4/19/ · Plus, which is valued at over £1bn, has an estimated , marketing affiliates working for it alone. The @dailyforexsignals account on Instagram appeared to Author: Symeon Brown 4/8/ · hi guys. i have been learning forex trading via demo with icm broker and so far i think i am ready to open a live account. i need advice on the best broker for a newbie with mimimum deposit of $ or $ as Icm's is $ also considering easy deposits and withdrawalsGo for hotforex. I too made research for good brokers. Hotforex was recommended ��Nicole Jones | Success Coach�� YouTube Mentor Forex Trader ���� + students having 5k months�� Learn how I get free leads daily ���� #videomarketing #forextrading #youtubetricks posts
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Their hero is Jordan Belfort, their social media feeds display super-rich lifestyles. But what are these self-styled traders really selling? By Symeon Brown. T he original Wolf of Wall Street, Jordan Belfort, was a rogue trader convicted of fraudulently selling worthless penny stocks to naive investors. His biopic, starring Leonardo DiCaprio as the ostentatious, money-obsessed huckster, was a box-office hit in His thousands of young followers were desperate to do the same.
In JanuaryOyefeso was featured in the Channel 4 show Rich Kids Go Shopping, in which he bought expensive jumpers to give to homeless people and showed viewers how easy it was to make stock trades online.
British tabloids, including the Daily Mail, the Evening Standard and the Mirror, as well as a host of online magazines targeted at young men, all ran pieces about his success.
The videos on his almost comedic YouTube channelwhich have hundreds of thousands of views, feature him buying £, cars and boarding private jets as nonchalantly as others his age might hail an Uber. His Instagramwhich regularly shows him posing next to a blue and silver Rolls-Royce, describes him as the founder of DCT, his trading firm. A brand. He has described DCT Trading as a future Goldman Sachs or JP Morgan — except, unlike those mammoth financial institutions, which tend to recruit from a narrow pool of elite graduates from prestigious universities, Oyefeso appeared to be opening a closed door to young people who might otherwise be excluded from the trading floor.
The problem is, his company does not have a trading floor. It does not have an office. It does not exist as anything more than a website and some social media accounts. Oyefeso claims the parent company, Gabs Fossard Ltd, is registered, although it was dissolved without posting any income. Clearly this is not the case.
Oyefeso is one of the most high-profile figures of an internet subculture that reveres Jordan Belfort and has taken his Wolf of Wall Street persona to social media. Posing as ultra-wealthy kids and posting internet memes taken successful forex traders in nigeria and their instagram account the movie, its followers aggressively sign up young people to what looks like an international pyramid scheme that has helped to generate billions of pounds for large companies selling highly risky financial trading products.
They are the wolves of Instagram. T he financial sector has a genius for creating new products that brush against the law. Inas the economy reeled under the weight of trillions of dollars of bad debt in financial products called collateralised debt obligations, another risky and obscure proposition was being designed for the public: the binary option.
The concept is simple: you sign up with a minimum deposit of £ from a debit or credit card, click a button that says you are over 18, then bet on whether the price of a stock, currency or other financial security will go up or down and by how much. The binary option is part of a family of similar financial products such as spread betting and contracts for difference.
If you have ever heard a rookie investor declare that they trade currency, successful forex traders in nigeria and their instagram account, these are probably what successful forex traders in nigeria and their instagram account are talking about. These products became popular alongside a proliferation of online trading software and mobile betting platforms. The craze was largely driven by two countries — Israel and Cyprus — in the late s. Their regulatory frameworks meant that firms could access European markets without the heavy hand of European regulators, and new binary options companies spread like chain letters.
After the financial crash, in Israel alone an estimated firms popped up in the space of a few years. Over the past 18 months, these financial products have taken great leaps into public life with expensive marketing campaigns. Some companies, such as Plus and 24Option, are legitimate, but others are borderline fraudulent. Binary options are considered so volatile that they have been banned outright in the US.
However, in the UK, which has some of the most liberal financial regulations in the world, they were until January of this year classified as high-risk gambling products and regulated by the Gambling Commission. Since then, they have been under the auspices of the FCA, which published a list of unauthorised firms and guidelines for aspiring traders.
The mystery is how such complex products became an internet youth craze. And this is where the wolves of Instagram swagger in. This is how it works. Oyefeso posts images of luxury goods he claims to have bought with his winnings. He gives the pictures hashtags such as richkidsofinstagram and mass-follows young people online.
One teenager told me he and his friends were drawn in by the sight of a young black man who grew up on a council estate similar to theirs, driving a Rolls-Royce. Young people join the platforms, make a few trades and can lose anything between £ and several thousand pounds, then realise they can make it back by repeating the trick: becoming a paid marketing affiliate masquerading as a successful trader.
It looks like a vintage pyramid scheme, rebooted for the social media era using a model of e-marketing that has boomed over the last 20 years. Inone of the wolves shared with me the presentation he was pitched by the leading software provider of binary options, SpotOption.
Later that year, the core of this presentation was published by the Bureau of Investigative Journalismand SpotOption was banned in its home country, Israel. SpotOption says that since the changes in Israeli law, it has ceased all activities related to binary options, and terminated agreements with clients found to be acting unethically.
Last year, the FCA launched a crackdown on investment scams and police raided 20 premises suspected of operating binary options fraud, but so far, the social media influencers who appear to be working as middle men for foreign firms have escaped their attention.
Those numbers rise by the minute and the thousands of accounts generating them appear and disappear constantly. The companies making the real money from these financial gambling products are supposed to be kept in check by the ASA, the Gambling Commission and the FCA — but this pack of regulators appears to be outfoxed by the wolves.
