The field survey for the brokers in South Africa

With a lot of market potential, South Africa is becoming the most developed financial market in Africa. There are many large institutions such as Standard Bank, Barclays Africa Group(ABSA), First National Bank(FNB), FirstRand, Nedbank, and the Johannesburg Stock Exchange(JSE). After all, forex trading in South Africa is in full swing.

Like the developed countries in the West, the financial ecosystem in South Africa allow investors to trade with a huge varies of financial instruments.

The South African Rand is the most traded currency in Africa and one of the 20 most traded currencies in the world.

It is estimated that there are around 190,000 forex traders in South Africa. With such a large forex market in Africa, it is no doubt that there are plenty of brokers offering the services to the traders. However, not all brokers are trustworthy. Some brokers are scammers who take money away from investors without response. Therefore, to help investors have a deep understanding of the forex brokers in South Africa, the WikiFX survey team went to South Africa and visits some brokers.

1. FBK Markets

FBK Markets, also called FBK Markets SA(Pty)Ltd, is a South African-based broker that was founded in 2020. FBK Markets claims that they are regulated by the FSCA South Africa (license number: FSP49769). However, according to WikiFX, the regulatory status it claimed is a suspicious clone. As planned, the WikiFX team visited the broker, with the specific address: BLOCK C, EAGLE CANYON OFFICE PARK CNR CGRISTIAAN DE WET RANDPARK RIDGE JOHANNESBURG 2154

2. FWT Markets

FWT Markets is a Forex and CFD broker based in South Africa, we can not find any regulatory information related to this broker. FWT Markets offers investors a wide range of trading instruments, including over 50 pairs of Forex currency pairs, as well as 11 indices CFDs, gold, silver, and oil. The WikiFX team paid a visit to this broker at the following address: 26 BAKER STREET ROSEBANK JOHANNESBURG 2196.

3. Ukuchuma

Ukuchuma LTD is a South Africa investment firm, authorized and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP License Number 32535. According to WikiFX, Ukuchuma exceeds the business scope regulated by FSCA (license number: 32535). The WikiFX survey team visited this broker, with the following address:1 HOOD AVENUE ROSEBANK JOHANNESBURG Gauteng.

4. NexaMarkets, XTrend Speed and XTrendSpeed

NexaMarkets, XTrend Speed, and XTrendSpeed share the same address: 17 MIDAS AVENUE, OLYMPUS PRETORIA 0081.

According to WikiFX, NexaMarkets exceeds the business scope regulated by South Africa FSCA(license number: 50655)

XTrend Speed and XTrendSpeed share the same website, which seems to be suspicious clones. According to WikiFX, the South AfricaFSCA regulatory (license number: 23497) claimed by these brokers is also a suspicious clone.

1. FBK Markets

The surveyors arrived at the address of FBK Markets. FBK Markets' office was located in the Eagle Valley Office Park off the South African highway. The building's exterior was plastered with the Logos of the companies inside, but the surveyors didn't find one for FBK Markets.

The entire building was empty and there was only one security guard on duty in the lobby. The man told the surveyors that since the pandemic, the employees in the building have been working remotely from home. Therefore, he was not sure if there was such a company. To confirm the existence of the broker's office, the surveyors decided to go upstairs for further visits.

The office that the surveyors found on the corresponding floor did not belong to FBK Markets, but to a company called RCG. As the security guard said, no one was working in that office either.

2. FWT Markets

The surveyors came to the FWT Markets address. The environment is clean. It looks like a professional office area. There was a security guard on duty in the lobby, who said that there was no FWT Markets office in the building. There was also no FWT Markets name on the water sign in the lobby. The surveyors wanted to go upstairs to conduct the survey but were rejected by the security guard. He said that they needed to be accompanied by company employees in the building for a visit. The WikiFX survey team could not find any information about FWT Markets there.

3. Ukuchuma

According to the address on the regulatory information, the surveyors arrived at the destination of this survey. The environment there was clean and it was a professional office park in general. The buildings in the park all looked similar, all used for shared offices. Entering the building, a security guard was on duty and told the surveyors that there was no Ukuchuma office in the building. Also, there was no name of Ukuchuma on the directory in the lobby. The surveyors wanted to go upstairs but were refused by the security guard, who said they needed to be accompanied by company employees in the building. Same with FWT Markets, our surveyors could not find any information about the broker there.

4. NexaMarkets, XTrend Speed and XTrendSpeed

The survey personnel came to the location of the dealer's office according to the address on the regulatory information. This is a residential community, and there are no office buildings. There are many vehicles and the environment is dirty.

The surveyors found nothing here. It was just a clearing overgrown with weeds.

FBK Markets was not found at the given address. But FBK Markets seems to be a subsidiary of RCG Markets. RCG Markets was previously at this address but there is a possibility that since the pandemic, they have been working from home.

For FWT Markets and Ukuchuma, the survey team found no information about them in the office block and were stopped by security guards.

For the rest of the brokers, There are only some random normal houses at the address. No sign of an office or anything of that kind. The area is suburban, it looks like a neighborhood of complexes.

Since we can not find these brokers based on the addresses. We advise you to be aware of the potential risks before you want to invest with these brokers. Once you lose control of your money, you may find these brokers nowhere.

The content is for informational purposes only, and shall not be taken as a final order for making a decision.