Fake Forex Brokers List in India 2023
Trading is often considered an investment mode, and Indians are knowledgeable enough about stock and equity trading. However, people in India are not knowledgeable about forex trading, and that is why scam brokers in India are growing to lure traders. Although Indian regulation is strict about foreign exchange trading, forex scam in India has found its way to do their activities. Hence, the traders fall into the trap easily. That is why knowing the fake forex brokers list in India is important so that traders can stay safe by avoiding forex trading scams in India. That being said, we have made a list of forex scams in India to make the traders stay aware of the forex scam in India and keep their investments safe. Read on to learn the details of the forex frauds in India.
Is Forex Trading Legal in India?
Since forex trading is still emerging in India, many people don’t know about the legitimacy, so there have been many confusions about whether forex is legal in India. It is both yes and no. Forex trading is legal in India, but the traders should trade via the Securities Exchange Board of India (SEBI) and Reserve Bank of India (RBI) regulated brokers or stock exchanges. Further, Indian traders can trade only those pairs legally that are paired with Indian Rupee (INR). Hence, Euro (EUR), US Dollar (USD), Japanese Yen (JPY), and Great Britain Pound (GBP) can be traded against the INR and vice versa.
Moreover, traders can trade three cross currencies too which include GBP/USD, EUR/USD, and USD/JPY.
But forex trading platforms are banned in India. So, you cannot trade any other currencies except the pairs mentioned above. But there is still the possibility to trade via different platforms, which is illegal. However, traders will need to use unregulated brokers or persons to trade via those platforms. That is when scam brokers in India emerged. Forex trading scams in India benefit from this situation and lure investors.
Fake Forex Brokers List in India: Common Forex Scams in India
According to different news sources, the list of forex scams in India follows a similar pattern. They open up a fake company, which is obviously unregulated. They claim that they are experts in forex trading and promise to give you high returns if you invest with them. They also claim that they have access to the forex trading platform. Since the investors are not allowed to access the forex trading platforms, they trust the fake companies and invest in them with the hope of getting high returns.
After that, scamming occurs. However, sometimes those fake companies may return some profit to gain trust and encourage big investments. So, once the fake companies get a huge amount of money from thousands of investors, they just vanish. That’s how the list of forex scams in India do their forex scam activity.
How to Identify the Scam Brokers in India?
Although we have mentioned the common ways to scam by the fake forex brokers list in India, there are other ways too. Scammers always change their style and strategy as the commonly known strategies are sometimes known by all. Even though they try a unique scamming strategy, the style remains more or less the same. Let’s get to know them.
Forex Scam in India Offers a Guarantee to Success
Whatever the strategy or policy is, the main point of the forex trading scams in India is to guarantee huge profits. They always provide a guarantee to make a huge profit, which is not possible logically. The forex market is huge and volatile. So, no one can offer a guaranteed profit. Hence, if you see any broker offering such unbelievable profits, that might be a scam.
Unsolicited Marketing
Unsolicited and persistent marketing is another scamming behavior of the forex trading scams in India. If any broker pushes someone to invest or purchase a service within short notice or remain in a hurry, this is a sign of a scam broker. Hence, if you face this kind of urgency, you should avoid it.
No Background Information
Usually, the best forex brokers contain a considerable background to prove themselves as good forex brokers. On the other hand, scam brokers in India don’t have any provable background info. They might show you income screenshots or statements to prove themselves as credible. However, generating such images is easy, but providing actual background proof is not an easy task. So, if the broker doesn’t have any background info, you may identify that as a scam broker.
