2022 Latest Scam Brokers List in South Africa

Currently lots of non-professional and irresponsible brokers operate on the Forex market. To warn you from cooperating with such intermediaries, WikiFX has prepared a latest scam brokers on Forex for you.

1. MBA Trading

MBA Trading Exchange Nigeria Was one of the investment companies in Nigeria that claimed to offer services to teaching lessons on how to trade foreign exchange markets. This Trading company has been offering it‘s services in Nigeria and had reached many people since the time of their service, and had many investors which the company promised to give returns of their investments based on the time interval. As people continue to invest their capital with MBA Trading exchange, expecting some ROI , suddenly a report of it’s crashed arise. Although the company continues to claim their sincerity and deny their crashed, yet a warning report was made by the Securities and Exchange Commission saying the company is lying about its regulator status and its illegal investment services also a Ponzi scheme that is doomed to crash, so stay away from this unlicensed market operator.

2. AF index

This broker exceeds the business scope regulated by United States NFA(license number: 0535166)National Futures Association-UNFX Non-Forex License. Many people complaints that its unable to withdraw. “ When I wanted to make a withdrawal, they asked me to pay 22% tax. Then they froze my account by saying the money came from two different sources and asked me to pay 10% deposit in order to unfreeze my account. Once I paid that, they stopped responding to me!” It gets a low score and please stay away!

3. GCG International

Theres no valid regulatory information in this broker. According to WikiFX, the rating of EB is 1.26/10. And It has been verified that this broker currently has no valid license. Please be aware of the risk!

4. UKG

UKG is a fraud platform. They blocked the account and asked for many fees to unlock. When the platform freezes your account and asks for some extra fee to get it back. Everyone who pays this extra fee will end up with no good end and will eventually disappear along with the initial profit, deposit. However, UKG is such a platform, and everyone must be cautious when choosing a platform and not fall into their trap.

5. Aura FX

Aura FX gets a very low score in WikiFX. It has not license and MT4/5 software. There‘s no valid regulatory information in this broker. If you’re going to trade with this broker please think twice.

6. Garsonforex

“They are using two website for diversion: Garsonforex.com and also garsonsforex.com. They also claimed to be regulated in Canada MSB, and they show the regulation registration number on their website. After running the registration number via Fintrac, it showed that it belongs to a different broker, so Garsons is using others licenses to cheat and scam people investing with them.” The number of the complaints received by WikiFX have reached 8 for this broker in the past 3 months, please be aware of the risk and the potential scam!

7. OCTAFX

“OctaFX is considered high-risk, OctaFX is not publicly traded and does not operate a bank. OctaFx is scamming investors by taking illegal transactions from suspicious agents and circulating money and even having large transactions in various countries including India.” It has been verified that this broker currently has no valid regulatory, please be aware of the risk!

8. GCG International

After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.

So GCG International is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.

9. ThinkMarkets

The investigators of WikiFX confirmed that thinkmarkets real address failed to match with the one in its regulatory information. Its MM license (license number: 424700) issued by Australian Securities & Investment Commission, and the STP license (license number: 629628) by Financial Conduct Authority are valid.

The broker seemed to have moved away from its original registry location, which was the reason we failed to confirm its physical presence. But judging from its licensing details and the fact that we did find material signs indicating its past existence at the original address, the firm seems not to be an unreliable one. Investors are suggested to keep an eye on this broker.

10. AtlasFX

Atlas FX is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.