XMTrading Review
May 16, 2023
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XMTrading seems like a broker with a far reach. It’s licensed by the world’s leading regulators and offers a wide range of trading products. However,
The FSCA Has Flagged These Brokers. What This Means for You
The FSCA, South Africa’s leading financial regulator, has issued a warning about the following brokers. To get on this list, these brokers must have done something to arouse suspicion. We recommend that you not do business with any of the brokers mentioned on this list and use these reviews as a resource to learn more about staying safe from financial fraud.
Broker Complaint Registry, creates these broker reviews to help you do necessary research on brokers. This will help you avoid certain financial services that turn out to be fake brokers. Consult this list, which we update regularly, to keep your money safe online.
Financial Sector Conduct Authority (FSCA)
The Financial Sector Conduct Authority (FSCA) is part of South Africa’s Twin Peaks model of financial regulation. This means that one agency focuses on the safety and security of South African financial institutions and the other deals with compliance with regulations and consumer protection. The second institution ensures that financial companies are abiding by rules and regulations and issues warnings about suspicious entities.
Why Were These Brokers Flagged by the FSCA?
The following are the most frequently occurring reasons for FSCA warnings.
- Unlicensed
- Misleading claims
- Clone broker
- Non-compliance
- Numerous customer complaints
- Legal action against the broker
The FSCA will issue a warning if a broker doesn’t have a license, is operating on a revoked license or is trying to recruit customers from areas where it doesn’t have a license to operate.
It’s common for frauds to issue misleading claims about the amount of returns, fees and other matters. Beware of huge promises and extravagant statements. You may see some familiar names on the list. This is because of the number of clone brokers the FSCA flags. Clone brokers adopt a name that is similar to regulated brokers so they can lure their customers away.
Many of these brokers are not complying with rules and regulations for financial institutions. These are either national laws or specific rules issued by the regulator to maintain their license. A large number of customer complaints and serious legal action against the broker are also main reasons brokers end up on this list.
Moneta Review
May 16, 2023
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Should You Trade with Moneta? Moneta is a broker that seems legitimate. It has a license from the South African financial authorities and offers a
Trade Nation Review
April 19, 2023
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Should You Trust Trade Nation? Trade Nation seems to have an impressive array of licenses–except one (more on this later). It also has offices in
Global GT Review
April 19, 2023
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Should You Trade with Global GT? If you’ve run across Global GT, a licensed broker that offers CFD trading, you may be wondering if this
Globex360 Review
April 19, 2023
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Should You Trade with Globex360? When you see reviews of Globex360, you might be told that they are a registered broker in good standing. However,
Exness Review
April 19, 2023
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Should You Trade with Exness? Exness may seem like an excellent broker on paper. It has many licenses, offers the MetaTrader 4 and 5 platforms
FBS Review
April 19, 2023
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Is FBS a Scam? FBS seems like a legitimate broker. They have many licenses, including from CySEC and ASIC, and other reliable regulators. However, we
HFM Review
April 19, 2023
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Is HFM a Reliable Broker? HFM seems like an ideal broker, at least when it comes to licenses. However, just as a person with many
Bethu Investments Review
August 15, 2022
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Why Has The FSCA Flagged Bethu Investments?Does The FSCA’s Alert Mean That Bethu Investments Is a Scam Broker? We’ve Found Some Problems with Bethu Investments
Trade Oasis Review
August 15, 2022
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Why Has The FSCA Flagged Trade Oasis?Does The FSCA’s Alert Mean That Trade Oasis Is a Scam Broker? We’ve Found Some Problems with Trade Oasis