Scam Brokers List
Broker | Website | Reason |
---|---|---|
FX NextGen | www.fxnextgen.com | Offshore license |
Calibur | www.caliburcapital.net | No license |
Titan FX | www.titanfx.com | Offshore License |
FTE FX | www.ftefxpro.com | Offshore License |
Prime XBT | www.primexbt.com | Offshore License |
Tradersway | www.tradersway.com | Offshore License |
MidasGlobe | www.midasglobe.com | No License |
Kronosinvest | www.kronosinvest.com | No license |
Binomo | www.binomo.com | Offshore license |
Circleforex | www.circleforex.com | No license |
First BTC FX | www.firstbtcfx.com | No license |
EssenceFX | www.essencefx.com | Offshore license |
EvisionFX | www.evisionfx.com | No license |
RickGlobal | www.rickglobal.com | Offshore license |
RCM FX | www.rcmfx.com | Offshore license |
247SmartFx | www.247smartfx.com | No license |
Traderia | www.traderia.com | Offshore license |
FX Options24 | www.fx-options24.com | No license |
JustForex | www.justforex.com | Offshore license |
TBFX | www.tbfxtrades.com | No license |
MGM Markets | www.mgm-markets.com | No license |
OlympusMarkets | www.olympusmarkets.com | Offshore license |
Sure Forex Trade | www.sureforextrade.com | No license |
CFreserve | www.cfreserve.com | No license |
Fern | www.fuerfx.com | No license |
Capital TradeFX | www.capitaltradefx.com | Offshore license |
FX PREMIUM | www.fx-premium.com | Offshore license |
Pari Fx Trade | www.parifxtrade.com | Offshore license |
InvestTeck | www.investteck.com | No license |
Aduno Capital | www.adunocapital.com | No license |
S&P Broker | www.snpbroker.io | No license |
Capital88 | www.capital88.com | Offshore license |
4xincome | www.4xincome.com | Offshore license |
TopTradePro | www.toptradepro.com | Offshore license |
Go Capital FX | www.gocapitalfx.com | Offshore license |
Swiss Investment Fx | www.swissinvestmentfx.com | Offshore license |
Smartoptionfx | www.smartoptionfx.com | No license |
Globalix | www.globalix.com | Offshore license |
Libra Markets | www.libramarkets.com | No license |
Monfex | www.monfex.com | Offshore license |
iFXOPTION | www.ifxoption.com | No license |
GoldFxTrading | www.web.goldfxtrading.com | Offshore license |
GoTechFx | www.gotechfx.com | Offshore license |
Ultrontradefx | ultrontradefx.com | No license |
FXIG Trades | www.fxigtrades.com | No license |
4xpremium | www.4xpremium.com | No license |
TurboForex | www.turboforex.com | Offshore license |
Swissinv24 | www.swissinv24.com | Offshore license |
Golden Key Pro | www.goldenkeypro.com | Offshore license |
UproFx | www.uprofx.com | No license |
GoldmanCFD | www.goldmancfd.com | Offshore license |
GCG Asia | www.guardiancapitalag.asia | No license |
Trade Global Market | www.tradeglobalmarket.com | No license |
AZ Trades | www.aztrades.com | Offshore license |
IC Finance | www.ic-finance.net | Offshore license |
69Brokers | www.69brokers.com | No license |
TraderUR | www.traderur.com | Offshore license |
WandaFx | www.wandafx.com | No license |
SeRex Investments | www.serexinvestments.com | No license |
Tradepro Capitals | www.tradeprocapitals.com | Offshore license |
KayaFX | www.kayafx.com | No license |
PTBanc | www.ptbanc.com | Offshore license |
Millennium FX | www.mnmfx.com | Offshore license |
Kapitalfx | www.kapitalfx.de | No license |
PRIMEXQ | www.primexq.com | No license |
Obsbit | www.obsbit.com | Offshore license |
SwiftCFD | www.swiftcfd.com | Offshore license |
BlueMax Capital | www.bluemaxcapital.com | Offshore license |
ItradeFXoption | www.itradefxoption.com | No license |
70Trades | www.70trades.com | Offshore license |
Capital Hall | www.capitalhall.com | Offshore license |
K2 Wall Street | www.k2wallstreet.com | No license |
CapitalFXclub | www.capitalfxclub.com | No license |
Worldwide CapitalFX | www.worldwidecapitalfx.com | Offshore license |
TradeInvest90 | www.tradeinvest90.com | Offshore license |
ADN Markets | www.adnmarkets.com | Offshore license |
Hugosway | www.hugosway.com | Offshore license |
Brokerz | www.brokerz.com | Offshore license |
