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
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
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
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.
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
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?
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