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10 Scam Forex Brokers in Botswana

The 10 Scam/Fake Forex Brokers in Botswana revealed. We tested the Scam/Fake Forex Brokers for Botswana Traders.

This is a complete guide to Scam/Fake Forex Brokers in Botswana.

In this in-depth guide you’ll learn:

  • What is a Scam/Fake Forex Broker?
  • How to spot a scam/fake forex broker in Botswana?
  • What to do when you traded with a fake/scam forex broker?
  • How to know how a fake forex broker looks

And lots more…

So if you’re ready to go “all in” with the fake/scam forex brokers in Botswana

Let’s dive right in…

Updated : November 11, 2022

What is Foreign Exchange Fraud?

👉 According to legislators, foreign currency market stability is threatened by a range of investment strategies utilized by traders and financial organizations. Moreover, these trading techniques could be illegal, depending on the circumstances.

 

👉 Fraud committed against participants in the foreign exchange market often involves employing a trading system to persuade the participant that they would make a substantial profit via participation in the market.

 

👉 When brokers or planners make money from commissions on securities trades, there is a temptation to make deals to make money. As a result, individuals who engage in this practice often could be accused of churning.

 

👉 This phrase is used for a broker to make transactions for reasons other than the client’s best interests.

1. FinFx

👉 FinFx is a broker that became fraudulent in 2015. It was positioned as a well-known Finnish corporation that offered ECN trading access for currency pairings and commodities.

 

👉 Traders were offered a minimal minimum deposit, margin trading possibilities (leverage of 1:200), and floating spreads from zero.

 

👉 Independent reviewers included the broker on their blocked lists after it ceased fulfilling its commitments to partners and customers. The firm has been unregulated since the Finnish regulator cancelled its license. The primary indicators of this fraud are:

➡️ The broker does not have a license.

➡️ There is a lack of help, and customer support is extremely rude.

➡️ Manipulation of the transactional procedure.

➡️ False PAMM managers who siphon off other people’s savings.

➡️ Accounts that are blocked without explanation.

➡️ Refusing withdrawal requests.

➡️ Linked to other fraudulent schemes (Win Capital).

2. ACFX

ACFX

👉 Atlas Capital Financial Services Limited, located in Cyprus, operates the ACFX brand. The brokerage firm was founded in 2007. However, CySEC cancelled its license in 2016 for failing to fulfil its responsibilities and defrauding its consumers.

 

👉 This information was suppressed, and the firm continued to operate without a license. The fraudulent broker employs a demo account, hefty leverage of up to 500x, a robust education area, and welcome incentives to entice traders. The primary indicators of this fraud are:

➡️ License revocation and concealing of related information.

➡️ Poor client service.

➡️ Alternation of domains.

➡️ Accounts of traders who generate a profit and seek its withdrawal are blocked.

➡️ Withdrawal requests are denied.

3. DV Markets

DV Markets

👉 Australian-based Forex Financial Services Pty owns DV Markets. The business was founded in 2008, and the broker claimed to have a license from a trustworthy authority, the ASIC, but this turned out to be a deception. DV Markets’ Australian address is likewise non-existant.

 

👉 This Botswanan Forex Scam Broker enticed inexperienced traders with a risk-free trial account, floating spreads, adjustable leverage up to 400x, and micro lot trading. The primary indicators of this fraud are:

➡️ Removing deposits from a manufactured platform.

➡️ Numerous bad reviews.

➡️ False license.

➡️ Refusal of withdrawal request.

➡️ Alternation of domains.

➡️ Accounts are blocked without explanation.

4. GAINSY

GAINSY

👉 GAINSY asserts that the broker began operations while Forex trading only gained steam. According to mythology, the organization was founded by highly skilled traders who sought to make trading as convenient and secure as possible.

 

👉 Despite claims that the firm was founded in 1998, the website was only registered in 2012. Although some independent sources cite St. Vincent and the Grenadines, the broker’s headquarters are in Hong Kong.

 

👉 GAINSY does not have a brokerage license. The fraudulent broker enticed inexperienced traders with perks and a low entrance barrier. These indicators indicate fraud:

➡️ Conditions that restrict the utilization of bonuses.

