Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,597 members, 7,809,168 topics. Date: Friday, 26 April 2024 at 02:35 AM

Why Online Forex Trading Is A Fraud. My Findings - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / Why Online Forex Trading Is A Fraud. My Findings (38299 Views)

Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! / Cryptocurrency Trading Is Making Me Good Money / Gtbank Is A Fraud!!! Charging My Account Unnecessarily (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 8:26am On May 11, 2016
@ op try binary options. As for me I can't trade forex unless on binary options platform. I prefer binary options.
Re: Why Online Forex Trading Is A Fraud. My Findings by Nigga44: 9:06am On May 11, 2016
The only Proven way to make any money in forex trading is by teaching the gullible what you learnt/read.

It's sad but that's just the plain truth. If you like study the charts, indicators, trend lines, price action for 100 hours, nothing is certain. The charts and news feed can point that prices are going up..., yet for absolutely no reason you see the market falling like a pack of cards while wiping out numerous accounts as it goes down.

My brothers, the earlier we told ourselves the truth, the better for us all. THE FOREX MARKET IS CONTROLLED BY A SYNDICATE OF VERY POWERFUL BILLIONAIRES!!!. It's all fraud!!!

4 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by Nigga44: 9:12am On May 11, 2016
Even foremost Nigerian forex trainers like Ifeanyi Uche and Tunji Balogun have all left the trade. Those guys were real pros in the game and yet they've had their fingers burnt again and again in this fraud of a business.

I hear Balogun is now a pastor

3 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by Nigga44: 9:16am On May 11, 2016
Nna @Seun......, if you really want to save young Nigerians from themselves, you have to ban this fraud on your site

2 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 9:30am On May 11, 2016
Well said Akeen, online forex is a fraud, its just another form of gambling.

Only those in the inner circle with privileged information win, the game is rigged against the small dealers.

The so called gurus make their money from training novices and newcomers, thats where they make their cash, they don't make money by trading.

The high fees they charge tells you their primary source of income. They charge N25,000- N30,000=

They charge fees for registration creation of accounts which demands payment in dollars.

They have introduced another scam call bit trading, which is just another form of online trading based on illogical speculation.

I d rather go to a casino and gamble or play lottery. At least who wants to be a millionaire game works. grin

2 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by Bonnywest: 10:10am On May 11, 2016
amii131:


Am a newbie on forex tradding not yet registered but i intend doing that soon,with ur depth of knowledge on this biz can u recommend any reliable broker u've worked with and any advice i could get frm u on the trading.thanks

Newbie save ur money, no matter how much u make on Demo. Its not a true rep of d real thing, won't say much to convince u. Don't say I didn't warn u, a word is enof 4 d wise

3 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by teewazup: 10:52am On May 11, 2016
FOREX is not a tangible business. The Forex brokers are go-between between the traders and the forex market itself. From experience as a software architect and as a one-time forex trader, the brokers manipulate the trading platform from the code-behind. From time to time that is what they do in order to cheat forex traders, they monitor well-funded forex account and tweak the trading platform to move in their favor. I will not recommend even my enemy to go into it. It is fraud. The only way you can drive your car is to seat on the drivers seat and drive. No one sit at the back in order to drive.

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by clemmonce(m): 11:30am On May 11, 2016
After trading for about a year at the very time when the online forex thing just came. I knew it was fraud.. Bought all the indicators and tools even subscribed for trading alerts from the "claimed" professionals online. All my money almost wiped out out in one day... I thank God I left with about 800dols on realizing the fraud.

The truth
Even the so called pros who were disturbing our radios and TVs knew as well. but greed won't let them tel people the honest truth. cos dem won recover dem lost funds thru training gullible people

Penny stocks and most online forex trading is pure fraud. Like d guy above me has said it all. The brokers are monitoring your account. They let your trading pattern work for u initially. Then in a day you can lose all ur money

Online Forex trainers in Nigeria are not being honest. say you can open account with 100dols and build it to to 1 million dollars in a month. now letting people tke unnecessary risk. some wil even use the whole 100 on a trade cos they wnt to meet the fictitious target their trainer told dem.


