Many Nigerians today dream of hitting a fabulous fortune from working on the Internet. While there is absolutely no harm in dreaming big, for some, it is sheer greed. Greed that makes them ready to believe just about anything they read or hear about making money online.
A case in point is forex trading in Nigeria. On my recent trip to Ibadan, I saw several advertising drives, aimed at recruiting forex traders. Huge posters and banners have defaced just about any available public space in some parts of the ancient city. Many of them were advertising “forex training”, while others were advertising e-gold funding/exchange.
Wikipedia describes the term Foreign exchange market (forex trading) thus:
The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The average daily trade in the global forex markets currently exceeds US$ 2–2.5 trillion [citation needed]. Retail traders (individuals) are a small fraction of this market and may only participate indirectly through brokers or banks.
It is indeed possible to make money from forex trading online but then what the “trainers” do is to massively hype the returns one could make from forex trading. Thus, many Nigerians are attracted because they are informed that they could earn very high returns on their investment capital.
These hypes have resulted in many loosing their money due to mis-information and have ended-up denting the reputation of the forex trading brokers to the extent that Fx Solutions (FxSol) had to stop dealing with Nigerians completely. A mail from FX Sol has been making rounds in online forums recently:
Dear Trader,
Thank you for registering for a practice account. However, FX Solutions, in an effort to help protect the citizens of Nigeria from fraudulent schemes, is no longer accepting live trading account applications from Nigeria.
FX Solutions is taking this action as the company has noticed a rapid increase in instances of fraud that promise unrealistic expectations in foreign exchange trading, while specifically targeting Nigerian citizens. Nigerian citizens should be aware that there are risks associated with all trading, and there is no methodology that can eliminate risk or guarantee performance.
If you are still interested in trading foreign exchange, please consider opening a practice account with another broker.
Regards,
FX Solutions
These “trainers” charge between 15,000 naira and 100,000 naira (between $115 and $781) for training sessions that last for between 1 day and 3 days! Now, how someone can learn the nitty-gritty of a sensitive activity like forex trading in 3 days (talk-less of 1 day), beats my imagination! What such “trainers” only do is to introduce their audience to the basics of forex trading and expect them to figure out the rest themselves. The charitable ones among them give their trainees some printed or CD tutorials, and thus the money spent on training is exhausted.
Do not get me wrong. Forex trading is real and a trillion-dollar industry. It is indeed possible to make money from the foreign exchange market. What Nigerians need to be careful about are scammers who would only give you rudiments and collect your money in the name of training.
47 responses so far ↓
1 daz // Sep 20, 2007 at 10:27 am
thaanx man. i needed to hear somebody say it as it is.
2 Yomi Adegboye // Sep 20, 2007 at 7:32 pm
Looks like Forex training is the new money spinner. I still remember those seminars touted as training people to become “professional” webmasters in 3 hours - even if all they could do on a PC was to click a mouse. Then there were those promising people that they would be making N750,000 monthly designing websites for banks and oil companies.
People fell for those then, and some will fall for this as well.
Those who have heads should keep their thinking caps on.
Cheers!
3 ubong ekefre // Sep 24, 2007 at 6:46 pm
forex is a very interesting area of the financial sector,but it bothers me that prospective investors in this promising enterprise are not free with the people we come accross,to some of us that are willing to be players,we’ll appreciate a-more-human-face exposure.
4 femi ajayi // Sep 30, 2007 at 9:51 pm
i’ve had the same problem with Fxsol, they sent me the balance of my account.
Where can i get a reputable broker that is willing to do business with Nigerians?
5 juliet // Oct 8, 2007 at 10:41 am
the stock market is the wat to go
6 ekene // Oct 11, 2007 at 3:01 pm
please i will like to know other forex companies i can use to start trading in forex in nigeria.and i also want to learn all about forex and how to start here in nigeria.
7 Femi // Oct 12, 2007 at 6:10 pm
I read through some articles here and im realy impressed with them all, but I’m still interested in doing forex trading, how do i go about getting good trainer, and broker, for a secure investment. Thanks.
