Forex has become one of the most popular means of income in Nigeria since it reached a climax in 2020. Interest from the younger generation has led to a large increase in the numbers of forex traders, merged with people choosing to trade via smartphones.
It is no news that there is an increase in scam activities relating to forex trading in Nigeria. Unfortunately, as the numbers of traders increase each year, scammers also come up with tricks to lure unsuspecting traders. This is why it is vital to be knowledgeable about forex trading before going into it.
According to the latest survey report from the global forex trading platform, OctaFX, 82.4% of people dealing in forex trading have been exposed to one or more of various types of forex scams. It also states in the report that 41.9% of the respondents got scammed due to their expectation of easy money.
Most traders come across fraudulent offers on emails, advertising, blogs, influencers, SMS, phone calls, Whatsapp/Telegram, and Instagram. It further revealed that 90.2% of traders have the proper knowledge on how to upgrade their online security and safety on Forex trading platforms.
A major reason people fall victim to forex scammers in Nigeria is that they lack adequate knowledge in spotting real from fake. It is important to begin to see forex as a skill, not as a get-quick-rich scheme.
OctaFX offers anti-scam tips for traders to protect themselves against fraud. The ways to avoid fraudulent attempts are by;
● Verifying email addresses. Most fraudulent offers come in junk/spam mail. If you’re suspicious about an email address, you can put it into a search engine to confirm.
● Downloading apps from official stores. It is important to download from official stores since downloading from an unverified app can expose your data without your knowledge.
● Avoid granting access to any third party. Never tell anyone confidential information about your account. Forex brokers will never ask for personal details.
● Using VPN. This will help to ensure that sensitive data is safe and would provide an extra layer of privacy for all of your online activities.
● Updating your apps. By updating your app, you are plugging every security loophole and upgrading the security features of that app. Your application can only be up-to-date when you install the latest product updates.
● Avoid visiting suspicious URLs. Cross-check how the company’s name is spelt, and the format of the URL before filling out forms. This is essential to ensure that the hyperlink does contain attempts to steal your personal information.
● Logging into the official website directly. Do not open email links or attachments from banks, apps, or portals particularly if the person insists. Rather, log into the official website and get actions done.
● Not granting permission to track. Be careful about granting access permission to apps on your phone. This can compromise your security. Minimize the likelihood of data breaches by regularly updating permission settings on your app.
● Not being insatiable. Forex is not a get-rich-quick system. If it seems too good to be true, avoid business offers from anyone (or brokers) online.
● Most importantly, never share your password, pin, or account credentials with anyone even when it seems like a good idea. It is also relevant to create complex passwords. The stronger your password, the more protected your data will be from scammers.
OctaFX has provided these tips to help reduce the number of forex-related scams. Forex trading is a successful business that propels people towards financial stability. Hence, people naturally gravitate toward it. We advise beginners to have enough knowledge before going into forex trading.
In addition, beginners and experts need to choose an authentic forex trading platform like OctaFX to reduce the financial crisis and intensify profit in the forex market.
Apply these tips for safe trading today!