Forex Trading Bot Scams
Forex Scam Active Threat
Also known as: AI Trading Bot SA, Automated Forex SA, Copy Trading Guaranteed Returns
Reported losses: R1,000-R50,000+ per victim. Some victims lose their entire student loan.
Last updated: 2026-04-01
How This Scam Works
Instagram and TikTok influencers promote 'automated trading bots' that promise 10-50% monthly returns. You're asked to deposit R1,000-R10,000 into an offshore broker account. The 'bot' shows fake profits on a dashboard. When you try to withdraw, you're told to deposit more to 'unlock' your funds. The broker is unregistered, and the dashboard numbers are fabricated.
Red Flags to Watch For
- Guaranteed returns of 10%+ per month (legitimate investments average 10% per year)
- Promoted by influencers showing luxury cars and cash
- Offshore broker with no FSCA registration
- You can't withdraw without depositing more
- Fake trading dashboard showing only profits
Evidence
- FSCA has issued multiple warnings about unregistered forex brokers targeting SA youth
- Dozens of Hellopeter complaints about lost deposits
- Similar scams flagged by FCA (UK) and ASIC (Australia)
What to Do If You've Been Targeted
- 1 Check if the broker is FSCA-registered at fsca.co.za before depositing anything
- 2 Report to FSCA at fsca.co.za/Enforcement
- 3 Report the influencer to the platform (Instagram/TikTok)
- 4 If you paid via credit card, dispute with your bank
- 5 Report to SAPS if significant money was lost
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