Trading Epic | www.tradingepic.com | No license |
FXNobels | www.fxnobels.io | No license |
Swiss Capital Invest | www.swisscapitalinvest.co.uk | No license |
Lockwood Investments | www.lockwoodinv.com | Offshore license |
CFDpremium | www.cfdpremium.com | Offshore license |
MegaTradeFX | www.megatradefx.com | Offshore license |
ProFxPremium | www.profxpremium.com | Offshore license |
Dax300 | www.dax300.com | Offshore license |
FXLeader | www.fxleader.com | Offshore license |
Blue Trading | www.bluetrading.com | No License |
Trader.Online | www.trader.online | Offshore license |
Ace Forex | www.acefx24.com | Offshore license |
GxFX | https://gxfx.com | No License |
Forex Grand | https://forexgrand.com | Offshore License |
BTCHOME | www.btchomemining.com | Offshore License |
FXtrade777 | www.fxtrade777.com | Offshore license |
AitsFX | www.aitsfx.com | Offshore license |
ZeegosFX | www.web.zeegos.online | Offshore license |
Citifxmarkets | www.citifxmarkets.com | No license |
Finbitex | www.finbitex.com | Offshore license |
Golden Financial | www.gdfxuk.com | No license |
MaxiTrade | www.maxitrade.com | Offshore license |
FXLinked | www.fxlinked.com | Offshore license |
Ideal Global Trading | www.fxideal.com | No license |
VolumeFX | www.volumefx.com | Offshore license |
The55thFx | www.the55thfx.com | No license |
KapitalSwiss | www.kapitalswiss.com | No license |
ZonggangCaifu | www.zgangfx.com | No license |
Phy Capital Investments Limited | www.phyfx.com | No license |
eMarketsTrade | www.emarketstrade.com | No license |
Esplanade | https://esplanade-ms.com | Offshore License |
Admiral-Markets.com | https://www.admiral-markets.com | No License. Clone Firm. |
Bex Options | www.bexoptions.com | No license |
Affliated Trade Group | www.affiliatedtradegroup.com | No license |
Kingston Trading | https://kingstontrading.com | No License |
Wigmarkets | www.wigmarkets.com | Offshore license |
City Global Trading | http://www.cityglobaltrading.com | No License |
Option94 | www.option94.com | No License |
TheCryptoLimited | https://www.thecryptolimited.com | No License |
Pro X Finance | www.proxfinance.com | Offshore license |
Circle Markets | https://circlemarkets.com | Offshore license |
Pinprotrade | www.pinprotrade.com | Offshore license |
NewSolid | www.newsolid.com | No license |
Cointeck | www.cointeck.io | No license |
OneLife | www.onelife.com | Offshore license |
UKFinvest | https://www.ukfinvest.com | Offshore License |
Emporio Trading | https://emporiotrading.com | Offshore License |
EasyTrade | https://www.easytrade.biz | No License |
Chrono FM | https://www.chronofm.com | No License |
OMC Markets | www.omcmarkets.com | No License |
CFD Trend | www.cfdtrend.com | Offshore License |
Easy FX Trade | www.easyfxtrade.com | No license |
United FCG | www.unitedfcg.com | No license |
Financial.org | https://financial.org | No License. Negative Reputation. |
CCM Clearing | http://ccmclearing.com | No License |
OriginalCrypto | http://www.originalcrypto.com | No License |
4xCube | 4xcube.com | Offshore License |
Bitalong | https://www.bitalong.com | No License |
Your Trade Choice | www.yourtradechoice.com | Offshore license |
FinmarkFX | www.finmarkfx.com | Offshore license |
LiteFinTech | www.litefintech.io | Offshore license |
TradeLTD | www.tradeltd.com | No license |
ForexChief | https://www.forexchief.com | Offshore License |
KryptoWize | https://www.kryptowize.com | No License |
BigOption | https://www.bigoption.com | Offshore License |
Golden FX | www.golden-fx.com | Offshore license |
Solidary Markets FX | www.solidarymarkets.com | No license |
DCA-Finance | https://dca-finance.com | No License |
CryptoNetto | https://cryptonetto.com | No License |
Daiju Commodity Markets | https://www.daiju-cm.com | No License |
GWIT | www.gwitmarkets.com | No license |
Europe Forex Invest | www.eufxinvest.com | Offshore License |
Forex Birds | www.forexbirds.com | Offshore License. |
Blackstone500 | www.blackstone500.com | No License |
Capoinvest | www.capoinvestgroup.co.uk | No License |