8 Engr Ajibola // Oct 17, 2007 at 4:40 am
Like i knew Forex,was not all that rosy…I noticed some complications in its operations but still had the believe,there coud be a better and comprehensive explanation to how it works..
I resorted to learning it online as I couldnt part with the exhaubitant fees these trainers ask for….
some of them talked about how lucrative Forex could be and could only advertise in the dalies using 1Tenth of the full size page.Which i believe wasnt generous enough.
They literally shot themselves in the foot times without number,but what am yet to see is if their bunch of Forex Alumni have been able to truly succeed in the real market….
That aside,i would really like learn the real deal in Forex,trade and make profit….
Please what are the 1st steps that could ensure my success{the platforms,the swiss trained brokers,forex robot,opening an account,demo account,the figures how they work as well as the charts….
I could go on and on
9 babatunde osinaike // Oct 19, 2007 at 1:20 pm
i am really glad i came across this your article of forex in nigeria.Incidently,i live in ibadan and i see all these posters inviting people for online forex training.I am also interested in forex training,but i think there is need to be careful.I think you will be doing nigerians a lot of good if you can help provide some useful tips and guide for interested nigerians.Thank you.
10 Adedotun // Oct 21, 2007 at 4:48 pm
I will like to know more about forex trading and how to go about it..I will appreciate it if you could send me info on forex training and trading because i am very much interested in it….
Looking forward to the anticipation of your reply.
11 Ivan // Oct 24, 2007 at 11:49 am
To all concerned,
Please forgive my intrusion but I came across this blog on the Internet mentioning Forex Trading and in particular in Nigeria and I though I would introduce myself.
My name is Ivan Solans and I, like many others am a Forex Trader and would like to think I am one of the good ones. After reading this blog I have to say that I totally agree with the comments and in particular with the last 2 where it is mention that these “trainers” charge between 15,000 naira and 100,000 naira (between $115 and $781) for training sessions that last for between 1 day and 3 days! Now, how someone can learn the nitty-gritty of a sensitive activity like forex trading in 3 days (talk-less of 1 day), beats my imagination! What such “trainers” only do is to introduce their audience to the basics of forex trading and expect them to figure out the rest themselves. The charitable ones among them give their trainees some printed or CD tutorials, and thus the money spent on training is exhausted.
It is indeed possible to make money from the foreign exchange market. What Nigerians need to be careful about are scammers who would only give you rudiments and collect your money in the name of training.
I have to totally agree on this as I fell into this trap when I first started my forex trading career and though I would become a millionare overnight (I was younger and more naïve in those days) and bought every single Forex Trading Book, Signal Service, to make money on the Forex Markets etc, etc. I must say that I lost track of the hours I spent trading on these so call “wonderful” systems and ended up throwing all of them away after i nearly ended up in bankcrupcy and homeless.
I knew there had to be a way to succeed in the Forex Markets and actually make money so I started my own way of a trading system and developing a system that’s accurate for Forex Trading. Now I am happy to say that after many years I am a sucesulfull Forex Trader and have developed a system that works and best of all requires very little work and time to put into place to be sucessufull in the Forex Markets and actually make some money from trading.
Our company is called Spot on Forex and it’s a team of Forex Traders and IT Professionals that came together after we had gone through just about every trading system out there, bought every book on the subject and lost $1000s and $1000s of Dollars using those reported “Success Systems”. Now don’t take for granted here, we haven’t discovered the holy grail for Forex Trading, yet, and this isn’t some magical system, we still analyze the markets and do serious trading but we do it all for our clients.
The results speak for themselves, and I’ve turned what little capital I had left in my trading account into a substantial amount to make all my dreams come true.
This is my job now and I profit handsomely and live wealthy and happily through our system and would like to share it with you so that you can also learn how to live your dreams and spend just 5 minutes a day trading your way to riches. Our system is easy and simple to use so that anyone, even complete beginners, can use it. In a nutshell all you have to do is check your mails twice a day and that’s it. We’ll send you the necessary info, the Buy and Sell trades with the exact Entry Points, Stops and Profit Limits. Your job is to just log into your account, put your trades in and walk away. It’s as simple as that.
