How Kenyan forex traders are siphoning money from the unsuspecting Kenyan public desirous of making a fortune from the forex venture ~ forex trading demo account beginner
We are raising the forex scam alert levels in Kenyato code red.
Even after being duped in ponzi schemes like Bullish Trade, and even while the jury on VIP Portal is still out there, Kenyans are still entrusting their forex trading capital to local online forex trading organizations.
Forex Investigator has come across documents showing that a Nairobi based forex Introducing
Broker along Tom Mboya Street owes millions of shillings to clients who invested with them in the hope of obtaining high returns after a few months. Forget VIP Portal Incorporated, this one is the mother of all forex scams.We have seen bank receipts from investors who deposited with this introducing broker months ago. The smallest amount of deposit made to this IB being Kshs. 132,000. This IB has one agent, a lady, who has been asking people to deposit money through an account at standard chartered bank.
We went through the agreement purportedly made with the depositors and swiftly concluded that there is little or no legal recourse that these two ladies may get. They will probably proceed with a criminal case under fraud, but with the millions that this IB already has, it will most likely win the case. These ladies were promised that in three months they would have the fruits of their investment. To date, the damned Introducing Broker is yet to account. Phone calls are going unanswered.
These introducing broker claims to have a Sacco for all those that hold trading accounts with a forex broker based in one of the small African island nations. We contacted this broker inquiring whether they are in any partnership with the alleged introducing broker. They are yet to reply to our email. Our online chat was ignored altogether. Going through this introducing broker’s website, one thing caught our eyes. They have a rider on their site stating that their services are exclusively for retail traders. We emailed them asking why they had taken over Kshs. 450,000 from one trader if they only targeted retail traders. We received no reply. Having an account with Kshs. 450,000 or 5,000 dollars automatically lifts you from the small league of retail traders.
From our discussion with the two ladies, it emerged that this introducing broker has collected over Kshs. 15 million from Kenyans who hope to make it big in the trading of currencies online. The two ladies gave out their money under a managed account scheme. But you can only be under a managed account with the express permission of your broker. These ladies do not know even know their meta trader 4 passwords and have never contacted or been contacted by the parent company that this Kenyan introducing broker claims to represent.
A lot of Kenyanshave been conned by local based forex traders than by foreign based market makers. Most of these are more of con artists that forex traders. The con comes in different forms. Some of the many ways through which Kenyans are losing money to local forex traders are discussed below.
One of the major ways by which Kenyans have lost money in the trading of forex is by paying highly for unworthy forex trading courses. Most of the self proclaimed Kenyan forex tutors promise to take the forex newbie through a course that has three stages. Normally the course is categorized as beginner, middle and advanced level training. These courses can be accessed by buying a CD or attending classes both online and offline. Surprisingly, most traders get to discover later in the day that the so called courses are actually copy pasted material lying for free all over the internet.
Kenyans are also losing money in the forex business through the numerous forex seminars. Forex Investigator was surprised to discover that a recent forex seminar to educate Kenyan forex traders on how to trade using the meta trader 4 platform had actually sold out before the due date. The seminar organizers were charging Kshs 4,500 per head. It got me thinking, why pay for a seminar to learn how to use the meta trader 4 platform when you can watch a couple of free you tube videos for half an hour and understand how to use the meta trader 4. And by the way if you know how to trade you are probably laughing dead at the thought of someone paying for a seminar on meta trader 4 platform. But yes, that is where our ignorance has brought us.
Kenyan forex traders are also losing money through the so called trading under managed accounts where your account details are given to a pro who then earns a commission after every trade. The managed accounts being promoted by these local forex trading entities are all fakes. What Kenyan forex trading wannabes do not know is that to have a managed account you must first be under a particular forex broker. Forex brokers have account managers and to trade under a managed account requires the express permission of your broker and lots of dollars. Not the micro and mini accounts that are held by most Kenyans.
Kenyanshave also invested a fortune in forex trading signals. There is a Nairobi based introducing broker that charges Kshs. 5,000 per month for the forex signals. What Kenyan forex traders fail to realize is that forex trading signals don’t work. The true market whispers are in the candlesticks and that’s all you need to master. Belief in the trading signals end on the day you begin appreciating that no trading strategy is immune from losing trades because after all there is no Holy Grail forex trading strategy or system.
What Kenyansrequire is an experienced trader who is willing to give them market entry and exit ideas at no cost albeit for their first few months of trading a live account. That’s what we do. By calling 0725 050 419, you get to know some important facts that many forex beginners ignore but which are essential in order to succeed as a forex trader.
Read: How Profit Venture Limited is stealing from Kenyan forex tradersYou do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
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