All Share (J203) = 88 342
Rand / Dollar = 18.56
Rand / Pound = 23.33
Rand / Euro = 19.32
Gold (usd/oz) = 2 925.06
Platinum (usd/oz) = 971.01
Brent (usd/barrel) = 75.91
Trade +10,000 CFDs with Tight Raw Spreads. – Trade Now!

10 Worst and Fake Forex Brokers in South Africa – Scam Alert !

Worst and Fake Forex Brokers South Africa

 

The Top 10 Worst and Fake Forex Brokers in South Africa have been revealed. We have rated and reviewed the worst Forex Brokers to avoid!

 

This is a complete listing of The 10 Worst and Fake Forex Brokers in South AfricaIn this in-depth list and write-up, you will learn:

  • A List of Fake/Worst Forex Brokers South Africa.
  • How to Avoid Them.
  • How to Spot a Forex Scammer.
  • Issues to look out for.
  • Fake broker tactics.
  • Unregulated Forex brokers South Africa.
  • Fake Trading Platforms in South Africa

 

10 Best Forex Brokers in South Africa for 2025

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

#2

FSCA, CySEC, FCA, DFSA, FSA, CMA

$0

#3

CySEC, MWALI, FSCA

$25

#4

CySEC, FCA, FSA, FSCA

$100

#5

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

$10

#6

CySEC, ASIC, FSA, BVI, FSCA

$25

#7

ASIC, CySEC, FSA, SCB

$200

#8

ASIC, CySEC, FSCA, FSA, FSC, CMA

$100

#9

FCA, CySEC, FSCA, SCB

$100

#10

FSCA, FSC, ASIC, CySEC, DFSA

$5

#1

4.8/5

User Score

#2

4.7/5

User Score

#3

4.7/5

User Score

#4

4.4/5

User Score

#5

4.7/5

User Score

#6

4.0/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.5/5

User Score

#10

4.9/5

User Score

 

Worst Forex Brokers in South Africa (2025) – A Comparison

🔎 Worst Broker❌Issues🛑 Scam/Fake🚀Fake broker Tactic
1. FXC MarketsUnregulated, multiple reports of traders losing funds.YesPromising high returns without proper regulation.
2. HQBrokerAccount manipulation, unethical practices, withdrawal issues.YesManipulating accounts to create false trading results.
3. BrokerzWithdrawal problems, false advertising, and unlicensed operations.YesOffering unrealistic bonuses to lure traders.
4. Trade245Poor customer support, lack of transparency, questionable regulatory claims.YesMisleading claims about regulation to gain trader trust.
5. IronFXWithdrawal delays, high fees, and misleading promotions despite being regulated.NoAdvertising regulated status while practicing unethical tactics.
6. Exential GroupPonzi scheme under the guise of Forex trading, leading to major losses for investors.YesOffering fake investment plans with promises of high returns.
7. Tropical TradeUnlicensed binary options broker with fraudulent trading activities.YesMisleading traders with fake binary options trading.
8. BForexPoor customer service, refusal to process withdrawals, and lack of proper regulation.YesCreating false trading conditions and denying withdrawals.
9. Apex TraderUnregulated, unfair trading conditions, and difficulties in retrieving deposits.YesSetting unfair conditions and blocking deposit withdrawals.
10. PrimeCFDsOperating without a legitimate regulatory license, numerous complaints about fraudulent activity.YesHiding the lack of regulation and manipulating customer funds.

 

Understanding Fake Forex Brokers

 

What Are They?

Fake Forex brokers are fraudulent companies posing as legitimate trading platforms. Their aim is to exploit traders financially, often operating without legal authorization.

 

How to Identify Them

  • Unregulated Operations: They lack licenses from recognized bodies like South Africa’s FSCA or similar authorities worldwide.
  • Unrealistic Claims: Promises of guaranteed profits or unusually high returns—too good to be true.
  • Weak Customer Support: Communication is typically poor or nonexistent.
  • Opaque Practices: Key details like fees, terms, or company ownership are often hidden.

 

Why They’re Dangerous

Financial Loss: Victims can lose their entire investments.
Identity Theft: Personal data shared with such platforms can lead to further scams.
No Legal Recourse: Since they’re unregulated, recovering lost funds is nearly impossible.

