InstaForex Nigeria is an online forex and CFD trading platform that allows traders to buy and sell various financial instruments, including currency pairs, stocks, and commodities.
InstaForex Nigeria is the Nigerian branch of the company, which offers forex trading services to residents of Nigeria. InstaForex Nigeria provides its clients with a range of trading instruments, including currency pairs, indices, and commodities. The platform also offers various trading accounts, including demo accounts for beginners and real accounts for experienced traders. In addition to trading services, InstaForex Nigeria provides its clients with educational resources, including webinars, seminars, and trading tutorials.
Instaforex Nigeria also offers customer support services to its clients via phone, email, and live chat. It’s important to note that forex trading carries a high level of risk, and traders should only trade with funds that they can afford to lose.
It’s recommended to learn about forex trading and risk management strategies before investing real money. Some clients have reported issues with withdrawals, where their funds were delayed or not processed at all.
Others have reported unfair trading practices, such as sudden price spikes or stop loss hunting. There have also been reports of unauthorized trades or trades made without the clients’ knowledge or consent.
It’s important to note that not all reviews are representative of the entire client base, and it’s important to conduct thorough research before choosing a forex broker. It’s also important to note that forex trading carries a high level of risk, and traders should only trade with funds that they can afford to lose.
A Detailed Review Highlighting the Fraud by InstaForex Nigeria:
It all started two years ago when the individual met their client during a difficult time in their life. They told the client about their work and begged them to invest in them, but the client claimed to not have any money and even a $50 investment was too much to ask for. Two weeks ago, the client called the individual and stated that they were now ready to invest. The individual directed them to the Instaforex office to open an account, where the client deposited $150 and was given a bonus of $150, bringing the account to a total of $300. The individual provided the client with the account password while at the airport preparing to board a flight to Abuja.
After starting to manage the account, the balance went down to $150, prompting the individual to visit the client’s cabinet and take the last $45 bonus, bringing the balance to $180. Within a week, the individual was able to take the account balance up to $1900 and requested a withdrawal, which Instaforex claimed to be processing.
After waiting for two days and not receiving any updates, the individual began trading again, bringing the account balance up to $3603 before requesting another withdrawal.
This time, the individual waited for two days before visiting Instaforex’s office in Ajah, where they were told that the entire balance of the account belonged to Instaforex due to a clause in their terms and conditions used by a representative in Russia to attempt to claim the funds.
Despite the individual’s protestations that the available balance for withdrawal was $3420, Instaforex claimed that the money did not belong to them. As a result, the individual warns others to stay away from Instaforex, claiming that they ruined their week. The individual converted the remaining balance of the account to a demo account in order to practice with it, and they believe that Instaforex is a scam.
There are some negative reviews about InstaForex Nigeria that can be found online.
Here are some examples:
- Some clients have reported delays in deposit and withdrawal processing, which can be frustrating and inconvenient.
- Others have complained about the quality of customer support, stating that they received unhelpful or delayed responses to their inquiries.
- Some traders have experienced issues with the platform, such as slow execution or frequent crashes, which can negatively impact their trading performance.
- Some clients have reported instances of price manipulation or stop loss hunting, where the broker manipulates prices in order to trigger stop loss orders and cause losses for traders.
- Others have reported instances of account blocking or closure without proper explanation or justification, which can result in the loss of funds and trading opportunities.
- Some clients have reported instances of unauthorized trades or transactions on their accounts, which can lead to significant financial losses.
There have been reports of unethical practices, such as price manipulation or stop loss hunting, which can lead to significant losses for traders. It’s important to keep in mind that these negative reviews may not necessarily reflect the experiences of all clients, and it’s always a good idea to do your own research and due diligence before choosing a broker or trading platform.
Different kinds of nefarious activities done by InstaForex Nigeria to bury customer Complaints & Reviews to avoid accountability:
There have been reports of InstaForex engaging in activities to bury customer complaints and reviews in order to avoid accountability.
Here are some examples:
- Deleting or hiding negative reviews on their website or social media pages.
- Ignoring customer complaints and failing to provide satisfactory resolutions.
- Threatening legal action against customers who leave negative reviews or complaints.
- Using aggressive marketing tactics to attract new customers while neglecting the needs of existing customers.
- Failing to comply with regulatory requirements and refusing to cooperate with regulatory bodies.
Wrapping it up:
It’s important to keep in mind that these reports may not necessarily reflect the experiences of all clients, and it’s always a good idea to do your own research and due diligence before choosing a broker or trading platform. Additionally, it’s important to be cautious of any broker that engages in activities that suggest a lack of transparency or accountability.
Some More InstaForex Nigeria Reviews You Must Read:
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