Beware tradeft.com

[JerryMungo]

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[Snyper564]

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Not entirely sure what to say here.

Didn't read the full article BUT leveraged cfd trading is the highest risk trading you can do. It's literally gambling....

To put it in perspective you cna literally blow an account in seconds.

 

[airborne]

Now imagine that there are these organizations promising stupid returns to anyone with spare cash, including pensioners who have no hope of understanding the risks, cold-calling your relatives to promise them the earth while holding a local bank account and license to trade.

It may be unethical what they are doing but not illegal?
Same as gambling companies which also use banks like Nedbank...

 

[Snyper564]

I think ethics and legality are closely related in the financial services department. I have no doubt some laws have been broken here via their marketing department.

Gambling companies are not related to financial services companies. Two different sectors governed differently.
R225k in fees on a R400k total investment?

Swap fees are overnight fees.

Some places charge around 0.03% of the value for this.

Problem is when your value is leveraged.

400k x 200 x 0.3% easy to see how that happens.

This is what happens when ppl dabble with things they don't understand. Cfds are not for overnight trading but short term same day trading.


Now they might have got her with predatory tactics she either gave in based on greed or desperation. This is typically how ppl fall for the get rich quick scams/investments

Not great by any means

 

[warrenpridgeon]

Not entirely sure what to say here.

Didn't read the full article BUT leveraged cfd trading is the highest risk trading you can do. It's literally gambling....

To put it in perspective you cna literally blow an account in seconds.

We need that dude with his bot. xD

 

[airborne]

I think ethics and legality are closely related in the financial services department. I have no doubt some laws have been broken here via their marketing department.

Gambling companies are not related to financial services companies. Two different sectors governed differently.
R225k in fees on a R400k total investment?

My point is it’s the same underlying basis, whether gambling or CFD it's a very high risk proposition where only fools tread. The fact that people are getting horribly ripped off is neither here nor there from the bank's perspective as long as the business is legal. Which it appears it is, though they are probably skirting the boundaries as many such businesses do, such is life, there are always a few sharks in the water.