Forex Scam Brokers List 2023 ( 500+ Fake Forex Brokers List )
Forex trading is one of the legitimate ways to earn some extra money, perhaps a profession for many. The $6.6 trillion market is growing every day, and forex scams or forex fraud are also on the rise. Therefore, it is necessary to know every detail about the forex trading scams. Most importantly, you need to know the ways to identify scam brokers. Our expert team have identified 500+ fake forex brokers list that you need to avoid. Go through our list of forex scams and stay safe.
While you research for the forex scammer list, it is also necessary to find the best forex broker for safe trading. But if you can categorize the fake brokers, finding safe brokers will not be a problem. Therefore, we will share everything about the scammers as well as the things to look for to avoid scams.
The number of forex scams you can find with just a straightforward search on Google is shocking. There are plenty of forex trading scams criminals out there who wait for novice traders so that they can defraud them. In a market where over $6 trillion moves daily, there are bound to be people who want to take advantage of honest traders.
The forex trading scams you will find are usually simple and prey on the gullibility of people and the need we all have, to make more money. There are significant types of forex scams that exist. Knowing what they are will help you avoid them.
What are Forex Scams or Foreign Exchange Fraud?
Forex scams or foreign exchange fraud is a kind of trading scheme the targets the traders to defraud them. The scammers usually convince the forex traders by offering high-profit expectations from the trading market. Fraudulent activity in the currency market became common in early 2008.
Typically, scam brokers put the trap on traders in different ways. The main goal of those brokers to lure the money. However, if you get lucky, you might stay safe. So, it is important to know the types of scams and the ways to avoid them.
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 |
Don’t Lose Money Online with Scam Brokers, Trade with
Trusted & Regulated Forex Brokers. Keep Your Fund Safe.
Top Rated Online Best Forex Brokers 2023
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Best Forex Brokers List 2023
Report A Scam Broker
Types of Forex Scams
Every time scammers get exposed and enlisted to the list of scam forex brokers, they invent new ways to lure people's money. Hence it is a never-ending process. But the basic scamming types remain the same. So, it would be great if you know the basic types. Hence, you can save your investment. Nevertheless, there are four types of broker scam available. Let's get educated about those.
Forex Robot Scam
The forex robots, use an algorithm, technical signals and computer code, to enter and exit trades. Expert advisors build them within MetaTrader 4 and other platforms. Some are legit. However, a lot of them are not. To be safe, always check the legitimacy.
There are scam brokers lists online. Check them for listed forex robot scams. Signs to watch out for include:
- Unrealistic marketing messages.
- Unrealistically high percentage growth returns
- Scalping strategies that lack diversity
- Employing the services of unregulated brokers.
Forex fraud is avoidable when you do due diligence and check out the candidates you choose to work with.
The forex robot is basically a computer-made algorithm that is programmed in a way that can do trading-related jobs on behalf of the traders. Moreover, some robots can even help to make forex trading strategies.
Usually, robots are your helping hand to make money. However, there are some robots that are good for nothing. Those forex scams robots cannot help you to increase your return. The creators would offer so many deals. But ultimately, you will not get any benefits out of it. The creators sell it anyway and promise big profits for the buyers.
You will lose money through the scam robots in two ways. Firstly, you are buying a robot at a huge price. Secondly, the robot might provide you the wrong direction. Usually, this kind of robot is based on a computer system that finds a trading strategy from the past and shows you an opportunity to make a profit. But, actually, the robot is sending you the info happened in the past. Hence, you are not getting live information. As a result, you will be losing money in terms of investment. To stay safe from the robot scams, make sure you check the fake forex brokers list here on this page before jump for any lucrative offers.
Forex Signals For Sale Scams
Forex Signals are a sort of subscription to get selling or buying alerts for the forex trading market. Scamming through the forex signals is almost identical to the forex robot scam. The only exception is that you have to pay a regular subscription fee to buy and sell the alerts. Like the robots, signal scams required some kind of discretion from the trader.
Typically, the trading signals work as a user guide for the traders that help the users to access the trading opportunities. Forex signal trading occurs when a signal provider sends the wrong signal even after taking the subscription fee. It is because the providers do not have the mechanism to create signals. They just send the signals to take the subscription fee from you. We have collected all the data about those signal scammers and added them to the list of fake forex brokers.
In this version of forex fraud, you will be dealing with individuals who dole out trade ideas that include information like currency pairs, direction, entry price, stop loss and target levels. Always lookout for the following things;
- Subscription fees. Always try out signals that have no paywall before you consider paying for anything else. Use them on demos to test them out.
- Do not take broker-tied signals. Some will offer them but, you have to subscribe with a specific broker. That kind of thing is just a marketing gimmick.
- Unverified claims of good results. If you cannot verify anything that they are telling you, they are most likely lying to you.
As with the other kinds, there is a list of scam forex brokers that you can check out before you sign up for anything.