➡️ Unusual trading platform behaviour.

➡️ Outdated quotes.

➡️ Reports that the broker is preventing withdrawals.

➡️ No regulation.

➡️ Numerous unfavourable comments.

➡️ No interaction with customer service.

5. Royal GTX

Royal GTX

👉 Royal GTX was created in 2010 and promised to be a global leader in online trading, bringing all the prospects of the financial markets closer to traders.

 

👉 The broker offers free and complete access to the MT4 platform. They specialize in leveraged Forex trading and provide access to all markets, including FX, indices, commodities, stocks, and cryptocurrencies.

 

👉 According to the website’s terms and conditions, Royal GTX is subject to control by Estonian Governing Authorities.

 

👉 However, there are no references to this broker in the Estonian local regulator’s registry. In addition, the Financial Conduct Authority of the United Kingdom has issued a warning on Royal GTX.

6. TraderKing

TraderKing

👉 The broker is owned and run by a consortium of businesses that includes Lotens Partners LTD.

 

👉 TraderKing provides customers with a variety of desktop, online, and mobile MetaTrader 4 platforms, as well as the most advantageous trading circumstances for both novice and experienced traders.

 

👉 TraderKing continues to promote MT4 by stating that millions of traders have tested it, allowing you to use your preferred trading robots. In addition, it has vast customization possibilities with several programs that may enhance its visuals, interface, functionality, etc.

 

👉 TraderKing reassures customers that they may use MT4 to trade Forex, Indices, and Commodities using CFDs compatible with all operating systems.

 

👉 The broker’s provision of a UK contact number despite its offshore location prompted us to question its regulation.

 

👉 However, the broker is not regulated in the United Kingdom. In addition, the Financial Conduct Authority has issued a warning against TraderKing. Additional red flags for this broker include the following:

➡️ False claims of being regulated.

➡️ Lack of information and false information regarding trading conditions.

➡️ Inaccurate contact details.

7. Adamant Finance

Adamant Finance

👉 Adamant Finance was marketed as a brokerage firm with direct access to the Forex market. The possibility to trade without intermediaries, the newest technology, and the greatest rates were offered to traders.

 

👉 Unfortunately, the firm was founded in 2014 without regulation and was flagged as fraudulent in 2021. The primary indicators of this fraud are:

➡️ Utilize the no-deposit bonus as a lure.

➡️ No brokerage license.

➡️ Frequent technical difficulties and slippages of the trading platform.

➡️ Phone fraud.

➡️ A significant number of deceived traders.

➡️ The trading platform was exploited and manipulated.

8. Oracle-FX

Oracle-FX

👉 Oracle Finance International INC owns the Oracle-FX platform. It is an offshore forex broker licensed by the British Virgin Islands Financial Services Commission and registered in the British Virgin Islands. Oracle-FX is a scam broker with these red flags:

➡️ No verifiable license.

➡️ The website cannot be accessed.

➡️ Oracle-FX has an extremely negative reputation.

➡️ The broker is known for having provided false guarantees.

➡️ There is non-compliance with licensing.

➡️ There are several official warnings against Oracle-FX

9. FXcast

FXcast

👉 2005 marked the beginning of Fxcast’s operations as the first completely automated Forex broker. Despite claiming to have a client-focused, open approach, the firm engaged in unregulated behaviour.

 

👉 This offshore organization enticed inexperienced traders with incredible leverage of up to 2000x, active trading and passive revenue generation opportunities, and ultra-narrow spreads beginning at zero.

 

👉 Traders were promised exceptional services, but the broker failed to deliver and was on the blocked lists of several independent review websites. The primary indicators of this fraud are:

➡️ Many petitions for withdrawal were unanswered.

➡️ On behalf of customers, company workers unilaterally executed unproductive deals.

➡️ Absence of regulation and availability of liquidity sources.

➡️ Accounts that are blocked without explanation.

➡️ A controlled platform for depleting the cash of users.

10. ISGXCHANGE

ISGXCHANGE

👉 ISGXCHANGE claims to have offices in both London and Copenhagen. However, the business must hold two licenses from the UK’s FCA and the Danish Financial Supervisory Authority in this instance. Yet, neither of these authorities oversees or controls it.

