Scams on messaging services like Telegram and WhatsApp are a growing threat, as clone brokers and fake signal providers proliferate. 

A look at three recent scams in a bit more detail to understand how these scams work and what we, as traders, can do to avoid them

There are a number of Forex-related scams enticing clients from South Africa, and we get emails frequently from traders who have been unable to withdraw money from their accounts or facing other forms of resistance from brokers whose sole purpose is to have clients deposit, and then refuse to refund the money.

As widely reported across the media landscape, Forex scammers and bad Forex brokers abound in South Africa. At FxScouts, we have been trying to understand how these scammers and bad brokers operate in the South African Forex ecosystem.