“Look at that screenshot” lol
The Forex market (FX) is the world’s largest trading market, dwarfing the Stock Exchange in size, and it’s arguably one of the fastest-growing markets in the Namibian business industry. The market is however full of scams
In Namibia alone, the industry has offered a great “profit” potential of the scammer who acts in the cloak of a money manager, through clients’ account management. NamCash Trading exposed the well-known NASDAQ boys for blowing people’s accounts and scamming them.
NamCash trading of Namibia launched an online campaign on YouTube to expose business counterparts, NASDAQ boys who are reportedly blowing people’s accounts from as much as N$30 000 to zero within a day. NamCash launched an online campaign called #ProjectLetsFixNamibia# aimed to expose the forex traders who are scamming people in the name of account management.
According to NamCash, the NASDAQ boys post pictures of big bank accounts with unbelievable figures as a marketing strategy to jerk people into account management investment strategy. “The other day my uncle saw screenshots of what these guys do, he was so impressed, so he called them to manage his account and because they promised him huge returns, he blindly took the jump, invested N$30 000 which he lost the same day; they said they blew his account,” NamCash said.
NamCash added that this angered him, especially that they call themselves experts. He added that many people gave the bad testimonies on how they similarly lost money, adding that some sent money and they never heard from the boys again. “No way would an expert lose that huge amount of money in a single trade unless you are inexperienced” he added.
When he launched the #ProjectLetsFixNamibia#, many people kept on sending him screenshots of how they have been losing money in similar ways. Some people invest and they do not get any responses, and most of the accounts are blown within seconds.
NamCash urged these NASDAQ boys to stop with the disastrous heartbreaking account management system because it’s a gamble with people’s hard-earned cash. “Everyone is tired and angry at these NASDAQ boys; account management with the NASDAQ boys must end and legit forex trading classes continue. People should not only see money into their accounts, but they should also be taught and understand the psychology behind trading, not just losing huge amounts of money and be told “Forex is risky”, no it’s not fair” NamCash added.
Now it’s true that the nature of the relationship between the account manager and their client ensures that a degree of blind trust must be maintained between the two parties since it is not possible to check the actions of the manager constantly. Furthermore, by definition, the manager needs a degree of independence about the way he uses the funds at his disposal, in order to be able to make profits and to manage the risk of the account successfully and if the account is blown, no matter the amount, the “no refund” policy applies.
In a video on YouTube, one of the NASDAQ boys said that NamCash will pay for it. Guilty as charged! Checkout that video: https://youtu.be/jsA-7ifxjco