 

👉 ISGXCHANGE is marked as a scam because of its lack of regulation and the fact that there is no official website, which means that the broker’s domain has been shut down.

How to Identify a Scam Broker

How to Identify a Scam Broker

👉 Scammers are experts at covering up their deceitful actions. However, several indicators might help you spot a forex trading scam. Knowing how to spot a fake forex broker from a legitimate one is the first step in protecting yourself from financial loss.

 

The Broker Guarantees Profits or Success in Trading

👉 There is no assurance in the market, and this is especially true in the foreign exchange market. There are too many uncontrollable variables in the industry.

 

👉 Someone is trying to sell you a con if they promise you large returns on your investment or a certain outcome.

 

There is limited or no background information

👉 Pictures of financial graphs displaying profits may be found with little effort. However, con artists are clever; they only report gains, never losses. As a worst-case scenario, they may even use demo trading account charts that are not accurate representations of actual trading.

 

👉 Do not make any important decisions based on this or other details. Instead, inquire about the company’s history and financial performance. It is a forex scam if they deny or give you the run-around.

 

There is a level of aggression

👉 Scam brokers in the foreign exchange market are more forceful and aggressive than their legitimate counterparts. Many of these companies will ignore your instructions to cease contacting them and instead use various persuasive tactics to try to get you to part with your cash.

 

There are excessive spread charges on low-cost instruments

👉 The usual spread (or relative value trading range) for EUR/USD is between two and three points. Be wary of traders offering spreads of seven pip, the lowest price fluctuations.

 

👉 The price of many major currency pairings has four decimal places; therefore, the smallest fluctuation is that of the last decimal point.

 

The Broker Appears on several warning or blocked lists

👉 Many investors now enquire about a broker’s credentials before allowing them to handle their accounts.

 

👉 Therefore, if the broker has been well vetted and their license is valid, it is more probable that one may invest with trust.

 

👉 It is conceivable, however, for “pending licenses” to arise or for the situation to alter so that a license is stopped, or a broker is investigated. Therefore, it is recommended to routinely check regulatory authorities’ websites to ensure that the broker’s legal status has not altered.

 

An inability to withdraw funds from a broker

👉 Be alert if you attempt to remove money from your account and are unable to do so. If you enquire about your inability to withdraw funds, and the broker offers a vague or non-existent apology or fails to answer, there are grounds for concern.

 

The broker participates in unsolicited marketing

👉 Overall, fraudulent activity is indicated by repeated and unsolicited advertising. For example, it might be a scam if you are pressured into making an immediate purchase without the time or information to make an informed decision.

 

👉 It would help if you were very wary when they ask for information that might be exploited for identity theft. Do not engage if a broker makes you feel awkward or if it is very persistent.

 

The Terms and Conditions and Risk Disclosures are unclear or confusing

👉 Forex con artists use complex language, long ‘terms of service’ agreements, and ‘risk disclosures.’

 

👉 The significance of these agreements is that they are enforceable. However, each provision may conceal drawbacks for the investor, who might be required to seek other means of recovering trading losses.

The Best Forex Brokers in Botswana

👉 In this article, we have listed the best brokers that offer forex trading to traders in Botswana. In addition, we have further identified the brokers that offer additional services and solutions to Botswanan traders.

 

Best MetaTrader 4 / MT4 Forex Broker in Botswana

Overall Rating

Min Deposit

USD 25

Regulators

FCA UK

Trading Platform

MT5, MT4, OctaTrader

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, OctaFX is the best MT4 forex broker in Botswana. OctaFX is an MT4 and MT5 broker that provides Botswanans with various markets. OctaFX offers a choice of accounts via MT4, including ECN and STP accounts, with superior trade execution.

 

Best MetaTrader 5 / MT5 Forex Broker in Botswana

Overall Rating

Min Deposit

$100 / 1 342 BWP

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, AvaTrade is the best MetaTrader 5 forex broker in Botswana. In addition, AvaTrade is regarded as one of the most secure MT5 forex brokers.

