Nigerian Lady Exposes Forex 'Millionaires', Explains How They Truly Make Money, Trends Online
- A Nigerian lady has described the Forex trading industry as exploitative after sharing her one-year experience learning it
- She claimed brokers and influencers prioritised recruiting new traders and promoting lifestyles over actual trading profitability
- The video sparked reactions online, with some users agreeing while others defended Forex trading as a legitimate business
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
A young Nigerian lady has sparked buzz online after "exposing" the underbelly of the Forex trading industry in Nigeria.
The lady, @kinacoco01, who had spent about one year learning Forex trading, described the industry as one of the biggest scams in Nigeria.
Source: UGC
She justified her statement by saying that the industry is designed to profit brokerage firms and influencers who introduce many into it.
Nigerian lady shares experience with Forex
In the viral video, the lady narrated her experience attending a recent Forex event. To her surprise, the advice she received from various brokerage firms was not about how to master the charts or become a better trader.
Instead, she claimed they urged her to stop focusing on trading profits and start focusing on "lifestyle marketing."
“They told me that I should not focus on being profitable. Instead, I should become a Forex influencer. I should post my lifestyle and say, 'Oh, I got my lifestyle from Forex,' even if I am actually broke at that moment,” she disclosed.
She also explained that the luxury lives seen on the pages of top Forex "gurus" are often rewards from brokers for bringing in new "students" into the system.
Source: TikTok
According to her, the real money is not made from the market, but from the commissions earned every time a referred student places a trade.
She added:
"The more people you bring in, the more opportunities you get from the brokers. If you have up to a million students, they would give you a house in Dubai. That’s why you see these influencers with houses in Dubai... it’s not from trading, it’s from you."
One of the most pointed allegations in the TikTok video was the claim that influencers earn money regardless of whether their students win or lose their trades.
Please note that Legit.ng does not promote betting or any get-rich-quick schemes.
Watch the TikTok video below:
Reactions to lady's Forex industry call out
Legit.ng collected reactions from TikTok users who watched the Forex critic's video. Some of the comments are below.
AB of ABJ stated:
"What you heard is about Forex business…… Broker benefits, that’s all."
Osaodora stated:
"This is how I found out affiliate marketing was a scam."
Red Men Records said:
"As a legit trader watching this, I just dey laugh."
Travis commented:
"After paying 300k to learn Forex my homie sent me YouTube link."
Excel D Mc wrote:
"If truly Blord makes billions from forex, he won’t be fighting over selling iPhone XR with VDM."
Nigerian man loses big money to Forex
Meanwhile, Legit.ng reported that a Nigerian man went viral after losing a large sum in forex trading, and reacted in anger by damaging his PC.
The man shared his frustration after the loss, revealing how much money he lost.
Source: Legit.ng