Royal GTX | www.royalgtx.com | No License |
Premium Brokers | www.the-premium-brokers.net | Offshore License |
Uptos | www.uptos.net | Offshore License |
StarkMarkets | www.starkmarkets.com | No License. Negative Reputation |
Fx Option Trade247 | www.fxoptiontrade247.com | No License. Clone Firm. |
TraderKing | www.traderking.io | Offshore License |
AMarkets | www.amarkets.com | Offshore License |
LionsFM | www.lionsfm.com | Offshore License |
WDC Markets | www.wdcmarkets.com | No License |
Royaltd24 | www.royaltd24.net | Offshore License |
RoyalsFX | www.royalsfx.co | No License |
Spectre | www.spectre.ai | Offshore License |
Concept4X | www.concept4x.com | Offshore License |
FxFixed | www.fxfixed.com | No License |
FINMAX | www.finmaxbo.com | No License |
Videforex | www.videforex.com | Offshore License |
MetaFinanceTrade | www.metafinancetrade.com | No License |
Capital GMA | www.capitalgmafx.com | No License |
Finq | www.finq.com | Offshore License |
SmartFX | www.smartfx.com | Offshore License |
AAG Markets | www.aagmarkets.com | Offshore License |
CVC Markets | www.cvcmarkets.com | Offshore License |
JustProForex | www.justproforex.com | Offshore License |
GoldenSkyCapital | www.goldenskycapital.com | Offshore License |
Swissquotes | www.swissquotes.de | No License |
Uniglobe Markets | www.uniglobemarkets.com | Offshore License |
CobraCFD | www.cobracfd.biz | Offshore license |
Elite Trading | www.elitetrading.co | No License |
Arum Trade | www.arumtrade.com | Offshore License |
FXprime | www.fxprime.io | Offshore License |
AnyTrades | www.anytrades.com | Offshore License |
BrighterTrade | www.brightertrade.com | Offshore license |
BK-Coin | https://bk-coin.com/ | No license |
Capital Traders | https://www.capital-traders.com/ | No license |
CryptoAllDay | https://cryptoallday.com/ | No license |
SpearTrader | www.speartrader.com | No license |
TegasFX | www.tegaxfx.com | Offshore License |
Cryptonix Team | https://thecryptonixteam.com/ | No License |
Cyber FX | https://www.cyber-fx.com/ | No License |
MCH Investment Strategies | www.mchinvestment.com | No License |
CF Merchants | www.cfmerchants.com | Offshore license |
OneTradex | www.onetradex.com | Offshore license |
Evolution Brokers | www.evolutionbrokers.com | Offshore license |
4xFX | www.4xfx.com | No License |
YFX Capital | www.yfxcapital.com | Offshore license |
PrimeFX | www.pfx-bank.com | No license |
AG Capitals | www.agcapitals.com | Offshore license |
Aleforex | www.aleforex.com | No license |
CarterFS | www.carterfs.com | No license |
Option888 | www.option888.com | No license |
Parnassus Group | www.parnassusgroupllc.com | Offshore License |
Prime | www.hbblmw.com | No license |
UBCFX | www.ubcfx.com | Offshore License |
Zuercher Capital | www.zuerchercapital.com | No License |
CFDStocks | https://www.cfdstocks.com/ | No License |
Aisa | www.aisafx.com | Offshore license |
St Clair Capital Group | http://stclaircapitalgroup.com/ | No License |
PBN Trade | https://pbntrade.com/ | No License |
Morgan Newfield | http://www.morgannewfield.com/ | No License |
By Trading | http://by-trading.com | No License |
GSI Markets | www.gsimarkets.com | Offshore license |
RichmondFG | www.richmondfg.com | No License |
FXmarket247 | https://fxmarket247.com | No License |
Binary Uno | https://www.binaryuno.com/ | No License |
OptionStars Global | https://www.optionstarsglobal.com/ | No License |
Goptions | http://www.goptions.com/ | No License |
Welkron | www.welkron.com | Offshore license |
XtradeFX | http://xtradefx.com/ | No License |
Jones Mutual | www.jonesmutual.com | No License |
Swift Bit Options | www.swiftbitoptions.com | Offshore license |
Rocket Consultant Group | www.rocketconsultantgroup.com | No license |
RCPro | www.rcpro.com | No license |
Extick | www.extick.com | No license |
2dots | www.2dots.com | No license |
GSFX | http://www.gsfx.com | No license |
10Brokers | www.10brokers.com | No license |
Platinums Trade | www.platinumstrade.com | Offshore license |
Broker Yard | http://www.brokeryard.com | Offshore license |