If you have some time please visit our website at http://www.spotonforex.com and send me a mail back with any comments on this. I know how temping the Forex Markets can be and how many “scams” there are out there that steal people’s money with promises of riches trading in the Forex Markets. I assure you that we are not one of those and would like to let as many people know as we can that we exist, we are the real deal and that with our help in trading the Forex Markets your financial dreams can be a reality.
Look forward to hearing from you.
Regards.
Ivan Solans
Spot on Forex
P.O. Box 2575, Cresta, 2118, Johannesburg, South Africa
E-mail: info@spotonforex.com
Website: http://www.spotonforex.com
12 Oluniyi David Ajao // Oct 24, 2007 at 12:00 pm
Ivan, I am personally not into forex at this time. Nigerians are reading and can decide for themselves. Thanks for your comment.
13 Kosoko Michael // Oct 27, 2007 at 1:45 pm
Please i just want to know how to trade on Forex because i am awear of dubious people operating through your trade.
14 uzoma // Nov 1, 2007 at 12:03 pm
the reality is that Forex is too risky if you’re not properly good at it
I meet this chap online he spent 3 years trading on Forex 2 years demo and one year live so try to be patient and learn the trade, get it right I too am in it but you see after 4 months i’m still demo trading
15 Biggozz // Nov 3, 2007 at 9:10 pm
Good piece!
I have been working on my practice account for a while, babypips thought me to do so for at least 2 months b4 considering a live account.
I think the way we have to help be our brothers keepers is by prosecuting the fraudsters who charge those exorbitant amounts to train unsuspecting Nigerians.
There are too many trainners that know no jack about forex trading who infact I am much better experinced than, people always complain after attending most of the trainning sesions. THIS IS ABSOLUTE FRAUD!!
Please anyone that has good conscience should join and spread the publicity to stop this fraud, it is unfair and unjust.
Imagine where a so called trainner spends N400,000 to host a session, and gets 100 attendants who can part with their N35,000, that is a whooping N3.1 m profit under one day! only to give people no value for their hard earned money.
Well I apreciate your position, my company is into financial and economic consulting, we organise citywide enlightenment campaigns and seminars, I will be glad if you can refer me to a good forex trainer/trader. Biggozz.
16 Obinna // Nov 11, 2007 at 5:51 pm
Yeah forex is exploding here in Port Harcourt too.I can see the appeal in an academic city like Ibadan and a commercial city like Lagos.You see,forex is extremely risky you can make $1000 today and loose it all tomorrow but because we have so many intelligent Nigerians unemployed or underemployed and because we are naturally determined, we shall continue to trade. Now remember only 30% of retail traders succeed but since forex trading is relatively new in Nigeria I beleive our own 30% has not emerged yet. You MUST only trade with money you can afford to loose because you will loose it, at least initially;a baptism of fire and pain before you can start making some.You get wiser. I don’t think we should come down too hard on those running shanty training centers,they are trying to make money to trade or trying to recover what they lost but in doing so they introduce more and more people to have at least an opportunity to trade.But when attending a class you must know it is ONLY an introduction you MUST continue to learn and study diligently.
17 Obinna // Nov 11, 2007 at 6:03 pm
As for those brokerage firms denying Nigerians the opportunity to trade like Fxsol,EFX group and Forex.com and firms denying Nigerians the opportunity to pay for services like paypal,they should be ashamed of themselves.If their purpose for delisting Nigeria is to save Nigerians,they can place a warning of risk even if directed spcifically at Nigerians.What they have done is insulting.As for paypal they will soon beg Nigerians to use them.
18 fatima ibrahim // Nov 12, 2007 at 6:11 am
i’m hosting a program today on forex at the radio station where i work and the guests will be ‘trainers’.i’m intrested in hearing their responses to most of your comments as regards info on forex.thank you all
19 Jaiyeola Omobolanle // Nov 30, 2007 at 5:51 pm
Hello I want to go into forex trade here I Nigeria but I don’t know to go bout it so I need a Good trainer who can give me the best of training and broker, for a secure investment. Thanks.
