A public clash has erupted in the online forex trading community after South African trader Jay Froneman openly questioned the legitimacy of trading results posted by Kenyan forex influencer Raymond Omosa, popularly known online as “Kenyan Prince.”
In a viral video circulating on social media and seen by TNX Africa, Froneman dissected one of Omosa’s trading clips and raised several concerns about what he described as possible inconsistencies in the account being displayed.
In the clip under scrutiny, Omosa appears seated in a luxury restaurant while showcasing his trading platform, the widely used MetaTrader 4 (MT4). The video shows several gold trading positions and what appears to be a profit of about $40,000 (approximately Sh5.17 million) on a live account.
But Froneman argued that viewers should look beyond the glamorous presentation.
“He is sitting in a luxury restaurant, opens MT4 and just shows a stack of gold positions. Then he scrolls and shows about a forty-thousand-dollar profit and says this is a live account,” Froneman said.
“While some people may appreciate the aesthetics of the content, this is where you need to slow down and actually look at what is going on.”
According to the South African trader, the first red flag was the absence of transaction costs on the trading account screenshot.
In real forex trading environments, accounts typically show commissions, swaps, or other fees associated with holding trades overnight or executing orders. However, Froneman said the account displayed by Omosa appeared to show zero fees, which he claimed was unusual.
“The first thing I noticed — zero commissions and zero fees on the account,” Froneman explained.
“When you trade in any real environment, you will always see some sort of transaction costs, swaps, commissions or whatever it may be.”
Because those costs were missing, Froneman suggested the possibility that the account could be a demo account, a simulated trading environment used for practice where real financial costs are often not applied.
Froneman also criticised the trading strategy displayed in the video, saying it appeared to lack proper risk management.
The account showed multiple large positions stacked on the same asset, exposing the account to massive potential losses if the market moved in the opposite direction.
According to industry training firms such as Maven Trading, professional traders typically limit exposure on a single trade to avoid catastrophic losses.
“The second thing is the risk management — there is none,” Froneman said.
“Just large positions stacked on top of each other. If this was a professional and teachable edge, this type of exposure would never pass any sort of risk management.”
Froneman further alleged that some online forex influencers use a tactic known as dual-account hedging.
Financial platforms like Capital.com explain that this strategy involves opening two accounts and placing opposite trades on the same asset — for instance, buying gold in one account and selling it in another.
No matter which direction the market moves, one account will show a large profit while the other records a major loss.
The trader suggested that influencers may then only display the winning account on social media, creating the illusion of consistent success.
“One of those accounts will end up massively in profit while the other would be on a big loss depending on the move,” Froneman said.
“But just take a guess at which one they post online.”
The South African trader also claimed that in some cases brokers collaborate with influencers who have large followings.
According to him, some brokers may provide demo accounts designed to resemble live accounts, which influencers then use to showcase impressive but potentially misleading profits. “Sometimes it even goes further — brokers will partner up with influencers with large followings and provide demo environment accounts that are made to look like live accounts,” Froneman alleged.
“So remember this: an MT4 screenshot or a broker’s statement is not proof of profitability.”
Omosa, widely known online as “Kenyan Prince,” has built a large following on social media where he regularly posts luxury cars, stacks of cash and high-end lifestyles, often attributing his success to forex trading.
The influencer has not publicly responded to Froneman’s analysis at the time of publication.
Following the viral video, Kenyans online quickly weighed in, with opinions sharply divided.
One user, Bella254, wrote on X:
“Someone who makes money does not have time to prove it. You don’t have to convince us.”
Another user, Shatta, dismissed the criticism, posting:
“You’re hating on this boy.”