Rush to profit from the retail forex in Africa？Risky!(Part 2)

According to statistics, Africa accounts for 16 of the 20 poorest countries in the world. But poverty does not seem to have stopped forex investors in the region from loving and yearning for trading.

Nigeria in West Africa is the second largest forex market in Africa. Under the huge demand inforexmarket, the local regulatory mechanism is extremely lacking.Due to the lack of regulation, Nigeria's online retail forex industry is in a period of chaos and there is no explanation of legitimacy. In Nigeria, many regulated foreign brokers exist at the same time,as unregulated illegalbrokers, scamplatforms,claim to invest in forex, butactually operate the “Ponzi scheme”.

As a result, uninformed investors are at great risk. Major forex brokers operating in Nigeria are currently regulated by the South African Financial sector Conduct Authority ((FSCA)) and the UK Financial Conduct Authority ((FCA)). But Nigeria also has many unregulated brokers (even more than regulated brokers), which makes Nigerian investors vulnerable to investment fraud.The most direct consequence of fraud is that the money you invest will never come back and you can't find the broker.

In the face of these invisible frauds, as new investors, how to identifybrokershypocritical veil？

The Best Truth Telling Forex Media --- WikiFX

The app properly lists regulatory institutions from various countries and explains clearly whether one forex broker is licensed under highly-credible regulatory body or not. Users who need to find information about legal status and background of a certain brokerage company could simply type in the name of the company on available field to find relevant information.

The following is the process of how to use app:

1: Download WikiFX

You can download the app on Google Play or Apple Store for free.

2: Register to be a WikiFX member

Enter your phone number and verification code.

3: Select Language and your area

4:Find “Exposure” section on Homepage

5:Edit post and release

Click the edit icon and choose either type of reason you wanna expose. Then, select the broker you wanna expose, edit your scammed experience and release it.

Worrying about meeting scam platforms and there is no place to complain？

Please download WikiFX APP from below links：

iosAppStore： https://bit.ly/WikiFXappios

AndroidGooglePlay：https://bit.ly/WikiFXappAndroid

If you have any questions, please feel free to contact us at wikifx@wikifx.com

Please click link read 'Rush to profit from the retail forex in Africa？Risky!(Part 1)'

https://www.wikifx.com/ng_en/newsdetail/202003042134783182.html