Business

Nigerians, Beware of Facebook Accounts Promising to Double Your Investment in 45 Minutes


IN SHORT: Africa Check has exposed several Facebook accounts falsely claiming to offer investment services. This time scammers have used the name of the OctaFX trading platform to deceive people.

A post on Facebook is offering investment plans to Nigerians to double their money in just 45 minutes.

The post, dated 1 July 2023, reads: “GOOD DAY MY DEAR FAMILY AND FRIEND’S I want to introduce you all to a paying and a legitimate platform which I joined.. This is a platform that gives you double of your initial investment within 45minutes after investing.”

It also says the poster made an investment of N150,000 and received N300,000 in return on the OctaFX trading platform.

Similar posts have been shared here, here, here, here, here, here, here, here, here, here, here, here, here, and here.

But is this investment offer to be trusted? We checked.

What is OctaFX?

OctaFX is a business platform that helps Forex traders make trading decisions.

Forex refers to foreign exchange, a global marketing place for exchanging money from one currency to another. People buy currencies when they are cheaper and sell them at higher prices to make profits. Those who are in this business are called Forex traders.

This is the official website of OctaFX, with links to its Facebook and Twitter pages. The platform has over 500,000 followers on Facebook and is verified on Twitter.

OctaFX reports fraudulent activity in its name