There’s no denying the appeal of online trading in South Africa. The country has been experiencing extended wealth inequality, so the South African public is desperate to secure a better financial future.
However, the profitable potential of online trading is often smeared with the lurking risk of fraudulent operations of investment product providers.
One popular case in the South African financial markets is the deepfake scam allegation of Banxso and its alleged clone brand, AfriMarkets. Read on this TRU Insights to learn everything you must know about the potential affiliation between the controversial Banxso and the newly emerged AfriMarkets.
AfriMarkets and Banxso Association at a Glance
What Happened. In 2024, the Financial Sector Conduct Authority had provisionally withdrawn Banxso’s license (FSP 37699), which resulted in Banxso’s accounts being frozen. Following the license withdrawal, a brokerage company named AfriMarkets emerged – several investigative units and journalists conspire that Banxso now operates under AfriMarkets.
What Do We Know. Banxso and AfriMarkets have the same business model, unethical marketing techniques using deepfake, and even management and ownership. For these primary reasons, the public was concerned about the potential affiliation of Banxso with AfriMarkets.
Who Are Involved. Thousands of concerned individuals revealed the potential affiliation of the new AfriMarkets with Banxso. According to them, Banxso owns the operation of AfriMarkets, aiming to continue its business after dealing with continuous blows from the FSCA.
What Is AfriMarkets?
AfriMarkets is a South African brokerage company that provides access to the major financial markets, including forex, stocks, commodities, and indices. The platform claims to provide the world’s best trading experience.
According to its website, the brokerage company is operated by AfriMarkets Capital (Pty) Ltd., a company bearing a license from the FSCA (FSP 52813).
Through the AfriMarkets platform, a South African trader can access eight trading accounts, with minimum deposits ranging from USD 300 to USD 250,000.
| Trading Account | Minimum Deposit | Minimum Lot Size |
| Foundation | USD 300 | 200:1 |
| Essential | USD 1,000 | 200:1 |
| Enhanced | USD 2,500 | 200:1 |
| Deluxe | USD 5,000 | 200:1 |
| Pro | USD 10,000 | 200:1 |
| Elite | USD 25,000 | 200:1 |
| Ultimate | USD 100,000 | 200:1 |
| Supreme | USD 250,000 | 200:1 |
For as little as a USD 300 deposit, a trader can access all the basic features of AfriMarkets, including social trading, TipRanks, Trading Central, trading signals, and account managers.
Sounds profitable and enticing, right?
Here’s the thing – South African investigative units and various journalists are conspiring that AfriMarkets is just a clone brand of Banxso – the company’s way to continue its business operations after dealing with regulatory sanction from the FSCA.
Read More: Banxso 2025 Review: Is It a Regulated Trading Platform? : AfriMarkets’ Association with Banxso: The Deepfake Scam Controversy in South AfricaWhat Is Deepfake Scam in South Africa?
The South African financial market has been dealing with various hurdles as fraudulent entities are becoming more pervasive, exploiting the enthusiasm and desperation of the public.
One infamous unethical practice witnessed by investors is using deepfake technology to deceive investors.
Deepfake is the process of creating fake media using the deep learning capabilities of AI. Scammers thrive using deepfake ads as they create a fake endorsement from an influential personality.
Doing so creates a sense of credibility and legitimacy, which scammers used to defraud investors.
Banxso, a brokerage company once an FSP-license bearer, had been subjected to public scrutiny as it benefitted from a multi-million-rand scam from Elon Musk and Johann Rupert’s deepfake ads.
Is AfriMarkets Affiliated with Banxso?
A South African investigative unit and various journalists revealed the possible, almost a hundred percent, affiliation of AfriMarkets and Banxso.
One truth-teller behind the potential affiliation is the shared ownership and management of the two companies. According to financial watchdogs, Harel Sekler and Warwick Schneider are directors of both companies.
Additionally, the cunning correlation between the emergence of Banxso’s controversies and the launch of AfriMarkets raises the potential red flag of the two.
AfriMarket entered the financial service sector in March 2024, shortly after the Musk and Rupper deepfake ad of Banxso was flagged.
A month later, the FSCA released a public warning against Banxso after receiving massive complaints from the members of the public.
Read the full statement of the FSCA regarding the issue:
The Rise of Banxso and Afrimarkets’ Alleged Involvement
Banxso has positioned itself as a regulated trading platform in South Africa, claiming to offer a secure environment for traders.
However, emerging reports suggest that Afrimarkets, a marketing and affiliate network, played a key role in promoting Banxso’s services—some of which may have been misleading or outright fraudulent.
Several South African traders have come forward, alleging that they were lured into investing through deceptive advertising campaigns.
These campaigns, reportedly orchestrated by Afrimarkets, included exaggerated success stories and fabricated endorsements from Elon Musk and Johann Ruppert.
The Deepfake Allegations: A Digital Deception
Perhaps the most alarming aspect of this controversy is the alleged use of deepfake technology to enhance credibility and attract unsuspecting investors.
Deepfake videos and AI-generated endorsements have been widely circulated, featuring fabricated testimonials from individuals purportedly making significant profits with Banxso.
Investigations indicate that some promotional materials used the faces and voices of well-known financial experts—without their consent—to fabricate endorsements.
This digital deception has fueled outrage within the trading community and regulatory bodies.
Regulatory Response and Public Backlash
The Financial Sector Conduct Authority (FSCA) of South Africa has acknowledged receiving multiple complaints regarding Banxso’s operations.
While the extent of Afrimarkets’ direct involvement remains under scrutiny, authorities are closely examining its role in misleading promotions and fraudulent marketing tactics.
Consumer protection agencies and cybersecurity experts have urged traders to be cautious and verify the legitimacy of trading platforms before investing.
Meanwhile, industry watchdogs have called for stricter regulations on using AI-generated media in financial advertising.
Read More: Banxso 2025 Review: Is It a Regulated Trading Platform? : AfriMarkets’ Association with Banxso: The Deepfake Scam Controversy in South AfricaHow to Avoid Deepfake Scams in South Africa
The Afrimarkets-Banxso scandal underscores the growing dangers of deepfake technology in online financial scams. Here are some critical steps traders should take to protect themselves:
- Verify Licenses & Regulation: Check if the trading platform is genuinely registered with South African regulatory bodies like the FSCA.
- Be Wary of Unrealistic Promises: If a platform claims guaranteed profits with minimal risk, it’s likely a scam.
- Conduct Reverse Image Searches: Investigate whether endorsements and testimonials are genuine or AI-generated.
- Rely on Independent Reviews: Look for feedback from reputable financial forums and communities rather than promotional content alone.
The Deepfake Scam Allegation Against Banxso and AfriMarkets
The deepfake scam controversy surrounding AfriMarkets and Banxso in South Africa is a stark reminder of the dangers of digital deception in the trading industry.
As regulators tighten their grip on fraudulent practices, traders must stay informed, exercise due diligence, and remain vigilant against misleading marketing tactics.
As this story continues to unfold, the financial community eagerly awaits regulatory actions that will restore trust in South Africa’s online trading landscape.
