South Africa's Financial Sector Conduct Authority Advises Public to be Cautious About Trading with 'Ameritindexmarket'

The Financial Sector Conduct Authority (FSCA) of South Africa has issued a regulatory warning about “Ameritindexmarket”, reminding the public to be aware of the trading platform and to exercise caution when conducting financial services business with it.

The FSCA found that Ameritindexmarket was using the social media platforms Facebook and Instagram to collect money from the public under the pretext of investment.

Ameritindexmarket allegedly promised unrealistic returns in less than 12 hours. One should be skeptical of all investment opportunities that offer such returns, especially when the profit return cycle is also unrealistic.

While the FSCA did not comment on the specifics business of Ameritindexmarket, it did note that the financial services provider is not authorized by any financial laws to provide such services in South Africa. The regulator also stated that it is illegal to conduct unregistered financial services business.

To avoid unnecessary risks, the FSCA advises South African residents not to accept financial advice, assistance or investment offers from unregulated individuals or entities. The regulator astrongly advised people to consider unsolicited investment advice and investment offers appearing on social media with caution.

The FSCA also noted that regulated financial service providers must clearly demonstrate their regulatory status in their documentation, and if they do not, investors are advised to transfer funds with caution.