Forex trading is no longer a new venture for many Nigerians, especially with the emergence of apps and various online platforms making it easier to trade. As more people move into this market, scammers are also upping their games with a series of tactics to defraud unsuspecting traders.
This is why the industry experts are insisting that participating, in the forex market, requires deeper knowledge and putting in place safety measures in order not to fall victim to scammers.
Recent research in Nigeria by a leading forex trading platform, OctaFX, also confirmed this with data revealing a preponderance of scams in forex trading in the country. According to the research, a staggering 82.4% of respondents admitted to having fallen for one form of scam or the other. This is even as it established that the increase in forex scams is threatening the participation of many Nigerians in the market…