 

10 Worst Fake Forex Brokers in South Africa (2025)

  1. ☑️FXC Markets – Overall, Worst Forex Broker in South Africa
  2. ☑️HQBroker – Extremely Low Trust Score
  3. ☑️BrokerzScam Forex Broker
  4. ☑️Trade245 – Blacklisted Broker
  5. ☑️IronFX – Suspicious Regulatory License
  6. ☑️Exential Group – Multiple Customer Complaints
  7. ☑️Tropical Trade – Broker Under Investigation
  8. ☑️BForex – Flagged for Fraud
  9. ☑️Apex TraderWorst Trading Experience
  10. ☑️PrimeCFDs – No Trust Score

 

1. FXC Markets

This is an unregulated and frequently accused of being a scam broker. Multiple traders have reported losing their funds without any recourse.

 

FXCMarkets Clone

 

Red Flags
1. Lack of Regulation
FXC Markets is often reported as being unregulated or operating without a valid license from reputable financial authorities. Trading with unregulated brokers can pose significant risks.
2. Unclear Ownership
There may be ambiguity surrounding the company’s ownership and management team. Lack of transparency about who runs the broker can be a warning sign.
3. High Leverage Offers
FXC Markets might promote excessively high leverage ratios, which can entice traders but also significantly increase the risk of loss.
4. Aggressive Marketing Tactics
Use of high-pressure sales tactics or aggressive marketing strategies, such as unrealistic promises of high returns on investments, can indicate potential scams.
5. Withdrawal Issues
Reports of difficulties in withdrawing funds or long processing times can be a major red flag. Traders may experience unexpected fees or denied withdrawal requests.
6. Negative Customer Reviews
A significant number of negative reviews or complaints from users regarding their experiences with FXC Markets can indicate underlying problems.
7. Unfavorable Trading Conditions
Hidden fees, high spreads, and poor trade execution can diminish the trading experience and profitability for clients.
8. Lack of Educational Resources
Legitimate brokers typically provide educational materials and resources. A lack of such offerings can indicate a focus on acquiring clients rather than supporting their trading journey.
9. Limited Customer Support
Difficulty in reaching customer support or receiving inadequate assistance can be a sign of an unreliable broker.
10. Misleading Information
Promotional materials that contain misleading claims about trading performance, regulatory compliance, or other essential aspects of the brokerage can be deceptive.

 

Our Findings

You should watch The following easily overlooked warning signs 

 

2. HQBroker

This broker is Unlicensed, and numerous complaints exist about poor customer service, potential account manipulation, and unethical practices.

 

HQBroker

 

❌Red Flags
1. Lack of Regulatory Oversight
HQBroker is often criticized for operating without proper regulation from recognized authorities. This lack of oversight increases the risk of fraudulent activities and unethical practices.
2. Unclear Ownership and Management
Information about the ownership and management of HQBroker is often vague, raising concerns about accountability and transparency.
3. Withdrawal Issues
Many traders have reported difficulties when attempting to withdraw funds. Complaints often mention delays, additional fees, or outright denials of withdrawal requests.
4. High Leverage Offers
HQBroker promotes high leverage options that may attract inexperienced traders. While high leverage can amplify profits, it also significantly increases the risk of losses.
5. Aggressive Marketing Tactics
The broker uses aggressive marketing tactics, such as unrealistic promotional offers and bonuses, which may come with stringent conditions that are difficult to meet.
6. Negative Customer Reviews
Numerous negative reviews and complaints from users highlight issues with customer service, withdrawal processes, and overall trading experiences, suggesting a pattern of dissatisfaction.
7. Unresponsive Customer Support
Traders have reported unresponsive or unhelpful customer support, making it difficult to resolve issues or get answers to important questions.
8. Questionable Trading Practices
There are allegations of unfair trading practices, such as price manipulation and unfair spreads, which can affect trading outcomes for clients.
9. Inconsistent Information
The information provided on the HQBroker website may be inconsistent or misleading, particularly regarding fees, trading conditions, and the regulatory status of the broker.
10. Pressure Tactics
Reports indicate that HQBroker may employ pressure tactics to encourage clients to deposit more money, which can lead to poor decision-making.

