How to Avoid Online Forex Trading Scams

Online Scams 171

A recent survey by the FSCA revealed that there are a lot of forex trading scams operating in South Africa. The vast majority of these fraudulent brokers operate on social media. While some of these scams originate from individuals, others are targeted by large companies. The survey also showed that 47% of victims had paid the scammers in Bitcoin. The biggest problem with the South African forex scams is that there are no laws protecting investors.

Fortunately, there are many ways to protect yourself against scams. To begin with, you should not open an account with a broker without researching them first. This is one of the easiest and most common ways to avoid losing your money. The best way to avoid a trading scam is to research the company and its services carefully before you invest. The best way to do so is by performing a Google search for the company or the broker in question.

Once you’ve established the company’s legitimacy, the next step is to find out which brokers are reputable. Make sure to use a local regulator that has a good reputation. You can look for FSCA licenses on brokerage websites. These licenses are important because they can help you recover your money in the event of a trading scam. You can also try calling the FSCA to report any suspicious activity.

Trading scams in South Africa are a common occurrence and often target the elderly and novice traders. Taking the time to read reviews and find information on trusted sources is crucial. By reading customer testimonials and news reports about the company and the broker, you can avoid falling victim to these scams. You can avoid these schemes by using a few simple steps to protect yourself from fraudsters. It’s not hard to protect yourself from such criminals.

You should also keep an eye on the broker’s credentials. The best Forex brokers have enough background information to make you feel confident in their services. A scam broker’s credibility is often illusive. Moreover, it’s important to keep in mind that you can’t always win in Forex trading, and that you shouldn’t expect 100% profits. Luckily, you can avoid these fraudsters by following some simple guidelines.

There are many other examples of Forex trading scams in South Africa. Colin Davids, who ran Platinum Forex, reportedly claimed to earn between forty and eighty percent of a month in profit. Although his claims were too good to be true, many South Africans fell for the scam, and he managed to steal more than R100 million from them. However, he was never caught and was able to spend the money on his personal expenses.

Unfortunately, South Africa has its fair share of Forex trading scams. In 2013, Colin Davids of the Platinum Forex company claimed to earn R100 million each month. Many of these people were duped and lost everything. Ultimately, he spent the money on personal expenses. The Platinum Forex scam was one of the biggest Forex trading scams in South Africa. There are several other examples of forex trading scams in the country. There are many of these, but some of them are more common than others.

The most obvious sign that a forex trading scam is operating in South Africa is that it promises a huge profit in a short period of time. Those who have invested in the forex market will quickly discover that it is difficult to make a profit in such a short period of time. In order to avoid such a scam, it is important to look for a review that is genuine and honest. These reviews should be informative and should be free of misleading language.

Using a regulated forex broker in South Africa is important. The reason is simple: South Africa is a country where you can legally trade with no restrictions. Its regulator is the South African Reserve Bank. This means that traders in South Africa must file their income tax returns to pay taxes on their foreign currency earnings. A regulated broker is a better option in most instances, but there are unregulated brokers in the country.