20 ALIYU IBRAHIM // Dec 6, 2007 at 1:26 pm
pls I AM BASING SOMEWHERE IN OJO AND IWANT TO LEARN FOREX TRADING PLS SUGGEST SOME BEST FOREX TRAINERS TO ATTEND HERE IN LAGOS
21 Ejike // Dec 12, 2007 at 3:55 pm
Thank you very much for that timely and candid information.Please i would like to know if there is any company in Nigeria that offers a trading platform?
22 kelechi // Jan 20, 2008 at 1:42 pm
I’m interested in opening this forex account, which of the Nigeria bank runs the forex account?
23 Forex Broker Reviews // Jan 21, 2008 at 3:14 am
I just came across this blog while doing a Google search. Interesting what is going on in Nigeria. Believe me, it is not only in Nigeria where forex scams are going on, there are many places all over the Internet, all over the world.
That’s why we have created this website, http://www.BestOnlineForexBrokers.com
to distinguish the good online forex brokers from the scams. We have created ratings we have collected from unbiased individual traders from all over the Internet. If you stay with our top rated brokers, you will not be scammed. If you use anyone else, I cannot guarantee.
Unfortunately, I do not have information on which brokers will not accept accounts from Nigeria but I am sure some of our top rated brokers will.
Yes, you can make a lot of money doing forex trading, but most people lose because they do not train themselves well, they go too fast and they get too greedy.
There are plenty of places where you can educate yourself either by free (on the internet) or by books, etc. Please do not pay someone a bunch of money for forex training who promises you the moon. There is no holy grail for getting rich trading forex, just hard work.
24 Abqfx // Jan 22, 2008 at 8:45 am
This is an opportunity to invest in the largest liquid market in the world. The forex market happens to exchange over $1.2 trillion dollars daily. Can you beat that ?
Who are we ?
We are professional forex traders with vast experience in trading currencies. We are not affiliated to any forex broker nor introducing brokers. We are a privately managed home based money managers and we are trying to help people realize their financial needs by profiting from the forex market.
How does it work ?
Its very simple….we simply execute trades for you on your online forex account with any forex broker of your choice. With our top secret trading methods, we guarantee a 100% profits on your initial capital weekly !
Please Note :
1.We do not accept money from individuals or companies. You must open a forex account personally and you will be in total control of the funds and profits.
2.Though we guarantee 100% profit weekly, we do not hold any liability in exceptionally cases of loses as forex involves considerable risk.
3.We profit from your profits only ! You do not need to pay us from your pocket.
Who can we trade for ?
Anybody who has a live forex account .You can open a live forex account with any of the 150 forex brokers online. Due to the amount of accounts we manage, we are limiting our services to clients who have an initial capital of $5000.00 minimum.
What do we gain from helping you ?
40% of the profit made every week excluding initial capital. We will trade your account for you and guarantee a 100% profit weekly. You will withdraw funds every week from your forex account and send us our commission before the end of the following week.
Detailed explanation…
You are expected to open live forex trading account with any broker of your choice. You will fund the account with $5000.00usd and above.(Brokers do not accept third party deposits or withdrawal. This gives you absolute control and security over your money).Withdrawals can only be made to the bank account that the deposit came from.
We will execute trades on your forex account (Not bank account) and make profit. You will then have to withdraw 40% of the profit and send to us as our commission. You can also withdraw money for yourself anytime you want. We will continue to trade for you as long as you remit our commission accordingly.
What you stand to gain.?
Week 1….$10,000 (initial capital) = makes profit of $10,000. Minus 40% comm. ($4000.00). You have a total of $16000.00
Week 2….$16,000 = 100% profit of $16000.00 minus 40% comm. ($6,400.00). You have $16,500 + $9600 = $25,600
Contact : Abubakar Quadri
Abq_ups@yahoo.com or call +2348023828064
For live chat: Please add abq_ups@yahoo.com to your yahoo or msn messenger
25 Jennifer Bent // Jan 22, 2008 at 11:56 am
i want to know more about forex trade and how i can go about it.:cool::cool:
26 femi // Jan 22, 2008 at 4:25 pm
hello everybody,
I am so happy to come across these community of forex lovers.Forex is the number leading market where everyone can have a well meanning return on investment and could make a breakthrough in life.
