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Warning Against TradeFD

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with TradeFD.

It has come to the attention of the FSCA that TradeFD is impersonating financial services provider (FSP) Tradelab (Pty) Ltd (Tradelab) by using its FSP number 52058. TradeFD reflects on its website that it is authorized by FSCA to provide financial services.

Without commenting on the business of TradeFD, the FSCA confirms that TradeFD is not authorised to provide financial services in South Africa and that FSP number 52058 does not belong to TradeFD. Tradelab confirmed that it is not associated with TradeFD.

The public is strongly urged to exercise caution when considering investment or trading offers on social media or any unsolicited offers. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.

These red flags include:

  • Unrealistic or exaggerated returns
  • Offers made on social media platforms
  • Requirements to pay for services upfront
  • Requirements to pay more money to have your investments returned
  • Requirements to pay for training
  • Claims that you must act and pay urgently i.e. creating a sense of urgency
  • Vague information about the investment product
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