Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit


Share knowledge. Find answers. Ask questions.

Online Share Trading

Engage and learn about markets and trading online

Don't be a victim of bitcoin, forex and other trading scams
Read more blogs in




Over the past couple of years South African investors have had their fair share of dodgy investment scams disguised as unique investment opportunities. Recently, someone posted on the community under the talk section, asking for clarity on what seemed like advice on a cryptocurrency scheme('Financial advice and bitcoin trading'). It made me think about the case involving one Steve Twain and the ‘$50-million cryptocurrency scam’ that left some South African investors in financial disarray. In Australia, cryptocurrencies have become the second most common investment scam. Not to say there's anything inherently wrong with crytocurrencies - however, they're fast becoming an easy vehicle for scammers to take advantage of people simply because they, much like forex, remain incredibly difficult to understand for the man on the street.


Whether we're talking equity, forex or bitcoin scams, when it comes to trading or investing schemes or platforms, be sure to look out the following signs:

  1. High returns in a short period: Trading scams usually come with the promise of overnight riches.
  2. Little or no risk is mentioned: Any broker you speak to will be sure to highlight risk when it comes to investing. When returns are guaranteed, you should immediately assume that something’s fishy.
  3. Unconfirmed figures and graphs: It’s not uncommon for people to create performance charts to suit their narrative. This is easy for them to get away with when their target is uninformed. Always try to verify chart and figures.
  4. Look for accreditation or registration with the Financial Services Board (FSB): If there’s a product offering of some sort, then usually there’s a governing body that companies have to be registered with. Always check this. Granted, this may be difficult for thosw wanting to invest in cryptocurrencies to do, since most regulatory bodies haven’t quite settled on how to regulate cryptos. That said, you should still do your due diligence – look at platform reviews. You’ll find plenty reviews on platforms with a quick Google search. And pay attention to all the negative reviews. Be vigilant when it comes to putting your money in someone else’s hands, particularly if they’re not a regulated deposit taking institution. If something is off, let the South African Reserve Bank know by going to or you can call the FSB’s Fraud and Ethics Hotline on 0800 313 626.
  5. If it’s too good to be true, it probably is: This is the golden rule. If you are guaranteed high returns in a very short period of time, you should be very sceptical.

For those of you with a particular interest in crypto scams, you can also check out this great article on Investopedia on How to Identify Cryptocurrency and Initial Coin Offering Scams.

While the FSB can’t regulate sites domiciled overseas or keep tabs on each and every single scam out there, bringing such cases to their attention can help them spread awareness. The internet has made it very easy for people anywhere in the world to run elaborate schemes and by-pass regulators. After all, the FSB and Reserve Bank can’t regulate which sites South African consumers choose to visit.


The most that you as an investor can do, is arm yourself with as much information as possible.


Want to learn how to avoid forex scams? Check out the podcasts below:

Forex trading : Separating myth from reality - Part 1

Forex trading: Separating myth from reality - Part 2

Read more blogs in
Occasional Contributor

Great article

New Contributor

This is what is happening and they will not tell the truth. If standard bank is leading on Blockchain and agrees that blockchain is the safe place then you must understand that Bitcoin is the safe currency. All the bank they doing something positioning themselves. All the banks of south Africa doing something called project khokha also spring block. All the governments agree that Blockchain the mother of Bitcoin or the backbone of Bitcoin or the core of Bitcoin they all agree its safe then that tells you Bitcoin is the safe currency. Here are the news with standard bank but they wont tell you coz the rand or money is their business if they coment to the public and say bitcoin is the safe currency and the best with lot of freedom and opportunities now the the bank will be like its distroying itself.

These financial advisers are pulling our people to the forest coz they know the ways that are safe on investing on Bitcoin which is mining Bitcoin
If they sing blockchain is safe like they do obviously they have done their beat research.
They know know the are opportunities to invest on this safe place called blockchain.

Blockchain is the core of bitcoin which is mde up of 21 companies that can be seen on blockchain charts. These 20 companies are own by most rich people and the other is own by the guy called Russ muldin who only created this company for the public to come and invest.

If these banks know about blockchain and praise blockchain they know the ways of investing they have invested but because these are dirty people who do not care about you only want to make money from so that them remain on the top forever they will not tell to invest up until they have positioned themselves.

Russ muldin made this company called bitclub network for the public to come and invest in bitcoin as the company form a part of blockchain when you invest in the company you buy a bitcoin mining machine this machine will be one of the machines that control bitcoin make safe and process the transactions of bitcoin.

So when you buy this machine you will become you and your family the next master card and visa card coz bitcoin will be processed by these machines you bought of which you can buy as many as you can.
Then as long as bitcoin exists you kids and grand kids will own that machine forever and process bitcoin transactions for your family.

These bank people will not tell you that coz they greedy and they do not like bitcoin coz it here to free the people.

We encourage Africa to do bitcoin so that we lead the world on this revolution so that we dont do Europe things and start doing Africa for Africa.

We also encourage people to mine bitcoin instead of buying or trading

Mining is to buy these machines that make bitcoin work so that you can forever have shares in this world bank called Blockchain

Bitclub network invites the public to come and buy these computers that makes bitcoin work so that we lead as public to this bitcoin so that all the transactions are processed by bitclub network

Buy the gooze that lay golden eggs dont buy eggs for more information on how to be involved

We also warn the public any company that is says ot mines Bitcoin but its not the on blockchain charts run and run very fast for your life dont invest into that company
Coz blockchain is the mother of bitcoin if you mine bitcoin we must see you on the charts

Dr wallen
Not applicable

Most crypto exchanges such as Bitsane take advantage with customers funds because they feel these customers don’t know how to get their funds back, But trust me there are hidden ways you can get your lost funds back from the broker. I was able to withdraw my 17BTC from Bitsane, If you want to recover your money back then mail recoverywealthnow360 at gmail dot com

dave lewis
Not applicable
Please beware there are many fake bitcoin mining/clouding out there, I got scammed twice before I met a hacker who helped retrieve my bitcoin. The whole plan was so smooth I could not doubt it. Bitcoin is actually a great investment option but one thing I discovered over time is that it is not possible to mine bitcoin so don’t be deceived. I invested 35BTC on a particular website called bitcoincloudminer, I monitored the profit yielding but got locked out of the account before I could withdraw. I went online and met this recovery expert fightingscams at aol dot com who helped me retrieve my bitcoins back in few hours. You saved my life and I will forever be grateful. I referred my friends whom we got scammed together right away and they got help too. You can contact fightingscams at Aol dot com. Thank me later!