Forex Brokers to Avoid, scam forex brokers list.

Scam forex brokers list


If you trade forex, you need to make sure that your brokers are legitimate and above board – and that you can trust them to help you out.

No deposit forex bonuses


Forex Brokers to Avoid, scam forex brokers list.


Forex Brokers to Avoid, scam forex brokers list.


Forex Brokers to Avoid, scam forex brokers list.

While most forex brokers are decent and honest, not all are. It pays to be able to defend yourself against less scrupulous brokers. Avoiding broker fraud ought to be a priority for people who trade foreign exchange pairs, then – and that’s where we can help. Below is a list of brokers who we have deemed to not be trustworthy for a variety of reasons. And if you are concerned about a particular broker, contact us with details to alert us with the potential broker fraud going on. From there, we can go ahead and research and review the broker in question and help prevent other users from falling victim to any dodgy practices. And we’ll use this information to keep the list as updated as possible – so check back here for all the latest updates when you can. But despite the fact that there are clearly some untrustworthy web brokers out there in the forex world, it’s also the case that some brokers are more worthy of your trust. Many legitimate forex brokers have taken steps to gain the trust of their users, whether that’s by implementing rules against money laundering or simply by segregating client funds away from the operational funds of the broker’s business.


Forex brokers to avoid


Forex Brokers to Avoid, scam forex brokers list.


If you trade forex, you need to make sure that your brokers are legitimate and above board – and that you can trust them to help you out. While most forex brokers are decent and honest, not all are. It pays to be able to defend yourself against less scrupulous brokers. Avoiding broker fraud ought to be a priority for people who trade foreign exchange pairs, then – and that’s where we can help. Below is a list of brokers who we have deemed to not be trustworthy for a variety of reasons. And if you are concerned about a particular broker, contact us with details to alert us with the potential broker fraud going on. From there, we can go ahead and research and review the broker in question and help prevent other users from falling victim to any dodgy practices. And we’ll use this information to keep the list as updated as possible – so check back here for all the latest updates when you can.


Table of contents


Investigated brokers


The sad reality of the foreign exchange trading world is that there are people who are out to make a fraudulent buck from innocent traders trying to build their portfolios. Whether it’s insider trading or some other manipulation of the international markets, trading fraud can take many guises – and it can even have links to the wider stock markets as well. As a result, it’s wise to keep yourself fully informed about what the brokers you are considering are up to – and make decisions to avoid those who don’t offer the level of safety and security you require.


Below is an up to date list of the brokers which we strongly advise traders to choose to avoid. There are plenty of other brokers out there who are trustworthy – and with these traders below exhibiting behaviours like copying websites of others, receiving warnings from regulators and more, it’s well worth avoiding them as you choose your own preferred provider.


Various global institutions have criticised the range of brokers included on this list. Whether it’s the australian securities and investments commission or the regulators of nations such as cyprus, there are organisations on here which have faced the wrath of some of the world’s leading oversight bodies. But, we’ve gone even further and responded to intelligence from our users in order to bring you an up to date list of brokers which, in our opinion, ought to be avoided. (see the full list at the bottom of this page).


Latest added forex brokers to avoid



  • OT capital. They have gotten a warning from ASIC.

  • EU capital. They ask you to deposit over and over again. They even try to get you to log in to your bank account over a shared screen.

  • Multiplymarket is a clone of trading technologies.

  • Bluetrading has an FCA warning for claiming to be FCA regulated when they, in fact, are not.

  • Facebook group investment/profits, FBO trading signals & bitcoin investments – they don’t allow withdrawals and block you as soon as you ask for a withdrawal.

  • ECN capital. They claim to be cysec regulated but are not.

  • GBCFX – unregulated broker having issues handling withdrawals.

  • Forex365options – they make you pay fees that aren’t even in any terms and conditions. Website hardly works either.

  • Toptrades.Co – not regulated so should be avoided.

  • Fx-premium. They are copying the website of JFD brokers so should be avoided!


Most trusted forex brokers


But despite the fact that there are clearly some untrustworthy web brokers out there in the forex world, it’s also the case that some brokers are more worthy of your trust. Many legitimate forex brokers have taken steps to gain the trust of their users, whether that’s by implementing rules against money laundering or simply by segregating client funds away from the operational funds of the broker’s business.


It’s not always possible to identify the legitimate foreign exchange brokers from first glance – but that’s where we can help. The list below is based on reviews which assess everything from the apps offered by particular forex brokers to the reputations they have among users for fairness.


To see a full list of our trusted foreign exchange brokers, why not check out this table?



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:


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.


Don’t lose money online with scam brokers, trade with


Trusted & regulated forex brokers. Keep your fund safe.