 

👉 No commission is charged for trading currency pairings, only leaving the spread to be paid. A demo account is also available for traders to sharpen their abilities via MT5 and several other platforms.

 

Best Forex Broker for beginners in Botswana

Overall Rating

Min Deposit

$100

Regulators

CFT, NFA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FOREX.com is the best forex broker for beginners in Botswana. FOREX.com is a broker renowned for low trading fees and beginner-friendly solutions. In addition, FOREX.com offers several educational materials and a helpful demo account.

 

Best Low Minimum Deposit Forex Broker in Botswana

👉 Overall, Exness is the best Low Minimum Deposit Forex Broker in Botswana. Exness has a minimum deposit requirement of 10 USD / 130 BWP, making it easy for Botswanans to start trading 278 instruments.

 

👉 Exness also offers MT4 and MT5 through which trades can be made. In addition, it offers some of the best trading tools, charting capabilities, technical indicators, expert advisors, and more.

 

Best ECN Forex Broker in Botswana

Overall Rating

Min Deposit

USD 0

Regulators

CySEC, FCA, DFSA, FSCA, FSA, CMA

Trading Desk

MT4, MT5, HFM APP

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

0

Account Activation Time

24 Hours

👉 Overall, HFM is the best ECN forex broker in Botswana. HFM is a hybrid forex and CFD broker that uses STP and ECN technology to ensure that Botswanans get the best pricing, minimal slippage, no requotes, and the fastest trade execution.

 

👉 HFM uses the best liquidity providers who aggregate the pricing that Botswanans can see on MT4, MT5, and the HF App for Android and iOS.

 

Best Islamic / Swap-Free Forex Broker in Botswana

👉 Overall, eToro is the best Islamic / Swap-Free forex broker in Botswana. eToro is a renowned social trading platform that offers Muslim traders an Islamic Account.

 

👉 eToro does not charge any interest on positions held for over 24 hours. However, registering an Islamic Account can be expensive initially, requiring a 1,000 USD / 13,400 BWP deposit.

 

Best Forex Trading App in Botswana

👉 Overall, CMC Markets is the best forex trading app in Botswana. In addition, CMC Markets offers a user-friendly mobile app with research tools, powerful charts, customizable watch lists, news reports, and a range of educational materials.

 

Best Lowest Spread Forex Broker in Botswana

Overall Rating

Min Deposit

USD 0 / 0 BWP

Regulators

FCA, CySEC, IFSC, KNF

Trading Desk

No Trading Desk

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, XTB is the best lowest-spread forex broker in Botswana. XTB is a well-known forex and CFD broker with low and competitive forex spreads from 0.1 pips depending on the financial instrument and the market conditions.

 

👉 XTB is also a good broker in terms of educational materials and research capabilities, providing traders with comprehensive market analysis across markets.

 

Best Nasdaq 100 Forex Broker in Botswana

Overall Rating

Min Deposit

USD 10 

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

60

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FXTM is the best Nasdaq 100 forex broker in Botswana. FXTM is a multi-regulated forex and CFD broker that accommodates Botswanan traders with a keen interest in Nasdaq. Traders can expect low and competitive spreads, a choice between accounts, and powerful trading platforms.

 

Best Volatility 75 / VIX 75 Forex Broker in Botswana

👉 Overall, IG is Botswana’s best Volatility 75 / VIX 75 forex broker. IG is one of the best CFD brokers with powerful proprietary trading technology.

 

👉 IG is well-regulated and offers Botswanans access to VIX75, with spreads from 0.04 pips / 0.13% and zero commission charges.

 

Best NDD Forex Broker in Botswana

Overall Rating

Min Deposit

USD 50 / 672 BWP

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FXCM is the best NDD forex broker in Botswana. FXCM is a No-Dealing Desk broker with STP and ECN execution across several markets.

 

👉 In addition, FXCM offers a choice between third-party platforms in addition to technical indicators, charting tools, and competitive trading conditions.

 

Best STP Forex Broker in Botswana

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

36

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on RoboForex’s website

👉 Overall, RoboForex is the best STP forex broker in Botswana. RoboForex is popular forex and CFD broker with competitive trading conditions. RoboForex offers STP execution with liquidity sourced from top providers.