Forex Trading Investment Scams
There are many adverts online that promote forex trading investment scams and funds. They are very slick marketing campaigns and salespeople who sell you phantoms and unverified results of their fund. It is the ultimate forex pyramid scheme. So you need to find a best forex broker to start your secure trading.
They ask you to send them an investment and then sit back and enjoy returns. If you send the money, you will never see the return. If you call, they will say they have never heard of you and never got funds from you.
Checking the fake forex brokers list for these people can save you a lot of pain and trouble. They can do this or, they can open an account for you with a shady broker who is not regulated, and after two or even one trade, they will wipe out your account.
They will blame it on the market when in fact, it is all in their company. Without regulation, it is near-impossible to get your money back.
Pyramid Scheme
It is a way to earn money by registering new paying members for a certain lucrative scheme. The theory is that the scheme owner doesn't trade, and the main source of income from the registration fees. So, whenever the new investor pays any fees, the owner earns money. Hence, the second layer of investors will then recruit more investors under them to earn a profit, for this reason, called a pyramid scheme. That's how the process will go on.
So, the more investor you can collect, the more commission you can earn. The higher level of the pyramid you are, the more money you can earn when new recruiters join under your subordinates. This kind of investment does not actually create any value to your portfolio; rather, you slowly become a broker from the forex scam list. It is just taking money from other people and pass to a higher level and continue forex trading scams.
The pyramid scheme is also called multi-level marketing (MLM). Nevertheless, this kind of scheme is totally illegal. So, if anyone or any brokers tries to attract you through it, you should avoid it. To identify such schemes, you can check out the fake forex brokers list.
Forex Ponzi Scheme
Ponzi schemes are usually a type of fake investment management firm. Unlike the pyramid scheme, people don't pay any fees. Instead, the investors will put their money into a scheme. The owner will attract the investors to invest through a forex expert or guru. The experts are also known as forex money managers.
However, there is a real forex money manager who works with regulated best forex brokers and trades for the clients using the clients' funds. So, the Ponzi scheme act to work like that, but they don't make any investment after getting the investment. Instead, the schemer will make payment to early investors after taking investment from other investors who invested later. If the schemer gets continuous investors, the system will run like that. But you don't need to worry about scamming by the Ponzi schemes as we also put them on the list of scam forex brokers.
Indirect Forex Scams
Apart from the main forex scams types, we have mentioned above, there are some other types of forex scammer list out there too.
Point Spread Manipulation
It is a computer-manipulated bid-ask spreads offering that favors the broker. It usually occurs by increasing the spread of bid and sell price to 7 to 8 pips, while the regular spread is 2 to 3. Through this tempering, the broker can earn money, and the trader loses. However, this kind of scam is largely available in the USA, but some offshore brokers may also run these scams.
Fake Brokers
If you are unsuccessful with a broker, it doesn't identify the broker from the fraud forex broker list. Sometimes, a bad relationship with the broker or emotional attachment may lead you to a loss. But these situations are totally fine and normal. But there is still a list of fake forex brokers who offer nothing to the traders, and you cannot make a single penny from them.
Signs of the fake brokers are.
Liquidity
If a broker lacks enough capital to cover the trades, the trader will surely lose money. However, it is not a direct scam activity. Lack of liquidity increases the risk of bankruptcy; thus, the trader's money remains at risk.
Price Slippage
The difference between the expected price and the actual price is called price slippage. Usually, when a broker initiates a trade, it offsets a somewhat identical position to reduce the risk. Then the broker makes the trade for the second position when the offset position is known. If the offset position is better, the trader's position should be better too. Alternatively, if the position is worse, the trader will also face the same. But the scam brokers will not pass the profit to the trader earned from the better position.
Churning
Usually, brokers earn a commission from trading activity. Therefore, brokers tend to work on unnecessary buy or sell or influence traders to trade to earn commission from trading. This kind of activity is known as churning.
Prohibiting from Withdrawal
Usually, the traders should have access to their funds all the time. However, some brokers may put restrictions on accessing the fund. If you cannot access your fund when needed, you might be going to face trouble. This kind of policy is a red flag while choosing the broker.
Commingling of Accounts
If you invest through a managed fund, you don't have control over your money, and you might not be able to track your money. Therefore, the broker might use your fund for their own purpose. However, the true regulated broker allows you to track your fund in the managed account.
Now that you know the types of basic forex scams, you should know the ways to identify them via the scam broker list.
Identifying the Forex Trading Scams
As you know, scammers always change their scamming strategy to continue their dishonest practice. Nonetheless, there are a few kinds of stuff that can work as a clue to understanding a scam.
