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10 Scam and Fake Forex Brokers in Nigeria

Scam-and-Fake-Forex-Brokers-in-Nigeria-review

 

The Top 10 Scam and Fake Brokers in Nigeria revealed. We have rated and reviewed the worst fake Forex Brokers scamming Nigerian Traders.

 

This is a complete listing of The Top 10 Scam and Fake Forex Brokers in NigeriaIn this in-depth write-up you will learn:

 

  • Fly-by-Night Brokers Beginner Traders in Nigeria must avoid.
  • Cons of Scam and Fake Forex Brokers in Nigeria.
  • Scam Brokers and Nigerian Naira Capital Loss.
  • The Importance of Forex Regulation in Nigeria.
  • Trusted Alternative Forex Brokers in Nigeria.

 

 

and much, much more!

 

Scam and Fake Brokers – A Definition

 

Scam or Fake Brokers are untrusted or unregulated Forex Brokers who offer their services to unsuspected traders.  By selecting a Scam Broker traders may incur a high capital loss.

 

10 Scam and Fake Brokers in Nigeria in 2022 – A Comparison

 

⛔ Broker🚩 Scam or Fake Broker🔎 Trusted Broker Option🚀 Open an Account
⚠️ 24FX☑️ Yes🥇 XM👉 Click Here
⚠️ 24Options✅ Yes🥈 AvaTrade👉 Click Here
⚠️ AGM Markets☑️ Yes🥉 HF Markets👉 Click Here
📌 AlfaTrade✅ Yes📌 FXTM👉 Click Here
📌 Axes☑️ Yes📌 FP Markets👉 Click Here
📌 Boston Merchant Financial✅ Yes📌 FBS👉 Click Here
📌 CircleMarkets☑️ Yes📌 HYCM👉 Click Here
📌 EvoTrade✅ Yes📌 CMC Markets👉 Click Here
📌 FinFX☑️ Yes📌 IG👉 Click Here
📌 ForexCent✅ Yes📌 Plus 500👉 Click Here

 

 

 

 

10 Scam and Fake Brokers in Nigeria (2022)

 

  1. 24FX – Overall, Worst Scam Broker in Nigeria
  2. 24Options – Unregulated Forex Broker
  3. AGM Markets – Low Nigerian Trust Score
  4. AlfaTrade – Worst Online Trading Experience
  5. Axes – High Capital Loss
  6. Boston Merchant Financial – Untrusted Broker.
  7. CircleMarkets – Marked as a Scam by the CBN.
  8. EvoTrade – High-Risk Broker.
  9. FinFX – Unprofessional Practice.
  10. ForexCent – Fake Customer Ratings.

 

 

24FX-Review

24FX

 

As of October 2021, 24FX has been flagged as inactive due to the broker no longer accepting any new brokers.  According to user reviews, 24FX offers no notable user support and profit withdrawal is near impossible.  The cost of trading with 24FX is incredibly high and the loss of capital amongst users is uncanny.

24FX is clearly flagged as a scam or fake broker. We can suggest the following broker as a trusted alternative:

 

24FX Alternative: XM

 

 

XM Review

XM

 

Overall, XM.com is considered a trustworthy broker with average risk with spreads as low as 0.6 pips and an above-average trust score of 84 out of 99. XM Group is not a publicly-traded company but is authorized by two tier-1 regulators (high trust).

 

XM Overview

 

🔎 Broker🥇 XM.com
📌 RegulationFCA
🎉 Bonus✅ Yes
🆓 Demo Account☑️ Yes
💵 Fees from$ 3.5
🔁 Spreads from0.6 pips
💳 CommissionAccount depending
🚩 Max Leverage1:888
💰 Minimum Deposit$5
🚀 Open an Account👉 Click Here

 

XM Landing Page

 

XM Pros and Cons

 

✔️ Pros❌ Cons
Low stock CFD and withdrawal feesLimited product portfolio
Easy and fast account openingAverage forex and stock index CFD fees
Great educational toolsNo investor protection for non-EU clients

 

Overall Rating

4.5/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

MT4

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM

 

24Options-Review

 

24Option

 

24Option comes with extremely high trading costs and a shockingly long list of customer complaints.  When it comes down to withdrawing any profit made, the process becomes impossible. Traders who chose 24Option note that the service provider contacts their clients daily with the purpose of requesting a higher deposit amount.