 

Our Findings

 

3. Brokerz

Brokerz

 

❌Red Flags
1. Fake Regulatory Claims
The unlicensed version falsely claims to be regulated like the legitimate FXPrimus but does not hold valid licenses. Always verify regulation through official financial regulatory bodies.
2. Impersonating a Reputable Broker
Fraudulent brokers are using the well-known name of FXPrimus to deceive traders. They copy the branding and marketing, making it difficult for inexperienced traders to tell the difference.
3. Withdrawal Problems
One of the major red flags is the difficulty or impossibility of withdrawing funds. Clients often report that their withdrawal requests are delayed or denied without explanation, a common sign of a scam.
4. Suspicious Bonuses and Leverage
Unlicensed versions attract traders with high bonuses and leverage. These offers often come with hidden conditions, making it almost impossible for traders to withdraw their profits or even their initial deposits.
5. Manipulated Trading Environment
There have been complaints about trade manipulation, such as slippage, widened spreads, and delayed order executions, which hinder traders from achieving profitable trades.
6. Non-Transparent Operations
Unlicensed brokers tend to operate without transparency regarding their terms, conditions, and trading environment. This lack of clarity puts traders at a high risk of fraud.

 

Our Findings

Traders should only work with the licensed version of FXPrimus, which is properly regulated.

Be cautious of brokers using the FXPrimus name but operating without valid licenses.

 

4. Trade245

Trade245 Overview

 

❌Red Flags
1. Regulatory Compliance
False Claims and Lack of Legitimacy, Trade245 asserts itself as a product of Red Pine Capital (PTY) LTD. However, the lack of trading names and approved domains in the FSCA registry leaves doubts about their legitimacy.
2. Withdrawal Issues
Complaints about delayed or rejected withdrawal requests can be a major red flag. Look for reviews or feedback from existing users regarding their experiences with withdrawals.
3. Fees and Spreads
Watch for unusually high spreads or unexpected fees not clearly disclosed on the platform. Check the terms and conditions to ensure there are no hidden costs.
4. Lack of Transparency
A lack of clear and accessible information about the company's ownership, operational structure, or contact details could indicate poor transparency.
5. Poor Customer Support
Consistent complaints about slow or unhelpful customer support can be a warning sign, especially if clients struggle to get help with important issues like withdrawals or technical problems.
Bonus Programs with Unfavorable Conditions
Bonus offers that come with complex terms, such as excessively high trading volume requirements for withdrawal, might make it difficult for traders to access their profits.

 

Our Findings

Trade245 exhibits significant concerns, including unclear regulatory protection, slow withdrawals, poor customer support, and high spreads.

 

5. IronFX

IronFX Overview

 

❌Red Flags
1. Regulatory Compliance
Ensure the broker is regulated by a reputable financial authority and has sufficient capital reserves.
2. Trading Platform
Evaluate the platform's ease of use, order execution, and overall functionality.
3. Fees and Costs
Compare spreads, commissions, and financing costs to other brokers.
4. Customer Support
Test the responsiveness and availability of customer support.
5. Client Reviews and Ratings
Search for online reviews and feedback from other traders.

 

Our Findings

While some traders have reported positive experiences with its trading platform and customer service, others have raised concerns about its regulatory compliance, high spreads, and occasional technical issues.

 

6. Exential Group

Exential Group

❌Red Flags
1. Ponzi Scheme Allegations
Exential Group was accused of running a Ponzi scheme. Investors were promised high returns, but the company used new investors' money to pay off older ones, rather than generating legitimate profits through forex trading.
2. Regulatory Violations
Exential operated without proper authorization or regulatory oversight. The Dubai Financial Services Authority (DFSA) and other regulatory bodies issued warnings against the company for operating outside of legal bounds.
3. Delayed or Unpaid Withdrawals
Investors reported difficulties in withdrawing their funds, with many alleging long delays or outright refusal to return their investments. This is a common red flag for companies engaged in fraudulent activities.
4. Unrealistic Profit Promises
Exential Group promised returns of up to 120% annually, which is highly unrealistic in the world of forex trading. Such exaggerated claims are often a sign of a scam.
5. Legal Actions and Shut Down
Eventually, the company's offices were raided and shut down by authorities, and its executives faced legal action. Thousands of investors lost millions of dollars, further confirming its fraudulent nature.

 

Our Findings

The year 2016 shed light on a massive Ponzi scheme named the Exential Group, which broke down in 2016.

Credible evidence showed that the organization was a classic Ponzi scheme, assuring investors of unrealistic returns.

