2022 Latest Scam Brokers List in Nigeria

Currently lots of non-professional and irresponsible brokers operate on the Forex market. To warn you from cooperating with such intermediaries, WikiFX has prepared a latest scam brokers on Forex for you.

1. Rifa

The WikiFX cloud system has verified this broker has way too many complaints, and it is in the WikiFX complaint blacklist. The number of the complaints received by WikiFX have reached 28 for this broker in the past 3 months. United StatesNFA (license number: 0539477) The regulatory status is abnormal, the official regulatory status is Unauthorized. This broker exceeds the business scope regulated by United States NFA(license number: 0539477)National Futures Association-UNFX Non-Forex License.

2. ExpertOption

ExpertOption is a binary futures platform that fluctuates in a short period of time for forex, stock, and indexes. It is publicized to earn profits by betting on the rise and fall within a short period of 15 minutes, but it can actually manipulate backstage data, activities, and other methods to cause investors to lose all principal. It has been verified that this broker currently has no valid regulatory, please be aware of the risk!

3. EGM

Theres no valid regulatory information in this broker. According to WikiFX, the rating of EB is 1.41. And It has been verified that this broker currently has no valid regulatory. Please be aware of the risk!

4. OLYMPTRADE

OLYMPTRADE was complained by many investors for they cannot withdraw money from the platform. However, OLYMPTRADEs official website shows it is regulated by the Financial Commission. This is contradictory. It can also be seen directly that the broker and the private regulator are all illegal, and their cooperation is based on the mutual interest.

5. Cloud Peak

Its a scam, don't make any deposits with this broker/dealer they would make sure that you lose. Someone by the alias “Ying Yang” of Hong Kong may lead you into trading, she may encourage you to deposit large amounts of crypto in order to start trading. She would give you great signals to trade with, but huge lot sizes so that you liquidate your own account. Be aware and don't fall for her scam.

6. TR

This platform is a Ponzi Scheme. Please stay away of it. This broker bas been verified to be illegal and all of its licences have been expired, and it has been listed in WikiFX's Scam Brokers list. The platform is a Ponzi Scheme, which refers to the use of “principle of value multiplication”. In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

7. Dukascopy

The number of the complaints received by WikiFX have reached 20 for this broker in the past 3 months, please be aware of the risk and the potential scam! The SwitzerlandFINMA regulatory (license number: Unreleased) claimed by this broker is a suspicious clone. And the JapanFSA regulatory (license number: 3010401095833) claimed by this broker is a suspicious clone.

8. Cambridge FX

The AustraliaASIC regulatory (license number: 351278) claimed by this broker is a suspicious clone and current data shows that this broker is using Non MT4/5 Software.

9. HungDing Financial

They post their income of EA in varied forex group. They are exactly frauds. They modify your passport of MT4 and trade randomly an then the balance becomes 0. This broker exceeds the business scope regulated by United States NFA(license number: 0529442)National Futures Association-UNFX Non-Forex License, please be aware of the risk!

10. LunoTrade

LunoTrade is an illegal forex platform. No services, no office and no regulation. LunoTrade requires investors to pay stamp duty fee before they could withdraw. This broker bas been verified to be illegal and all of its licences have been expired, and it has been listed in WikiFX's Scam Brokers list.