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How to spot and report a forex scam

The patterns behind most forex and crypto scams in Africa, and who to report them to in South Africa, Kenya and Nigeria.

Updated 22 October 2026 · FX Radar Africa

The six warning signs

  1. Guaranteed or very high returns — "double your money", "up to 200%".
  2. Someone offers to trade for you or asks for your trading login.
  3. Contact through social media: Instagram, WhatsApp, Telegram, TikTok, or a "friend" you met online.
  4. Payment to a person — a personal bank account, mobile number or crypto wallet instead of a broker's payment page.
  5. Fees to withdraw — a "tax", "unlock fee" or "commission" before you can take money out.
  6. No licence you can verify, or a licence number belonging to a different company.

Check before you pay

  • South Africa: search the company on the FSCA register — see how to check an FSCA licence — and check the FSCA's warnings.
  • Kenya: check the CMA's list of licensed online forex brokers and its investor alerts.
  • Nigeria: check SEC Nigeria's register and public notices.
  • Check our Scam Alerts page, which collects official warnings.

If you've been scammed

  1. Stop paying. Don't send any more money, whatever you're told.
  2. Save everything: chats, usernames, phone numbers, wallet addresses, payment receipts.
  3. Tell your bank or mobile-money provider straight away — they may be able to stop or trace a payment.
  4. Report it to your financial regulator (FSCA, CMA or SEC Nigeria) and to the police.
  5. Beware "recovery" offers. People who contact you promising to get your money back for a fee are very often a second scam.

FAQ

Can I get my money back?

Sometimes, if you act quickly through your bank or payment provider. Crypto payments are much harder to reverse.

Is a company registered with CIPC licensed to offer forex?

No. Company registration is not a financial services licence. Check the regulator's register.

Why do scammers use crypto?

It's fast and hard to reverse. A request to pay in crypto to a personal wallet is a big warning sign.

This guide is general information, not legal advice.