Forex scammer list South Africa
South Africa is considered one of the top trading places in the world, with the trader community developing rather well in recent years. The number of those wanting to earn money in the international financial market is rising, but so is the number of scammers. In this article, you will find the Forex Scammer List South Africa, learn about the basic signs of a scam and the fraudulent schemes that are used.To get more news about forex scammer list south africa, you can visit wikifx.com official website.
Is Forex Legit in South Africa?
Forex trading is fully legal in South Africa. It is regulated and controlled by the Financial Sector Conduct Authority (FSCA). This regulatory authority makes sure that brokers do not violate the law. In addition to the FSCA, there are also other regulators. When you choose a broker in South Africa, it is important to find a company that not simply offers good conditions, but also operates in the legal field. This will be a guarantee of safety of your personal information and that your financial partner will operate in good faith. Forex is an international currency market, where banks, financial institutions and traders buy and sell assets, and earn money on their changing value. For retail investors, Forex is available only through a broker that acts as a connecting link and is responsible for ensuring fair trade execution and that traders can quickly withdraw their money. This kind of a financial partner provides a trading account, software, leverage, etc.
Forex Scam Broker List in South Africa
90% of novice traders who decided to try Forex trading lose their money. There are several reasons for that: lack of skill to correctly dispose of money, risky transactions, lack of knowledge of technical and fundamental analysis, etc. However, the most frequent reason for novice traders to lose their money is scam Forex brokers, who do not miss an opportunity to get into your wallet and get all your money. We have prepared a Forex Broker Blacklist in South Africa. Here are Top 10 companies that certainly cannot be trusted.
24FX is registered in Cyprus and is a part of a large financial group Rodeler that has been providing services for over 13 years. Unlike many other scammers, this company is officially registered and has a CySEC license. This, however, did not stop it from scamming traders. You can find revealing reviews on various independent forums. The key signs of a scam are as follows:
Forex-Metal was established in 2004, registered in the territory of Panama. The company was regulated by the FSA and CySEC. The broker did not have a license in South Africa; it became a scam in 2014. The clients were attracted by the low minimum deposit, multilingual support and generous bonuses. The key signs of this scam are as follows:
4XP was established in 2009 and even obtained a license of the CySEC for legal activity. Forex Place Ltd is the mother company. The broker provided access to trading a wide range of assets (currency pairs, CFDs, binary options, etc.). The broker’s license was revoked due to improper performance of obligations and low quality of service provision to traders. In 2016, police raided the office of 4XP in Israel. The broker was found to be a participant of a large fraudulent scheme, with average loss per victim exceeding EUR 100,000. The key signs of the scams are:
770capital is also on the list of Forex Scam Brokers. The broker positioned itself as a modern intermediary for working in the financial markets and actively promoted its offer. The company began operating in 2009 and quickly increased its client base in different countries, including the Republic of South Africa. The broker attracted traders with promises of profitable trading and a wide choice of instruments. 770capital is an unlicensed and unregulated financial partner that stopped performing its obligations and was placed on the blacklists of many independent review websites. The minimum loss in the project is USD 500. The key signs of this bucket shop are:
The ACFX brand is operated by Atlas Capital Financial Services Limited, a Cyprus-based entity. The broker was established in 2007. Initially, the company obtained a license of the CySEC, but in 2016 the license was revoked for failure to perform obligations and scamming its customers. The company concealed this information and continued to operate without the license. The scam broker lures traders with a demo account, generous leverage of up to 500x, powerful education section and welcome bonuses. The key signs of this scam are: