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Fake Forex Brokers List in Nigeria

In this article, we will understand all about forex trading and fake forex broker.

Who Is a Fake Forex Broker?

Since the inception of forex trading, many fake and scam brokers have entered the business only to scam and be a major fraud t unsuspecting victims.

A fake forex broker is a scam broker that promises to trade currency against each other and pay profit but doesn’t do that. Rather makes way with the money after users and investors have deposited their funds to thus forex brokers.

Fake Forex Brokers List in Nigeria
Photocredit: The World Financial Review

Fake Brokers are sometimes easy to spot on and other times cannot be spotted easily.

Some basic features of a fake broker include:

  • Lack of constant communication: In this situation, there is a slow and steady breakdown of information between the brokers, investors on the broker’s platform. This is a red flag that a broker is not so honest.
  • Lagging of trades: When there is lagging during trading, it is an obvious red flag for investors to know that this broker may not be so real as it is one way an investor can easily lose their funds when there is a lag in trading.
  • Other features of a fake broker include – Non-response to messages and inquiries by users and investors on his platform, slow at paying profits made by investors, and high rate of capital requested before users can start trading fore on their platform.

How Do I Know If A Forex Broker Is Real?

To know a fake broker and differentiate a fake broker from a real broker can be achieved through these basic steps:

  • Make sure to carry out extensive online research before investing your funds with any broker. Ensure that you understand all about the broker and his reviews from other users in the past to enable you to make the best decision in picking the right broker.
  • One of the first features to investigate is the withdrawal feature.
  • Make sure the broker user is signing up with as a smooth process of withdrawing funds or profits from the broker’s platform as this is vital for any investor choosing a broker.
  • Read all the terms and agreements of the brokers and the policy and data management before choosing this broker for trading and investment.
  • Understand the basic information as this can be used against you by the fake broker when trying to withdraw funds.
  • After choosing a broker and being satisfied with the information and terms and condition of this broker, make sure to start with a little capital or, even better still, start with a demo account so that any loss will not be on your real funds.
  • It is also vital to note that as an investor or user, legit and honest forex brokers cannot be determined by the number of years the broker has been in the business or by the size of the forex broker company.

People Also Read:

How to Become a Forex Trader in Nigeria

Forex Trading Signals Review

How to Analyze the Forex Market for Beginners – Step by Step Guide to Market Analysis

What is Forex Trading Bot – Pros and Cons, and How to Use a Trading Bot

Top 10 Best Forex broker in South Africa

Can I Trade Forex without A Broker?

Trading forex always involves a broker as the broker serves as a middleman for the trader and the investor or user in his platform.

Trying to trade Forex with a broker will not be easy as many things will be required from the trader, including a high amount of funds to be used for trading forex and currency pairs.

Which Forex Broker Is Legit In Nigeria?

There is a long list of legit forex brokers in Nigeria, as these brokers are regulated and certified by different regulatory bodies.

Some of these brokers include:

  • ForexTime FXTM
  • OctaFX
  • HotForex
  • Exness
  • XM Forex

These are just some of the top best forex brokers in Nigeria.

What are your thoughts on forex trading brokers? Leave a comment to share your thoughts and ideas on fake forex broker and authentic forex trading platforms.

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