Question 1

How do I avoid black market forex scams?

Accepted Answer

Always verify rates on trusted platforms like ETCurrency before transacting. Never send money upfront to unknown agents. Use P2P platforms with escrow like Binance P2P. Avoid deals that seem too good to be true.

Question 2

What are common black market currency scams in Africa?

Accepted Answer

Common scams include: fake USDT (counterfeit stablecoins), fake agents quoting impossible rates, advance fee fraud where scammers ask for fees before exchange, and phishing sites impersonating legitimate platforms.

Question 3

How can I report a forex scam?

Accepted Answer

You can report a scam directly on ETCurrency via our "Report a Scam" button on the Scam Alerts page. Also report to your local financial authority and, for crypto scams, to the platform where the scam occurred.