In the foreign exchange market, knowledge is power.
If you’re familiar with the nitty-gritty of the forex market, it’s easier to spot profitable opportunities to grow your trading capital. That’s why it’s always advised to learn the market before diving into it.
And people do so! But the problem is the credibility of the learning materials and the validity of the information they’re getting.
In South Africa, iTradeFXLive is a forex brokerage company that claims to provide necessary tools for more informed trading. It piqued the interest of forex traders; however, little did they know that entering the platform would be a one-way street to financial losses.
In this TRU Insights, we’ll walk through the operations of iTradeFXLive and unravel its scam operation. Read on and protect yourself from the likes of iTradeFXLive.
iTradeFXLive at a Glance
What Happened?
In March 2024, the Financial Sector Conduct Authority (FSCA) signed an administrative penalty order against Mr. Sandile Innocent Shezi for operating iTradeFXLive without the necessary FSP license.
The penalty was made in accordance with the Financial Intermediaries and Advisories Services Act Section 37 of 2002 (FAIS Act of 2002, Section 37).
What Do We Know?
ITradeFXLive is a South African forex brokerage company claiming to provide lifetime opportunities through research-driven insights from the alleged expert-filled team.
However, the FSCA flagged the company with a fraud warning for soliciting investments from South African traders without the necessary license.
In 2024, the FSCA filed an administrative penalty against the company – imposing a penalty fee of ZAR 1 million and debarring Shezi for 10 years.
What Is iTradeFXLive?
ITradeFXLive is a forex brokerage company that offers its clients various benefits, notably helping them make informed investment decisions.
Among the services offered and benefits provided by the iTradeFXLive are the following:
- One-on-One Training
- World-Class Investment Research
- Screening of top-trading opportunities among 200+ financial instruments in real-time
- Affiliation Business
However, the seemingly profitable benefits and services of iTradeFXLive were used to deceive unsuspecting investors into joining the company.
ITradeFXLive was once operating using the domain of https://itradefxlive.com/. However, the financial operations are typically done through the company’s social media platforms, including:
- YouTube: @itradefxlive2920
- Facebook: facebook.com/itradefxlive
- Instagram: instagram.com/itradefxlive
Is iTradeFXLive Regulated and Legit in South Africa?
No, iTradeFXLive is not regulated or legit. From its launch in 2018 to late 2022, the company conducted its scam operations within the South African borders.
As revealed by the Financial Sector Conduct Authority (FSCA), the forex company rendered financial services in the South African market without the necessary license from the regulator.
According to the FIAS Act of 2002, all South African financial service providers must carry out licenses and operate under the oversight of the FSCA or any authorized regulator. This financial law ensures fairness within the country’s financial markets, protecting both investors and the company from potential money laundering.
Who Is Sandile Shezi?
Sandile Innocent Shezi (29 years old) is the founder of iTradeFXLive. He’s an Umlazi resident, a small town in Durban, South Africa.
Just like any financial influencer, Shezi claimed a seemingly inspiring success story. The once muffin-seller risked his college tuition to venture into forex trading. Cunningly, his first step into the financial market already marked his first success.
Today, he claims to have a net worth of around USD 2.3 million – positioning himself as one of the young millionaires in South Africa.
It turns out that his net worth was not based on his passion and expertise in trading. Instead, it’s from the pocket of his unsuspecting victims.
According to the FSCA, his iTradeFXLive company is a bogus forex trading scheme. Despite receiving numerous warnings from the regulator, Mr. Shezi continued to operate his business.
Ultimately, his resistance came to an end in March 2024. The FSCA signed an administrative order against him and his company, debarring him for 10 years and imposing a penalty fine of ZAR 1 million.
Aside from iTradeFXLive, Shezi also founded the Global Forex Institute and Rivoltare (Pty) Ltd.
While there are no charges against his other companies, the public is advised to be cautious when dealing with Global Forex Institute and Rivoltare (Pty) Ltd.
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