The Financial Sector Conduct Authority (FSCA) has issued an official warning against Money Moves Forex Trading and Prophet Moral Monareng, exposing them as forex trading scams, while warning South African traders to stay away at all costs.
If you have been scammed by a forex, crypto or binary options broker check out our broker complaints section on what to do next.
Money Moves Forex Trading and Prophet Moral Monareng have been advertising their trading services on social media, while falsely claiming to be associated with Lebone Risk Solutions and using a legitimate financial services provider (FSP) number, 48809.
According to the FSCA, both these companies are in no way associated with Lebone Risk Solutions and neither of them are authorized to provide any type of financial services or investment advice in terms of the Financial Advisory and Intermediary Services (Fais) act.
The FSCA wants South African traders to realize that unscrupulous con artists masquerading as legitimate forex brokers are increasingly common. Money Moves Forex Trading and Prophet Moral Monareng are no exception. South Africa’s financial watchdog also released information about the prosecution of two men who were posing as forex traders in two separate scams. Namely, Port Elizabeth-based David Wilmot through his company Nava Shore Holdings and Jabulani Ngcobo were both reported by the FSCA.
Instead of wasting your time with another trading scam, trade directly with the top regulated broker for South African investors – IQ Option.
What Are the Signs That a Broker Might Be a Scam?
1: Get-Rich-Quick Statements
Looking too good to be true? That’s because it is.
Get-rich-quick statements are the most obvious indication that a company is a scam. As we always like to repeat to South African investors, all trading entails some degree of risk and no promises of real profit can be made.
The minute you see statements that claim to make you a millionaire in a week, stay away. There is no way a broker or any type of trading software can guarantee you profits. It is important you realize making some profit out of trading is a possibility, not a certainty.
2: Time Crunch
Another way to lure South African traders into investing their money without really thinking about it beforehand, is the classic time crunch.
This is when you see a ticking time bomb on the website, or statements that encourage you to “invest now before it’s too late”.
It’s not too late, there is no perfect window of opportunity and that clock is not going to disappear in a few minutes with all your dreams. This method is just another way to lure you into making fast decisions, acting in the false pretense that there’s not much time. This is a scam.
Which Brokers Can I Trust?
Before investing money with any broker or trading software, take the time to see whether they are regulated or licensed under a legitimate financial regulatory agency, like the FSCA.
The top regulated broker for South African traders is IQ Option.
Why? Check out our reasons below.
- IQ Option is fully regulated and licensed
- The minimum deposit to begin trading with IQ Option is only $10!
- You can practice trading with IQ Option through their $10,000 free demo account
- IQ Option has an award-winning, user-friendly trading platform
Read our full IQ Option review.