Shinsei Corporate Management | https://www.shinseisecurities.com | No License |
Binatex | https://binatex.com/ | No License |
LottMarket | https://lottmarket.com/ | No License |
Finpari | http://www.finpari.com/ | Offshore License |
Empire Option | https://www.empireoption.com/ | Offshore License |
BeAlgo | www.bealgo.com | No license |
Noble Capital House | https://www.noblecapitalhouse.com/ | No license |
SoarFX | https://www.soarfx.com | No license |
OPCompany | www.opcompany.net | No license |
Dax-300 | www.dax-300.com | Offshore license |
XEcrypto Bank | xecryptobank.com | No License |
Pearson Investments | https://www.pearson-investments.com/ | No License |
Dubai FXM | www.dubaifxm.com | Offshore license |
Asic Trader | www.asictrader.com | No license |
TouchTrades | www.touchtrades.com | No license |
CF Group | www.forexcf.com | No license |
Markets Xchange | www.marketsxchange.com | Offshore license |
NBR Trading | https://www.nbrtrading.com/ | No License |
RoyalCripto | http://royalcripto.com/ | No License. Negative Reputation |
CK Markets | ckmarkets.com | No License |
TopstepFX | www.topstepfx.com | No License |
PlusOption | https://www.plusoption.com/ | No License |
Financika | www.financikatrade.com | Offshore license |
PWRTrade | www.pwrtrade.co | Offshore license |
CriptoRobot | criptorobot.com | No License |
Point Investment Group | http://www.pointinvestmentgroup.com/ | No License. Negative Reputation |
Ayrex | https://www.ayrex.com | No License |
Fin-Tech Prime | www.fin-techprime.com | Offshore license |
Trade Fintech | https://tradefintech.com/ | Offshore License |
iMarketsLive | https://imarketslive.com/ | No License |
Nagaharu Global | http://www.nagaharu-global.com/ | No License |
FxtPremium | www.fxtpremium.com | Offshore license |
LatAm | https://www.latam-fx.com/ | No License |
VTGFX | www.vtgfx.com | Offshore License |
VNC Brokers | www.vncbrokers.com | Offshore License |
Zend Trade | www.zendtrade.com | No license |
OndaMarkets | www.ondamarkets.com | Offshore license |
Inmarket FX | www.inmarketfx.com | Offshore license |
EyeLine | www.eyelinetrading.com | No License |
Shtern Group | https://www.shterngroup.com/ | No License |
TIXfx | http://www.tixfx.com/ | No License |
Invest Trader | https://investrader.net/ | No License |
Option Expert | https://optionexpert.net/ | No License |
24TradeRush | http://24traderush.com/ | Suspended License. |
FXBTG | www.fxbtg.co.nz | No license |
Easy Line Pro | www.easylinepro.com | No license |
FX Merchants | www.fxmerchants.com | No license |
Trades.com | www.trades.com | No license |
TopTrade | https://www.toptrade.fm/ | No License |
TeamFX | https://www.teamfxtrading.co.uk/ | No License |
HybridReserve | www.hybridreserve.com | Offshore license |
Templer FX | www.templerfx.com | Offshore license |
Britonprice | www.britonprice.com | No license |
WT Capital | www.wt-capital.com | Offshore license |
Eminage | www.eminage.com | No License |
ECM | www.ecmtrader.com | No License |
Tallinex | www.tallinex.com | No License. Negative Reputation |
UB4Trade | www.ub4trade.com | No license |
Finodax | www.finodax.com | No license |
TradeToro | www.tradetoro.com | Offshore license |
GMFX24 | www.gmfx24.com | Offshore license |
Boom Xchange | www.boomxchange.com | No license |
CapitalXP | www.capitalxp.com | Offshore license |
Roiteks | https://roiteks.com/ | No License |
365 FX | www.365-fx.com | Offshore license |
LVMexchange | www.lvmexchange.com | Offshore license |
4xbrands | www.4xbrands.com | Offshore license |
Big Boss | https://www.bigboss-financial.com/ | Offshore license |
PrimeCrypto | https://primecrypto.io/ | No License |
Capital Swiss FX | www.capitalswissfx.com | Offshore license |
CFDs100 | www.cfds100.com | No license |
Marketsplus | https://marketsplus.com/ | No license |
Novatrades | https://www.novatrades.com/ | No license |
AMP Trading | https://www.novatrades.com/ | No license |
GFCInvestment | www.amptradinggroup.com | Offshore license |
FXBreeze | www.gfcinvestment.com | No License |
