OctaFX, an international Forex broker, released an industry report that covers scam and ways of avoiding it. This 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.

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:

● Always verify or double-check the source of your information
● Avoid downloading apps from unofficial stores and third-party platforms or using pirated software
● Do not grant access to your account to any third party
● Do not enable the ‘Remember Password’ feature on any of your devices
● Always recheck brokerage sites and offerings
● Finally, always keep safety in mind.

The report is now available for download here.
About OctaFX

OctaFX is a global broker providing online trading services worldwide since 2011. The company is involved in a comprehensive network of charity and humanitarian initiatives, including improving educational infrastructure, short-notice relief projects, and support of local communities and small to medium enterprises. In Nigeria, it managed to capture the ‘Best ECN Broker’ award by World Finance and the ‘Best Forex Broker Nigeria 2022’ award by Global Banking and Finance Review.

“Avoid downloading apps from unofficial stores and third-party platforms or using pirated software” This part ! Facts upon facts!

Thanks for the advice o. Scammers are smart but we are smarter than them

You know what I learnt from this whole forex thing ?read to be informed ! Read read and read. And yeah, ask questions too! Did I leave anything out�

Exactly! Don't leave any stone unturned make sure you readdd

megabosslevelz:
You know what I learnt from this whole forex thing ?read to be informed ! Read read and read. And yeah, ask questions too! Did I leave anything out�

I have seen many people for prey for forex scams and it is mostly common on social media platforms. Reading this was very insightful. If you plan to start forex trading, i advice you read the report. It has the necessary information that beginners and experienced traders are required to know.

This report has everything you need as a first timer in Forex. follow who know road, read the report and trade with OctaFx

The report really helped me. I love how it was broken down into easy to read chapters too.

Niswayne19:
I have seen many people for prey for forex scams and it is mostly common on social media platforms. Reading this was very insightful. If you plan to start forex trading, i advice you read the report. It has the necessary information that beginners and experienced traders are required to know.

This read is worth my time, and I am very sure OCTAFX is preaching this gospel to every young person like me thinking of going into forex trading.

Exactly! And I am just happy I have this information now.

Niswayne19:
I have seen many people for prey for forex scams and it is mostly common on social media platforms. Reading this was very insightful. If you plan to start forex trading, i advice you read the report. It has the necessary information that beginners and experienced traders are required to know.

This is very insightful and well detailed especially for upcoming traders.I’m sure we can’t be scammed now…@octaFX you are doing well oooo

Yes oooo

kingcolearchive:
Thanks for the advice o. Scammers are smart but we are smarter than them

1 thing I’ve learned from this report is to read to be informed. There’s a lot to know.

Yes it’s totally worth the time.

Officialregha:
This read is worth my time, and I am very sure OCTAFX is preaching this gospel to every young person like me thinking of going into forex trading.

Everything in life takes time and patience. Learn to trade adequately before trading with reliable sources or Forex traders. Money no easy like that. Ire o

Patience is key to learning Forex trading. I believe Octa fx has sophisticated learning platforms for newbies.

Juliefatolu:
This is very insightful and well detailed especially for upcoming traders.I’m sure we can’t be scammed now…@octaFX you are doing well oooo

Binary options deriv traders can now make money everyday using automated trading bots

Disguised marketing

Officialregha:
Exactly! And I am just happy I have this information now.

Same here. The information was very helpful and I am happy to have come across this post.