Forex scams in Kenya and South Africa: red flags and how to check

7 red flags of a forex scam

1. 1
   Guaranteed profits

   No regulated broker promises returns. “Double your money in a week” is the clearest sign of a forex scam.

2. 2
   An “account manager” on WhatsApp or Telegram

   Legit brokers do not run your trades in a chat group or ask you to send money to a person's phone number.

3. 3
   A licence number you cannot find

   Search it on the regulator's own site. A logo, a certificate picture or a screenshot proves nothing.

4. 4
   Pay to withdraw

   If you must deposit more, pay a “tax” or a “release fee” before you can withdraw, stop and report it.

5. 5
   Crypto to a personal wallet

   Deposits should go to the broker's company account in your country, not to an individual or a crypto address.

6. 6
   Pressure and urgency

   “Only today”, “last spots in the VIP group” or daily calls pushing you to add money are sales tricks, not trading advice.

7. 7
   A copy of a real broker

   Scammers clone real brokers' websites and names. Type the address yourself and compare the company name with the register.

How to check a broker in two minutes

1. Type the broker's name into our forex broker check.
2. Search the name in Scam Watch, our list of FSCA and CMA warnings.
3. Kenya: find the company on the CMA list of online forex brokers.
4. South Africa: search the FSP number on the FSCA website.
5. If the company or the number does not match, do not deposit.

Already sent money? What to do

• Stop sending money, even if you are promised your funds back for one more payment.
• Keep every message, receipt and transaction ID.
• Report it to the regulator: the CMA in Kenya or the FSCA in South Africa, and to the police.
• Tell your bank or mobile money provider straight away. They may be able to stop or trace the payment.

Use our free complaint desk: it writes the report and opens the official CMA, FSCA or SEC channel for you →