 

👉 Botswanans can expect access to over 12,000 instruments via powerful and innovative third-party platforms.

 

Best Sign-up Bonus Broker in Botswana

👉 Overall, Windsor Brokers is the best sign-up bonus broker in Botswana. Windsor Brokers is a well-regulated broker that offers Botswanans a welcome account funded with 30 USD in trading credit. With this account, Botswanans can explore the platform or risk-free test their strategies.

What are the most common Forex Scams that Botswanans must know?

What are the most common Forex Scams that Botswanans must know?

👉 Scammers prey on inexperienced traders by promising them easy money with a failproof strategy, piece of information, or automated trading program, all while taking advantage of the Forex market’s inherent difficulties.

 

👉 Below we have detailed the most common forex scams that Botswanans might encounter while they trade forex.

 

Broker Scams

👉 To purchase and sell foreign currencies, you need the services of a forex broker. Trading foreign exchange via a broker is required. Unfortunately, not all brokers are dependable; some might scam you out of money or overcharge you in other ways.

 

👉 Since they are unregulated, some do not answer to any authority. Subsequently, there is little room for legal action if fraud occurs.

 

👉 Learning as much as possible about the broker you are considering working with is recommended. You can learn more about a broker by reading reviews on review websites that do not have any financial interest in the brokers they recommend.

 

Pump-and-Dump Scams

👉 Before recruiting investors, fraudsters acquire stock in an illiquid firm. The fraudster, masquerading as a broker, then persuades other investors to purchase shares, driving up the price.

 

👉 After the value of the shares rises, the “broker” sells them for a great profit, and the price falls dramatically. Larger investors combine to purchase shares in large quantities, pushing up the price and generating a buzz around the company before dumping it.

 

Investment Seminar Scams

👉 There are plenty of respectable investing education seminars available. However, scammers are increasingly marketing bogus or useless education packages that claim to educate victims on how to trade/get rich/invest in real estate/start an internet company, etc.

 

👉 These seminars and education courses can cost victims hundreds of pounds and accomplish nothing except empty their purses.

 

Forex Advertisement Scams

👉 Website or social media ads, such as those on Facebook or Instagram, often use this tactic to defraud unsuspecting users of their money.

 

👉 Famous people in business and show business are often shown with these items, even though they seldom permit their pictures to be used. These pictures are utilized because they subconsciously make people curious and encourage them to click to learn more.

 

👉 The “rags to riches” story is another common theme in these scams when the target audience is shown images of a person who went from poor to affluent via Forex trading.

 

Be Cautious of “Market Bubbles”

👉 When the value of a commodity or item, like gold, real estate, or bitcoin, suddenly and dramatically increases, it is called a bubble. There is a rapid increase in price followed by an equally rapid decrease.

 

👉 However, price increases in a bubble are not justified by actual consumer demand for the commodity.

 

👉 Although asset bubbles and investment frenzies are not technically a kind of fraud, it is important to include them here because they drive many normally sane investors to make poor choices at the height of the frenzy, including buying in what may be perfectly legal assets for the wrong reasons.

 

👉 Scammers have it easier during bubbles because rational investors seeking to profit from the increase in value of an asset could be more receptive to such schemes.

 

High-Yield Investment Programmes

👉 When a high rate of return is offered for a little initial investment into a Forex fund, the investment program is often merely a Ponzi scam.

 

👉 However, the current investors are paying back the original investors out of the money generated by the current investors, and a steady stream of new investors is required to keep the funds flowing.

 

👉 In addition, once there are no more investors in the scheme, the owners typically shut it down and take all the remaining money.

 

Signal Sellers

👉 A “signal seller” is an individual or business that offers advice on which trades to undertake, claiming that their recommendations are supported by expert predictions that would ensure financial success for the unwary investor.

 

👉 They demand a fee daily, week, or month but provide no actionable insights to improve trading performance. To win over the trader’s trust, they will often include several testimonials from reliable sources, even if they are useless for predicting trade outcomes in the trader’s favour.

 

Robot Trading Scams

👉 The allure of a business model that claims to generate revenue while you snooze is understandable. But we might all benefit from generating passive income.