Well for newbies and professionals in the industry,i want to introduce a very good software to everyone interested in making a good money in forex biz.
It is called the FOREX -KILLER. its is a self automated software that tells you where the market is going with a well calculated prediction.It tells you to BUY or to Sell or NO TRADE if the market movement is bad to safe your money from draining.
All you need to do is to imput the last closing prices of the market into t he spaces provided and then you click on claculate…it then tells you what percentage it is to BUY or to SELL.
If you are new to the biz it is very good for you and it is available upon request.you can call me on 08060181996 or email me on flaksyphem@yahoo.com
Wishing everyone happy trading
femi
27 biike uzo-achike // Feb 21, 2008 at 2:25 pm
thank you for the information, it sure opened my eyes to a lot of things about forex. you are kindly implored to send me any further imfo about this subject matter.
warmest regards.
28 adeolu // Feb 22, 2008 at 3:50 pm
what u are saying is that trading is not possible in Nigeria?
29 Amina Bugaje // Feb 26, 2008 at 9:58 am
Pls, I want know more about forex trading and how to go about it. I am based to Kaduna now.
30 alaka j adewale // Mar 2, 2008 at 11:06 pm
hi i can also tell you much i know about forex and i am playing it with live money pesently. let talk more in my mail box may be we can something do better for eachother.but forex need money to do it.and its real. see you there……………..
31 airforce one // Mar 3, 2008 at 7:10 pm
oga david i dont know but there seems to be a lot of forex marketers yanning stuff here. the question is we do not know if they also be scammers or not cos their presence on a site like this can kind of like lend credence to their dealings hence whatever crook amongst them will rope in insuspecting people. what say you. as for a solution to this i do not really know. what think you fellows readers of oga’s blog.
32 george ben // Mar 5, 2008 at 9:09 am
thanks for the enlightenment, u are a good man. these guys are just reaping us off.. i’d appreciate if there is a body or institute to manage this issue.
33 cj // Mar 12, 2008 at 3:21 pm
Thanks,I need to trade but have only 500 dollars.Help me with your advise.
34 Godson // Mar 14, 2008 at 9:53 am
Hello viewers and the management of forex trade.i am new in forex and i would like to know about forex trade so that i can start now.
thank you.
my number is 08022753772.
35 iyke // Apr 5, 2008 at 3:55 pm
Everyone,wants to get rich….and forex is seen as that source.well 4rm the lil i know u can if you know the trick and if u can keep to the rule of the trick….
But can someone tell me wants the least amount to start a trade and wht plat form will acept nigerians.
36 Tunji // Apr 13, 2008 at 1:02 pm
I used to think NorthFinance were scams and they trade against clients.I had lost so much money with them and almost gave up forex until i saw d advert of Quadri Abubakar in Nigeria who trades for people.I refunded my account to his minimum of $5000 and handed it over to him to trade for me on NorthFinance.HE HAS CONSISTENTLY MADE OVER 50% PROFIT PER WEEK FOR ME OVER THE PAST 2 MONTHS using the same broker i thought were scammers.
Now i understand that most people complain about brokers because they dont really know how to trade.
37 Edjo // Apr 28, 2008 at 1:54 pm
I agree completely with you david. How I wish we had more of such honest and straight forward persons like you in this country. It beats my imagination how people could be so naive to think that they can just wake up one morning without any prior knowledge of the rudiments of finance and e-commerce and expect reap huge returns from the internet. These get rich quick scammers are not interested in your financial education nor your long term success on the market. No way! all they need is your money in return for their hyped, shallow and half baked seminars. Forex is real, but the vital rule is this: Educate yourself on the basics of e-commerce before venturing into a money making scheme on the internet and be objective. Never be driven by greed! wish you all the best in your endeavours.
38 chinemerem // May 15, 2008 at 12:08 pm
making money through forex is good but not as easy a it sounds.so I’ll suggest easy ways like e-publishing, where you can earn revenue online writing you own books,other ways you can earn money online legitimately as a Nigerian includes google ad word,affiliate marketing ,ad sense etc.
