PCEX & 6 Other Risky Investment Platforms That Will Crash in 2 Weeks Time
Nigeria’s challenging economic climate has created fertile ground for financial predators. As inflation soars to 28.92% (NBS Q1 2025) and unemployment remains high, countless Nigerians are being lured into too-good-to-be-true investment schemes that ultimately wipe out life savings.
Platforms like CBEX, PCEX, and similar operations are currently trending across social media, promising “guaranteed high returns” with minimal risk. But how many of these are legitimate businesses versus elaborate scams?
This comprehensive guide will:
Expose the full list of confirmed and suspected scam platforms
Analyze their deceptive tactics
Provide a foolproof checklist to identify scams before investing
Recommend safer, regulated alternatives** to grow your money
Please note that If you’ve seen ads promising “Turn ₦50K into ₦500K in 30 days!”, this article might save you from financial ruin
Read Also: Arthur Eze; Biography, Networth, Billionaire Philanthropist, Oil Tycoon
PCEX & 6 Other Risky Investment Platforms That Will Crash in 2 Weeks Time
1. PCEX
PCEX presents itself as a crypto investment platform that claims to double your investment in just 30 days. It also promotes the idea of “algorithmic trading” as the reason for these massive profits.
However, this platform raises several suspicions. First, its domain was only registered three months ago, indicating that it is still new and untested. The platform uses fake testimonials with stock images to create a false impression of legitimacy.
It also lacks any physical address in Nigeria, and the SEC has issued alerts that it is not licensed to provide investment services. The structure of PCEX is very similar to “Bitcoin Doubler,” another platform that disappeared with over 2.8 billion naira in 2023.
PCEX should be approached with extreme caution, if not avoided entirely.
2. FXTM (Clone Scam Version)
FXTM is a legitimate forex trading company known as ForexTime Ltd. However, scammers have created fake versions of this brand to deceive investors.
These fake sites often ask people to pay fees as high as 150,000 naira for mentorship or managed accounts that promise 20 percent monthly returns.
To spot the difference, remember that the real FXTM never guarantees profits. The official website is www.forextime.com. Scammers use look-alike websites and only communicate through WhatsApp, often without offering proper customer support.
Always verify you’re dealing with the official platform before making any payments.
3. Crowd1 (Confirmed Ponzi Scheme)
Crowd1 disguises itself as a digital education and networking platform but operates as a multi-level marketing (MLM) scheme. Investors are required to pay between 50,000 to 500,000 naira to participate.
Internationally, the platform has already been banned in several countries including South Africa, Namibia, and the Philippines. The SEC in Nigeria also issued a warning in 2023, stating that Crowd1 is not authorized to operate in the country.
Despite these actions, the platform continues to rebrand under new names like CrowdPro to avoid detection. The structure remains the same—earn money by recruiting others, rather than through any genuine product or service.
4. Twinkas (Collapsed Ponzi Scheme)
Twinkas was launched in 2021, marketing itself as a form of community banking. It quickly gained popularity through promises such as “Send 12,000 naira and get back 96,000.”
By 2023, the scheme collapsed, reportedly owing investors over 4 billion naira. Despite its failure, it has been reintroduced under the name “Twinkas 2.0” in an attempt to deceive new participants.
The model is purely rotational—new money pays old participants—which is unsustainable in the long term.
5. Ultimate Cycler (Infamous Ponzi Scheme)
Ultimate Cycler is another well-known pyramid scheme. It works by asking participants to pay 12,000 naira to “unlock a level.”
To earn, you need to recruit two more people who also pay into the system. In return, you receive up to 60,000 naira. This pattern continues until the system runs out of new participants, at which point it collapses—usually every six to eight months.
The SEC publicly declared it illegal in 2022, and any involvement is highly risky.
6. Fake Agribusiness Investment Platforms
There has been a rise in fraudulent agribusiness platforms that promise high returns on investments in farming activities like poultry or crop production. Common names include AFAN Invest, Agropartnerships, and failed platforms like the original Farmcrowdy.
These platforms often claim returns of 50 percent or more in just a few months, without offering any real evidence of active farming. Investors are usually not allowed to verify farm locations physically.
Most complaints begin after two or three cycles when payments are delayed or stop altogether. Be cautious and demand full transparency before investing.
7. Loom Money (Classic Pyramid Scheme)
Loom Money uses a simple but deceptive model where eight people contribute funds in a circle. The promise is that 10,000 naira will grow into 80,000 naira once the circle is complete.
The problem is that the scheme depends entirely on the recruitment of new members. Once recruitment slows, the system collapses and the majority of participants—over 90 percent—end up losing their money.
Loom Money has already been banned in several countries and is widely considered a scam.
How to Spot Investment Scams: A 7-Step Checklist
- Check for Regulatory Approval
Use the SEC’s online database to confirm if the company is registered. Also, look for alerts from the Central Bank of Nigeria and the EFCC. - Investigate the Domain
Use websites like Whois to find out how long the domain has existed. Most scam websites are less than six months old. - Verify Office Location
Search for the company’s office address using Google Maps. A legitimate business should have a verifiable physical presence. - Test Withdrawals
Before committing a large amount of money, start with a small deposit and attempt a withdrawal to check for issues. - Audit Their Social Media Presence
Look at their social media accounts. Scam accounts usually have fake followers and delete negative comments. - Compare Promised Returns
Be realistic. Genuine investment returns range from 5 to 20 percent annually. Anything promising 50 to 100 percent monthly is likely a scam. - Watch for Pressure Tactics
Scammers use urgency to manipulate people. Beware of messages like “only a few slots left” or “only for the first 100 investors.”
Five Legitimate Investment Alternatives Regulated by the SEC
- Nigerian Stock Exchange (NGX)
You can invest in top-performing companies such as MTN, GTCO, and Dangote Cement. Returns range from 10 to 25 percent per year through dividends and stock appreciation. - Treasury Bills
These are backed by the federal government and offer stable returns of 12 to 18 percent annually. You can start investing with a minimum of 50,000 naira. - Real Estate Crowdfunding
Platforms like Estate Intel and PropertyPro allow you to invest in real estate projects with average returns of 15 to 30 percent over two to three years. - Mutual Funds
Consider SEC-regulated options like the Stanbic IBTC Money Market Fund, which provides returns of 8 to 12 percent annually. - Verified Agribusiness Investments
Platforms like Thrive Agric and Farmz2U are considered more trustworthy, but always insist on visiting the farm sites before investing.
What to Do If You Have Already Invested in a Scam
- Stop making further deposits immediately
- Gather and save all transaction records, including screenshots and receipts
- Report the scam to the following:
- SEC Nigeria: https://sec.gov.ng/complaints
- EFCC Nigeria Hotline: 0800 0233 5222
- Share your experience online on forums like Nairaland and Twitter to alert others.
Understanding the Psychology Behind Scam Victims
Most scam victims are paid small amounts initially to build trust. This encourages them to invest more and invite others. Research shows that the average Ponzi scheme lasts about 11 months, and only a small fraction—less than five percent—of victims recover their money after the scheme collapses.
The key takeaway is this: if an investment platform cannot clearly explain how profits are generated beyond recruiting new people, then it is most likely set up to fail.
Have You Lost Money to a Scam? Speak Out
If you have been affected by any of the scams listed above or others like them, your story can help others avoid the same trap. Share the name of the platform, how much you lost, and how they convinced you to invest. Sharing this guide can help protect others from falling victim to these fraudulent schemes.