 

7. Tropical Trade

Tropical Trade

 

❌Red Flags
1. Lack of Regulation
Tropical Trade is not regulated by any well-known financial authority. This means there is no official oversight to ensure the broker operates transparently or protects client funds. Lack of regulation makes it difficult for traders to seek recourse if issues arise.
2. Unclear Ownership
Information about the ownership and corporate structure of Tropical Trade is either vague or difficult to verify. Reliable brokers typically provide clear and detailed information about their company background, which this broker lacks.
3. Withdrawal Issues
Numerous complaints from users report difficulties in withdrawing funds from Tropical Trade. Some users claim that their withdrawal requests are denied or ignored, which is a significant red flag.
4. Aggressive Marketing and Pushy Sales Tactics
Many users have reported that Tropical Trade uses aggressive marketing strategies, including persistent phone calls and pressure to deposit more funds, which is often associated with less trustworthy brokers.
5. Lack of Transparency
Key information, such as trading conditions, fees, and terms and conditions, is either hidden or not clearly explained on the broker’s website. A lack of transparency makes it difficult for traders to understand the risks involved.
Negative User Reviews
The broker has received numerous negative reviews from clients, many of which point to fraudulent activity, including claims that Tropical Trade manipulated trades or prevented withdrawals.

 

Our Findings

Tropical Trade raises red flags due to its lack of regulation, withdrawal issues, poor transparency, and numerous negative user reviews.

Many clients report difficulties retrieving funds, aggressive marketing, and unresponsive customer support, indicating potential high-risk concerns.

 

8. BForex

BForex

 

❌Red Flags
1. Lack of Regulation
BForex has been criticized for not being regulated by any major, reputable financial authority. Unregulated brokers pose significant risks as they do not offer the same level of protection for traders.
2. Negative Customer Reviews
There have been multiple reports from users about difficulties in withdrawing funds, account suspensions without proper explanations, and poor customer service. These issues indicate potential unethical practices.
3. High Risk of Scams
The lack of transparency regarding their operations and the complaints from customers about withdrawal delays or non-payments have led to concerns that BForex may be operating scam-like activities.
4. Aggressive Marketing and Pushy Sales Tactics
There have been reports of BForex using high-pressure sales tactics to convince potential clients to invest, which is a red flag for any financial service provider.
5. Unfavorable Trading Conditions
Users have also complained about high spreads, hidden fees, and unfavorable trading conditions, making it difficult to profit.

 

Our Findings

Many users and watchdog organizations mark BForex as a probable scam, as it is not regulated by any serious financial authority, there have been lots of complaints regarding the impossibility of withdrawing money from clients, and its marketing is very misleading.

 

9. Apex Trader

Apex Trader

 

❌Red Flags
1. Lack of Regulation
Apex Trader isn't regulated by a recognized financial authority, this can be a major red flag. A regulated platform must adhere to strict standards of transparency and security, providing greater protection for traders.
2. Unrealistic Promises
Be cautious if the platform promises guaranteed returns or very high profits with little to no risk. Legitimate trading platforms always emphasize that trading comes with risks.
3. Limited or Unsecured Withdrawal Methods
Withdrawal issues, such as delays, rejected withdrawal requests, or limited withdrawal options, are a red flag. Legitimate brokers should process withdrawals smoothly and securely.
4. Negative Reviews or Complaints
A large number of negative reviews or unresolved complaints online from users could indicate issues like unethical behavior, poor execution, or withdrawal problems.
5. Unfavorable Trading Conditions
Users have also complained about high spreads, hidden fees, and unfavorable trading conditions, making it difficult to profit.

 

Our Findings

Apex Trader has raised several concerns as a problematic broker due to its lack of proper regulation, unclear fee structures, and numerous user complaints about withdrawal difficulties.

Many traders have reported issues with delayed or rejected withdrawals, leading to suspicions about the platform’s transparency and reliability.

 

10. PrimeCFDs

Prime CFDs

 

❌Red Flags
1. Lack of Regulation
Prime CFDs isn't regulated by a recognized financial authority, this can be a major red flag. A regulated platform must adhere to strict standards of transparency and security, providing greater protection for traders.
2. Unrealistic Promises
Be cautious if the platform promises guaranteed returns or very high profits with little to no risk. Legitimate trading platforms always emphasize that trading comes with risks.
3. Limited or Unsecured Withdrawal Methods
Withdrawal issues, such as delays, rejected withdrawal requests, or limited withdrawal options, are a red flag. Legitimate brokers should process withdrawals smoothly and securely.
4. Negative Reviews or Complaints
A large number of negative reviews or unresolved complaints online from users indicate issues like unethical behavior, poor execution, or withdrawal problems.
5. Unfavorable Trading Conditions
Users have also complained about high spreads, hidden fees, and unfavorable trading conditions, making it difficult to profit.

