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TOP FOREX BROKERS REVIEW

THE INTERNET'S MOST COMPREHENSIVE LIST OF ONLINE FOREX BROKERS AND FOREX REVIEWS. 

Forex Scam Brokers Review 2024

When looking for a Forex broker, you must do your research to ensure that you are trading with a reputable and reliable broker. Unfortunately, there are thousands of forex scams brokers out there who will try to take advantage of unsuspecting traders. So, how can you tell if a Forex broker is a scam?

Well, finding forex trading scams is tricky sometimes as the scam brokers always pretend that they are authentic. Hence every trader must go through the forex scam brokers review. Nevertheless, finding and crosschecking the scammers is a time-consuming task. That is why you have made fake forex brokers list so that you can avoid them before choosing a real broker.

How Did We Make the Fake Forex Brokers List?

forex scam brokers review

Before you start trading, it is important that you learn how to protect yourself from forex scams. There are many bots and programs out there that will try to take advantage of you, and if you are not careful about how you conduct your business, you may end up losing money instead of making it.

Here are a few ways and processes we went through to make the list of forex scams brokers.

Forex Scam Brokers Review: Research

One of the easiest ways to determine if a broker is a scam is to look at their licensing and regulatory status. A licensed and regulated broker will be subject to regular inspections by the relevant authorities, so you can be sure that they comply with all regulations. Unlicensed or unregulated brokers are not bound by any rules and are often scams.

When looking for an authentic best forex broker, we did our research—searched for what type of license the broker has and whether it is reputable or not. Also, check the broker's record with the relevant authority or regulatory body. If the broker is hiding something, either on their website or in their records, then we have identified them as forex trading scams.

We also looked at the broker's policies and practices. If you want to do your own research, make sure you understand how the broker operates and their goals. Then, use the information you find to decide whether to work with the broker.

Forex Scam Brokers Review 2024


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Best Forex Brokers List 2024

RANK VISIT
BROKER
REGULATION

We only list licensed brokers that comply with the requirements of prominent regulatory agencies.

MIN
DEPOSIT

The minimum amount you need to deposit in order to start trading.

DEPOSIT
BONUS
RATING MAX
LEVERAGE

Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.

PAYMENT
SYSTEM
SUPPORT START
TRADING
1
ASIC, CySEC, FSP
$100
No Bonus
1:500

Telephone: +44 28 2544 7780

image
Pros
  • Excellent education tools
  • Low forex fees
  • Fast account opening
  • Easy funding methods
Cons
  • No bonuses
Platforms & Devices
2
FSA, FMA
$0
No Bonus
1:500

Telephone:

image
Pros
  • 9 base currencies
  • 24/7 technical service
  • Direct market access
  • VPS, FIX API, copy trading
  • Superior trading conditions
Cons
  • No negative balance protection
  • Withdrawal fees
Platforms & Devices
3
ASIC, FCA, CySEC, SCB
$100
No Bonus
1:500

Telephone:

image
Pros
  • Fully digital account opening
  • Low forex fees
  • Research tools
  • Free Education Resources
Cons
  • No bonuses
Platforms & Devices
4
CySEC, FSCA
$25
50% Deposit Bonus
1:500

Telephone:

image
Pros
  • Ultra-low spreads
  • Quick withdrawals and deposits
  • 24/7 online support
  • Negative balance protection
Cons
  • Mobile copy trading services available only for Android

Platforms & Devices
5
FCA, CySEC, FSCA, SCB
$100
No Bonus
1:100

Telephone: +44 (0) 203 151 5550

image
Pros
  • Excellent customer service
  • Free deposit and withdrawal
  • Negative balance protection
  • Wide range of platform
Cons
  • Inactivity fee
  • High Trading Fees for some CFDs
Platforms & Devices
6
AFSL
$100
No Bonus
1:500