Provide Guarantee to Success or Huge Profits
Since you came to know about the forex scams, you already have a significant idea about the forex market. Therefore, you should know that forex is extremely volatile, and it can be changed through too many factors. Nothing is fixed in this continuously changing market. Hence, no one can guarantee anything in the forex, not even guarantee huge profits. So, if anyone tells you about guaranteed profit or success through the forex trading platforms, they certainly put a trap to scam.
Unsolicited Marketing
It is another way to identify fraudulent behavior. Persistent and unsolicited marketing falls under this. If you see some broker push you to purchase a service or a product within a short period of time and information, it can be a good sign that the broker may turn out as a scammer. No broker should or can push you to buy something. So, you have to be careful if such a broker has personal information from you. It is because you may become a victim of identity theft. If you feel anything pushy and uncomfortable, you should do that immediately.
No Background Information
Usually, the best forex broker has substantial proof of their service. However, some brokers may show you screenshots or pictures of the different charts to prove themselves, which are super easy to make. Scammers follow a technique. In this case, they never show the losses; they only show the profits. So, whenever you ask about the background info about a specific period from those charts, they will certainly fail to produce.
Nevertheless, it is possible that they show a chart from the demo account. And, if you are new to the forex industry, you may fall for it. So, it would be wise if you don't rely on such limited information. Before taking any decision, ask the brokers about their background and proof. If they refuse or take a long time, or remain vague, it can be one of the forex scams!
Protecting Yourself from Scam Brokers
If you are a newbie in forex investing, you will surely find it hard to differentiate between a realistic trading scenario and an unrealistic one. The only thing you can check initially with the list of forex scams. Further, for the advanced level, you can check the regulatory body as well as check with more scam brokers forex list available online. But you rely on our list of scam brokers. Although checking the regulation is not the full proof strategy, it will help you at the beginning stage.
Checking the regulators will help you to keep yourself away from the Ponzi or pyramid schemes. Below is more detail about protecting from the fraud broker list.
Check Reviews
You have the internet in your hand. Hence, you can easily find information about a broker online. So, you should check the reviews of the intended broker, service, or even the signals before you decide to pay for it. But you have to be careful while checking forex broker reviews as there are some fake reviews too. You may check the reviews for our site or check the reviews from real users in different forums or social media.
Check the Location
Due to globalization, any broker can operate anywhere in the world. So, the offshore robots or the brokers that are created through unnamed entitles are likely not to be regulated. This means you may not get full support from them in case of technical difficulties. And if they turn out to be forex scams, you will not get your money back. Moreover, you cannot even file a complaint about a certain list of forex scams as they are not local and are not regulated.
Generally, it is safe to choose a broker or forex trading platforms from your country. It is because you can verify them physically. Also, you should have a better idea about your country. However, it is not obvious that offshore traders are always pursuing scammers. You just need to verify them properly before signing up.
So, it is highly essential to know a broker's or service provider's location along with the headquarters. Also, check the regulatory status based on their location.
Regulators to Check to Identify the List of Forex Scams
Forex does not have a central regulation, and different countries or parts of the world have different regulations. Nevertheless, the goal for all the regulators is to ensure the safety of the trader. That being said, let us know the details of different regulatory bodies based on the location.
- USA Regulators: the USA is very strict about forex trading scams. Therefore, they have several regulatory organizations to protect the traders from scammers. The Community Futures Trading Commission (CTFC) is a government agency that also works as an independent entity. It works as per the Community Exchange Act to prevent any sort of fraudulent activity.
National Futures Association (NFA) is another US regulatory body that works as a self-regulatory body in the USA to deal with forex.
BASIC – The Background Affiliation Status Information Checker (BASIC) is a free service from the NFA that allows traders or investors to check information of specific companies or persons. Hence, it is the best way to check forex scams in the USA.
- UK Regulators: FCA – The Financial Conduct Authority (FCA) is a regulatory organization in the UK. It regulates and provides licenses to all the brokers operates in the UK. So, if your broker is located in the UK, you can check their data and verify through the FCA. This can also help you to identify the fake forex brokers list UK.
- Other Regulators: Apart from the USA and UK, there are other forex regulatory bodies too. You may search for the regulatory bodies from a specific country. Nevertheless, Australia, Germany, Cyprus, Austria, New Zealand, Dubai, and South African have their own regulatory bodies. If you find any broker from those countries, you can easily search for their regulatory status.
Besides, other countries also have regulatory entities; you just have to find them based on your intended broker. Most importantly, a huge percentage of forex scammers are located in African nations. So, make sure you check the fake forex brokers list South Africa if you come across an unknown broker.
Ask for a Proof
When a broker offers a lucrative service, you should ask for proof. Relying on the brokers' presented data can be vague. Hence, you might ask for more proof of their claims. That's how you can protect yourself from the list of forex scams brokers. If the broker can produce reasonable proof, you may get convinced. However, this technique should not be applied by newbies.
