How can I protect myself from fraud?

Numerous Forex-related scams target customers in South Africa, and we frequently receive emails from traders who are having trouble withdrawing funds from their accounts or are encountering other types of resistance from brokers whose only goal is to convince customers to deposit money before refusing to return it.

The finest resource for preventing forex frauds is the WikiFX app. WikiFX allows traders to rate and analyze forex brokers from all over the world. The program is available on both the Play Store and the App Store.

• You can take certain actions to safeguard yourself.

• Never give someone cash to do a transaction on your behalf. Anyone who makes investments on your behalf without a license from the Financial Services Conduct Authority is breaking the law in South Africa (FSCA).

• Never transmit money to someone you meet on social media; according to our study, Facebook and Instagram are the origin of more than 50% of forex frauds.

• Never believe a broker or anybody promising assured results. Profits are never guaranteed in high-risk speculation like forex trading.

• Always verify a broker's regulatory status. Brokers that are subject to regulation must post their license numbers on their websites.

• Once you have a broker's FSP or license number, you can check with the regulator to determine if it is valid. All licensed Financial Services Providers are listed on the FSCA's database in South Africa (FSPs). You can also examine the FSCA's register of all licensed Over-the-Counter Derivative Providers, which lists all South African-based Forex brokers who are required to obtain an ODP license as of 2021. (ODPs).

• If your broker is not situated in South Africa, other important authorities with searchable registers include the FCA in the UK, ASIC in Australia, and CySEC in Europe.

What should I do if I believe I was defrauded？

The first thing you should do if you think you've been duped by a broker is get in touch with your local authority and file a complaint. You can get in touch with the FSCA in South Africa here. You can also get in touch with the FAIS Ombudsman using this page if your complaint involves a licensed South African broker.