 

24 Option is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

24Option Alternative: AvaTrade

 

 

AvaTrade Review

 

AvaTrade

 

Overall, Avatrade is considered a low-risk and can be summarised as a trustworthy forex broker. Regarding spread and security, Avatrade guarantees fast trading speeds and secure trading conditions. In terms of users, Avatrade has more than 500 000 registered clients globally.

 

AvaTrade Overview

 

🔎 Broker🥇 AvaTrade
💰 Minimum Deposit$100 USD
🚀BonusOpen a trading account in 1 minute
and receive up to $ 10.000 Bonus.
📱 MetaTrader 4 (MT4)Yes
📱 MetaTrader 5 (MT5)Yes
📊Trading Islamic AccountYes
🎮 Demo account providedYes
🚀 Open an Account👉 Click Here

 

Avatrade Landing Page

 

AvaTrade Pros and Cons

 

✅ Pros❌ Cons
Fee Free DepositLimit Offers
Low Trading FeesInactivity Fee
User FriendlyAdministration Fee

 

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

📈 Total Pairs

55+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

AGM-Markets-Review

AGM Markets

 

In its over 11 years in the market, AGM Markets has established itself as a scam broker of note.  Instead of being known for providing a reliable service, re-quotes on opening trades and slippage are a daily occurrence. Furthermore, AGM Markets has no record of regulation and has a very low trust score of 19 out of 100.

AGM Markets is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

AGM Markets Alternative:  HF Markets

 

 

HFM Review

 

HF Markets

 

Overall, HotForex rebranded as HFM Markets can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. It is regulated by one tier-1 regulator (highest trust) and three tier-2 regulators (medium trust). It has a trust score of 95% out of 100.

 

HF Markets Overview

 

🔎 Brokers Name🥇 HF Markets Ltd
⚖️ Regulation
CySEC, FCA, FSCA
💳 Minimum deposit$5 USD
💰 Maximum Leverage
1000:1
🔘 Asset Types
Forex, Metals, etc.
📊 Trading platformsWeb, MT4, MT5

📈 Types of accountsPremium: min $100

Zero Spread: min $200

Auto: min $200

HFcopy: min $500

💳 Supported lot

0.01 - 500

💳 Demo☑️ Yes
🚀 Open an Account👉 Click Here

 

HotForex Welcome Bonus

 

HF Markets Pros and Cons

 

✔️ Pros❌ Cons
Segregates client fundsLimited range of instruments
Regulated by CySECNot FCA Regulated

 

Overall Rating

4.8/5

Rated #6 out of 66
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FCA, FSA, DFSA, FSCA, CMA

📱 Trading Desk

MT4, MT5

Crypto

No

📈 Total Pairs

50+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

AlfaTrade-Review

AlfaTrade

 

AlfaTrade in short has become a scam broker.  AlfaTrade no longer fulfills its duty or obligations to clients/partners and has ceased payouts.  According to registered members AlfaTrade has resulted in demanding further deposits in order for withdrawals to be made.

 

AlfaTrade is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

AlfaTrade Alternative: FXTM

 

 

FXTM Review

 

FXTM

 

Overall, FXTM can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.

 

FXTM Overview

 

🔎 Broker🥇 FXTM
📝 RegulationFCA / FSCA
💰 Min. Deposit$10 USD
☪️ Islamic Account☑️ Yes
🆓 Demo Account☑️ Yes
📈 Max Leverage1:2000

 

FXTM Landing Page

 

FXTM Pros and Cons

 

✅ Pros❌ Cons
Excellent Customer ServiceHigh Stock CFD Fees
Great Educational ToolsInactivity Fee
No Deposit FeeNo Price Alert

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Axes-Review

Axes

 

Axes‘ comes with two major red flags:  No Regulation combined with automated trading software. Furthermore, the broker claims to be fully regulated and award-winning but no record of these statements can be found.

Axes‘ is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

Axes Alternative: FP Markets

 

 

fpmarkets Review

 

FP Markets

 

Overall, FP Markets is considered a low-risk and can be summarized as trustworthy and reliable. FP Markets is fully licensed and regulated by the Securities Commission of the Bahamas (SCB). FP Markets is currently one of the top-rated platforms, ranked #13 out of 992.

