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How to Make Money Online in Nigeria Without Being Scammed.

How to Make Money Online in Nigeria Without Being Scammed.

Doing business online is one of the less expensive and fast paying options you can get as a beginner. Not only that, it is faster to make money online than through any other method. Even without an office, expensive equipment or employees to pay every month, you can easily start business online and make steady money.

But you need to exercise caution when choosing a business type. There are different business types available online such as multi-level marketing (MLM) otherwise known as network marketing, there are also paid per action programs such as pay to read, paid to browse etc.

There are freelance network programs as well where you can be paid for your skills such as writing, design, translation, coding etc.

The core strategy is to pay the initial investors outrageous gains to earn their trust. When the program becomes popular and a lot of people rush in because of the enticing and outrageous gains, the organizers of the ponzi scheme use the initial payments to lure people and collect large payments, siphon a lot of money and terminate the program when least expected.

Investment/online trading is also available such as Bitcoin Trading, Forex Trading, Beton Markets etc. The last category I will talk about in this article is the “Business From the Scratch Model”. This involves starting with your own business idea from the scratch, promoting your business on the internet and accepting payments online.

Some of the business types described above are more saturated with scammers and fraudsters while some are highly regulated and it is more difficult to get scammed. For example, network marketing and Multi-level marketing are highly related to ponzi Schemes, which promise a very high return within a short period without selling any product or service. the recently collapsed MMM is a good example of this.

The core strategy is to pay the initial investors outrageous gains to earn their trust. When the program becomes popular and a lot of people rush in because of the enticing and outrageous gains, the organizers of the ponzi scheme use the initial payments to lure people and collect large payments, siphon a lot of money and terminate the program when least expected. They eventually close the program, cart away with the monies of the majority and disappears into thin air.

How to identify scam websites and deceptive offers

Fraudsters make sure they are untraceable, they prefer accepting cryptocurrencies and virtual currencies like egold, perfectmoney, liberty reserve etc instead of using their compay’s account to accept payments. Most of the time they tell you to pay someone else who is a fellow investor in the same scheme so you will not be able to trace them. If you check their websites you will notice that there is no office, no one to call directly and no registration with any regulating agency. as the saying goes, Sometimes if it looks too good to be true, then it’s probably not true.

Top Strategies that fraudsters are using online to deceive people and collect money from them.

Being a victim of the data entry scam of 2005 among other things, you can use my suggestions below so you will not fall into the same trap Internet fraudsters have a nasty habit on preying on the ignorance and greed of gullible internet users by offering them a magic button that solves financial problems without work. Indirectly, they will require you to bring in more people to be scammed before you can earn “commissions” the more potential victims you bring to be scammed, the more your earn. they make you an accomplice of swindling and extortion.

Sometimes you will be required to “upgrade” that is, you pay additional monies before you will be entitled to your “commisions” at the end, the system finally collapses because the population of potential victims coming into the program is reducing.  The last group that invests money before the system collapses are usually the ones that pays the biggest price of all. They lose everything and will find no one to hold accountable. In short, they will use the head of the last investors to break the coconut.

The best way of approaching online trading is by getting adequate education and experience through demo trading for at least six months before attempting live trading. If you will like to know more of the naked truth about online trading Then download the forextreasuremap trading guide (also applicable to cryptotrading)

How people are getting scammed in Crypto Currency trading and Forex Trading

With my experience in forex trading, I have seen how the dream of overnight riches has enslaved many. Some have lost thier life savings, lost estates and other property to these programs. Please note that online trading is not a scam, I have made real money through forex trading however, the brokers, trainers and the fund managers are the biggest trouble makers in online trading.

Most people teaching cryptocurrency trading, Forex trading etc make money by selling their training programs and not by trading Forex or cryptocurrencies. Secondly, unregulated brokers have a bag of tricks they use to make sure that traders on their platform ends up losing all their profits back to trading. And the fund managers can also be
dubious by collecting money from investors without adequate trading experience or risk management skills.

The best way of approaching online trading is by getting adequate education and experience through demo trading for at least six months before attempting live trading. If you will like to know more of the naked truth about online trading Then download the forextreasuremap trading guide (also applicable to cryptotrading)

Stay Tuned for my next article 5 simple to use ideas for starting a new online business in Nigeria.

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