The National Fraud Authority estimated that £59m had been defrauded from UK residents in from binary options alone. This is where the influencers and their social media accounts come in. The neighbourhood was meant to serve as a backdrop to the world of opulence they were displaying on their Instagram feeds.
It was not long before a resident came out to tell us we were trespassing. Instagram — even more than Facebook or Twitter — is where people sell a version of their lives that they want people to believe. None more so than these young, self-proclaimed millionaires.
They are part of the larger phenomenon of richkidsofinstagrama hashtag first used in to profile the genuine heirs of multimillion-pound estates — including a son of one of the West Ham football club owners — but then spread to people like Oyefeso, who were faking it.
A search of the posts tagged richkidsofinstagram reveals young men and women from across the world sharing pictures and videos of their extravagant lifestyles: suitcases filled with stacks of £10, £20 and £50 notes; toddlers wearing customised Gucci denim jackets; expensive cars and private jets, all set to the latest hip-hop anthems.
For Oyefeso and many of his friends, the lifestyle is largely a costume drama, successful forex traders in nigeria and their instagram account. In his most recent video on YouTube Oyefeso appeared to hire a private jet — one that was parked up — to announce his return after he left prison. Oyefeso recounted how much money he could make in 15 minutes. Despite his glamorous trappings, Oyefeso, the son of Nigerian migrants, is, on paper at least, still residing at their council flat in south London.
In reality, richkidsofinstagram is mostly a feed of adverts selling everything from clothes to gambling products, featuring endless marketing affiliates trying to recruit young people who are under more and more pressure from friends and influencers on social media to buy their way to success. The richkidslondon account, followed by more thanpeople, says it profiles the most impressive rich kids, but what it does not say is that it charges them £60 for a post or £ for According to a close friend, Oyefeso got his start in this world inwhen he began working at One Successful forex traders in nigeria and their instagram account Trade OTTa bucket shop operated out of a backstreet office in Wapping, east London, where unwitting investors could register bets online, successful forex traders in nigeria and their instagram account.
OTT, which is not a regulated financial institution in the UK, but registered in Panama and Malta, would take a cut of every trade, and then try to hustle investors out of the rest of their money using excessive commissions and other exploitative terms.
Former staff describe it as overrun with young people who had lost money on the platform, trying to make it back by signing up their friends with trading accounts. For young people with ambition but no access, who were attracted to the risk, ingenuity and wealth of investment banks and hedge funds but would not qualify for a job at a traditional Canary Wharf company, working at OTT felt like a genuine career in the City — despite being unpaid.
He also showed me a WhatsApp group he charged thousands of young people a £ The flashy Instagram may have won him a following, but the biggest gift to Oyefeso was his TV appearance. I asked Oyefeso who started the traders of Instagram subculture. A rival who copied him agreed. I want to be involved. Neither company responded to a request for comment. Banc de Binary was founded in in Israel. The man at the helm was a former Israeli paratrooper, Oren Shabat Laurent.
The firm sought respectability by sponsoring football teams such as Liverpool and Southampton, but both clubs dropped the company when it become embroiled in scandal. Banc de Binary faced a string of multi-million dollar lawsuits from clients, successful forex traders in nigeria and their instagram account, and was pursued by the US Securities and Exchange Commission.
The company was kicked out of the US inand was denied access to European markets when it lost its licence in Israel soon after that.
In Januarythe company ceased trading when it was revealed to have used software rigged against its users. Its founder, Laurent, has since reinvented himself in the world of cryptocurrency, with a bigger online following than any of the influencers who peddled binary options for him. Laurent did not respond to requests for comment. In the UK, you have to be 18 to gamble or speculate on financial transactions. But Oyefeso was openly targeting much younger teenagers.
It appears that in doing so, successful forex traders in nigeria and their instagram account, he was violating advertising regulations on gambling products. When I spoke to Oyefeso before he went to prison, he did not exhibit much regret. I asked him if he had worked with anyone under 18 directly, successful forex traders in nigeria and their instagram account. I asked. They were also a source of labour.
Oyefeso then offered the boy and his school friends work running his social media accounts and messaging his followers with advertising scripts. The teenagers were paid a cut of the commission for every one they signed up. Even those losing money on Banc de Binary and other platforms sometimes gained a sense of self-confidence and an identity they felt proud of.
Young men soon started trading in their hoodies for three-piece, pinstripe suits even though they had no office to wear successful forex traders in nigeria and their instagram account to. The subculture even had an anthem.
T echnology has made some jobs extinct and endangered entire sectors, but in a tough jobs market, affiliate work seems like the most accessible route to money. There is no interview or licence required. All that is needed, in most cases, is an email address and a bank account. The marketers earn on commission only, so they provide a growing class of cheap labour.
A decade ago, teenagers primarily used social media to keep up with their friends and interests. Inmany see curating their accounts as a career and there is a growing ecosystem making this a major challenge for advertising regulators. Adverts are supposed to be identifiable, but influencers blur the lines with account pages built as shop windows on their lives.
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4/8/ · hi guys. i have been learning forex trading via demo with icm broker and so far i think i am ready to open a live account. i need advice on the best broker for a newbie with mimimum deposit of $ or $ as Icm's is $ also considering easy deposits and withdrawalsGo for hotforex. I too made research for good brokers. Hotforex was recommended 1/18/ · Jabulani Ngcobo. Jabulani Ngcobo was born in is currently one of the richest Forex traders in South Africa to date. Jabulani Ngcobo is a self-made millionaire and the author of Cashflow Naked, a biography and a lesson of financial education. Jabulani Ngcobo net 4/19/ · Plus, which is valued at over £1bn, has an estimated , marketing affiliates working for it alone. The @dailyforexsignals account on Instagram appeared to Author: Symeon Brown
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