MJ Givens Kgasi, Analyst at Octa
As South Africa’s trading sector grows, so does the awareness of what makes a broker trustworthy—or not. According to a recent global survey conducted by international financial broker Octa, South African traders are increasingly wary of red flags such as hidden fees, withdrawal delays, and chart manipulation. The study surveyed more than 2,000 traders across four countries—South Africa, Malaysia, Indonesia, and Nigeria—offering a snapshot of the global trader mindset. For South Africans, the findings point to deepening expectations for fairness, transparency, and accountability.
One of the most striking statistics is that 62% of South African traders view promises of unrealistic gains as a major red flag. In an era of social media hype and high-risk promises, local traders are pushing back against platforms that exaggerate potential returns. They are calling for honesty and walking away from platforms that do not deliver it.
Withdrawal issues are also a major concern, with 27% of South African traders reporting difficulty accessing their funds. This is the highest among the four countries surveyed and highlights the critical role of seamless transaction processes in maintaining trust.
Chart manipulation is another clear red flag. More than half of South African traders (56%) say manipulated or inconsistent price charts signal unreliability. This indicates a demand for more transparent pricing practices and access to historical data to verify broker integrity.
Interestingly, only 29% of local traders say high broker fees are a deal-breaker, a figure lower than in other countries like Indonesia. This suggests South African traders may be more tolerant of fees provided they get value, security, and service in return.
MJ Givens Kgasi, Analyst at Octa, believes this growing scrutiny is a sign of progress. “South African traders are becoming more informed and selective. They are not just looking for low fees, they are looking for transparency, fast withdrawals, and honest communication. Once trust is broken, it is very hard to regain.”
The survey results reveal a trading audience that is maturing quickly. Gone are the days of jumping into platforms based solely on marketing promises. Today’s traders want accountability and education. They want tools to help them assess broker credibility and data to back up performance claims.
“Chart manipulation and delayed withdrawals do not just hurt a trader’s wallet—they hurt confidence,” adds Kgasi. “And that confidence is essential for consistent performance and long-term trading success.”
With South Africa’s crypto and forex trading space continuing to grow, these insights serve as a reminder for brokers to prioritise transparency, security, and integrity.