OctaFX Reveals Most Common Ways Of Being Scammed In Nigeria

Multinational Forex broker firm, OctaFX, released a report to expose the most common ways of being scammed in Nigeria.

The report examines the common ways of scamming, focusing on the key places where fraudulent offers can be encountered, and the reasons traders fall prey to scammers.

It also suggests ways of making sure that a trading platform is not fake so that your funds stay safe and sound.

Speaking on the purpose of the report, the OctaFX press office stated, ‘With Nigeria’s population exponentially increasing coupled with the global pandemic, individuals are looking for alternative means of income.

“The need to encourage and help new entrants into Forex trading cannot be overemphasised.

“OctaFX, through this report, aims to provide Nigerians with relevant information on how to grow their investments without falling victim to fraudulent offerings on any trading platform.

By providing Nigerians with the necessary information and sources to create and grow their portfolio, this report will further help them avoid common mistakes on trading platforms’, they continued.

Research by OctaFX indicates that traders are 41.9% likely to get scammed due to their expectations of easy money. Estimates further show that 69.7% of traders were scammed of funds in the amounts from N5,100 to N50,000.

Most traders encounter fraudulent offers on emails, advertising, blogs, influencers, SMS, phone calls, WhatsApp/Telegram, and Instagram. However, 90.2% of traders have the relevant knowledge on how to improve their online security and safety on Forex trading platforms.

It is, however, expected that fraudulent traders will keep coming up with ways to scam other traders. Hence, the report provides preventive measures to avoid falling prey.

For instance, making sure there are no complaints about not being able to withdraw funds, and reading through all the fine print of the documents when opening an account on a platform. Finally, credible reviews of the broker top the list of how traders ensure that a platform is not dangerous.

To recognise and avoid fraudulent offers, please follow the next pieces of advice:

1. Always verify or double-check the source of your information

2. Avoid downloading apps from unofficial stores and third-party platforms or using pirated software

3. Do not grant access to your account to any third party

4. Do not enable the ‘Remember Password’ feature on any of your devices

5. Always recheck brokerage sites and offerings

6. Finally, always keep safety in mind.