Seipati Group Review
August 15, 2022
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Why Has The FSCA Flagged Seipati Group?Does The FSCA’s Alert Mean That Seipati Group Is a Scam Broker? We’ve Found Some Problems with Seipati Group
CFX South Africa Review
August 15, 2022
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Why Has The FSCA Flagged CFX South Africa?Does The FSCA’s Alert Mean That CFX South Africa Is a Scam Broker? We’ve Found Some Problems with
Forex Guru Review
August 15, 2022
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Why Has The FSCA Flagged Forex Guru?Does The FSCA’s Alert Mean That Forex Guru Is a Scam Broker? We’ve Found Some Problems with Forex Guru
Nyanda Forex Tradz Review
August 15, 2022
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Why Has The FSCA Flagged Nyanda Forex Tradz?Does The FSCA’s Alert Mean That Nyanda Forex Tradz Is a Scam Broker? We’ve Found Some Problems with
Burax Trading Review
August 15, 2022
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Why Has The FSCA Flagged Burax Trading?Does The FSCA’s Alert Mean That Burax Trading Is a Scam Broker? We’ve Found Some Problems with Burax Trading
Dalot trading CC Review
August 15, 2022
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Why Has The FSCA Flagged Dalot trading CC?Does The FSCA’s Alert Mean That Dalot trading CC Is a Scam Broker? We’ve Found Some Problems with
Forex successful Investors Review
August 15, 2022
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Why Has The FSCA Flagged Forex successful Investors?Does The FSCA’s Alert Mean That Forex successful Investors Is a Scam Broker? We’ve Found Some Problems with
Impilo Plus Insure Review
August 15, 2022
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Why Has The FSCA Flagged Impilo Plus Insure?Does The FSCA’s Alert Mean That Impilo Plus Insure Is a Scam Broker? We’ve Found Some Problems with
Invest Consulting Group Review
August 15, 2022
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Why Has The FSCA Flagged Invest Consulting Group?Does The FSCA’s Alert Mean That Invest Consulting Group Is a Scam Broker? We’ve Found Some Problems with
Orion Quest Review
August 15, 2022
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Why Has The FSCA Flagged Orion Quest?Does The FSCA’s Alert Mean That Orion Quest Is a Scam Broker? We’ve Found Some Problems with Orion Quest
Stanlib Focus Investments Review
August 15, 2022
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Why Has The FSCA Flagged Stanlib Focus Investments?Does The FSCA’s Alert Mean That Stanlib Focus Investments Is a Scam Broker? We’ve Found Some Problems with
TradeZA Review
August 15, 2022
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Why Has The FSCA Flagged TradeZA?Does The FSCA’s Alert Mean That TradeZA Is a Scam Broker? We’ve Found Some Problems with TradeZA Bulleted list If
TradeTheatre Capital Markets Review
August 15, 2022
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Why Has The FSCA Flagged TradeTheatre Capital Markets?Does The FSCA’s Alert Mean That TradeTheatre Capital Markets Is a Scam Broker? We’ve Found Some Problems with
Keenan Ebdan Financial Services Review
August 15, 2022
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Why Has The FSCA Flagged Keenan Ebdan Financial Services?Does The FSCA’s Alert Mean That Keenan Ebdan Financial Services Is a Scam Broker? We’ve Found Some
Precient Investment Review
August 15, 2022
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Why Has The FSCA Flagged Precient Investment?Does The FSCA’s Alert Mean That Precient Investment Is a Scam Broker? We’ve Found Some Problems with Precient Investment
Polycarp, Jan Nkuna and Wink World Wide (Pty) Review
August 15, 2022
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Why Has The FSCA Flagged Polycarp, Jan Nkuna and Wink World Wide (Pty)?Does The FSCA’s Alert Mean That Polycarp, Jan Nkuna and Wink World Wide
Sabelo Agrippa Ngwenya and Croc Gold (Pty) Review
August 15, 2022
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Why Has The FSCA Flagged Sabelo Agrippa Ngwenya and Croc Gold (Pty)?Does The FSCA’s Alert Mean That Sabelo Agrippa Ngwenya and Croc Gold (Pty) Is
CRYPTOSATRADE Review
August 15, 2022
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Why Has The FSCA Flagged CRYPTOSATRADE?Does The FSCA’s Alert Mean That CRYPTOSATRADE Is a Scam Broker? We’ve Found Some Problems with CRYPTOSATRADE Bulleted list If
