Fake Forex Brokers List in South Africa 2023

In the trillion dollars forex market, availability scammers are normal to lure the traders, and South Africa is best known for the scamming activity. Besides, forex trading scams in South Africa are on the rise. Although, forex traders across the world are well aware of forex scams in South Africa. But, still, there are legit brokers too who are highly regulated, and that is why traders get confused while selecting the broker. In this case, having an idea about the fake forex brokers list South Africa will come handy. This article compiled the list of forex scams in South Africa for the traders' convenience. Through the list, traders can easily learn about the worst forex brokers in South Africa, which eventually helps them to avoid them. So, read on to know the scam brokers in South Africa and the ways to identify them.

Is Forex Trading Legal in South Africa?

Forex trading is legal in South Africa, and the South African Reserve Bank monitors the monetary exchange. However, the traders will require to declare their forex income in the income tax. South Africa doesn't control unregulated brokers, and using a regulated broker is not a requirement for the traders. Hence, many unregulated brokers are increasing day by day. But there are many regulated local and offshore brokers in South Africa. But the worst forex brokers in South Africa don't abide by any rules, and it's easier for them to put the traders in a trap. So, knowing the forex trading scams in South Africa will help the traders to stay away from the scammers.

How to Identify the Scam Brokers in South Africa?

Finding out the scammers is not an easy task as they follow different unique ways to do so. It eventually becomes a hassle and time-consuming to check each list of forex scams in South Africa. But there are a few shortcut ways to know the South African forex scammers. The easiest process is checking the fake forex brokers list South Africa, which we have mentioned on this page. Nevertheless, all the scammers follow a few common ways to attract traders. Read on to know the commonly found scamming process.

Provide Guarantee for a Huge Return

Scam brokers all over the world usually offer a huge return sometimes; they offer a double return of the investment. As you already know, the forex industry is overly volatile, and earning a huge profit all the time is unrealistic. Since the forex market is open 24/5, the exchange rates are continuously increasing. Hence, earning a guaranteed profit should not be guaranteed. Therefore, if any broker in South Africa offers such opportunities, you should consider that as the worst forex brokers in South Africa.

No Prior Record

Usually, the best forex brokers have enough background info to attract investors. Meanwhile, the scam brokers in South Africa cannot provide credibility or background info as they change the name within a few months or form a new company. So, if you seek any background info, the scam brokers usually supply some images or screenshots. In this era of technology, producing fake screenshots is easy. So, if you come across any South African broker like that, you should have them on the list of forex scams in South Africa.

Fake Forex Brokers List in South Africa: Aggressive Marketing

Usually, the forex trading scams in South Africa are desperate and show urgency to the traders. They tend to push the inventories via some lucrative offering to register with them instantly by saying the offer will remain valid for the next thirty minutes or something like that. So, this kind of strategy is a good example of aggressive marketing, perhaps the scamming activity. So, the prospective investors should be aware of this strategy; any sort of push marketing or urgency should be neglected.

Scam Brokers List

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Best Forex Brokers List 2023

RANK	VISIT BROKER	REGULATION We only list licensed brokers that comply with the requirements of prominent regulatory agencies.	MIN DEPOSIT The minimum amount you need to deposit in order to start trading.	DEPOSIT BONUS	RATING	MAX LEVERAGE Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.	PAYMENT SYSTEM	SUPPORT	START TRADING
1		ASIC, CySEC, FSP	$100	No Bonus	99 Read Review	1:500		Telephone: +44 28 2544 7780	Open an Account More Information
Pros Excellent education tools Low forex fees Fast account opening Easy funding methods Cons No bonuses Platforms & Devices READ FULL REVIEW
2		ASIC, CySEC, FSA, SCB	$200	No Bonus	94 Read Review	1:500		Telephone: +248 467 19 76	Open an Account More Information
Pros Low forex fees Fast order execution Analytical training materials 90+ instruments Cons Slow live chat support Non-EU traders don’t get investor protection Platforms & Devices READ FULL REVIEW
3		FSA	$0	No Bonus	92 Read Review	1:500		Telephone:	Open an Account More Information
Pros 9 base currencies 24/7 technical service Direct market access VPS, FIX API, copy trading Superior trading conditions Cons No negative balance protection Withdrawal fees Platforms & Devices READ FULL REVIEW
4		FCA, CySEC, FSCA, SCB	$100	No Bonus	91 Read Review	1:100		Telephone: +44 (0) 203 151 5550	Open an Account More Information
Pros Excellent customer service Free deposit and withdrawal Negative balance protection Wide range of platform Cons Inactivity fee High Trading Fees for some CFDs Platforms & Devices READ FULL REVIEW
5		ASIC, FCA, CySEC, SCB	$100	No Bonus	90 Read Review	1:500		Telephone:	Open an Account More Information
Pros Fully digital account opening Low forex fees Research tools Free Education Resources Cons No bonuses Platforms & Devices READ FULL REVIEW
6		ASIC, CySEC	$1	100%	90 Read Review	1:3000		Telephone: +35 7251 23212	Open an Account More Information
Pros No withdrawal fee Low stock and stock index CFD fees Negative balance protection No inactivity fee Cons Average forex CFD fees No PAMM accounts Platforms & Devices READ FULL REVIEW
7		ASIC, CySEC, FSC	$5	Up to $5000	88 Read Review	1:1000		Telephone: +501 223-6696	Open an Account More Information
Pros Low withdrawal fees Great educational tools Wide range of leverage Multilingual customer support Cons Non-EU traders don’t get investor protection Lack of weekend customer support Platforms & Devices READ FULL REVIEW
8		FCA, DFSA, FSCA, FSA, CMA	$5	100%	85 Read Review	1:1000		Telephone: +44-2030978571	Open an Account More Information
Pros Low spread Controlled by several regulators Numerous deposit and withdrawal Favorable trading conditions Cons Few account currencies Only USD or EUR as base currencies Platforms & Devices READ FULL REVIEW
9		ASIC, FCA	$0	No Bonus	78 Read Review	1:500		Telephone: +61 2 9965 5830	Open an Account More Information
Pros Automatic insurance coverage Low entry threshold Fully digital account opening Low forex fees Cons Limited research tools Only forex and CFD trading Platforms & Devices READ FULL REVIEW
10		FCA, ASIC, DFSA	$200	No Bonus	75 Read Review	1:500		Telephone: +1786 628 1209	Open an Account More Information
Pros Digital account opening process Seamless deposit and withdrawal Attractive trading conditions No inactivity fee Cons No cent account Few analytical materials Platforms & Devices READ FULL REVIEW

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How to Avoid Scam Brokers in South Africa?

The best way to avoid forex trading scams in South Africa is to know each broker. You can have proper knowledge about them by checking with the fake forex brokers list South Africa, which is available in the different forums as well as on this page. So, you can verify your selected broker from this list. If you see the intended forex broker is enlisted in the list of forex scams in South Africa, you should immediately neglect it. Moreover, we always try to make a list updated, so you can check this from time to time to know if your broker is added to the list.

So, your goal should be trading with a broker that is not available on this list.

Final Words

Fake forex brokers list South Africa is the ultimate way to stay safe from those scam brokers. So, it is recommended that you should check the fake broker's list before you choose any broker. Further, when you choose a broker, try to find their reviews in the forex community or different forums. That is how the traders can find legit forex brokers and stay away from the worst forex brokers in South Africa.