 

Our Findings

PrimeCFDs is a financial services company that primarily deals in CFDs and targets individuals interested in increasing their net worth.

It is not a trusted broker because a financial authority with strict standards does not regulate it.

 

Worst Forex Brokers in South Africa

Worst Forex Brokers in South Africa

 

Identifying the Worst Brokers

While it is unethical to name specific brokers without verified evidence, here are some red flags that may indicate a broker’s poor reputation:

  • FSCA Blacklist: Brokers listed by the FSCA as unregulated or involved in scams.
  • Negative Reviews: Consistent negative feedback from users and experts.
  • High Withdrawal Fees: Excessive or hidden fees for withdrawals.
  • Platform Malfunctions: Issues with trading platforms, such as frequent downtimes.

 

Examples of Red Flags

  • Brokers offering “risk-free trading.”
  • Brokers pressuring you to deposit more funds.
  • Lack of a verifiable physical address or contact details.

 

What to Do If You’ve Been Scammed

 

Steps to Take:

  • Report to FSCA: If the broker is acting illegally file a complaint with the FSCA.
  • Contact Your Bank: Ask your bank for a chargeback on any transactions you didn’t approve.
  • Seek Legal Help: Talk to a lawyer to find out how you can recover your money.
  • Warn Others: Share your story online to help other traders avoid similar scams.

 

Resources for Reporting Scams

  • FSCA Official Website
  • South African Police Services (SAPS)
  • Consumer Protection Organizations

 

Conclusion

Only sign up with brokers overseen by a top-tier and stringent regulator to avoid scams.

The first rule of keeping your investments safe is to avoid brokers that are not regulated at all.

Having said that, the fact that a broker is regulated is insufficient to guarantee your money’s safety. The entity that regulates the broker makes a crucial difference.

 

You might also like:  Pepperstone Review

You might also like:  XM Review

You might also like:  Exness Review

You might also like:  Grand Capital Review

You might also like:  SuperForex Review

 

Disclaimer

Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.

Traders need to ensure that they understand their risk exposure and determine whether the risk involved is suitable for them before making trading decisions that could result in a loss of capital.

 

Frequently Asked Questions

 

What is a Scam or a Fake Broker?

A Scam Broker is a Forex Broker with one or more red flags. These include a lack of regulation, multiple customer complaints, or offers of client compensation that are too good to be true.

 

Who are the Top 5 Worst Forex Brokers to avoid at all costs?

UFX Markets, MXTrade, NoaFX, Olsson Capital, and 10Markets are five of the worst brokers in South Africa to avoid.

 

What is one of the Biggest Red flags when choosing a Forex Broker?

The Lack of Regulation by a trusted authority.  By law, an authorized body will fully regulate the activities of legitimate Forex brokers.

 

Who are the most trusted Forex regulators across the globe and SA?

The main regulatory authorities include CySEC, FCA, FSCA, and ASIC.

 

Who are the Top 5 Best Forex Brokers I can trust?

The five best Forex Brokers for South African traders include AvaTrade, Exness, XM, HFM, and ATFX.

 

SAShares Instagram

4.1/5 - (60 votes)

Written by:

Louis Schoeman

Edited by:

Skerdian Meta

Fact checked by:

Arslan Butt

Updated:

February 18, 2025

Written by:

Louis Schoeman

Featured SA Shares Writer and Forex Analyst.

I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities.

Edited by:

Skerdian Meta

Leading Analyst

Skerdian Meta FXL’s Heading Analyst is a professional Forex trader and market analyst and has been actively engaged in market analysis for the past 10 years. Before becoming our leading analyst, Skerdian served as a trader and market analyst at Saxo Bank’s local branch, Aksioner, the forex division and traded small investor’s funds for two years.

Fact checked by:

Arslan Butt

Commodities & Indices Analyst

Arslan Butt, a financial expert with an MBA in Behavioral Finance, leads commodities and indices analysis. His experience as a senior analyst and market knowledge (including day trading) fuel his insightful work on cryptocurrency and forex markets, published in respected outlets like ForexCrunch.

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