CoinbrokerZ | www.coinbrokerz.com | No License |
Crypto Options Trader | www.crypto-optionstrader.com/ | No License |
TradesFX | www.tradesfx.com | Offshore license |
Cac400 | www.cac400.com/ | No License. Negative Reputation |
MT4Invest | www.mt4invest.com/ | No License |
UFX | www.ufx.com | Offshore License |
MPlus Social | www.mplussocial.com | Offshore license |
XtraderFX | www.xtraderfx.com | No license |
IGOFX | www.igofx.com | Offshore license |
Vix500 | https://vix500.com/ | No License. Negative Reputation |
DracoFX | www.dracofx.com | No License |
Efexa1000 | www.efexa1000.com | Offshore license |
AlphaCapital | www.alphacapital.capital | No License |
Mib700 | www.mib700.net/ | No License. Negative Reputation |
Bormancorp | www.bormancorp.com | Offshore license |
HispaMarkets | www.hispamarkets.com | Offshore license |
RC Global Financial | www.rcglobalfinancial.com | Offshore license |
Trade111 | www.trade111.com/ | No License. Negative Reputation of the Group. |
4xpoint | www.4xpoint.com/ | No License. |
LittInvest | www.littinvest.com | No License. |
XtreamForex | www.xtreamforex.com/ | No License. |
SigmaCFD | www.sigmacfd.com | Offshore license |
Markets Cube | www.marketscube.com | Offshore license |
Markets.Online | www.markets.online | No License |
Prestige.FM | www.prestige.fm | No License |
FXGIM | www.fxgim.com | Offshore license |
EuroPrime | https://www.europrime.com/ | No License. |
AroTrade | www.arotrade.com | Offshore License |
FXPrimes | www.fx-primes.com | No License. |
XMarkets | www.xmarkets.com | No License. |
FXG Invest | www.fxginvest.com | Offshore license |
InvestCity | www.investcity.com | Negative Reputation. |
Profit Trade | www.profit-trade.com | Offshore license |
Escuela Trades | www.escuelatrades.com | No License |
Primus Trades | www.primustrades.com | No license |
RaxoFX | www.raxofx.com | Offshore license |
EFXGlobal | www.efxglobal.com | Offshore license |
True4X | www.true4x.com | Offshore License. |
GDM FX | www.gdmfx.com | No License. Negative Reputation. |
Market Investment | www.marketinvestment.com/ | Offshore License. |
Up4x | www.up4x.com | Offshore license |
Master4x | www.master4x.com | No license |
ECN Capital | www.ecncapital.com | Operates with No License. Negative Reputation. |
Caesar Trade | http://caesar-trade.com/ | Operates with No License. Negative Reputation. |
TradeX1 | https://tradex1.com | Operates with No License |
HBC Broker | www.hbcbroker.com | Offshore license |
PBN Capital | www.pbncapital.com | No license |
TorOption | www.toroption.com | Operates with No License |
CFXPoint | www.cfxpoint.com/ | Operates with No License |
InvestingPRO | www.investingpro.com | Offshore license |
RoyalCFDs | www.royalcfds.com | Offshore license |
XLR Trade | www.xlrtrade.com | Non Licensed Operation. |
ManagedForexHub | http://managedforexhub.com/ | Non Licensed Operation. |
24StarTrade | www.24startrade.com | Non Regulated Broker. |
31FX | www.31-fx.com | Offshore license |
365Markets | www.premium.365markets.com | No license |
AGAM | https://atlanticgam.online/ | No License. Numerous warnings. |
Five Winds | https://fivewindsam.com/ | No License. Numerous warnings. |
TitanTrade | www.titantrade.com | Offshore license |
AFX Markets Online | www.afxmarketsonline.com | Offshore license |
Getco Pro | www.forex.getcopro.com | No license |
BForex | www.bforex.com | No license |
MyFintec | www.myfintec.com | Offshore license |
AlfaTrade | http://alfatrade.com/ | Offshore License. Negative Reputation. |
AAFX Trading | www.aafxtrading.com | Offshore company. Negative Reputation. |
CloseOption | www.closeoption.com | Lack of Regulation |
Capitals Banks | www.capitalsbanks.com | No license |
Wise Banc | www.wisebanc.com | No license |
HiWayFX | https://hiwayfx.com | Suspended License. Suspicious Operations. |
S2Trade | www.s2trade.com | Operates with No License |
PBN Invest | www.pbninvest.com | Offshore license |
Fxcentral | http://www.fxcentral.net | No License. Negative Reputation. |
Capprofx | www.capprofx.com | Operates with No License |
