Brokers counsel Nigerians on forex trading
Nigerians have been urged to acquire proper education and information before engaging in foreign exchange (Forex) trading so as not to lose their resources to unscrupulous people.
The advice was given by a Forex expert, Oluwaseun Oyeleke, who is the Country Director of INFINOX Capital, a globally recognised forex and Contract for Difference (CFD) broker.
Oyeleke, who spoke at a media parley in Lagos, said many people have lost investment due to lack of knowledge on the operation of the forex market.
He said major players in the sector are already working with the Securities and Exchange Commission, SEC, to come out with a policy document on how to regulate the sector and weed out scammers who masquerade as forex brokers.
He, however, said the company, which has presence in 15 countries and started operation in Nigeria in 2019, is regulated by the relevant agencies.
The company’s Head of Sales & Operation, Michael Udoh, said an increasing number of youths are exploring opportunities in the global financial market to create wealth and reduce the scourge of poverty and unemployment.
He said the company has been able to build its base from 32 clients in September 2019 to over 11,484 clients in June 2022 because of its success story.
“We prioritise education because when people know what to do, it is easier to trade. We don’t promise fixed 50% monthly returns because we are not money doublers. We are brokers, we give platforms for people to trade after training them,” he noted.