 

👉 For example, fraudsters in the foreign exchange market may offer “trading systems” (sometimes known as “robots”) that perform all the work for you.

 

👉 Computers make an automated purchase and sell decisions based on predetermined criteria. These forex robots do not go through any third-party testing or vetting to ensure their reliability.

 

👉 Still, putting all your trust in a single method to manage your savings and assets is a bad idea. Despite popular belief, computers may make errors.

 

👉 In addition, no one (not even a computer) can foresee how economic signals from across the globe would affect the market. So, although it might be tempting to have a robot make trades on your behalf, you should be wary of falling for one of the many scams that use trading robots.

 

Bid/Ask Spread Manipulation

👉 Although the frequency of such frauds has diminished over time, they are still not absent. Therefore, to avoid problems, it is best to work with a Forex broker licensed by the appropriate authorities.

 

👉 These cons often entail wider-than-usual spreads (five to seven pips) rather than the standard two to three.

 

“Boiler Room” Scams

👉 Shares in a worthless private firm are sold to unsuspecting investors because their value will skyrocket when the company becomes public.

 

👉 They rely on a sense of “urgency,” convincing the target that they would miss out if they do not act immediately, preventing them from thoroughly studying the offer.

 

👉 However, in many cases, the business in question does not exist. Instead, it uses a fictitious phone number, address, or website. Scammers will take as much money as they can from victims, then vanish.

 

Multi-Level Marketing Scams

👉 Multi-level marketing (MLM) companies focusing on forex trading have contributed to the industry’s continued growth in popularity. However, these industries naturally attract criticism, and the foreign exchange market is no exception.

 

👉 In return for daily trading signals and forex training resources, members of certain famous forex MLMs are charged a monthly fee.

 

👉 Then, members are encouraged to bring in recruits in exchange for higher commissions. Instead of focusing on making sales, some businesses try to bring in new customers.

 

Pyramid or “Ponzi” Schemes

👉 These schemes are typical examples of affinity fraud. They advertise substantial returns for modest outlays of capital. Early investors typically see a return on their first investments. This success motivates them to bring in other investors, including their friends and family.

 

👉 The first return, however, is being paid for with money contributed by other participants of the plan, and the ‘investment opportunity’ does not exist. Scammers stop taking money from investors when they see their number dropping.

 

Managed Account Scams

👉 There are several instances of managed accounts that are Forex scams. The victim of one of these scams can discover that the trader has spent their money on personal luxuries rather than investing it.

 

👉 There are insufficient funds to reimburse the victim when they finally get to ask for their money back.

Conclusion

👉 While traders often hold brokers responsible for their financial setbacks, they can be at fault in certain cases. Therefore, before creating an account with a broker, a trader should do their homework and determine whether they are a good fit.

 

👉 If so, the trader should make a modest deposit, make a few trades, and then withdraw. With a successful trial, a greater initial investment may be made.

 

👉 But if you are already in a bind, make sure the broker is not up to no good by asking pertinent questions and trying to get answers. If that does not work, report them to the Botswanan authorities, who may act against them.

FAQ

Can brokers manipulate MT4 in Botswana?

Indeed, they can. They could open the spread on their trading platform and eliminate traders’ holdings by hitting their stop losses. Botswanans must ensure that they choose regulated, reputable, and verified brokers to prevent this from happening.

 

Can Botswanans trust forex brokers?

Forex brokers regulated in a big financial centre are more dependable, given that you have verified their regulation on the official website of market regulators.

 

How can Botswanans recover their lost forex funds?

Botswanans must report to local authorities and contact their bank to block any further transactions. If the broker is regulated, Botswanans can contact the country’s supervisory body to report the fraud and attempt to retrieve their lost funds.

 

How can Botswanans verify a forex broker?

Traders can view the regulator’s website and search for the broker’s name or license number to verify their status.

 

Are online brokers in Botswana safe?

Hundreds of safe online brokers in Botswanan, such as HFM, Exness, AvaTrade, IC Markets, etc., provide legitimate forex trading solutions and services.

However, there are scam brokers, and therefore, Botswanan traders must use the services of verified, regulated brokers.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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