Forex Optimum | https://forexoptimum.com | Operates with No License |
KontoFX | www.kontofx.com | No license |
Forex Swiss FXCH | http://forex-swiss.com | Operates with No License. |
ACFX | http://atlaseforex.com | Suspended License. Negative Reputation. |
Global Clearing Group | http://2pipsforex.com | Operates with No License |
FinPro Trading | https://finprotrading.com | Operates with No License |
GAINSY | www.gainsy.com | Operate without License. |
NetoTrade | www.netotrade.com | Operation with no license. Negative Reputation. |
Trade24 | www.trade-24.com | Offshore license |
Benchhill Partners | www.benchhill.ch | No license |
Markets Broker | www.marketsbroker.com | No License. Offshore Broker. |
Yadix | www.yadix.com | Negative Reputation |
Trade Capital | www.tradecapital.com | No license |
AAAFx | https://aaafx.com | Numerous complaints. |
iFOREX | www.iforex.com | Non compliance |
TradeDAX | www.tradedax.com | Offshore license |
GCI Financial | www.gcitrading.com | No License |
Opportunity Trade | www.opportunity-trade.com | No License |
TopicMarkets | www.topicmarkets.com | Offshore license |
BrokerOfficial | www.brokerofficial.com | No license |
Profiforex | www.profiforex.com | No License. Offshore Broker. |
FxOnUs | https://fxonus.com/ | No License |
SuperForex | www.superforex.com | Offshore license |
Bulls Capital Markets | www.bullscapitalmarkets.com | No License. |
FreshForex | https://freshforex.com/ | No License. |
LQDFX | www.lqdfx.com | Offshore license |
Capital Currency Trade | www.capitalcurrencytrade.com | Offshore license |
PaxForex | https://paxforex.com | No License |
GFBroker | www.gfbroker.com | Offshore license |
FxGlory | www.fxglory.com | Offshore license |
Trade12 | www.trade12.com | No License |
Fort Financial Services | www.fortfs.com | Lack of Regulation. |
Stock Trade Invest | www.stocktradeinvest.com | No license |
InvestMib | www.investmib.com | Offshore license |
FxUnited | http://fxunitedglobal.com | No License. Scam operations. |
Grand Capital | www.grandcapital.net | Offshore license |
Capital Markets Banc CMB | https://capmbeu.com | No License |
FXC Markets | www.fxcmarkets.com | Offshore license |
TGC FX | www.tgcgroupfx.com | No license |
Turnkey Forex | www.turnkeyforex.com | Offshore License |
BECFD | www.becfd.com | Offshore license |
Swiss Markets | www.global.swissmarkets.com | Offshore license |
ExpertOption | www.expertoption.com | Offshore License |
Royal Capital Pro | www.royalcapitalpro.com | No License |
CentroBanc | www.centrobanc.com | Offshore license |
Richmond Investing | www.richmondinvesting.com | Offshore license |
FXGiants | www.fxgiants.com | Non Compliance |
IronFX | www.ironfx.com | Non compliance |
KB Capitals | www.kbcapitals.com | No license |
Crown Finance | www.crown-finance.com | Offshore license |
ForexMart | www.forexmart.com | Reputation |
UniTrader | www.unitrader.com | Offshore license |
FGS Markets | www.fgsmarkets.com | Offshore license |
XForex | www.xforex.com | Offshore License |
72option | www.72option.com | No license |
Banc De Monarch | www.bancdm.io | Offshore license |
SGT Markets | www.sgtmarkets.com | Offshore license |
8888Markets | www.8888markets.com | No license |
HQBroker | www.hqbroker.com | Offshore license |
FXT24 | www.fxt24.com | No license |
TradesPrime | www.tradesprime.com | Offshore license |
VFX Capital | www.vfxcapital.com | Offshore license |
iForex24 | www.iforex24.com | Offshore license |
StarfishFX | www.starfishfx.com | No license |
Investex | www.investex.com | Offshore license |
WorldFXM | www.worldfxm.com | Offshore license |
GreenFields Capital | www.greenfieldscapital.com | No license |
SimpleFX | www.simplefx.com | Offshore license |
1000 Extra | www.1000extra.com | Offshore license |
NordFX | www.nordfx.com | Offshore license |
Ostrich Capital | www.ostrichcapital.com | No license |
CM Trading | www.cmtrading.com | Offshore license |
LMFX | www.lmfx.com | Offshore license |
Tradeview Forex | www.tradeviewforex.com | Offshore license |
UMOFX | No license | |