 

FP Markets Overview

 

🔎 Broker🥇 FP Markets
💰 Minimum Deposit$100 USD
📌 Tradeable Symbols9000+
✅ Forex Pairs60+
💻 Trading PlatformsMT4 / MT5
🚩 Copy TradingYes
🛑 Inactivity FeeNo
📉 Trading Fee ClassLow
Open an Account👉 Click Here

 

FXTM Landing Page

 

FXTM Pros and Cons

 

✅ Pros ❌ Cons
Excellent Customer SupportHigh CFD fees
Great educational toolsInactivity and withdrawal fees
Fast account openingLimited product portfolio

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Boston-Merchant-Financial-Review

 

Boston Merchant Financial

 

Experts highly advise traders to avoid trading with Boston Merchant Financial.  Not only does this broker have a reputation for deducting funds without creating user accounts but also for making the withdrawal process impossible.

Boston Merchant Financial is clearly flagged as a scam or fake broker and we can suggest the
following broker as a trusted alternative:

 

Boston Merchant Financial alternative: FBS

 

 

FBS Review

 

FBS

 

FBS can be summarised as a trustworthy broker with a good reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.  FBS offers quality education material, friendly trading conditions, and research tools.

 

FBS Overview

 

🔎 Broker🥇 FBS
💰 Minimum Deposit$1 USD
📝 RegulationFSCA, CySEC
🎉 Welcome Bonus✅ Yes
☪️ Islamic Account✅ Yes
🆓 Demo Account✅ Yes
➕ Max Leverage1:3000
🔁 Spreads from0 Pips
☑️ Spread TypeFixed, Floating
📈 Copy Trading✅ Yes
🛑 Inactivity Fee❌ No
💻 Trading PlatformsMT4, MT5
⚙️ Trading Instruments100+
🚀 Open an Account👉 Click Here

 

FBS Bonus 1

 

FBS Pros and Cons

 

✔️ Pros❌ Cons
Negative Balance ProtectionLimited Tradable assets
Excellent RegulationLimited Trading Platforms

 

Over 16 000 000+ Traders

Overall Rating

4.7/5

Rated #71 of
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

IFSC, FSCA (south africa), ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform

Crypto

Yes

📈 Total Pairs

250

☪️ Islamic Account

No

📊 Trading Fees

Low

Welcome bonus

$140 (Find out More)

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

FBS

 

CircleMarkets-Review

 

Circle Markets

 

Circle Markets is a brokerage firm that on all counts looks legit. However, the withdrawal process is complicated with a customer support team that only offers excuses if they are able to be reached.  Many clients have claimed capital loss.

Circle Markets is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

Circle Markets alternative: HYCM

 

 

HYCM Review

 

HYCM

 

Overall, HYCM can be summarized as a trustworthy broker that offers excellent customer support, a wide selection of market instruments, and technologically advanced programs to assist traders with maximizing funds and developing trading skills.

 

HYCM Overview

 

🔎 Broker🥇 HYCM
📝 RegulationFCA, CySEC, DIFC, DFSA, CIMA
☪️ Islamic Account✅ Yes
🆓 Demo Account☑️ Yes
📈 Institutional Accounts✅ Yes
📉 Managed Accounts☑️ Yes
📊 Maximum Leverage1:30
💻 Trading PlatformsMT4 / MT5
🤝 Customer Service24/5
🚀 Open a account👉 Click Here

 

HYCM Landing Page

 

HYCM Pros and Cons

 

✔️ Pros❌ Cons
Segregates client fundsDoesn’t offer VPS
Established in 1977Inactivity Fee
Regulated by FCALimited range of instruments
Minimum deposit from $1Not ASIC Regulated

 

Overall Rating

4.5/5

Rated #36 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

69

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

EvoTrade-Review

 

Evotrade

 

Evotrade is an unregulated broker, even though it claims to be fully regulated and licensed.  It seems to be an impossible task to open an account even though they request the applicant to provide contact information in order to be assisted. Applicants who have provided their contact details have been harassed for deposits and claimed massive capital loss.

Evotrade is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

Evotrade alternative: CMC Markets

 

 

CMC Markets Review

 

CMC Markets

 

Overall, CMC Markets can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads. It is regulated by five tier-1 regulators (high trust) and one tier-2 regulator (average trust). It has a trust score of 99 out of 100.

