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    Explain 4 main types of investment fraud! 3 mins to show you how to recognize&avoid them

    Abstract: Forex fraud, Cryptocurrency fraud, Binary options fraud, and Ponzi schemes.
    0515Explain

      Since WikiFX entered the Nigerian market in Feb. 2020, we have received nearly 900+ complaints against brokers from Nigerian. And these complaints are based on investors real experience. Until now, WikiFX has exposed many forex brokers including Olymptrade, Binomo trade, CRYPTO FX, UniversalFX, aliforex, speedXprofits, EONLINE, IQ option, limpidOptions, GOLDEN FX TRADE, LMFX, OCTAFX, Iron FX, OINVEST etc., among which Olymptrade, Binomo trade, IQ option, and IronFX are complained most.

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      The forex market in Nigeria is in chaos due to no related laws and regulatory body. This article will present the 4 types of investment fraud in details.

      Forex fraud:

      Accompanied by a lure of “low risk, high return”, forex fraud includes the following cases:

      Broker opens positions without the consent of customers;

      Claiming that the software they sell can bring high returns to customers;

      Poorly managed fund accounts;

      Advertising misleading;

      etc.

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      The obvious characteristics of forex fraud:

      1. Can not withdraw money due to update system of platform.

      2. Need to pay COT(cost of transaction )fee before withdrawing.

      3. Slippage is seriously out of the normal range.

      4. Unable to log into account due to suspension.

      5. A non-existent regulatory body. Or the regulatory body uses a limited companys registration number as a regulatory number. Such as “The Financial Commission”, which is an illegal regulatory body.

      6. The address showed on brokers website does not match with its registered address. With unreal address and customer contact number, it has potentially high risk of running away.

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      Binary options and Cryptocurrency fraud:

      There are some similarities between the two investments.

      1. Illegal and unregulated.

      2. Easy to operate; high-return profits; quick deposit and withdrawal.

      3. The investment model looks like gambling.

      To earn high profits from Binary options trading combined with bitcoin trading has become the mainstream in the forex field. From many fraud cases, it can be seen that investors still rely on “luck” rather than reliable investment skills. They never consider what the background of a broker is and where the broker come from, on the contrary, they only focus on when they can get high-return profits.

      For example, you have 10 dollars BTC and is promised to get double or triple profits in a shorty period time from brokers. And even more exaggerated thing is that you invest 500 dollar, then you can get 5,000 dollars after one week. However, this is a fantasy. Generallythese high-return modelshaveviolated the principle of investment.

      When withdrawing your money, you may get some common excuses from brokers.

      1: You need to deposit more if you want to withdraw your principal.

      2: You can withdraw within half an hour but you need to pay registration fee.

      3: You need to pay 10% commission fee.

      4: Limiting the amount of withdrawal.

      4: Can not reach out for the agent or be kick out from group chat.

      Note: Please stay away if you meet above situations, and stop depositing money, otherwise, you will lose more. Illegal brokers only care how to maximally deceive your money, and then run away.

      Ponzi schemes:

      The most obvious feature of the scheme is that scammer sets different levels of the investment amount with different profits, and then promises investors that they can get more profits by inviting friends to join them. Those kinds of investment plans are obviously tricks. The scammer tries to attract more people to join the scheme by showing high profits. But high profit is always accompanied by high risk. In a word, Once these scammers raise enough money, they will run away.

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      Conclusion: If you are interested in forex trading, do not only pay attention to how much profits you can get, and you need to know the background, history and trading types of the broker you want to choose before depositing. In addition, forex knowledge is also necessary.

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      Declaration:

      The evidences in WikiFXs exposure articles are verified via the following processes:

      1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and video recordings from victim).

      2: These evidences will be evaluated and verified by experts who have been work in forex industry for many years.

      3: The editor will review it again before the article is published.

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      WikiFX

      App is a third-party inquiry platform for company profiles.WikiFX has

      collected 17001 forex brokers and 30 regulators and recovered over

      300,000,000.00 USD of the victims.

      It, possessed by Wiki Co., LIMITED that was established in Hong

      Kong Special Administrative Region of China, mainly provides basic

      information inquiry, regulatory license inquiry, credit evaluation for

      the listed brokers, platform identification and other services. At the

      same time, Wiki has set up affiliated branches or offices in Hong Kong,

      Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted

      WikiFX to global users in more than 14 different languages, offering

      them an opportunity to fully appreciate and enjoy the convenience

      Chinese Internet technology brings. WikiFXs social media account as

      below:

      Facebook:

      Singapore Area:https://www.facebook.com/wikifxsingapore/

      USA Area:https://www.facebook.com/WikiFX.US

      Nigeria Area:https://www.facebook.com/WikiFX.ng

      LinkedIn:

      Nigeria Area:https://www.linkedin.com/company/31506916

      Twitter:

      Nigeria Area:https://twitter.com/WikiFX_NG

      More details about how to download WikiFX App:

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      Please download WikiFX APP from links below or scan QR code :

      Google Play:https://play.google.com/store/apps/details?id=com.foreigncurrency.internationalfxeye

      App Store: https://apps.apple.com/us/app/fxeye/id1402501387?l=zh&ls=1

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      Wiki Forum Forum Function:

      In order to help more investors, WikiFX has launched the WikiFX

      Forum forum, which aims to provide urgently needed and professional

      services to Nigerian forex investors.

      The exposure function of “WikiFX Forum” includes the following features:

      1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)

      As long as there is sufficient evidence, a review panel and an

      executive team will contact the broker to discuss the complaint or

      expose it directly through the media. Here are the exposure channels:

      2: Block low score brokers from entering the forum

      3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;

      4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.

      WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html

      Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html

      Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html

      Worried about missing out latest trends in the volatile market? WikiFX ‘News Flash’ is here to help!

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      With

      24-hour real-time update of forex market data by minute, you can seize

      the opportunity of every bullish market! Bookmark the link below and

      follow the market trends immediately!

      Singapore Area:https://live.wikifx.com/sg_en/7x24.html

      USA Area:https://live.wikifx.com/us_en/7x24.html

      Nigeria Area:https://live.wikifx.com/ng_en/7x24.html

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
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    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.

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