Since WikiFX entered the Nigerian market in Feb. 2020, we have received nearly 900+ complaints against brokers from Nigerian. And these complaints are based on investors real experience. Until now, WikiFX has exposed many forex brokers including Olymptrade, Binomo trade, CRYPTO FX, UniversalFX, aliforex, speedXprofits, EONLINE, IQ option, limpidOptions, GOLDEN FX TRADE, LMFX, OCTAFX, Iron FX, OINVEST etc., among which Olymptrade, Binomo trade, IQ option, and IronFX are complained most.
The forex market in Nigeria is in chaos due to no related laws and regulatory body. This article will present the 4 types of investment fraud in details.To get more news about WikiFX, you can visit wikifx news official website.
The obvious characteristics of forex fraud:
1. Can not withdraw money due to update system of platform.
2. Need to pay COT(cost of transaction )fee before withdrawing.
3. Slippage is seriously out of the normal range.
4. Unable to log into account due to suspension.
5. A non-existent regulatory body. Or the regulatory body uses a limited companys registration number as a regulatory number. Such as “The Financial Commission”, which is an illegal regulatory body.
6.The address showed on brokers website does not match with its registered address. With unreal address and customer contact number, it has potentially high risk of running away.
To earn high profits from Binary options trading combined with bitcoin trading has become the mainstream in the forex field. From many fraud cases, it can be seen that investors still rely on “luck” rather than reliable investment skills. They never consider what the background of a broker is and where the broker come from, on the contrary, they only focus on when they can get high-return profits.
For example, you have 10 dollars BTC and is promised to get double or triple profits in a shorty period time from brokers. And even more exaggerated thing is that you invest 500 dollar, then you can get 5,000 dollars after one week. However, this is a fantasy. Generallythese high-return modelshaveviolated the principle of investment.