Forex has become one of the most popular means of income in Nigeria since it reached its climax in 2020. The interest of the younger generation has led to a huge increase in the number of forex traders, combined with people who choose to trade through smartphones.
It is not news that there is an increase in scam activities related to forex trading in Nigeria. Unfortunately, as the number of merchants increases each year, scammers are also coming up with tricks to lure unsuspecting merchants. This is why it is vital to have knowledge about forex trading before you start. According to the latest survey report from global forex trading platform, OctaFX, 82.4% of people trading forex have been exposed to one or more types of forex scams.
It also states in the report that 41.9% of the respondents were scammed due to their expectation of easy money. Most of the merchants find fraudulent offers in emails, advertising, blogs, influencers, SMS, phone calls, Whatsapp/Telegram and Instagram. Furthermore, it revealed that 90.2% of traders have adequate knowledge on how to upgrade their online safety and security on Forex trading platforms.
One of the main reasons people fall victim to forex scammers in Nigeria is that they lack the proper knowledge to distinguish the real thing from the fake. It’s important to start seeing forex as a skill, not a get-rich-quick scheme.
OctaFX offers anti-scam tips for traders to protect themselves against fraud. Ways to avoid fraudulent attempts are;
● Verification of email addresses. Most of the fraudulent offers come in spam/junk mail. If you suspect an email address, you can put it into a search engine to confirm.
● Download apps from official stores. It is important to download from official stores as downloading from an unverified app may expose your data without your knowledge.
● Avoid granting access to third parties. Never tell anyone sensitive information about your account. Forex brokers will never ask you for personal data.
● Use of VPN. This will help ensure sensitive data is secure and provide an extra layer of privacy for all of your online activities.
● Update your applications. By updating your app, you are plugging all the security loopholes and updating the security features of that app. Your app can only be up to date when you install the latest product updates.
● Avoid visiting suspicious URLs. Check how the company name is spelled and the URL format before filling out the forms. This is essential to ensure that the hyperlink contains attempts to steal your personal information.
● Login to the official website directly. Don’t open email links or attachments from banks, apps, or portals, especially if the person insists. Rather, log in to the official website and perform the actions.
● Do not grant permission to track. Be careful when granting access permission to apps on your phone. This may compromise your security. Minimize the likelihood of data breaches by regularly updating permission settings in your app.
● Don’t be insatiable. Forex is not a get rich quick system. If it sounds too good to be true, avoid commercial offers from anyone (or broker) 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 for creating complex passwords. The stronger your password, the more protected your data is from scammers.
OctaFX has provided these tips to help reduce the number of scams related to the foreign exchange market. Forex trading is a successful business that propels people towards financial stability. Therefore, people naturally gravitate towards him. We advise beginners to have enough knowledge before entering forex trading.
Also, beginners and experts should choose a genuine forex trading platform like OctaFX to reduce the financial crisis and intensify profits in the forex market. Apply these tips to trade safely today!