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.
By Adedapo Adesanya
Proprietary Investment firm, VFD Group Plc, recorded a 1,202 per cent rise in its Profit Before Tax (PBT) in the 2024 financial year, closing December 31, 2024, at N11.2 billion.
This marked a turnaround after VFD Group reported a pre-tax loss of N1 billion in 2023 due to macroeconomic headwinds which affected a lot of businesses locally and globally.
Net investment income surged by 95 per cent to N59.0 billion despite a spike in investment expenses to N15.5 billion from N7.4 billion in 2023.
Other metrics showed that net revenue increased by 90 per cent to N71.0 billion, while operating profit grew by an impressive 104 per cent to N48.8 billion.
The firm, listed on the main board of the Nigerian Exchange (NGX) Limited, noted that the development showcased exceptional growth.
“The journey to this milestone was paved with strategic initiatives and a relentless pursuit of innovation,” it added in a statement on Friday.
The company holds investments in over 20 portfolio businesses spanning key sectors such as financial services, banking, market infrastructure, capital markets, technology, real estate, and hospitality.
As of April 22, 2025, VFD Group’s market capitalisation surged by 116 per cent to hit N121.6 billion from N56.2 billion year to date.
“These outstanding results reflect the success of our team’s efforts. As VFD Group looks to the future, it remains committed to delivering exceptional value to its customers and stakeholders,” the statement added.
By Modupe Gbadeyanka
About $90 billion is expected to be generated in economic value by 2035 from new strategies developed by the Nigerian government for agribusiness expansion and livestock transformation.
To achieve this, the National Economic Council (NEC) chaired by the Vice President, Mr Kashim Shettima, has approved the establishment of a Cotton, Textile and Garment Development Board.
At the NEC meeting on Thursday in Abuja, steps to reposition Nigeria’s economy and tackle insecurity at its roots were discussed by the participants, which included the governors of the 36 states of the federation.
The new regulatory body for the cotton, textile and garment sector of Nigeria will have governors representing the six geo-political zones, with Ministers of Agriculture and Food Security, Budget and Economic Planning, and Industry, Trade and Investment as members.
It would be domiciled in the presidency, with representation of the relevant public sector stakeholders, and funded from the Textile Import Levy being collected by the Nigeria Customs Service (NCS), though it would be private sector-driven.
“Nigeria is a nation where cotton can thrive in 34 states. Yet our production level remains a fraction of our potential.
“We currently produce only 13,000 metric tons, while we continue to import textiles worth hundreds of millions of dollars. This is not just an economic imbalance. It is an invitation to act,” he added.
“Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialise, to empower communities, and to restore pride in local production,” the VP stated.
Also at the meeting yesterday, the council approved the establishment of the Green Imperative Project (GIP), with a national office in Abuja and regional offices across the six geopolitical zones.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 0.55 per cent on Thursday, April 24 after the prices of three stocks on the platform ended in green.
This added N10.48 billion to the market capitalisation of the bourse, closing at N1.918 trillion compared with the N1.908 trillion it ended in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) went up during the session by 17.90 points to 3,276.98 points from the previous session’s 3,259.08 points.
The market was dominated by bargain-hunting activities due to renewed investor confidence. None of the securities on the NASD ended in red yesterday.
However, Central Securities Clearing System (CSCS) Plc gained N1.97 to close at N21.71 per unit compared with Wednesday’s price of N19.74 per unit, FrieslandCampina Wamco Nigeria Plc appreciated by 15 Kobo to end at N37.95 per share, in contrast to midweek’s value of N37.80 per share, and Geo-Fluids Plc grew by 8 Kobo to settle at N1.70 per unit versus the preceding day’s price of N1.62 per unit.
During the trading day, the volume of securities transacted by the market participants increased by 19,558.9 per cent to 206.2 million units from 1.05 million units, the value of transactions jumped by 13,509.2 per cent to N354.1 million from N2.6 million, and the number of deals rose by 245.5 per cent to 38 deals from 11 deals.
When trading activities finished for the day, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 250.9 million units worth N441.0 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value (year-to-date) with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.9 million units worth N573.2 million, and Impresit Bakolori Plc with 533.9 million units valued at N520.9 million.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN