We found 11 online brokers that are appropriate for Trading Regulated South Africa Forex Investment Platforms.
Forex scams South Africa is on the rise. A plethora of unregulated online brokers in the country are spreading their tentacles to acquire the interests of investors amid the COVID-19 economic uncertainties and financial challenges. They promise greater returns on the investments. They are trying to scam investors in various sectors, including stocks, commodities, cryptocurrencies and options. However, the Forex scam has emerged as most lucrative.
In this article, we will discuss the currency scams currently occuring all over South Africa.
Forex trading is growing rapidly in South Africa. It is a legal career for professionals with some financial experience. However, after the COVID-19 pandemic hit the world, criminals started taking advantage of the opportunity. They developed online brokerage platforms using fake software to divert it from plugging into genuine Forex exchanges.
Fund recovery firms are planning to open shortly in South Africa. There has been a surge in enquiries from local consumers who have been cheated by scammers disguised as online trading companies.
The number of enquiries has increased from 20 to 25 per cent monthly amid the COVID-19 pandemic and presently reaches about 1,000 per month.
The highest was in April 2021 when there were 1,300 enquiries from scamming victims. Before the pandemic, the monthly average was just 500. It is assumed that more people were encouraged to invest during the period at home and with either reduced or eliminated incomes. People believed making money is quick and easy through online investment. Cohen mentioned that about one-third of victims reported being scammed over R83,000 each.
The trend is rising in South Africa, and unregulated brokers manipulate uneducated users. In reality, the schemes offered are simply mirrors and smoke even though they have a good look and feel to seem legitimate. The gains are imaginary while the losses are real.
The binary option is considered the granddaddy of all online trading scams. It was at a great height last decade. Several countries started prohibiting its trading by retail investors, which forced the scammers to search for other ways to make a living. Many took the path of a Forex scam.
Meanwhile, the South African government has warned investors to avoid trading using anyone on the list of 27 worst Forex brokers in the country.
According to South African media, A South African investor has quit his corporate sector job to make money by becoming a full-time Forex trader. He invested about R500,000 across three companies and later found these were illegitimate.
He said the online scammers are persuasive and intellectual. It is easy to get trapped in their offerings, and many like him transacted the deposits through banks and into fake trading software.
He added that South Africa has lately become the top targeted country by online scammers, and the law enforcement agencies, as well as the government, are incapable of combating such cybercriminals.
It is easy to scam through online trading portals as trading has been made easily accessible. It made convincing new traders easy, with promises of greater returns.
Lately, scams have increased globally too. More victims are now being targeted through social media platforms and search engine poisoning. The scam websites easily pop up when one searches for online investments. Forex and cryptocurrency are being mostly targeted.
In some cases, the scammers also use fake identities and names to entice people to invest and eventually get victimised. Forex has no regulated, centralised exchange, and it is highly volatile. The South African rand is being used as currency pairs. All these have acquired more interest from beginners and novice traders, and it opens the door for scammers to find victims easily.
Scammers are everywhere and in all the markets. However, amid the COVID-19 pandemic Forex scams, South Africa is more in the news. It seems scammers from other countries have started concentrating on South Africa as the government and the legal authorities have failed to combat cybercriminals. Moreover, the South African currency is widely used as currency pairs.
In this article, we explained why South African traders are scammed, and beginners are warned to avoid dealing with unregulated Forex brokers.
We have conducted extensive research and analysis on over multiple data points on Forex Scams South Africa to present you with a comprehensive guide that can help you find the most suitable Forex Scams South Africa. Below we shortlist what we think are the best Regulated South Africa Forex Investment Platforms after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Forex Scams South Africa.
Selecting a reliable and reputable online Regulated South Africa Forex Investment Platforms trading brokerage involves assessing their track record, regulatory status, customer support, processing times, international presence, and language capabilities. Considering these factors, you can make an informed decision and trade Regulated South Africa Forex Investment Platforms more confidently.