Educate Yourself
The best way to stay away from robot or signal scammers is to learn forex. Educate yourself about forex trading scams, so that you don't need to rely on anyone else. You can become your personal advisor by learning forex trading. Even this can help you to identify fake forex brokers list too.
So, take as much as education on the forex market, currency behaviors, news reports, etc. By learning the trading, you can surely verify all those bold claims by the brokers we have mentioned earlier.
To educate yourself, you can consider creating a demo account with any regulated best forex brokers. Furthermore, with your education, if you can identify a scam, don't forget to report forex scams to the proper authority.
The Common Ways the Scam Brokers Attract their Victims
Forex trading scams usually mimic the sales approaches of a reputed broker or investment firm. Thus, it becomes difficult to identify who is real and who is included in the fake forex brokers list. But the contacting method of the forex scam list and the real broker remains the same. Therefore, you may get a phone call, email, mail, or even a referral. Many regulatory brokers also use the same methods. Therefore, you may forget to check the background of the broker or organization that contacted you. Let's see more detail on the common method to contact you by the scam brokers.
Telephone
It is the most conventional way a seller reaches out to the customers, and forex brokers are no exception. You might get a call from a broker that is included in the fake forex brokers list or investment firms with all the lucrative offerings. The offers could be so real that you might fall for them.
You may also get a series of emails to explain their offers for you. Even most of the time, you will get free trading offers too. Well, the real traders also do the same sometimes. So, you can identify the scam brokers by checking their names with the regulatory body.
Some fraudulent sellers from fake forex brokers list sends the offerings to a bona fide mailing list. Usually, this mail includes an immediate pitch to earn money from forex overnight. Again, check their name and verify with the proper authority.
Advertisements
Sometimes some forex trading scams take a step ahead to look more real. They use newspaper or magazine advertisements to attract the traders. In this way, they are not calling you or asking you to register with them. Instead, you are going to them by your will. Before you fall for such advertisements, you have to conduct an investigation before investing.
Referrals
It is one of the oldest methods. Through this way, a forex scammer list of brokers will come closer to you through your friends and family. Initially, they will provide huge profit to a trader and then ask them to recruit more investors by offering referral money. So, the person will then tell his friends about the profit and make them believe. That's how the forex scams through referral work.
Reputable Business
Some forex trading scams are more real. Through the profits from previous forex scams, they take posh offices and decorate professionally and introduce themselves as a reputable investment firm. Further, they might sponsor the local charity.
However, at this point, it is difficult to identify if the broker is included in the list of forex scams. But you can check the duration of their business and their financial statements. Further, you can also check each individuals' details from different sources. And obviously, the regulatory body will be the first option of your source.
Techniques Used by the Broker Scam
Scamming techniques vary from time to time. The scam brokers use multiple techniques to compete with their forex scams. If one technique fails, they go for the next one, and they continue trying until they get a fruitful one. Following are the most common techniques for forex scams.
Low Risk or No Risk
To act as real, some advanced broker from the list of forex scams may come across to you and explain about low risk or even no risk about trading. However, most of the time, the pitcher will tell you about the low risk instead of no risk. Then gives you time to rethink. And, it is possible that you will trust them as they give you time explaining about no risk at all. It is a simple technique played by the brokers to gain your trust.
Urgency
The forex scams broker might push you with urgency. For example, they will open up an exclusive offer for a limited time. Hence, if you don't sign up or buy within a certain time, you might not get it. It is because the scammer wants your money as quickly as possible. They remain in a hurry so that you cannot manage any time to think. So, you may fall due to the urgency without thinking.
However, the real broker will never show your urgency. So, if you feel any urgency from a broker, it is likely to be one of the scam brokers.
Offer Large Profit
Usually, forex scam listed brokers offer a reasonably large amount of profit that looks real. Usually, the offerings are not unrealistically huge, so that you can trust them easily. So, if you have proper education on forex, you can identify the offering and decide for yourself.
Confidence
The pro-level scammers sound confident about trading and show a good knowledge of particular trading activity as well as alert you about forex trading scams. As a result, you become confident about your investment and fall for them. Usually, this technique makes you understand that they are doing you a favor by offering you the investment opportunity, and you are lucky to have them. Normally, this kind of scammer doesn't show any kind of urgency.
Sometimes, scammers refuse to give you the investment opportunity so that you request them. It is another way to gain trust.
Information You Can Ask to Turn off Forex Scammers
It is normal to get offerings from different forex brokers. But you will not know if the broker is categorized as a broker scam or not unless you ask for some information from them. You may ask for the following information to check the broker's validity.
- Try to find out how they get your name.
- Risks on their proposed plan.
- Written explanation of their investment policy.
- Ask them to talk to your attorney or financial advisor.
- Location of the organization.
- Name of the related officers.
- Ask for references.
- Written risk disclosure statement.
- If the offering is validated by the regulated exchange.
- Regulation's information, including the license number.
- Track record.
- Duration of the business.
