THE RISE OF FOREX SCAMMERS IN SOUTH AFRICA

  • March 27, 2021 2:24 AM PDT
    For the past few years in South Africa forex has gained alot of
    popularity and hype amongst the people of Africa. Forex caught the
    attention of many people from the age 16 to the age 40, forex really
    only started becoming a big thing in South Africa around 2015. Before
    2015 not many people were aware about the foriegn exchange market nor
    how it works.To get more news about [url=https://www.wikifx.com/]WikiFX[/url], you can visit wikifx.com official website.



      Since then popularity grew amongst young South Africans. Social
    media, specifically, Instagram had many young forex traders showing off
    their lifestyles, cars and money. This caught the attention of many
    people between the ages of 16 & 30. These forex traders on social
    media were not only showing off their lifestyles but they were marketing
    it too, they were promoting forex courses that promised financial
    freedom, mocking 9 to 5 workers. This marketing strategy caught the eyes
    of many South Africans, thus when the rise of scamming begun. As South
    Africans poured into the forex industry thinking it‘s a “get rich quick
    scheme”, many South Africans were left disappointed when they realised
    that forex was way harder than they thought and that it takes alot time
    to become profitable. Besides them finding out that it was harder than
    they thought, many of the forex traders that were promoting forex
    courses weren’t the best teachers at it, although the lifestyle they
    portrayed on social media gave people the idea that they were the best
    of the best. Many of these traders were useless teachers, this led a big
    number of unsuccessful traders.

    In that number of unsuccessful traders, some of them decided to do the
    exact same thing as the Forex Traders on social media. Many of them
    started there own forex companies on Social media with the exact same
    marketing strategies such as posting pictures of money and fancy cars.
    Around this time many more people became aware of forex and was buying
    these courses which led to many people wasting tons of money on
    different forex courses and forex signals. It became apparent that
    atleast 85% of retail traders in South Africa were unsuccessful,
    including the people with the best cars and houses, majority of them
    were either born rich or made alot of money through selling useless
    courses that taught almost nothing. There are a very few legit forex
    companies in South Africa that brought up successful traders thus
    resulting in the amount of scammers in South Africa outweighing the
    amount of legit traders by a massive difference. The easiest way to tell
    if someone is a forex scammer is when they introduce themselves as
    account managers.



      What are account managers? People who offer to trade for you.
    Account managers are usually people who don‘t have money to trade for
    themselves so they offer to trade for other people hoping they get lucky
    enough to make money for them and their client, this usually ends up in
    tears as the account manager usually blows the account and ask for more
    money in order to “release” the funds or they block their clients from
    contacting them. You’re safer trading on your own than giving someone
    else the responsibility of growing your money, the cold truth is 90% of
    these account managers dont care about your funds, they just care about
    the moment they get their hands onto your funds. In fact I've never came
    across a legit account manager in South Africa, but I have came across
    many account managers. In conclusion KEEP YOUR MONEY AWAY FROM ACCOUNT
    MANAGERS.