Use your money on something you can see and where your effort wil be experimental.

Forget Forex. Go see the movie Wolf of Wall Street "
Re: Why Online Forex Trading Is A Fraud. My Findings by mala052(m): 12:19pm On May 11, 2016
dowjones:


Darwinex

FCA regulated (UK regulated), very tight spreads and commission, Metatrader, and they preach money management. (confirm from their youtube page)

Dukascopy

Swiss regulated, its the subsidiary of a swiss bank. You can open a swiss account with these guys for free. This account can be used to fund any other FX broker. Their platform is Jforex. their only downside is they dont use metatrader.
please what abuot insts forex
These two brokers are brokers are my personal choice. i've done my research on them. and i will use both of them when i get back into forex next year. I will open a swiss account with Dukascopy and transfer my funds to Darwinex.

There are other very good brokers but i have limited my suggestion to these two for several reasons.

For the advice part. FX is quite broad, i will suggest you ask me questions on its specific aspects. Trading, risk management, brokers, strategies etc. tongue
Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 12:51pm On May 11, 2016
davidigomanel:

My broda nothing to shared about it. It's a scammed!
what of liteforex??
Re: Why Online Forex Trading Is A Fraud. My Findings by Igbafen: 3:52pm On May 11, 2016
Online forex is a zero sum game. This means someone has to make a loss for another to gain. brokers will always take their commission. No real investment. That’s why i call it " EXECUTIVE GAMBLING "
Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 8:00pm On May 11, 2016
I've been trading FX since 2008. I've seen people come and go, most retail guys who think it's a get rich quick scheme, those guys who load up $200 and hope to become rich, take unguided risk and look for a holy grail. Stoks, FOREX. Options, commodity, futures, and swaps are financial instruments that are unpredictable and also can be manipulated by the rich guys. For me, it's been very profitable, we all have our believes about FX and other financial instruments. If it's not good for you then stay out of it

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by fxstory(m): 2:58pm On Jun 07, 2016
hmmmmmmm, is a scam o, run o , lol lol lol
really?
Re: Why Online Forex Trading Is A Fraud. My Findings by redcliff: 12:19pm On Nov 19, 2016
blef2014:
All I can see here is an OP who has lost money in FOREX, and want to thrown the baby away with the bath water. I do understand, is painful loosing money. But be sincere to yourself, do you really UNDERSTANDS WHAT IS FOREX all about?. Please... before you jump into forex trading go to COMPLETECURRENCYTRADER.COM listen to what forex is all about. I have all the free members Course video 1-10 I can give it out free. i am not asking for anything but like they say knowledge is power. FOREX IS NO SCAM! we are just not informed.

can you send me the video?
Re: Why Online Forex Trading Is A Fraud. My Findings by Gbengageorge: 7:33am On Nov 20, 2016
dowjones:


3) Their charts:

Novice traders believe so much in fancy indicators and clogged charts.. They forget that the movement of any currency pair depends on real life situations and decisions by humans. Indicators reflect this change AFTER the real move has occured. Sadly this is when the sheep enter.




This is an eye opener. especially for news traders

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by hamedollar(m): 10:20am On Nov 20, 2016
I have never seen any online business they never name as scam yet some are making good out of it. My brothers check yourself first and stop following the crowd

2 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by redcliff: 4:33pm On Jan 31, 2017
dowjones:


Darwinex

FCA regulated (UK regulated), very tight spreads and commission, Metatrader, and they preach money management. (confirm from their youtube page)

Dukascopy

Swiss regulated, its the subsidiary of a swiss bank. You can open a swiss account with these guys for free. This account can be used to fund any other FX broker. Their platform is Jforex. their only downside is they dont use metatrader.

These two brokers are brokers are my personal choice. i've done my research on them. and i will use both of them when i get back into forex next year. I will open a swiss account with Dukascopy and transfer my funds to Darwinex.

There are other very good brokers but i have limited my suggestion to these two for several reasons.