Bitminer Blockchain Core Review
August 15, 2022
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Why Has The FSCA Flagged Bitminer Blockchain Core?Does The FSCA’s Alert Mean That Bitminer Blockchain Core Is a Scam Broker? We’ve Found Some Problems with
Uhuru Tribe, Uhuru-X, Uhuru Cash, CBI X SA (Pty) Review
August 15, 2022
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Why Has The FSCA Flagged Uhuru Tribe, Uhuru-X, Uhuru Cash, CBI X SA (Pty)?Does The FSCA’s Alert Mean That Uhuru Tribe, Uhuru-X, Uhuru Cash, CBI
IQ OPTION LLC Review
August 15, 2022
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Why Has The FSCA Flagged IQ OPTION LLC?Does The FSCA’s Alert Mean That IQ OPTION LLC Is a Scam Broker? We’ve Found Some Problems with
SA Imperium Holdings Review
August 15, 2022
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Why Has The FSCA Flagged SA Imperium Holdings?Does The FSCA’s Alert Mean That SA Imperium Holdings Is a Scam Broker? We’ve Found Some Problems with
TECHFX LLC trading Review
August 15, 2022
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Why Has The FSCA Flagged TECHFX LLC trading?Does The FSCA’s Alert Mean That TECHFX LLC trading Is a Scam Broker? We’ve Found Some Problems with
Trade Ltd Review
August 15, 2022
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Why Has The FSCA Flagged Trade Ltd?Does The FSCA’s Alert Mean That Trade Ltd Is a Scam Broker? We’ve Found Some Problems with Trade Ltd
Billionaires Matrix Club and Limpho Namane Review
August 15, 2022
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Why Has The FSCA Flagged Billionaires Matrix Club and Limpho Namane?Does The FSCA’s Alert Mean That Billionaires Matrix Club and Limpho Namane Is a Scam
Gift of Legacy Review
August 15, 2022
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Why Has The FSCA Flagged Gift of Legacy?Does The FSCA’s Alert Mean That Gift of Legacy Is a Scam Broker? We’ve Found Some Problems with
Isithabathaba Burial Scheme Review
August 15, 2022
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Why Has The FSCA Flagged Isithabathaba Burial Scheme?Does The FSCA’s Alert Mean That Isithabathaba Burial Scheme Is a Scam Broker? We’ve Found Some Problems with
Luzuko Burial Society Review
August 15, 2022
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Why Has The FSCA Flagged Luzuko Burial Society?Does The FSCA’s Alert Mean That Luzuko Burial Society Is a Scam Broker? We’ve Found Some Problems with
Rothschild Capital SA (Pty) Review
August 15, 2022
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Why Has The FSCA Flagged Rothschild Capital SA (Pty)?Does The FSCA’s Alert Mean That Rothschild Capital SA (Pty) Is a Scam Broker? We’ve Found Some
Flash Trade Review
August 15, 2022
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Why Has The FSCA Flagged Flash Trade?Does The FSCA’s Alert Mean That Flash Trade Is a Scam Broker? We’ve Found Some Problems with Flash Trade
My Wealth Dias (Pty) Review
August 15, 2022
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Why Has The FSCA Flagged My Wealth Dias (Pty)?Does The FSCA’s Alert Mean That My Wealth Dias (Pty) Is a Scam Broker? We’ve Found Some
Let’s Prosper Review
August 15, 2022
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Why Has The FSCA Flagged Let’s Prosper?Does The FSCA’s Alert Mean That Let’s Prosper Is a Scam Broker? We’ve Found Some Problems with Let’s Prosper
Vici Markets Review
August 15, 2022
No Comments
Why Has The FSCA Flagged Vici Markets?Does The FSCA’s Alert Mean That Vici Markets Is a Scam Broker? We’ve Found Some Problems with Vici Markets
ByBit Fintec Limited Review
August 15, 2022
No Comments
Why Has The FSCA Flagged ByBit Fintec Limited?Does The FSCA’s Alert Mean That ByBit Fintec Limited Is a Scam Broker? We’ve Found Some Problems with
FXT Trading Ltd Review
August 15, 2022
No Comments
Why Has The FSCA Flagged FXT Trading Ltd?Does The FSCA’s Alert Mean That FXT Trading Ltd Is a Scam Broker? We’ve Found Some Problems with
Secure FX Trading Review
August 15, 2022
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Why Has The FSCA Flagged Secure FX Trading?Does The FSCA’s Alert Mean That Secure FX Trading Is a Scam Broker? We’ve Found Some Problems with
If You’ve Lost Money to Any of These Brokers, Talk to Us
We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with any of these flagged brokers, close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts.
