Fake forex brokers in South Africa are companies that pretend to be real brokerages, but in reality they are not licensed/regulated by Financial Services Conduct Authority (FSCA). These entities often operate illegaly and are involved in fraudulent activities and thus should be avoided.
Updated blacklist of forex scammers in South Africa
| Capital Exchange LLG |
| AlpsMarkets |
| Margin Elite |
| Matrix Capital Trade |
| Platinex |
| IGM Forex |
| Roiteks |
| FX Energy |
| TradeCentrum.com |
| BlueTrading.com |
| OlympusMarkets |
| TradeWFX |
| IQTrade24 |
| UniverseMarkets.com |
| Getfinancial.com |
| 1PipFix.com |
| EMPfx.com |
| 2PipFixed.com |
| 4RunnerForex.com |
| 1LotSTP.com |
| MFXBroker.com |
| FXPulp.com |
| EverestMarkets.com |
| Trade24.com |
| RoyalGTX.com |
| StarkMarkets.com |
| PorterFinance |
| Bexplus |
| Option.fm |
| HFX |
| MaxCFD |
| NoaFX |
| PanaMoney |
| My Wealth Legatus (Pty) Ltd |
| Finbok Vector Financial Services (Pty) Ltd |
| Astrix Data (Pty) Ltd |
| Mr. Luan Krige |
| Telegram scam impersonating Denker Capital (Pty) Ltd |
| SpaceX Investment and SpaceX-Shares-Investment |
| Trident Global (Pty) Ltd and Mr. Richard Clark |
| Arbitrawallet (Pty) Ltd |
| Individuals operating under the name “Coin Max” and purporting to be associated with Bybit FTZE |
| Afriforum Future Trading |
| Indiberries & Co |
| Individuals impersonating Fairtree Asset Management (Pty) Ltd |
| Individuals impersonating FP Markets (Pty) Ltd |
| Swiftkryptotrade |
| Odyssey Investment Group |
| Glowfx, Bennefx, Xprestrade, and David Carter |
| Individuals or entities impersonating financial services providers |
| Mr. Jacobus Stephanus Geldenhuis |
| Mr. Lwando Daniel Jini and/or FXKing D Nasdaq Godly |
| Telegram group impersonating Seed Investment Consultants |
| Individuals impersonating Centaur Asset Management Ltd |
| Fraudulent account run by individuals purporting to be from RCG Markets |
| Fraudulent scam run by individuals purporting to be from International Capital Markets (Pty) Ltd |
| Fraudulent scam run by individuals purporting to be from Brantam Financial Services Holdings (Pty) Limited |
| Livestock Wealth Financial Services (Pty) Ltd and Livestock Wealth (Pty) Ltd |
| Namco Capital (Pty) Ltd TA Namco Guarantees |
How to avoid forex scams in South Africa
The best way to avoid a forex scam is to choose a legit south African forex broker.
South African regulator Financial Sector Conduct Authority is here to help you, feel free to check their list of FSCA regulated forex brokers to stay safe.
If you are still in doubt, FSCA has a warning list of unauthorized entities and individuals that is always kept up-to-date.
In case you feel like victim of forex fraud you can also call them: +27 12 428 8000
How to spot forex trading scams
Below you will find a check list on how to spot and avoid Forex broker scams in South Africa.
The Confidentiality Trick
You get brokers who say there are on some island in the Caribbean or other non regulated destinations due to confidentiality of funds but this is not true – there in these destinations so they can avoid regulation.
Managed Forex Accounts
Again you will find this off shore a lot and they normally present track records which present huge profits with very few (if any) periods of losses. These track records of course are just projected figures or made up in hindsight i.e. simulated backwards knowing the closing price data which is very easy to do. When you deposit your funds you quickly lose them, because there traded to make commissions and churned over until there is no money left.
You can get Forex managed accounts with regulated brokers and while there not scams, your best off to avoid them unless – the broker presents a real time track record of profits over 3 years or more and they are only compensated from a set management fee or even better, a percentage of the profits made by the trading account.
Unrealistic Profit Claims
We just looked at managed Forex accounts and unrealistic profits and the same applies to any claim that a broker or you can make huge amounts of profit easily and with low risk. Trading currencies by its nature is risky and the facts are the majority of traders lose so beware of the claims of easy wealth. You know the old saying – “if it looks to good to be true it probably is” so don’t be tempted by claims of easy money
What is Forex Broker Scammer in South Africa
Scam forex broker is a company that was established with the sole intention of stealing money from depositing clients.
Their business model is very simple.
Group of people approach potential clients 24/7 through social media. New traders are then contacted by the “sales person” either via phone or Messenger/Telegram/WhatsApp chat and convinced to deposit some small amount of money with the promise of six figure profits.
Novice traders usually start with depositing few hundred dollars only.
During the next couple of days the broker would inflate the amount of money available on your account to an incredible amount say $700k.
They will tell you they made some profitable trades with your initial deposit, as a proof that their trading system really works.
Sales can be quite pushy, and they create a pressure on the client to deposit more and more funds. The trick is, you won’t be able to withdraw a single dollar! When you try to finally withdraw your artificially created fake profit , they usually tell you that you must first pay them some sort of tax and thus deposit another xx thousand $$ beforehand.
Many accept this trick and deposit their last savings but most people freak out and start to search the internet looking for an advice.
It is usually already too late, at this stage you are already a victim of an unregulated forex broker scam. Even if you file this case with your local police, chances to get your money back are slim to none.
Unregulated forex brokers are nowhere to be found, without a headquarters, fake contact details and offshore bank account, your money is lost without a trace.
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