- Ask for another representative
- Ask about their commission and fees.
- Liquidation process
- Dispute resolving process.
Despite all the precautions and education, you may still lose money from forex scams. In that case, what should you do?
Things to do if You are a Victim of Scamming
It is nearly impossible to recover your money from scammers. If you get scammed, the only thing you can do is report forex scams to the regulatory body or proper authority. Thus, the regulators can alert the traders and brokers about the scamming organization. However, in some cases, your money might get recovered if the authorities can find the scammer.
That is why we suggest not to trust any broker initially and check the forex scam list first. Instead, you can make a small investment to check them out. Further, you may also make a series of small investments to validate the broker scam activity.
Red Flag Checklist at a Glance
- Unbelievable profit claims
- Do not show live trading data, instead show the historical data only
- No relevant performance info
- Ask for a large investment
- Unregulated offshore office
- Claims to offer a secret formula
- No contact details on the brokerage page
- Poor reviews
Avoid Dishonest Brokers At All Costs
If you detect just one lie when looking through a broker’s credentials to see if they can be the one for you, just run away. There are multiple fake forex brokers lists that you can look through to make sure that if someone is a fraud, you know who they are.
The regulatory bodies of the world are an excellent place to start. They include:
- ASIC – Australian Securities and Investments Commission
- BaFIN – The Bundesanstalt für Finanzdienstleistungsaufsicht (Germany)
- CFTC – Commodities and Futures Trading Commission (United States)
- CySec – Cyprus Securities and Exchange Commission
- FCA – Financial Conduct Authority (United Kingdom)
- FFMS – Federal Financial Markets Service
- FINMA – Swiss Financial Market Supervisory Authority
- FMA – Financial Market Authority (Austria)
- FSA – Financial Services Agency
- FSB – Financial Services Board (South Africa)
- Financial Services Commission – BVI
- Financial Services Commission (FSC) – Mauritius
- IFSC – International Financial Services Commission
- FSP NZ – New Zealand Financial Service Provider
- ISA – Israel Securities Authority
- MFSA – Malta Financial Services Authority
- SEBI – Securities and Exchange Board of India
- VFSC – Vanuatu Financial Services Commission
- UAE – Abu Dhabi Central Bank
If a broker says that they are regulated, check that out here and make sure that you do not fall into these traps from dishonest brokers.
Why You Need To Be Educated on Forex Fraud
Forex trading in itself carries many high risks and losses are almost always inevitable. Retail speculators are continually trading without enough capital by using high leverage and gambling addiction.
Speculators who trade without skill are playing against the whole market, which has near-infinite capital, and they almost always go bankrupts because of this lousy strategy.
To be fair, a large number of forex scam cases are a result of weak trading and not scam brokers. If you spent more time developing a proper trading methodology, you would become better and quicker in your decision making.
When you are a trader, you cannot afford to make mistakes. Always stay ahead of the curve by getting correct and useful information.
Final Thoughts
The increasing rate of forex scams makes the traders doubt the real brokers too. Therefore, many potential traders refrain from forex trading activity. If you are one of those potential traders, you may check all the 500+ scam brokers we have listed here. Moreover, we also have honest forex broker reviews on different regulated forex brokers from all over the world.
DO NOT trust the ridiculous claims by the scam brokers. Instead, check the list of scam brokers and stay away from them.
Whenever a new scammer emerges in the forex market, we add them to the scam broker list on this page. So, if you see any new broker, you can look that out here. Furthermore, if you know any forex trading scams that are not listed here, send the information to us and report forex scams; we will add them up.
I was scam by a broker that i want to report it here. Can you please let me know how to proceed ???
Scam Details:
Broker Name: Fx Compress Crypto
I think they could be a scam; I paid 1000 that they said I would get 29000 I bitcoin 15%commission and they still not release my 29000 than they as for 3750 for a forex license and said again they would pay me then asked for 3750 for a VIN and then 2600 for payment to bank over 20,000 and gave guarantee letter after that they would send my withdrawal than still no withdrawal they want another 1500 for conversion. They promise they gonna wire my money I have it all in writing and they do not keep their side of the deal. Are they a scam?
I just don’t want to send anymore more money without confirmation they are not a scam.
Scam Details:
Broker Name: MRG-SS
These scammers use different social channels to find their victims(eg. Tinder). MRG-SS platform is a fake and all operations you will try to do as well. They just steal your money, then block your account and extort money to unblock it. They will offer you insurance(for the safety of bitcoin operations) to withdraw your money.
Broker Name: Louis Douglas Bradley
Investment scam.