39 Grace // Jun 4, 2008 at 4:47 pm
Hello all, incase you need the software mentioned above : forexkiller am willing to give you for FREE and other forex materials. self mastering also help.
Note am not collecting a dime for you, I will give you once again for free.
Regards
40 chuka // Jun 9, 2008 at 11:54 am
hi Grace could you send me the software? i would be really grateful. Thanks
41 anthony // Jun 16, 2008 at 10:00 am
i will like to know how to trade in forex market, i want to invest………..pls give the addrss of a real broker or the number ……am living in onitsha anambra state
42 Chidi // Jun 21, 2008 at 8:10 pm
:lol:Grace // Jun 4, 2008 at 4:47 pm
Hello all, incase you need the software mentioned above : forexkiller am willing to give you for FREE and other forex materials. self mastering also help.
Note am not collecting a dime for you, I will give you once again for free.
Regards.
Dear Grace,
I would most definitely appreciate your kind gesture, as you send the FOREX KILLER SOFTWARE to justinvitejayjay@yahoo.com.
Thanks a Lot as your prepare to attach it to your mailbox, so as to send it to me.
43 chidi // Jun 24, 2008 at 7:44 pm
Dear Grace,
I will appreciate it if you sent me your phone number, so that i could send you a credit voucher. This is to enable you mail it to me, through Box 11391 kano, Nigeria.
Thanks, once more.
44 O Stephen // Jun 27, 2008 at 11:38 pm
If u’re like a patient dog, then you stand the chance of eating the fattest bone. That exactly is my own case on forex market. I started trading live account last year September and nearly went bankruptcy before January this year. During those tough time, i knew there must be something wrong somewhere. Some friends thought i was crazy. But i never because of those situations felt discouraged. But thank God today, I don’t think i need to write any application to secure any useless job again. Forex is more than real! you only need to throw away the impression of getting unrealistic result from the fantastic market. It’s stress-free and lucrative. Happy trading.
45 O Stephen // Jun 28, 2008 at 12:10 pm
Dear Chidi from Kano. May I use this opportunity to advise you not to relly on any automated means of trading. No one of them yields result. You can try it. For those who needs better forex broker; Northfinance is ok but it has been acquired by FXpro. but still ok. Alapari is ok but not for news traders. Yes they are not for news traders. Lite forex is also ok.
46 O Stephen // Jun 28, 2008 at 12:18 pm
Trading FX is like forecasting the weather. Who knows what happens in the next 5 minutes. Only God knows. So, not all your prediction at a particular time will be right. if you know this, then you are coming up. jaostephen@yahoo.com
47 Tito Akpo Akpeti // Jun 28, 2008 at 6:07 pm
Guys , i have really had a field day reading all the comments on this blog. olu great job you have done. Well i must say that forex trading can make you so rich and can make you so poor in a matter of seconds .. yes very correct it typifies life as in sometimes good other times bad… my foray into forex has been one of sheer determination and unrivalled enthusiasm , the kind christopher colombus had when he went on the expedition to discover the new world.
8 months down the line and i still trade with a demo account !!! despite huge profits on the demo acct i still feel that there is more to forex.
i am making extensive research into candlesticks , various variations to give me the feel of the market . Not to forget areas like support and resistance on charts . Guys i dont want to fall into the mess others experienced . They simply saw it as a money spinner and went in not knowing jack !! . Rule number one only invest what you can as well throw into the garbage can , ie money that wont make you cry when you loose it:cry: . Forex trading is not an every day activity . The maket volatilty would make you loose big if you are a day trader rather look long term , watch swings. maket emotion very important , many have not heard about this but it is the singular reason why candle sticks instead of barcharts are used .
Get a good brokerage firm , the one where the platform gives you live feeds not stale. When you make money plse withdraw quickly !! . I would be willing to share more tips , WITHOUT YOUR PAYING . just mail further ??s to my e mail add. Forget those posters , they only misdirect you and give you peripheral knwlege on a $1.5trlln market , how can people be so wicked.:evil:
Leave a Comment