10 Worst Rated Forex Brokers in South Africa (2022)

The Forex trading industry has gone a long way in recent years, and many brokers have already earned a solid and favorable image; nevertheless, there is another side to the story. There are a number of untrustworthy Fake Forex brokers on the market that traders should be aware of and avoid at all costs.

These brokers have been reported for:

1. Fake Broker Accounts

2. Fake Trading Apps

3. and even Fake Traders advertising these platforms.

UFX Market

Users have submitted a slew of bad reviews and concerns about UFX Market and UFX Bank. Because of its broad negative reputation, the Forex Peace Army has banned the firm for publishing fraudulent client ratings on many websites. To mention a few abnormalities, the firm is known to utilize standard strategies to defraud its traders: the trading manager persuades consumers to deposit more and more money in their accounts, while requests for cash withdrawals are never completed.

Traders have no method of contacting customer service, and UFX advises them to engage in riskier transactions that might result in losses. When a trader wants to shut their account, they are encouraged to do a “final transaction,” which results in a massive loss and completely wipes away the trader's cash.

Tradorax

Tradorax has got a number of significant complaints and has been deemed a fraud by the FPA Traders Court after receiving four guilty votes. Tradorax has a history of freezing accounts and preventing customers from withdrawing funds; one senior lost £60,000 on the site and was unable to withdraw the funds. Traders will come across several examples of this organization refusing to pay out and skimming account money.

Tradorax also conducts business without the user's authorization and has been accused of fraudulently billing credit cards. Tradorax is also renowned for urging customers to deposit additional money, which the platform then freezes and steals. Traders should never deposit money with Tradorax and should completely avoid using the site.

Trade-24

When it comes to Forex Brokers, Trade-24 has taken “Scam” to a whole new level. Regular fund freezing, near-impossible withdrawals, and account balance theft, plus forgery claims on top of it all! On its website, Trade-24 claims to be operating under an IFSC license, but this is false, and the IFSC of Belize has posted a notification confirming that no license was provided to them.

Panamoney

Enormous-Yield Investment Programs promise traders high returns that appear to be too good to be true – and they are. The Financial Industry Regulatory Authority (FINRA) issued a warning about the scams in 2010, referring to the operators as “con artists.”

Panamoney began by paying out returns, but then went out of business and vanished. Several people had large sums of money in their accounts that they couldn't access, and the website was also taken down. Panamoney has also been accused of withholding funds from accounts and forfeiting all earnings in the case of bogus 'early fund withdrawal' requests that were never made by users. On the platform, investors have been known to lose as much as $160,000.

Furthermore, Panamoney has the ability to close a trader's account at any moment, and they will take all of an investor's funds with them. Forex Peace Army has Panamoney on its blacklist and advises against investing in HYIPs.

NoaFX

Traders will get off to a good start with NoaFX by trading and building up a balance in their account, but the troubles and red flags begin when they attempt to withdraw cash. Traders will have to send hundreds of emails to the corporation to obtain a response – if they're lucky – and even then, the answers will be generic. Users have waited up to months and attempted many interactions, but all efforts have been in vain! Traders have never received a return on their investments.

The company even claims to be registered in New Zealand, which the Financial Markets Authority of New Zealand has revealed is a complete fiction. The Forex Peace Army recognizes that this broker is a rip-off, and there are presently three FPA Traders Court guilty votes against it.

NetoTrade

When it comes to obtaining warnings from various regulatory organizations throughout the world, NetoTrade is at the top of the list! Because it lacks a license, the Spanish National Securities Market Commission has issued a warning against using it, and the Swiss financial regulator FINMA has placed it on its public Warning List. The Forex Peace Army has established that this broker is a rip-off, and there are three traders on FPA who have been found guilty.

MaxCFD

The Forex Peace Army has awarded MaxCFD Sam status after an Australian regulatory agency issued a warning. Traders are encouraged to remove any funds they may have deposited in the company's website since it is engaged in a number of fraudulent practices, including placing bonuses into user accounts without authorization. Bonuses will be accompanied with terms and conditions that will eventually freeze or counterfeit the entire account balance.

HFX

The Forex Peace Army has awarded MaxCFD Sam status after an Australian regulatory agency issued a warning. Traders are encouraged to remove any funds they may have deposited in the company's website since it is engaged in a number of fraudulent practices, including placing bonuses into user accounts without authorization. Bonuses will be accompanied with terms and conditions that will eventually freeze or counterfeit the entire account balance.

Option.fm

Option.fm has a lengthy history of taking money from investors and preventing withdrawals. On Forex Peace Army, traders may find countless incidents of frauds reported by victims, and the firm has also been linked to a number of other scams. The Forex Peace Army approached both firms for feedback on the problem after a member of Option.fm got an email from the company with the signature of a Banc De Binary executive, but received no answer.

The firm has also been implicated in shady trading, with large losses wiping out whole account balances.

PorterFinance

PorterFinance is part of the Greymountain Management group, which has received many court judgments from the Forex Peace Army, and all of the Greymountain group's connected enterprises have been classified as frauds by the FPA. The Australian Securities and Exchange Commission has urged investors not to engage with PorterFinance, which, like many other unlicensed firms, is based in Israel.

PorterFinance engages in illegal operations such as forex trading on weekends, and traders will be unable to withdraw their cash despite satisfying all of the conditions.