Scam Details:
Broker Name: Marilyn Powell
i put $500 to invest then after 1 day she asked me to add more money she askwd me o put $4000 i said no i said just try with $500 then shes lke how about $1500 i said no or maybe then she put it on the platform bu i told her maybe or i was gonna think about it so i contavted their support and tbey said that i was short on profit so i said ok il add those extra $1500 so evrrything went well my profit came out to be $53000 so when it came to my withdrawal the support said i have to purchase a withdrawal code it was $3200 am like but u dodnt tell me of a withdrawal code i was pissed so i bought it ok they gave m ethe code and when i finaly withdew my money nothing happened i put every detail of my bank acCcount and nothing then i contacted the support to say what happened and he said u have to purchase an insurance fee and security fee to link up my bank which was $1800 am like i dont have more money i ran out those are all my savings now they dont want to returm my money which is $5700 total am sooo pissed off and stressed anybody help me.
Scam Details:
Broker Name: uprofx
Please stay away from this company as much as possible. I have Been trading with them for 5 years and I can say I lost a lot with them. The account manager assigned to me was constantly manipulating me and advising me to make bad trade choices so I lose money only for me to find out that my losses were beneficial to my account manager and the company. I still didn’t mind then until they finally closed my account and restricted me from withdrawals after I made a very huge deposit. It was really divesting and heartless losing all my fortune to this company during this pandemic. I couldn’t bear the loss so I had to search for a way to get my money back at least something. I expose this broker as much as I can so I can help other victims or intending victims out there.
Scam Details:
Broker Name: Edward Taylor
After requesting a withdrawal, the broker asked me for more commissions and I can’t manage to get the withdrawn money. After I paid the first requested commission in the amount of $ 780, I was told that in 24 hours the money will be on the card, but instead of money in 2 days, I received another payment notification in the amount of 421 Euro.
Scam Details:
Broker Name: IQ Option
I fund my account via Skrill for two or three days i made trades and made 317$ and the next week IQ Option made 317$ fake trade in my account and Made my Balance Zero…
they are the scammer please avoid such type of brokers.
Scam Details:
Broker Name: Raceoptions
I invested and till now I can’t withdraw my account profit and balance. They are now asking me about a signal fee. It’s a big scam.
This is a scammer!!!! Bit Exchange Trade
Invested with $300 and then asked to pay another 433 usd for signal, and the end my profit went up to $29500,imposibble.So broker said have to pay 2850 tfor COCC-cost of currency converter, soooo i paid for it thinking now ill able receive my profits. However then the broker said i have to pay 2850 usd to clear my VAT, its like international taxes,,,And this time i didnt paid for it…Please stay away from this platform.
Great Post!!Thanks for sharing the Forex Scam Brokers List.
Thank you so much dear for your great information helped us very much to safe our money love you ?
Broker Name: CrestForex.com
Lost all my savings to this guy. He is working with CrestForex.
Everybody should stay away from this guy!
Can provide full evidence.
Broker Name: Richness Empire Forex
I met a guy online and taught me how to trade. The investments were good and I was earning a lot. invested $600 dollars. I was able to withdraw some of it but when my money grew to $1000 they won’t allow me to withdraw my money. They ask to pay for an overdraft that was withdrawn from my account. I didn’t even receive the money. They blocked my account and now they are slowly deducting money from it. They say that the only way is to deposit $3000 into my account, which is hilarious, so I can withdraw my money.
They claim to make money but you have to pay a fee to withdraw your funds !
Name: bitcoinminingsignals
Beware Scam!!!!!
forex40.com
(Magking Limited Hong Kong) Technology Co., Ltd.
The scam broker on Forex is called: MagkingLimited-Live
I opened an online broker account with East Century Group Ltd
First of all I need to know if they are legit.
I lost all my account funds on one trade when a candle moved 120 points.
How is that possible?
I traded a Buy for Eur/Usd on 3/22/2021 around 11am EST.
Scam Broker Name: TCM Financial Services
On the 26th of March 2021,i registered with this company after being made to believe that will get profits in some few days. I deposited usd$106 into different web wallets. To my surprise the guy on live chat called Jim asked me to deposit more money of which i declined.Upto day i can not see my account.
Broker Name: Lexatrade.They don’t allow you withdraw from your account. Rather they will tell you to trade to a certain limit before you can withdraw. Before you get to that limit they will cut your channel of communication with them
Broker Name: SageFX. I Traded and made $33,000.00. I have only traded 4 months. I did a great trade and started to notice higher and higher commission. The commission came up like ants. I wanted to take the money out of the account and it was the weekend. I kept getting error messages. There wasn’t any help to go to. The money was gone by the next morning. Now the account says i have $245.00 in it and that was not enough to trade. So I have not been back on that website since. $33,000.00 would have changed my life. I will do it again. But on a real broker. Another thing I worry about is the fact that you have to give your personal information and identification before getting the account. Will they sell my info and worst.
Platform: crypto expert trading. They made me to pay money into to the Standard bank account then they said they will trade for but they will take 10% from my profit so l made the money right after that l wanted to withdraw the money after that they said l should pay broke before l get my profits.
