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By Sizwe Dlamini Oct 29, CAPE TOWN — As the lockdown triggered by the Covid pandemic wreak havoc on the economy and impacting household income, a significant number of desperate South Africans have fallen victim to Forex fraud, according to a report by TradeForexSA. Their crime was their poor handling of client funds which came at a huge cost to desperate South Africans trying to earn a legitimate income.
As widely reported across the media landscape, Forex scammers and bad Forex brokers abound in South Africa. At TradeForexSA, a Forex broker comparison and Forex education site, we have been trying to get an understanding of how these scammers and bad brokers operate in the South African Forex ecosystem. To assist in this process, facebook forex companies, we ask South African Forex traders who feel that they have been scammed to submit a form detailing their experiences.
Every year, we publish the results of these complaints. With over responses collected, our report for is complete and the results, though not wholly surprising, facebook forex companies still shocking. As is made clear from the chart above, Also made clear is that Facebook and Instagram are by far the most popular hunting grounds for scammers and bad brokers. Again, this is not particularly surprising. This data does facebook forex companies the level of trust that South Africans place in relative strangers they meet on social media.
Many of the complaints we receive detail the painful process that these victims go through. A recent complaint from 13th October is a prime example of the method used by Facebook scammers:. I then contacted him via Facebook Messenger, facebook forex companies, and he informed me that I can deposit any amount I have from my account to their trading website [REDACTED].
He promised facebook forex companies that I will receive percent profit after seven days of investing. As a result, I contacted [REDACTED] to inform him of my decision to demand a refund, facebook forex companies, since this trading company does not appear to be legit.
He has since been ignoring my WhatsApp messages. I recently got an internship and I have to pay the money I invested back to the person I borrowed it from.
Facebook forex companies through these complaints is a heart-breaking exercise, especially when so little can be done in majority of cases. While the FSCA does do its best to track down facebook forex companiesmany of these people use fake names and are often based overseas. The anonymity provided by Facebook — whether through its main platform or on Instagram — offers the perfect cover for many fraudsters and leaves victims with no recourse, facebook forex companies.
While we receive many reports like that above, we also receive hundreds of reports detailing dubious practices by supposedly legitimate Forex brokers. These mainly focus on withdrawal requests being ignored or delayed and deposits not reflecting to trading accounts. However, the money never reached my bank account.
I have tried several times to contact them through telephone, email, and WhatsApp. Eventually they requested my bank statement after a month of contacting them facebook forex companies confirm that the money was really not received.
JP Markets attracted more than 13 percent of all complaints we received against brokers, but other well-known FSCA-regulated brokers also receive many complaints regarding their poor handling of client funds. Frankly, facebook forex companies, this kind of behaviour from FSCA-regulated brokers is little more than greed-driven stupidity.
The FSCA has made it very clear that it will no longer let Forex brokers facebook forex companies roughshod over consumer rights law. Given the current climate, brokers that engage in these practices are likely to find themselves out of business and potentially facing criminal proceedings.
One finding that did surprise us is the number of scammers who request money from facebook forex companies victims in Bitcoin … A Bitcoin wallet allows users to buy, sell and send Bitcoin and is a particularly popular method for fraud. A complaint from 18th October is echoed by dozens of other people:. The guy messaged me about how trading works and asked me to install [widely used] app.
Then I sent Bitcoin to his account so we can start trading. All of a sudden, my profits grew very fast every day. If I want to withdraw the profit the guy said I have to upgrade the software. He said Facebook forex companies had to deposit R8 before I can make a withdrawal, facebook forex companies. It is interesting to see the large number of scammers using Bitcoin; it seems to be the perfect currency for online theft. Like Facebook, it preserves the anonymity of the conmen and leaves no method of recourse for the victim.
Once the Bitcoin is transferred there is absolutely nothing the victim can do to get their money back. The FSCA is obviously aware of the increasing number of scams involving Bitcoin — and we hope that South African traders are taking note too. The amount of money lost to Forex scams and bad brokers is terrifying — and we are only witness to small portion of it: The largest reported theft was almost R On average, victims lose almost R12 But it is facebook forex companies smaller thefts that are the most distressing, facebook forex companies.
Many poorer people have lost more than they can afford, and some were already in dire straits before they were swindled. The Covid pandemic has stretched the finances of many South Africans to breaking point.
For some, Forex trading with facebook forex companies last of their savings was a desperate attempt to regain financial stability. It is important that Forex traders and Forex brokers are aware of these findings — especially the close relationship between social media and scams. A little time spent on sites like our own can save South Africans a lot of money and heartache.
Good Forex brokers will educate traders that need it, will never pressure clients into handing over money and will have customer support teams that always assist as best as they can. Facebook forex companies Forex brokers know that successful clients and a profitable brokerage go hand-in-hand.
Good Forex brokers also look forward to the day when their industry is no longer tainted by scams and avarice. Business Report Markets.
If you know and understand how profit is earned on forex, you are less likely to fall for a scam that promises fast and huge profits. Main Findings:. Bad Forex brokers are still bad While we receive many reports like that above, we also receive hundreds of reports detailing dubious practices by supposedly legitimate Forex brokers, facebook forex companies.
Bitcoin bandits, facebook forex companies. A complaint from 18th October is echoed by dozens of other people: The guy messaged me about how trading works and asked me to install [widely used] app, facebook forex companies. Stealing from the poor The amount of money lost to Forex scams and bad brokers is terrifying — and we are only witness to small portion of it: The largest reported theft was almost R Facebook Instagram Forex Free Market Economy Covid Lockdown.
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