Selecting the right online Regulated South Africa Forex Investment Platforms trading brokerage requires careful consideration of several critical factors. Here are some essential points to keep in mind:
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
When choosing a broker for Regulated South Africa Forex Investment Platforms trading, it's essential to compare the different options available to you. Our Regulated South Africa Forex Investment Platforms brokerage comparison table below allows you to compare several important features side by side, making it easier to make an informed choice.
By comparing these essential features, you can choose a Regulated South Africa Forex Investment Platforms broker that best suits your needs and preferences for Regulated South Africa Forex Investment Platforms. Our Regulated South Africa Forex Investment Platforms broker comparison table simplifies the process, allowing you to make a more informed decision.
Here are the top Regulated South Africa Forex Investment Platforms.
Compare Regulated South Africa Forex Investment Platforms brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a Regulated South Africa Forex Investment Platforms broker, it's crucial to compare several factors to choose the right one for your Regulated South Africa Forex Investment Platforms needs. Our comparison tool allows you to compare the essential features side by side.
All brokers below are Regulated South Africa Forex Investment Platforms. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Regulated South Africa Forex Investment Platforms that accept Regulated South Africa Forex Investment Platforms clients.
Broker | IC Markets | Roboforex | XTB | XM | Pepperstone | AvaTrade | FP Markets | NordFX | EasyMarkets | SpreadEx | FXPro |
---|---|---|---|---|---|---|---|---|---|---|---|
Rating | |||||||||||
Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926), Capital Markets Authority (CMA), Securities Commission of the Bahamas (SCB) | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) | Financial Conduct Authority (FCA) | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB) |
Min Deposit | 200 | 10 | No minimum deposit | 5 | 200 | 100 | 100 | 1 | 100 | 1 | 100 |
Funding |
|
|
|
|
|
|
|
|
|
|
|
Used By | 180,000+ | 1,000,000+ | 935,000+ | 10,000,000+ | 400,000+ | 300,000+ | 10,000+ | 10,000+ | 142,500+ | 10,000+ | 1,866,000+ |
Benefits |
|
|
|
|
|
|
|
|
|
|
|
Accounts |
|
|
|
|
|
|
|
|
|
|
|
Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, MT5, Web Trader, TradingView, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, cTrader, Tablet & Mobile apps |
Support |
|
|
|
|
|
|
|
|
|
|
|
Learn More |
Sign
Up with icmarkets |
Sign
Up with roboforex |
Sign
Up with xtb |
Sign
Up with xm |
Sign
Up with pepperstone |
Sign
Up with avatrade |
Sign
Up with fpmarkets |
Sign
Up with nordfx |
Sign
Up with easymarkets |
Sign
Up with spreadex |
Sign
Up with fxpro |
Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 76-85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74-89 % of retail investor accounts lose money when trading CFDs | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | Losses can exceed deposits | Your capital is at risk | Losses can exceed deposits | 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider |
Demo |
IC Markets Demo |
Roboforex Demo |
XTB Demo |
XM Demo |
Pepperstone Demo |
AvaTrade Demo |
FP Markets Demo |
NordFX Demo |
easyMarkets Demo |
SpreadEx Demo |
FxPro Demo |
Excluded Countries | US, IR, CA, NZ, JP | AU, BE, BQ, BR, CA, CW, CZ, DE, ES, EE, EU, FM, FR, FI, GW, ID, IR, JP, LR, MP, NL, PF, PL, RU, SE, SJ, SS, SL, SI, TL, TR, DO, US, IT, AT, PT, BG, HR, CY, DK, FL, GR, IE, LV, LT, MT, RO, SK, CH | US, IN, PK, BD, NG , ID, BE, AU | US, CA, IL, IR | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, ES, YE, ZW, ET | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US, CA, EU, RU, SY, KP, CU | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, TR | US, CA, IR |
You can compare Regulated South Africa Forex Investment Platforms ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Regulated South Africa Forex Investment Platforms for 2024 article further below. You can see it now by clicking here
We have listed top Regulated South Africa Forex Investment Platforms below.