Buyer Beware

InstaForex Nigeria: Forex Scam Steals from Clients

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

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.

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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.

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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.

Instaforex Nigeria
Another Instaforex Nigeria complaint

There are some negative reviews about InstaForex Nigeria that can be found online. 

Here are some examples:

  1. Some clients have reported delays in deposit and withdrawal processing, which can be frustrating and inconvenient.
  2. Others have complained about the quality of customer support, stating that they received unhelpful or delayed responses to their inquiries.
  3. Some traders have experienced issues with the platform, such as slow execution or frequent crashes, which can negatively impact their trading performance.
  4. 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.
  5. 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.
  6. Some clients have reported instances of unauthorized trades or transactions on their accounts, which can lead to significant financial losses.
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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. 

Instaforex Nigeria

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:

  1. Deleting or hiding negative reviews on their website or social media pages.
  2. Ignoring customer complaints and failing to provide satisfactory resolutions.
  3. Threatening legal action against customers who leave negative reviews or complaints.
  4. Using aggressive marketing tactics to attract new customers while neglecting the needs of existing customers.
  5. Failing to comply with regulatory requirements and refusing to cooperate with regulatory bodies.
Instaforex Nigeria review

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:

Instaforex Nigeria review
Instaforex Nigeria review
Instaforex Nigeria review
Instaforex Nigeria review
Instaforex Nigeria review
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Instaforex Nigeria review
Instaforex Nigeria review
Instaforex Nigeria review

Show all Most Helpful Highest Rating Lowest Rating Add your review
  1. InstaForex is not reliable for investing, avoid it at all costs.

  2. Not a legitimate firm, it is very much important to make people aware of the crimes they have committed, and accordingly dealing with them, I would suggest you search for a better and more useful firm.

  3. I would recommend you to avoid this man for and firm for any investment, InstaForex has got several negative reviews.

  4. Nowadays people are getting several problems while trading online, their mediators are creating some problems while buying or selling shares, so make sure your debited money is with you if it is not spent over any of these fraudsters then avoid investing with any of these scammers.

  5. Forex trading is difficult to understand in the first stage and they have learned all the tactics of scamming their users to avoid investing with InstaForex, so being educated with all the angles is important.

  6. InstaForex is famous for scamming its users thus it is very much important to avoid such people and make sure you are not involved in any form of investment, if you want to lose your money then you can go through their schemes and then avoid them for all the money, make sure you have got their numbers and mail Id for contacting them.

  7. The company is having a link to Nigeria, which is very much possible that they can scam you easily after Nigeria has got the very good scammers and hackers too.

  8. It is important to expose these fraudsters for making others aware of their criminal past, so make sure you are safe for investing and keep avoiding such investment plans. Your name may be added to the list of people being scammed till now. I will suggest you search for a better platform rather than wasting your money and forcing behind these scammers.

  9. I have seen several other trustable and reliable firms for investing your money but InstaForex isn’t trustworthy for their schemes it is very much o]possible that your invested money isn’t stolen by this fraudster.

  10. These forex traders aren’t trustworthy as most of the reviews regarding this investment and selling of shares or digital currency have proved to be risky, I will recommend you avoid InstaForex for any form of investment for keeping your savings safe with you, it is very important to avoid any kind of interaction with these dealers, their agents will start calling and disturbing you, so never share your mobile number with these criminals.

  11. These forex traders are taking the advantage of the innocence shown by their users and investors too. We are blindly trusting these platforms with our money but we are left with only regret.

  12. Can you please keep exposing this venture, they haven’t provided my profit, and not responding to my complaints.

  13. Nowadays the business of scamming their people through these nefarious schemes is trending and their users are not able to recognize the difference between the real dealers and the ones with notoriety.

  14. My brother lost all his savings after investing in Insta Forex, he decided to try earning some passive income through these forex investment schemes, but his dreams were crushed by this firm.

  15. The author should publish more articles and expose these fraudsters who are running their nefarious schemes without any interruption.

  16. If you want to waste your money and time then you can invest with Insta Forex, this forex exchange company is scamming their users with full confidence and being silent on the complaints.

  17. They are only misleading their customers through their positive schemes but the reality is far away.

  18. This company isn’t reliable for investing due to their fake advertisement I got attracted and invested with them but the company was wasting my time and not providing any profit.

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