Capital Way, claimed a bug in the system caused wrong trades and all funds lost
I invested $100. Then they said before I get my profit, I have to verify my id first cost $400 before I get my profit. I asked them if after i paid for verification, can I get my money? They said yes,but after that, they send email again that I need to pay OCC worth $800, but i paid only $500 because Eric Frank said he will lend me money to complete the amount. He lied,Margaret Moana the Ceo, asked me how much I paid for OCC? Eric frank instructed me to tell her i paid $100 only, so means they are doing fraud already. Then Moana take over and said Eric Frank is doing fraud. So she promised that She will give me my profit immediately. but I need to pay again for COT worth $700. I asked her why there’a a lot of payment? She said it is the last payment and my profit will automatically reflect on my bank account. So I paid again, but after paying it, I got email again from their company that I have to pay for the Auto Bot management so that my money will reflect on my bank account. She lied. Eric Frank. Moana Margaret and their company are doing fraud and scam because they still not send my profit after a lot of payments because they want me to pay $1000 for tax again. Don’ t trust smarter fx trade. It is scam and fraud. The 2 brokers are expert in convincing just to get money from their investors.
Broker Name: fxinvestment.live. First and for most I had met this person it’s a friends friend. So I felt a little better about the situation. She asked if I would like to invest in bitcoin mining which Iv heard of and Iv invested in bitcoin. So it started with $500 my profit went up to $8,000 then they asked for another $700 to close the trade. I than said let’s just trade again till I can come up with the $700. She then said it’s best if you withdraw but let’s just run it anyway but you’ll have to top up. Ok so I gave $100 profit went up to $23k I was like wow. Then they asked for more money to pay for a code because the profit was so high so I kept falling into the trap mostly because I had met this person. Same thing kept happening $6k later they finally say ok we are depositing money now. They send $10 and ask for another $700. That’s when I called it quits.
Fake address informed on site, all operations are fake. Company does not exist. Broker: Apptrader – RT Global ltd.
Broker Name: fxcl. They provide credit then widrawn in the middle of trading so it stopped trading. they promised can be used for trading but actually not.
Broker Name: Forexliteoption. Asking forex investment with a minimum of P3, 000.00 promising to earn P12, 000 in 12 hours..
After you deposit 3000 thru GCASH what reflects in your trading account is 250 dollars or more then until it will be 550 dollars but you cannot withdraw your money.
Later, they convinced me to add another 240 dollars and then I can withdraw anytime.
Because I have no money to add my deposit.. Later, the 550 dollars in my account was lost.
I dont know now how to recover my money..
Broker Name: Ubanker. I got a call from banker last year 2020 April persuading me to invest $200 and make $25,000 even without having a prior knowledge of forex trading. I confessed to them that I have no trading knowledge and I have never traded before. They assure me that they are going to guide me to earn $200. After much push I decided to give it a try as they promised to help. Within couple of hours my $200 was reduced to $20. The following day they called and asked me to put more money there a better opportunity they will help me to get. I invested and my money went down and they called requested more money till I lost over $5000 and the remaining $300 they took it from the account saying it is bonus they gave to me. I will be glad if you can help me recover my hard earned money they took from me.
MFIP GENESIS GROUP (former 365 global markets) is a big scammer.
Everyone just try to stay away from this company.
The broker “iforextime.com” himself he is in Kenya. High profit returns and before you can withdraw your profits they ask for a upfront payable commission of the company of 20%. They take your investment deposit and the commission.
Hi
As I have came across a forex broker alphaforexmarkets.com , they are having SVGFSA IB number and doing forex business in offshore name in India
when I asked about their LP and when i cross checked with their given details it was all fake
so kindly review this broker and expose them if they are scam
thank you
I was convinced to join a broker by the name TRADERVC , they seemed to be in the UK . After depositing the money they told me that my money was lost in the field , yet they never told me that they will be doing the trading themselves not by myself. they also asked me to put more money so that they can gain the lost one but i refused. after that someone called again and said my financial manager died so he is now taking his place , i must put some money again to get back what was lost and the previous manager was not doing his job properly.
Ive been defrauded for 0.45BTC by a place originally called bitcoinmining. Originally it was a small investment of $100usd. This was in Feb2020. I kinda fot about it then in june 2020. I remembered so i contacted them and they tell me my account is worth $25000usd. Now running the name tradertrust.online. and thats when the fees started. Well they got shutdown and are currently using the name experttrade.net and are now saying im owed $70000usd are are still asking for fees. I haven’t received a penny fr them and now they have moved to the UK. I DON’T know what to do
I stop send money, but they still call and msg all the time. What are my options? And is they a way to recovery funds and pay only out of the recovered fund. I have screenshots of all BTC Sent and all wallet address.
