UMarketPro and Protea Markets use Mixirite’s FSCA licence, but multiple factors point to links with the banned platforms.
The banned contracts-for-difference (CFD) platforms Banxso and AfriMarkets may have had their licences withdrawn or suspended, but their business model appears to be alive and kicking.
New operators continue to benefit from South Africans lured through fake social media ads that promise automated monthly returns of more than R500 000 from a once-off “investment” of as little as R4 300. These platforms claim legitimacy by citing their Financial Sector Conduct Authority (FSCA) licence.
However, they offer high-risk CFD trading without disclosing that clients will be trading CFDs. They also fail to warn that most people lose money on such trades and instead downplay the risk, telling would-be investors that a “success manager” or “trading professional” will significantly reduce risks and help them make profits.
Of even more concern is that the new operators appear to have multiple links to Banxso and AfriMarkets.
Moneyweb exposed Banxso and AfriMarkets last year as benefitting from fake ads that lure clients to the platforms. Court papers later revealed that thousands of investors collectively lost hundreds of millions of rands – possibly even billions.
The FSCA provisionally suspended Banxso’s licence in October last year and withdrew it permanently in July this year, describing the company as having “contravened various financial sector laws in a material manner”, “misappropriated client funds”, “provided false and/or misleading information to clients and to the FSCA”, and “failed to act in the best interests of clients”. Banxso is also fighting a liquidation application.
The FSCA also provisionally suspended AfriMarkets’ licence in July, stating that the companies are “linked through common directorships and key persons and conducted their financial services business in a very similar manner”.
Both Banxso and AfriMarkets are owned by Israeli national Harel Sekler, who was also a director of both companies, along with South African businessman Warwick Sneider.
ALSO READ: FSCA withdraws financial services provider licences of Banxso and Afrimarkets
Moneyweb investigation
A Moneyweb investigation has found that two new CFD trading platforms – Protea Markets and UMarketPro – have stepped into the space previously occupied by Banxso and AfriMarkets. Both platforms operate under Mixirite’s FSCA licence. A third platform, Randfox, also trades under Mixirite’s licence.
The investigation revealed that these platforms operate with a virtually identical business model and that the overwhelming majority of Mixirite employees previously worked for Banxso and/or AfriMarkets.
Several former Banxso and AfriMarkets employees engaged extensively with Moneyweb. They confirmed that UMarketPro and Protea Markets emerged soon after the first reports about Banxso and AfriMarkets appeared last year.
To test these claims, Moneyweb registered on multiple fake ads and was contacted by a range of CFD platforms – several of which are licensed by the FSCA (this will be the subject of a follow-up article). One of these platforms was Protea Markets, and the agent followed a virtually identical script to that used by Banxso and AfriMarkets in previous interactions with Moneyweb.
The approach was to deny any connection to the fake ads, use Mixirite’s FSCA licence as proof of legitimacy, and convince the target to make an initial deposit without disclosing that CFD trading is highly risky and that most clients lose money. Instead, agents repeatedly assured the prospective investor that a “success manager” or “professional trader” would guide them to profit.
Six victims also contacted Moneyweb, claiming they collectively lost about R4.5 million through UMarketPro. Five of these victims responded to fake social media advertisements.
ALSO READ: AfriMarkets: Banxso’s emerging twin?
Directors flying under the radar
Mixirite’s CIPC (Companies and Intellectual Property Commission) company report list two active directors, Cora-Lise Makovini (44) and Etienne Prinsloo (54). Both have little to no public or professional presence, and there appears to be no evidence of their prior involvement in financial services or the derivatives trading industry.
Makovini, appointed on 31 July 2025, seems to work as a graphic designer at The Coupon Company, a Pretoria-based business. Moneyweb sent her repeated WhatsApp messages and emails and engaged with a colleague at the company, but Makovini did not respond.
Prinsloo, appointed as a Mixirite director on 25 June 2025, has no public profile. Moneyweb managed to locate a cellphone number linked to him, but a person who answered said they knew him before abruptly ending the call. Subsequent WhatsApp messages went unanswered.
Moneyweb also submitted a Section 26 application to the directors to obtain Mixirite’s shareholder register, but the directors also failed to respond to this request.
ALSO READ: Banxso placed in provisional liquidation
No response from UMarketPro, Protea Markets or Mixirite
Moneyweb sent multiple emails and messages with detailed questions about their operations to the public contact addresses of UMarketPro, Protea Markets and Mixirite, addressed to the directors. Although automated acknowledgements were received, none of the companies responded.
Moneyweb also sent emails and WhatsApp messages to Mixirite’s key individual, Pedzai Mvere, as listed on the FSCA website. Moneyweb attempted to reach him via two mobile numbers, but received no reply. Mvere previously worked at Sasfin Bank during a period when the institution was implicated in alleged irregular forex transactions and named in an amaBhungane report published in 2024.
Moneyweb also wrote to Mixirite’s compliance officer, Jan Scholtz of Compli-Serve, who acknowledged receipt of the inquiry but did not answer any of the questions.
Repeated efforts to contact Sekler, Sneider, and several former Mixirite directors also went unanswered.
ALSO READ: ‘AfriMarkets onboards 80 clients daily from fake ads’ – former employee
Cross-directorships
The links between Mixirite and Banxso or AfriMarkets become clearer when examining Mixirite’s former directors.
Johannes Gerhardus Barnard Koegelenberg and Ian Ross both resigned as directors on 25 June 2025 – the same day Etienne Prinsloo was appointed.
Company records show that Koegelenberg and Ross were also directors of Marnic Financial Consultants and an entity called ‘Ross Sales’ alongside Warwick Sneider, a former director of both Banxso and AfriMarkets.
- Sneider, Ross and Koegelenberg all served as directors of Ross Sales in 2021 and 2022, and of Marnic Financial Consultants during the same period, although not always concurrently;
- Sneider and Koegelenberg were also directors together in Jettie Investments, Pu Prime and VT Markets, with Koegelenberg frequently being appointed within days of Sneider’s resignation from those entities; and
- Prinsloo, Mixirite’s current director, was previously a director of EasyFund, in which Sneider briefly held a directorship in 2021.
These overlapping directorships suggest a link between Sneider and current and former Mixirite directors.
ALSO READ: Banxso agents allegedly mislead clients on licence status
Representatives of companies
A further link between Banxso, AfriMarkets and Mixirite is found in their employee registers. Of Mixirite’s 108 authorised representatives, 84 previously worked for AfriMarkets, and 44 are listed as having worked for all three companies.
All licensed financial services providers are required by the FSCA to publish registers of their authorised representatives. Moneyweb obtained copies of these registers for Banxso, AfriMarkets and Mixirite through a request under the Promotion of Access to Information Act (PAIA). The records confirm that dozens of individuals moved directly from AfriMarkets – and, in several cases, Banxso – to Mixirite.
Shortly after Moneyweb sent questions to Mixirite about these overlaps, the company’s comprehensive FSCA register was replaced on the regulator’s website with a version showing only one name: Pedzai Mvere, Mixirite’s key individual.
Sekler did not respond to Moneyweb’s questions about these links. His attorney of record, Hanekom Attorneys, confirmed that while they act for Sekler in matters relating to Banxso, they do not represent Mixirite.
- Moneyweb is compiling a register of individuals who have lost money through FSCA-licenced companies – including UMarketPro and Protea Markets – that benefit from fake online advertisements that lure clients to their platforms. If you have suffered a loss, please email the details to [email protected]. All information will be treated in strict confidence.
- Current and former employees of these companies are also encouraged to come forward. Any information shared will remain completely confidential.
This article was republished from Moneyweb. Read the original here.
