Forexperators have clarified that investment in foreign exchange is different from Ponzi schemes and other internet fraud.
They spoke in Lagos at the one-day financial investors’ summit organized by MBA Forex International Limited and its partners Fintec Global Markets and AFX Group United Kingdom (UK) to educate Nigerians on how to maximise profit and encourage investment in forex.
MBA Forex International Chief Executive officer, Maxwell Odum said the dwindling investors’ confidence in investing in forex is due to the misconception that it is fraudulent.
He explained that forex is a legal business capable of reducing unemployment in Nigeria.
”This is a way to encourage people to be self-reliant. It is a way to assist the government. People must also create time to learn about investment opportunities in forex. We try to absorb risk because forex is a volatile market that requires knowledge. People go into it without adequate information. It takes a huge partnership to mitigate the risk. We are against Ponzi scheme and we do not get involved in them.
“We started first as a just a forex training institute, then went on to have such partnership with one of the biggest players worldwide in the forex market which enabled us to venture into the outright forex investment business.”
Chief Operating Officer, MBA Forex International Ede Peters added that Forex is the biggest and the largest market in the entire world which has been in operation for more than 70 year and is a business of about $6 trillion on daily basis.
Ede said the Forex sector if properly regulate in Nigeria could contribute greatly to the economic development of the people.
“It is the biggest and the largest market in the entire world, we want Nigerian youth to participate in it. This has helped in reducing unemployment in country like China, it can also help here.”
Other experts who spoke at a panel session called on the Federal Government to step-in in regulating the Foreign Exchange Investment market in Nigeria.
Country Manager, Fintech Global Markets Engr. Joel Adoki said to keep risk level minimal and to control people’s investment, government has to come in to regulate the Forex sector.
On his part, AFX Group UK Business Development and Sales associate, Claude Herve noted that investors’ money can only be protected better by government regulatory body to ensure a stable and fraud free market.