Forex Scam Brokers List

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 $5 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.

Let us look at the three main types:

1. Forex Robot

The forex robots, use an algorithm, technical signals and computer code, to enter and exit trades. Expert advisors build them within MT4 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.

2. Forex Signals For Sale Scams

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.

3. 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 an 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 it again. 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.

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.

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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.