 

CMC Markets Overview

 

🔎 Broker🥇 CMC Markets
💰 Min. Deposit$10 USD
🛑 Inactivity Fee☑️ Yes
💻 Demo Account☑️ Yes
💵 Base Currency10
🚀 Open an Account👉 Click Here

 

CMC Markets Landing Page

 

CMC Markets Pros and Cons

 

✔️ Pros❌ Cons
Low forex feesHigh stock CFD fees
Great mobile platformsOnly CFDs available
Advanced research toolsCustomer support only 24/5

 

Overall Rating

4.7/5

Rated #227 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, ASIC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

300

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FinFX-Review

 

FinFX

 

FinFX is a seemingly established brokerage firm with a very long list of complaints listed against it.  Complaints range from fully funded user accounts being closed down and withdrawals being denied.

FinFX is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

FinFX alternative: IG

 

 

IG Review

 

IG

 

IG Group can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders.

 

IG Overview

 

🔎 Broker🥇 IG Group
💰 Trading Fee ClassHigh
💵 Inactivity Fee☑️ Yes
💳 Min. Deposit$140 USD
📌 Base Currencies6
🆓 Demo Account☑️ Yes
⚙️ Products OfferedETF/Forex/Options
🚀 Open an Account👉 Click Here

 

IG Landing Page

 

IG Pros and Cons

 

✅ Pros❌ Cons
Excellent Web-Trading PlatformHigh Fees
Educational ToolsLimited Product Portfolio
Great deposit and withdrawal optionsLacking Support

 

Overall Rating

4.8/5

Rated #38 of 
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF.

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

ForexCent-Review

 

ForexCent

 

ForexCent is a scam broker that offers clients terrible trading conditions, lost profit, and nonexistent customer support.

ForexCent is clearly flagged as a scam or fake broker and we can suggest the following broker as a trusted alternative:

 

ForexCent alternative: Plus500

 

 

Plus500 Review

 

Plus500

 

Plus500 is a tier 1 regulated forex and CFD broker that offers low trading and commission fees. It has an overall high trust score of 97% out of 100 with a low-risk trading environment.

 

Plus500 Overview

 

🔎 Broker🥇 Plus500
💰 Min. Deposit$100 USD
🆓 Demo Account☑️ Yes
🔁 SpreadVariable
📈 Leverage1:30
💵 Base Currencies14
📉 Withdrawal Fee❌ No
📊 Deposit Fee❌ No

 

Plus500 Landing Page

 

Plus500 Pros and Cons

 

✅ Pros❌ Cons
User-FriendlyLack in Research Tools
Low Trading FeesAverage Education
Listed on the London Stock ExchangeLimited Product Range

 

Overall Rating

4.9/5

Rated #55 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA

Crypto

Yes (Availability subject to regulations)

📱 Trading Platform

WebTrader

📈 Total Pairs

70

📊 Trading Fees

Low

🕒 Account Activation Time

Varies

🏛️ Visit Broker

 

 

Conclusion

 

👉 Now it is your turn to participate:

 

➡️ Which Alternative Trusted Broker in Nigeria do you intend to test out?

➡️ What was the determining factor in your decision to engage with a certain broker?

➡️ Was it because of the Broker Regulation or the Pros and Cons?

 

👉 Regardless, please share your thoughts in the comments below.

 

 

You might also like:  XM Review

You might also like:  AvaTrade Review

You might also like:  HotForex Review

You might also like:  CMC Markets Review

 

 

Disclaimer

 

Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.

Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.

 

 

Frequently Asked Questions

 

Is Forex Trading Legal in Nigeria?

Yes, Forex Trading is 100% legal in Nigeria.

 

How can Nigerian Traders avoid forex scams?

The most important factor to consider when choosing a Forex Broker is Regulation.

 

How can Nigerian Traders check the regulation of brokers?

Every market regulator will have a register that contains the regulation license numbers of every legitimate forex broker. Furthermore, a regulated broker will generally mention its regulatory status on its website.

 

Why should Nigerian Traders only use regulated brokers?

Regulated Brokers ensure that their clients’ funds are protected. It also ensures that if there are any problems, the market regulator can help to resolve the matter.

 

How can Nigerian Traders identify fraudulent schemes?

There are several red flags such as continuous unwanted marketing, the guarantee of profits, struggling with withdrawals, no company history or regulation, and so on.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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