List of Fake Forex Brokers to Avoid in 2023

In this article, we’ll look at the fake forex brokers list in Nigeria and the world at large. These brokers have made away with millions of dollars and people still get scammed daily without knowing that they are fake or scam brokers.

Are you a forex trader who is in search of legit forex brokers in Nigeria? Search no more because in article, I’ll walk you through how how to identify a fake forex broker and a legit or regulated broker.

We all know that Forex trading is risky and volatile, and same way there are so many forex scammers online.

If you’re a complete newbie and have never experienced forex scams before, it may be difficult to identify between a fake forex broker and legit forex brokers in Nigeria. So, let’s get started on the list of fake forex brokers and legit forex brokers in Nigeria.

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

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List of Fake Forex Brokers in Nigeria

Below is a list of fake forex brokers in Nigeria you should avoid investing or trading with. From research, these brokers have ripped off people in the past and non of them are registered with any regulatory bodies.

MaxCFD❌ Scam
Oracle FX❌ Scam
Swiss Assets FX❌ Scam
100XFX❌ Scam
Broker XP❌ Scam
CT-Trade❌ Scam
MarketGBP❌ Scam
SolidCFD❌ Scam
GCC Investing❌ Scam
BRFX Trade❌ Scam

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.
  • Non-response to messages and inquiries by users and investors on his platform
  • Slow at paying profits made by investors
  • High rate of capital requested before users can start trading on their platform.
  • Accept digital money such as; cryptocurrencies, webmoney and others.
  • Gives unnecessary bonuses to attract victims which they can never withdraw.
  • Uses telegram and WhatsApp often as primary means of communication.
  • Flood groups with fake testimonies to lure new investors.


Fake forex broker
Photocredit: The World Financial Review

How to Know If A Forex Broker Is Real or A Scam

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 its 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.

List of Legit Forex Brokers 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, meanwhile we still have others that are not mentioned here.

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.

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.

About Author

Fake forex broker
Christopher Ihezie
Christopher is a highly skilled writer who possesses a deep understanding of the interplay between financial markets and technology. His goal in writing is to deliver expert analysis through written content that is easy for readers to comprehend.

With a keen interest in cryptocurrencies and the blockchain industry, he has been among the earliest contributors to the Coin Decimal Crypto Blog.

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