- 4XC MetaTrader, Maxft Bot Trading, Marius Koegelenberg and AAG Life have been flagged for allegedly operating without proper authorisation.
- Some operators allegedly used fake licence numbers, stolen identities and impersonation tactics to appear legitimate.
- Consumers are urged to verify every provider and avoid upfront payments or urgent investment demands.
Online investment offers promising fast returns are spreading rapidly across social media, and regulators say many of them are fake.
The Financial Sector Conduct Authority (FSCA) has issued a cluster of public warnings after identifying several platforms, companies and individuals allegedly soliciting money from the public without the required licences.
The schemes range from bogus trading apps and fraudulent licence numbers to fake insurance policies and even impostors pretending to work for the regulator itself. “South Africans lose millions of rands every year to fraudsters,” the authority warned, adding that “illegal operations are sometimes well disguised as legitimate operations.”
4XC MetaTrader accused of impersonating legitimate firm
One of the warnings relates to 4XC MetaTrader, which allegedly approached investors on Telegram while using the details of a legitimate foreign business to appear credible.
According to the FSCA, the operators used the details of 4xCube Ltd and the name of one of its employees, Daina Malta, despite having no association with the company. The real firm confirmed it was being impersonated.
The watchdog stressed that 4XC MetaTrader “is not authorised … to provide financial services to members of the public” and urged consumers to be cautious of trading offers circulating on messaging platforms.
Maxft Bot Trading allegedly used a fraudulent licence
In a separate warning, the regulator flagged Maxft Bot Trading, which allegedly claimed to be an authorised financial services provider.
The FSCA said the operation was “using a fraudulent licence reflecting FSP number 530 to solicit investments from members of the public.” That number previously belonged to another company and has since been cancelled.
Again, the regulator made it clear the business “is not authorised … to provide financial services to members of the public.” For many first-time investors, seeing a licence number is enough to build trust. Officials say scammers know this and deliberately exploit it.
Individual and insurance business also named
The warnings are not limited to online platforms. Marius Koegelenberg has allegedly been soliciting funds from members of the public for investment purposes. The regulator confirmed he “is not authorised … to provide financial services to members of the public.”
Separately, AAG Life Pty Ltd has been flagged for allegedly conducting insurance business without the required approvals and without an underwriter.
The FSCA warned that “any entity issuing insurance policies in South Africa must be duly authorised” and emphasised that “conducting financial services or insurance business without the appropriate authorisation constitutes a criminal offence.”
For families paying monthly premiums, believing they are covered, discovering there is no valid insurer behind the policy can be financially devastating.
Impostor falsely claiming to represent the regulator
In perhaps the most brazen case, a woman identifying herself as Elizabeth McLean allegedly contacted members of the public, claiming she worked for the regulator and could help them access unclaimed benefits.
Victims were reportedly asked to pay fees first. After paying, the promised funds never arrived. The authority responded firmly, stating she “is not employed … and is using its name and brand without authorisation.”
It added a clear warning: “The regulator will not, under any circumstances, request fees or payments for assistance with unclaimed benefits.”
Verify first, pay later
Across all the cases, the red flags are similar: unrealistic returns, pressure to act quickly, requests for upfront payments, vague explanations, and contact through social media or private messages.
“The public is strongly urged to exercise caution when considering unsolicited investment or trading offers, especially those communicated through social media,” the FSCA said.
The message behind the public warning is simple and urgent. Verify every provider before sending money, because once funds are transferred to a scammer, recovery is often impossible.
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