Scam: experttrade.net
I HAVE BEEN TRDING WITH XOH TRADER { IFE MARKET EARLIER IT WAS ZXM MARKETS} FROM THREE YEARS . INITIALY I HAD A MIX EXPERIENCE .
TILL LAST MONTH THEY WERE DEBITING SWAP AMOUNT ON DAILY BASIS OF 0.10 $ FOR SELL AND 0.15 $ ON BUY TRADE RESPECTIVELY, TRADE POSITIONS IN MY ACCOUNT TOWARDS GOLD (xau/usd) IS IN HEDGE, I HAVE TAKEN SELL AND BUY TRADE JUST TO PROTECT MY ACCOUNT FROM GETTING STOP OUT, BECAUSE IN PAST I HAVE LOST BIG AMOUNT .
THE ACCOUNT MANGER / ASST, MANAGER USE TO CALL ME INSITING TO REMOVE HEDGEING, ACCORDING TO HER COMPANY DOESNOT PERMIT HEDGING, NOW VERY RECENTLY THEY HAVE STARTED DEBITING 0.72 $FOR SELL AND 0.75 $ ON SELL AND BUY TRADS RESPECTIVELY .
I HAVE MADE SEVRAL COMPLAINTS TO THE ASST. MANGER( ANKITA) BUT THE ANSWARS WERE NOT JUSTIFIABLE.
ELIER I USE TO GET REGULAR PHONE CALLS AND MAILS BUT NOW NO CALLS OR MAIL.
I HAVE LEARNED THROUGH THE TRAINER ON U TUBE ABOUT FOREX SCAMS AND THIS IS ONE TYPE OF SCAM BROKERS ARE USING , i WANT YOU TO REPLY TO ME WHAT IS THE RESOLUTION OF THIS SCAM
ALSO WANT NEW TRADERS TO BEWARE OF SUCH BOKERS WHO STEAL YOUR HARD EARNED MONEY BY THIS TYPE OF PRACTICES
I was traded with capital of 5000 pesos last may 23, 2021.and after the trade I made my successful withdrawal of $3500. But the support team said that due to high traffic volume they suspend my profit and they said I have to pay a fee of $600 .
So I narrowed money to my brother and pay the $600.
After a few days the support team sent me email that my profit was over boosted so I have to upgrade my trading account to their suggested level up upgrade. And I said that they deduct the $1000 Level upgrade from my suspended $5300 profit.
But my broker said that cannot be possible. And I have only 6 days to produced the payment of upgrade level.
So I doubted now.
Please kindly checked it out for me. Scammer: Crypto FX Earners
Ausforex hire brokers that victimized people’s accounts, Ausforex takes no responsibility to do anything about brokers’ wrongdoing. The broker told me a 15% commission on net profits, She signed me in Ausforex, she lost all my money, I found out she signed me up on a $60 per unit. I had asked her to fix the damage, she has ignored me, Ausforex will do nothing, to fix this. I have all the proof contents sent to Au forex, Is dishonest.
Broker ID 5396810
Hedgefinance.co scammer.
TDMarkets.co = scam – They want additional fee for signal, withdrawal.
Scammer: ExpressTrading24.com
They told I would start with PGK500 then they told me to upgrade my account with PGK1000 after I made the payment using my standard account they told me to make K3000 as COT fee.. Now I’ve already lost K1500 to that scammer.
FXwonders.com is a scam broker.
They will never let you withdraw money.
For my case they disable my account and give below reply.
We have figured out your account default. You guys did a scalping generated the profit transfer a fund from one account to second for trading which is against the broker policy. Hence we have disabled your account and that is why your withdrawal is also pending.
Hello Peter,
What kind of scam is MFIP Genesis doing?
IQTradeKing is scamming people. You can never withdraw your money. They ask for more money.
Varot financial ( varotforex.com ) – It is fake broker, they manupulate the gold as happened with me. I buy xauusd at 1732 and within seconds it went to 1686 and i lost all the funds and it is also saying that i need to give them more money as account went to negative.. Could you believe in seconds xausud fall 48 points and after 1 minute it went again to 1732 where i bought. then I checked the charts of legit platforms, xauusd never fall it was at 1730 only. This happened to me on 9aug evening time, i checked trading platform chart as well, it never fall to 1686. It clearly means they fall it to make me lose my money. before this was happened i already put the withdrawal request which they are just saying that it is under review. i lost my hard earned money, i cried a lot. Just be aware of these scammers.
Hi, I have opened one MT5 account in this broker and then charged my account as 5500USD . After one week suddenly my account filled with over 10 trades with very large lot numbers. In few seconds my account became call margin in front of my eyes ! You know, Only broker can do such things and only broker can profit by call margin one account. No one in this broker respond my emails and messages in whatsapp number they have introduced in their web site. I warn all people do care and not open any account in this broker. All the history pictures including charging account confirmations and opened trades with very large lot volumes are ready to show as evidences.