Economy
Traders Union Presented A Fake Forex Brokers List in Nigeria For 2023
TU experts suggest that over 300,000 traders exist in Nigeria, making it the second-largest in Forex trading growth on the continent, only after South Africa. Many Nigerians are drawn to Forex trading due to its potential for both experienced and new traders to earn money. The trading industry is regulated by the Central Bank of Nigeria. However, just like in any country, there is a risk of falling prey to scams and losing money. In this content, Traders Union analysts will share a fake Forex brokers list in Nigeria and discuss how to differentiate between fake brokers and legitimate companies.
Nigerian Forex Broker Blacklist
According to TU experts, the swiftly growing market in Nigeria is attractive to both traders and honest brokers, but it also attracts financial scammers. These scammers cleverly pretend to be trustworthy companies and unlawfully offer their services to investors. A fake broker can steal a significant amount of money even before the trader realizes they’ve been scammed. Below is a list of phony Forex brokers in Nigeria, each of which will be discussed along with the signs of fraud found.
- STForex
STForex has been active in the global financial market since 2014 and is registered offshore in Saint Vincent and the Grenadines. This island state lacks regulation for binary and Forex brokers. The company doesn’t possess a valid license. It attracted potential victims by offering learning courses and promising profitable trades in various assets. However, it failed to fulfill its promises and instead took clients’ funds. Key indicators of fraud include:
- Unexplained account blocks.
- Lack of legitimate business documents.
- False endorsements from pseudo-analysts.
- Numerous negative comments on different websites.
- Unauthorized trade actions.
- Attempts to extort money.
- KS-Securities
KS-Securities claims to be managed by a well-known Austrian company and to be regulated by authorities in Austria, Italy, and Germany. These claims are false, and the company is marked as fraudulent. Signs of fraud include:
- False statements about licenses.
- Blacklisting by multiple regulators.
- Scam withdrawal processes.
- Complete control of the platform by scammers.
- Poor client services.
- Negative reviews.
- LibraMarkets
LibraMarkets enticed beginners by promising diversified trading experiences and favorable terms. Despite starting in 2018, it has gained a negative reputation with numerous complaints. The lack of regulation left deceived clients with losses. Signs of fraud include:
- Unjustified account blocks and restricted access.
- Missing funds.
- Imposing unfavorable bonuses.
- Ignoring client complaints.
- Pressuring more deposits after significant losses.
What You Need To Know To Protect Your Investments
The global Forex market is appealing to traders, but scammers are also present, aiming to take your money. Many scammers attract unsuspecting investors with promises of huge profits and help in trading.
To protect yourself, perform a thorough analysis before choosing a broker and giving him your money. This helps you avoid losses and find a reliable financial partner. Let’s talk about key points to consider when choosing a broker, according to Traders Union analysts.
- Confirm broker’s legality: Ensure the company operates legally in Nigeria and holds them accountable for any misconduct. Reputable brokers share license information on their website.
- Verify licenses: Check the broker’s license on the regulatory authority’s website by using the document number or company name to see if they are regulated.
- Study the broker’s website: A good broker provides essential information on its website, including plans, legal details, risk disclosure, contract specifics, payment methods, and customer support channels.
- Avoid profit guarantees: A broker cannot promise profits, as it’s an intermediary. Be cautious if a broker claims surefire profits, quick gains, or secret strategies.
- Read customer reviews: Real client reviews reveal a lot about a broker. If a broker has many negative reviews, indicating issues with withdrawals or unfair practices, it’s best to avoid them.
Conclusion
Being cautious when selecting a Forex broker is crucial to safeguard your money. Remember, scammers are present in the market, but you can avoid them by following the advice of analysts at TU. By checking the broker’s legality, verifying licenses, studying their website, staying wary of profit guarantees, and reading real customer reviews, you can make informed choices and find a trustworthy financial partner.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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