Telephone:

image
Pros
  • All base currencies
  • 24/7 technical service
  • Direct market access
  • Superior trading conditions
Cons
  • No negative balance protection
Platforms & Devices
7
ASIC, CySEC, FSA, SCB
$200
No Bonus
1:500

Telephone: +248 467 19 76

image
Pros
  • Low forex fees
  • Fast order execution
  • Analytical training materials
  • 90+ instruments
Cons
  • Slow live chat support
  • Non-EU traders don’t get investor protection
Platforms & Devices
8
ASIC, CySEC
$1
100%
1:3000

Telephone: +35 7251 23212

image
Pros
  • No withdrawal fee
  • Low stock and stock index CFD fees
  • Negative balance protection
  • No inactivity fee
Cons
  • Average forex CFD fees
  • No PAMM accounts
Platforms & Devices
9
CySEC, FCA, FSC Mauritius, CMA
$100
No Bonus
1:2000

Telephone:

image
Pros
  • Fast and digital account opening
  • Superb customer service
  • Great educational tools
Cons
  • High CFD fees
  • Charge inactivity fees
Platforms & Devices
10
ASIC, CySEC, FSC
$5
Up to $10,500
1:1000

Telephone: +501 223-6696

image
Pros
  • Low withdrawal fees
  • Great educational tools
  • Wide range of leverage
  • Multilingual customer support
Cons
  • Non-EU traders don’t get investor protection
Platforms & Devices

Ask Questions

When we found any discrepancies with a particular piece of business information, we asked the question to the broker. We asked them about their experience with Forex trading and what they think about the industry as a whole. If we were dissatisfied with their answer or found that they were not knowledgeable, we were firm that they were one of the forex scams.

However, if you are interested in learning about a particular broker's experience with a certain currency, ask them about it. When interviewing potential brokers, don't talk about yourself or your plans for trading.

Find Out What Others Think

When we put effort into forex scam brokers reviews, we find out what other people think about that particular broker. We have searched on the internet and cross-checked them with other sources. So, we had researched before we made the list of forex scams brokers here in this article.

We looked at the kind of feedback the broker has received on its products and services. This gave us an idea of how successful the company has been at delivering on its promises.

See the Financial Performance

We looked for a copy of anything that shows how the broker is performing financially. We tried to find out the broker's annual report, which detailed its financial results, or a simple summary of its activities. We also asked for a copy of anything that shows how the company is planning to grow its business. Any red flags are directed as forex trading scams.

Once you have done the work to find out what the broker does and where its money comes from, you should be able to relax a little and make a more informed decision about whether or not to buy its product or use its service. However, if you still feel as though you are in a situation of uncertainty, do not hesitate to seek out additional information.

Open Demo Account

Although it's not always possible, try to find out what kind of broker you are going to deal with. So, we opened a demo account before reaching the final verdict. This gave us an idea of what to expect from the broker in terms of professional services and customer satisfaction.

What To Do If You Have Been Scammed?

If a forex broker has ever scammed you, you know how frustrating it can be. There are many different scenarios in which a forex broker could have scammed you. Here are just a few examples:

  • The broker declares bankruptcy without warning and takes all of their clients' money with them.
  • The broker trades against their clients on purpose (i.e., they deliberately cause you to lose) in order to cover the losses on their previous trades.
  • The broker takes your money and simply disappears, never to return.

If you are a victim, you probably have a minimum chance of getting your money back. You may file a complaint to a regulatory body or law enforcement office.

Further, you can report a scam broker to us, and we will add them to our list. As a result, future traders can avoid that particular broker.

However, it is your responsibility to protect yourself and make sure that your broker is 100% trustworthy. Taking your time to find a forex broker that is completely legitimate will save you a lot of stress in the future.

Final Words

You should not trust a broker blindly unless the broker has an excellent reputation and is regulated by top regulatory bodies in the world. Hence, always check the forex scam brokers review to see if your selected broker is legit or not.

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