Economy
Is it Possible that Your Forex Broker is Fraudulent?
When you are interested in trading foreign exchange, it is essential to choose brokers that are dependable and viable, and it is prudent to steer clear of those who are not.
Before putting a significant amount of money into a broker’s account, there is a sequence of actions that need to be completed first. This is necessary so that we can differentiate between trustworthy brokers and those that engage in shady business practices.
Trading is difficult enough on its own, but when a broker employs methods that work against the trader, it may make it extremely difficult, if not impossible, to make a profit. It is, therefore, useful to regularly check the fake forex brokers list online.
How to spot if your broker is a fraud
Regular broker mistakes
There are times when the broker is to blame for a loss. When a broker makes an effort to increase their trading commissions at the expense of their client, this situation may arise.
There have been allegations that certain brokers moved quoted rates arbitrarily in order to trigger stop orders when the rates offered by other brokers had not moved to the same price.
For the benefit of traders, this kind of event is an anomaly and is extremely unlikely to occur again. It is important to keep in mind that trading is not often a game with no winners or losers and that the primary way brokers generate money is through greater trade volumes.
To summarize, it is in the best interest of brokers to have long-term clients who trade frequently and, as a result, maintain capital or generate a profit. This is because brokers can then capitalize on these clients’ continued business, and brokers who are making innocent mistakes may not appear on a fake forex brokers list.
Lack of segregated accounts
Scam brokers will frequently use a single bank account to hold both the funds belonging to their customers and the money necessary to run their businesses.
This indicates that when the funds in their accounts are decreasing, they will be more likely to seek ways to improve operations by utilizing money from their customers as a source of funding.
This is an exceedingly questionable method of conducting business, and in the event that the broker is unable to fulfil their monetary commitments, your funds will be combined with theirs and may even be subject to seizure by their debtors.
Read more: Forex Brokers in Nigeria
Fake bonus offerings
Brokers that are licensed and regulated are required to guarantee that the bonuses and promotions they offer adhere to regulatory rules and do not “trap” the trader.
However, some dishonest brokers attract investors with promotions that are misleading and have terms and conditions that are so stringent or downright unreachable. These brokers are known as “pump and dump” brokers.
This indicates that their investors will almost certainly finish up losing the trading capital they invested in them before they get the opportunity to take any rewards. If something seems too good to be true, there is a strong chance that it is.
Related Post: Forex Basics for Beginners
Manipulated prices
This is by far the most typical con that fraudulent brokers pull off. There are some brokers who manipulate their trading interfaces in such a way that it is always to the traders’ disadvantage.
This might manifest itself as negative slippage, which occurs when entry and exit orders are executed at prices that are unfavourable to the trade.
For example, a buy order might be executed at a somewhat higher price, which would cut into any potential future gains from the trade, if there would even be any at all.
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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