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  1. Asked: April 20, 2026In: STOCK & CAPITAL MARKET

    Is it legal to give a Forex trader my money in Nigeria for monthly returns of 10% to 15%?

    Ochoyoda
    Ochoyoda Community Builder
    Added an answer about 6 months ago

    I'm going to give you clear, practical advice because situations like this are very common — especially with Forex trading and informal agreements. First — What Happened (Reality Check) What you described has 3 major red flags: He traded on his own account (not yours) No written agreement (only oralRead more

    I’m going to give you clear, practical advice because situations like this are very common — especially with Forex trading and informal agreements.
    First — What Happened (Reality Check)
    What you described has 3 major red flags:
    He traded on his own account (not yours)
    No written agreement (only oral agreement)
    Promised fixed monthly returns (10–15%)
    These are very high-risk signs. In fact, promising fixed monthly returns in Forex is not realistic. Forex trading returns are never guaranteed.
    Even professional traders lose money sometimes.
    Should You Report Him to Police?
    Here is the honest answer:
    You can report him — but success depends on:
    Whether you have evidence of payment
    Whether you have messages showing the agreement
    Whether he intentionally defrauded you
    If you sent money via bank transfer, WhatsApp chats, or voice notes, you have a case.
    You can report to:
    Nigeria Police Force
    Economic and Financial Crimes Commission (EFCC)
    Securities and Exchange Commission Nigeria (SEC Nigeria — if it’s investment fraud)
    But Before Reporting (Better First Steps)
    I recommend this 3-step approach:
    Step 1 — Talk to Him Calmly
    Ask him:
    What exactly happened?
    Where is the trading history?
    Can he refund gradually?
    Sometimes traders genuinely lose money. But he must show proof.
    If he refuses to communicate or show proof, that’s suspicious.
    Step 2 — Gather Evidence
    Collect:
    Bank transfer receipts
    Chat messages
    Voice notes
    Screenshots
    Account details
    This strengthens your case.
    Step 3 — Send a Firm Warning
    Tell him politely but clearly:
    You want a refund plan
    If not, you may report formally
    Many people start paying back when they see seriousness.
    Important Lesson (Very Important)
    Never:
    Give someone money to trade in their own account
    Accept guaranteed returns in Forex
    Invest without written agreement
    If you want Forex exposure in future:
    Trade your own account
    Or use regulated investment platforms
    Or avoid Forex entirely (many beginners lose money)

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