you as market makers

Please shed more light, how do they manipulate the market?

They can increase the spread while you are in a trade, they can refuse to allow you close a winning trade etc.

Another upcoming forex scam in Nigeria is prop firms, I don't mean the int'l well known ones I mean the ones floated by Nigerians here. They will just fold up one day and disappear with your money.

Bad brokers can manipulate

Manipulation actually happens but on a larger scale

Fake broker scams are an offshoot of slaughtering the pig scams. You meet someone on a dating website, they tell you they make money from trading and ask you to open an account with a legit broker. When it is time for you to fund your account, they send you an anonymous link to click on and make your deposit. they tell you it is a referral link so you can get some bonus on deposit. Once you deposit via that link the money goes to their account and they block you.

EFCC nabbed someone for forex fraud. The suspect collected around N993 million naira from a company and said she will change it to USD at a favorable exchange rate. She then diverted the funds and changed it to cryptocurrency and went at large.

Thanks for sharing @kemi. One of my friends was a victim of a forex scam he gave N1,000,000 to one guy who said he trades forex, he wanted the guy to trade for him. They signed an agreement and the guy promised 50% returns and demanded an upfront fee of N200,000. My friend paid and after one month no returns was sent to him and he tried contacting the guy and the guy said gold market was not moving hence he needed more time to trade. This went on for almost 6 months till my friend got him arrested. He agreed to pay back the money but after he was released he ran away

Some traders have become forex scammers without even realizing it. If you go and collect money from someone and promise returns, and you go as far as signing an agreement on a specific rate of returns you are just nailing yourself because you are committing a crime. Nigerian traders should trade for themselves, except the Securities & Exchange Commission has licensed you as a fund manager. No go do pass yourself, you are a scammer but you dont know. Ignorance of the law is not an excuse.

Tell them, one mumu even went as far as promising someone 65% returns as if he owns the market.

Did you hear about the AddyFX scam in Nigeria, within 1 week Nigerians deposited up to 1 billion naira with AddyFX and they were promised returns of 10 to 25%. In the end the scam was exposed to be a Ponzi scheme