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.
While the country has seen immense growth in both the number of traders and trading activities in recent years as a result of the emergence of online trading, which paved the way for more participation beyond the traditional alternative which has existed for several decades, the OctaFX research established that various threats associated with the fast-growing financial market continue to act as barriers to widespread adoption.
The report titled: ‘The Rising Trend of Online Forex Trading in Nigeria’ highlighted key threats to forex trading in Nigeria and suggest measures…