Gallant Finance | www.gallantfinance.com | Offshore license |
FXChoice | www.myfxchoice.com | No license |
TradeFTM | www.tradeftm.com | No license |
Stern Markets | www.sternmarkets.com | Offshore license |
OnlyTrades | www.onlytrades.com | No license |
Xinghui International | No license | |
AVA Investments | www.ava.investments | Offshore license |
FxFWay | www.fxfway.com | Offshore license |
TradeBNP | www.tradebnp.com | Offshore license |
Baihua Global | www.bfmfx.com | No license |
YesTrading | www.yestrading.com | Offshore license |
FSMSmart | www.fsmsmart.com | Offshore license |
AccentForex | www.accentforex.com | Offshore license |
Suisse Trade Center | www.stcforex.com | Offshore license |
CMSTrader | www.cmstrader.com | Offshore license |
FXPremax | www.fxpremax.com | No license |
SwissCCI | www.swisscci.com | Offshore license |
Axe Invest | www.axeinvest.com | Offshore license |
Forex4You | www.forex4you.com | Offshore license |
TradeTime | www.tradetime.com | Offshore license |
Universe Markets FX | www.universemarketsfx.com | No license |
12Trader | www.12trader.com | Offshore license |
Umarkets | www.umarkets.com | Offshore license |
Utrade | www.utrade.online | No license |
JAFX | www.jafx.com | Offshore license |
uTrader | www.utrader.com | Offshore license |
Al Trade | www.alforex.com | No license |
10Markets | www.10markets.com | Offshore license |
Caxton Global | www.caxtonglobal-fx.net | No license |
InstaFX24 | www.instafx24.com | Offshore license |
8inFX | www.8infx.com | Offshore license |
StoxMarket | www.stoxmarket.com | Offshore license |
TDMarkets | www.tdmarkets.com | Offshore license |
Trade WFX | www.tradewfx.com | No license |
Tait Investment Group | www.taitinvestmentgroup.com | No license |
FXG Trade | www.fxgtrade.com | Offshore license |
SolidCFD | www.solid-cfd.com | Offshore license |
GCC Investing | www.gccinvesting.com | No license |
MarketTM | www.markettm.com | No license |
MaxCFD | www.maxcfd.com | No license |
BRFX Trade | www.brfxtrade.com | Offshore license |
Tradovest | www.tradovest.com | Offshore license |
CFD Corporate | www.cfdcorporate.com | No license |
Pro TradeFX | www.protradefx.com | Offshore license |
Gulf FX | www.gulffx.co | No license |
Time4X | www.time4x.co | Offshore license |
100XFX | www.100xfx.com | Offshore license |
CT-Trade | www.ct-trade.com | No license |
Everest International Group Ltd | www.everestinter.com | No license |
EU-Capital | www.eu-capital.co | Offshore license |
Bristol Consulting FX | www.bristolconsultingfx.com | No license |
MarketGBP | www.marketgbp.com | Offshore license |
Tradeu2 | www.tradeu2.com | Offshore license |
CFD Royal | www.cfdroyal.com | No license |
Meta Investing | www.metainvesting.com | Offshore license |
Xiaohangjia Brokers | Offshore license | |
ISGXchange | No license | |
Get Financial | Offshore license | |
Broker XP | www.brokerxp.com | Offshore license |
Oracle-FX | www.tg.oracle-fx.com | Offshore license |
Primus Forex Financial Group | www.primusasia.com | No license |
Bitex360 | www.bitex360.com | Offshore license |
Swiss Assets FX | www.sfmsas.net | No license |
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Best Forex Brokers List 2023
Report A Scam Broker
How to Avoid Scam Brokers in India?
If you can identify a scam broker, you can avoid them easily. Another best way to avoid a scam broker is to check the fake list of forex scams in India, which is available on this page. We have compiled a huge list of the scam forex trading platforms and brokers here. So, before signing up with a broker, you can check this list and see if your intended broker is listed here. If it is listed here, you should avoid that as they are already proved as scammers.
Final Words
Checking the fake forex brokers list in India is the ultimate way to stay away from the forex scam in India. Besides, you may also check the fake broker identifying method we have mentioned in this article. Further, you may also check our online forex brokers reviews to know if a broker is legit or not.