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Consumers must be aware of the high risks of online trading, says FAIS ombud

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GUEST – Advocate John Simpson – Ombud for Financial Services Providers



Consumers who are considering embarking on forex trading and other forms of online day trading must ask
themselves whether they have the expertise required and are prepared to accept the risk of losing all their money, the FAIS Ombud says. Online trading is generally regarded as a high-risk investment and should be undertaken only after giving serious consideration
the risks involved, the Ombud said in a statement this week. In a recent case dealt with by the Office, the complainant received a call from the representative of an online trading platform inviting him to subscribe to the platform.



The complainant believed he could make substantial profits from forex trading. He invested about R725 000
over several months. At the end of the period, he had lost most of his capital, having received only one withdrawal of R3 959.35. When the complainant requested a second withdrawal, it was automatically rejected by the platform because his balance was insufficient
to process the amount due to the open positions of the complainant at that time.
7 Feb 2024 3PM English South Africa Business News · Investing

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