For the advice part. FX is quite broad, i will suggest you ask me questions on its specific aspects. Trading, risk management, brokers, strategies etc. tongue

Hi...do you have an idea about SWISSQUOTE? I understand that companies willing to become brokers and are regulated by finma are mandated to become a bank of sort meaning that they are required to have a capital base and all that kinds of stuffs. The same regulations that govern normal swiss banks apply to them. I tried looking for other swiss based brokers regulated by finma and I found swis quote. the reason i really do not like dukscopy is that they do not use Meta4 trader. its a big minus for them but asides that, I think they are good.
Re: Why Online Forex Trading Is A Fraud. My Findings by dowjones(m): 5:50pm On Jan 31, 2017
redcliff:


Hi...do you have an idea about SWISSQUOTE? I understand that companies willing to become brokers and are regulated by finma are mandated to become a bank of sort meaning that they are required to have a capital base and all that kinds of stuffs. The same regulations that govern normal swiss banks apply to them. I tried looking for other swiss based brokers regulated by finma and I found swis quote. the reason i really do not like dukscopy is that they do not use Meta4 trader. its a big minus for them but asides that, I think they are good.

From what I see, SWISSQUOTE is a good broker. Regulation with FINMA no be beans. You must have a banking license to provide brokerage services in Switzerland. For this, they're good.
Re: Why Online Forex Trading Is A Fraud. My Findings by nassipickin(m): 9:20pm On Apr 23, 2017
FOREX FOR AGRIBUSINESS
When Land, Labor, Water, and the periodics of Weather is employed to create a Product / Farm Produce, and the Produce is processed for the Market; then an Agribusiness Value-Chain is said to be created by each block of activity that arrived at the market. Consider the following blocks:
a.) Land, Labor, Water, Weather
(especially agricultural land / private estates in Lagos / Ogun axis)
b.) Produce
c.) Process
d.) Market
Each block however is supposed to be interrelated and interdependent for the actual Value of the Chain to be harnessed.
FOREX is earning foreign exchange like dollars, pounds sterling, Euro, etc for trading in such currencies or trading products for such currencies.
FOREX online is a risk you can not see but forex on farm is a risk you can see, therefore we would like to use this opportunity to call on all Nigerian risk takers, forex traders to join forces together with us financially to meet international standard for our Agricultural Produce and earn foreign exchange.
Imagine Nigeria going to Ghana to package our Garri for AGOA Standard before export. "Garri wey Ghanaians no dey chop as staple food, America say dem package am wella pass we own package"". God dey o!!
Strengthening the Value-Chain itself is the duty of the citizens not the government.
In conclusion, the errors of government in advanced economies are the opportunities of the business class, hence the call to all Nigerians to refocus on inventing the enabling environment deprived us by government. Please join the Agribusiness Value Chain by calling 08033029834, SMS 08079929325, Whatsapp: 07055115343. Thanks
Re: Why Online Forex Trading Is A Fraud. My Findings by anigold(m): 8:20pm On Jun 25, 2017
Never trade forex if you are not financially comfortable..

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by dowjones(m): 8:01am On Jul 20, 2017
toyetade:


No amount of discipline or sharpness,whatever you gain you will loose. It is all gambling. A man is required to go out in the morning and work and come back after a day's labour. I lost a lot of money in the past in the so called online share trading. Thank God I pack it up and I recover from elsewhere. Go and learn a trade. You can buy shares and invest it there not for the so called short term trading.

This mindset you have will limit you a great deal.

If you spend time in areas where the wealthy live, banana island, ikoyi, v.i and the rest. You'll notice many of the residents don't go to work. (9-5 jobs)

The men there leave their houses by noon come back by evening and probably leave again at night.

You have the mindset of a drone. A worker. It's not a bad thing. People like you will make very good employees.

I will show you over 100 forex traders with account statements of over 2 years and counting. You can quote me and i will actually do it.

