Is Aboki Forex legitimate? The short answer is YES. However, the website has exhibited some red flags I’ll highlight shortly, raising concerns about its legitimacy.
What Is Aboki Forex Exchange?
For starters, Aboki Forex(www.abokiforex.app) is a website and mobile app that offers information and updates on black market forex rates. It also provides a currency exchange rate converter.
What Are Black Market Forex Rates(BMFR)?
BMFRs are the exchange rates for currencies traded outside the legal or financial system. These rates may be lower or higher, depending on the merchant.
Does Aboki Forex Offer Online Trading Services?
The short answer is NO. It should be noted that this Nigerian website, which is also available as an app, does not deal in such services. The website clarified in the FAQs section that it does not trade currencies.
Similarly, it made clear that it’s neither AbokiFX nor affiliated with the company. The latter is its competitor, which provides similar services.
A Brief About AbokiFX
This Aboki Forex Exchange competitor gained huge popularity in Nigeria during the Covid-period due to two major reasons:
- Nigeria’s then fluctuating formal exchange rates.
- The difference between the black market exchange rates and official market exchange rates.
Its popularity attracted scrutiny from the country’s Central Bank, which accused it of manipulating exchange rates and promoting volatility in the nation’s foreign exchange market. Consequently, AbokiFX temporarily suspended its services.
Someone posted this information on Reddit about three years ago, suggesting that AbokiFX had suspended its rates updates and denied manipulation, as you can see in the screenshot below:
Though there wasn’t any reaction to the post, there’s no denying the possibility that it may have silently raised trust concerns among AbokiFX users. After all, they say, whenever there’s smoke, there’s fire.
Lastly, Aboki forex exchange operates under the domain “www.abokiforex.app.” According to Scamadviser, the domain is about 2 years old, meaning the company has been operational for at least that long.
Fan-Fact: Did you know that “Aboki” is Nigerian slang for an individual who deals in black market foreign exchange? I thought you should know.
RED FLAGS
1. A Nigeria-Based Website
The first red flag is that Aboki Forex is a Nigerian business. In case you didn’t know, Nigeria is one of the countries with the highest rates of financial fraud and scams globally. The country features in the Global Organized Crime Index’s list of countries with the highest financial crime rates in 2023.
The prevalence of these crimes in the West African nation raises significant concerns about the trustworthiness of its financial service providers and stakeholders. No pun intended, but the fact that the Aboki forex is Nigerian is enough reason to be skeptical.
2. Aboki Forex Features An Unprofessional-Looking Website
Secondly, the Aboki Forex website looks so unprofessional that it somehow adds to the doubts about its trustworthiness. The website is riddled with ads about VPN services, which many scammers normally use dubiously to orchestrate their dubious activities.
In addition to the VPN ads, the website looks too casual with a lack of attention to detail. This lack of professionalism especially for a website that offers financial services can be another cause for alarm.
Green Flag
1. Scamadviser’s Highest Aboki Forex Trust Score
The first assurance about Aboki’s trustworthiness can be found on Scamadviser. Aboki scores highly(100/100) on Scamadviser’s trust score. The score normally implies that Scamadviser has thoroughly reviewed any website according to its evaluation criteria and found it to have very high trustworthiness.
However, it doesn’t always guarantee that the company is trustworthy. As I mentioned in this post, Scamadviser reviews and overall trust scores may sometimes be misleading, thanks to the trust checker’s flawed evaluation criteria. The criteria often rely on not-so-accurate factors like domain age, popularity, and user feedback, which may not always reveal a company’s trustworthiness accurately.
Final Thoughts
In summary, Aboki Forex Exchange is a legitimate website and mobile app that offers information and updates on black market forex rates. The site also provides a currency exchange rate converter.
While its services might not seem that impactful, they play important roles in a country with substantial informal currency markets and volatile exchange rates.
For example, the website provides real-time information on black market exchange rates, which can be useful for individuals and businesses that need to make informed decisions about foreign exchange transactions.
Additionally, it promotes transparency in the forex market by providing up-to-date information. This benefit allows users to compare different sources of exchange rates before selecting the most favorable ones.
Further, it provides crucial data such as deviations between black and official market rates data which can serve as informal economic indicators.
Lastly, it influences the market by setting a black market rates benchmark, indirectly affecting the traders’ and the general public’s behavior.
Pursue Your Lost Funds
Maybe you’ve been scammed by a dubious financial services provider and you are wondering what to do now. If that sounds like your situation, go to this page or send an email to scamread@scamreader.info to report the incident and seek help.
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