I will also show you YouTube channels dedicated to interviewing successfull traders. With verified results. And show you links to their published verified results. I will also follow up with their LinkedIn pages, emails and instagram account so you can follow up.

Then lastly. I will show you my verified account!

I'll do this as my contribution to change this terrible mindset of yours that will not help you in this age we live in
Re: Why Online Forex Trading Is A Fraud. My Findings by dowjones(m): 8:25am On Jul 20, 2017
I am creating a new thread on the real side of FOREX trading.

This is so embarrassing.

People need to be enlightened on this business of trading..

Nigerians who are genetically wired to scam any Living thing calling a market of over 40 years scam? Wow.

3 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 1:31pm On Jul 20, 2017
dowjones:


This mindset you have will limit you a great deal.

If you spend time in areas where the wealthy live, banana island, ikoyi, v.i and the rest. You'll notice many of the residents don't go to work. (9-5 jobs)

The men there leave their houses by noon come back by evening and probably leave again at night.

You have the mindset of a drone. A worker. It's not a bad thing. People like you will make very good employees.

I will show you over 100 forex traders with account statements of over 2 years and counting. You can quote me and i will actually do it.

I will also show you YouTube channels dedicated to interviewing successfull traders. With verified results. And show you links to their published verified results. I will also follow up with their LinkedIn pages, emails and instagram account so you can follow up.

Then lastly. I will show you my verified account!

I'll do this as my contribution to change this terrible mindset of yours that will not help you in this age we live in
You are completely back warding. You are replying to a comment made many years ago. I don't need to live in your so called banana island. I am successful in my chosen prpfession and dont need share or forex trading . I have houses in Lagos and London and my children are all trained up. Go on with your share trading . The day you will loose more than You ever gained that is when you will know the demon behind all these dubious gain
Re: Why Online Forex Trading Is A Fraud. My Findings by dowjones(m): 1:47pm On Jul 20, 2017
toyetade:

You are completely back warding. You are replying to a comment made many years ago. I don't need to live in your so called banana island. I am successful in my chosen prpfession and dont need share or forex trading . I have houses in Lagos and London and my children are all trained up. Go on with your share trading . The day you will loose more than You ever gained that is when you will know the demon behind all these dubious gain

I suspected you were an old man. Bye bye then
Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 9:39pm On Jul 23, 2017
wow, if FOREX is a scam then why is it regulated by countries like USA, UK, Switzerland, Australia etc.

Nigeria my country i hail thee.

now i know why the poverty and unemployment rate is always high.

7am-5am job.... thats some people's destiny.

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by kellybently(m): 4:00pm On Jul 24, 2017
wamiikechukwu:
wow, if FOREX is a scam then why is it regulated by countries like USA, UK, Switzerland, Australia etc.

Nigeria my country i hail thee.

now i know why the poverty and unemployment rate is always high.

7am-5am job.... thats some people's destiny.

most people know nothing about online trading, because ur friend don't know how to trade and he get is fingers burnt dose not mean FX is a scam. The only online reliable work from home programme is FX. Trading is simple than blogging is just that people don't want to learn before investment.
Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 6:00pm On Jul 24, 2017
kellybently:


most people know nothing about online trading, because [/b]ur friend[b] don't know how to trade and he get is fingers burnt dose not mean FX is a scam. The only online reliable work from home programme is FX. Trading is simple than blogging is just that people don't want to learn before investment.

@bolded, WHICH FRIEND? ? ? , tahhhhhhhhhhh i dont make friends with people that dont read and understand, instead they come online and call it a scam.
Re: Why Online Forex Trading Is A Fraud. My Findings by Akwaig: 12:04pm On Jun 15, 2020
Forex trading is real business. If you want to succeed. I will teach you, free of charge. +2348114758774

(1) (2) (3) (4) (5) (6) (Reply)

Nigeria Does Not Want MTN “to Die” From $5.2bn Fine-Communications Minister / Ifeanyi Ubah Buys A Car For Adichie Izuchukwu, His Aide (Photos) / Which Bank Mobile App Has The Best User Interface In Nigeria?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 73
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.