Top rated online best forex brokers 2021



Scam brokers list

Brokerwebsitereason
FX nextgenwww.Fxnextgen.Comoffshore license
caliburwww.Caliburcapital.Netno license
titan FXwww.Titanfx.Comoffshore license
FTE FXwww.Ftefxpro.Comoffshore license
prime XBTwww.Primexbt.Comoffshore license
traderswaywww.Tradersway.Comoffshore license
midasglobewww.Midasglobe.Comno license
kronosinvestwww.Kronosinvest.Comno license
binomowww.Binomo.Comoffshore license
circleforexwww.Circleforex.Comno license
first BTC FXwww.Firstbtcfx.Comno license
essencefxwww.Essencefx.Comoffshore license
evisionfxwww.Evisionfx.Comno license
rickglobalwww.Rickglobal.Comoffshore license
RCM FXwww.Rcmfx.Comoffshore license
247smartfxwww.247smartfx.Comno license
traderiawww.Traderia.Comoffshore license
FX options24www.Fx-options24.Comno license
justforexwww.Justforex.Comoffshore license
TBFXwww.Tbfxtrades.Comno license
MGM marketswww.Mgm-markets.Comno license
olympusmarketswww.Olympusmarkets.Comoffshore license
sure forex tradewww.Sureforextrade.Comno license
cfreservewww.Cfreserve.Comno license
fernwww.Fuerfx.Comno license
capital tradefxwww.Capitaltradefx.Comoffshore license
FX PREMIUMwww.Fx-premium.Comoffshore license
pari fx tradewww.Parifxtrade.Comoffshore license
investteckwww.Investteck.Comno license
aduno capitalwww.Adunocapital.Comno license
S&P brokerwww.Snpbroker.Iono license
capital88www.Capital88.Comoffshore license
4xincomewww.4xincome.Comoffshore license
toptradeprowww.Toptradepro.Comoffshore license
go capital FXwww.Gocapitalfx.Comoffshore license
swiss investment fxwww.Swissinvestmentfx.Comoffshore license
smartoptionfxwww.Smartoptionfx.Comno license
globalixwww.Globalix.Comoffshore license
libra marketswww.Libramarkets.Comno license
monfexwww.Monfex.Comoffshore license
ifxoptionwww.Ifxoption.Comno license
goldfxtradingwww.Web.Goldfxtrading.Comoffshore license
gotechfxwww.Gotechfx.Comoffshore license
ultrontradefxultrontradefx.Comno license
FXIG tradeswww.Fxigtrades.Comno license
4xpremiumwww.4xpremium.Comno license
turboforexwww.Turboforex.Comoffshore license
swissinv24www.Swissinv24.Comoffshore license
golden key prowww.Goldenkeypro.Comoffshore license
uprofxwww.Uprofx.Comno license
goldmancfdwww.Goldmancfd.Comoffshore license
GCG asiawww.Guardiancapitalag.Asiano license
trade global marketwww.Tradeglobalmarket.Comno license
AZ tradeswww.Aztrades.Comoffshore license
IC financewww.Ic-finance.Netoffshore license
69brokerswww.69brokers.Comno license
traderurwww.Traderur.Comoffshore license
wandafxwww.Wandafx.Comno license
serex investmentswww.Serexinvestments.Comno license
tradepro capitalswww.Tradeprocapitals.Comoffshore license
kayafxwww.Kayafx.Comno license
ptbancwww.Ptbanc.Comoffshore license
millennium FXwww.Mnmfx.Comoffshore license
kapitalfxwww.Kapitalfx.Deno license
PRIMEXQwww.Primexq.Comno license
obsbitwww.Obsbit.Comoffshore license
swiftcfdwww.Swiftcfd.Comoffshore license
bluemax capitalwww.Bluemaxcapital.Comoffshore license
itradefxoptionwww.Itradefxoption.Comno license
70tradeswww.70trades.Comoffshore license
capital hallwww.Capitalhall.Comoffshore license
K2 wall streetwww.K2wallstreet.Comno license
capitalfxclubwww.Capitalfxclub.Comno license
worldwide capitalfxwww.Worldwidecapitalfx.Comoffshore license
tradeinvest90www.Tradeinvest90.Comoffshore license
ADN marketswww.Adnmarkets.Comoffshore license
hugoswaywww.Hugosway.Comoffshore license
brokerzwww.Brokerz.Comoffshore license
trading epicwww.Tradingepic.Comno license
fxnobelswww.Fxnobels.Iono license
swiss capital investwww.Swisscapitalinvest.Co.Ukno license
lockwood investmentswww.Lockwoodinv.Comoffshore license
cfdpremiumwww.Cfdpremium.Comoffshore license
megatradefxwww.Megatradefx.Comoffshore license
profxpremiumwww.Profxpremium.Comoffshore license
dax300www.Dax300.Comoffshore license
fxleaderwww.Fxleader.Comoffshore license
blue tradingwww.Bluetrading.Comno license
olymp tradeolymptrade.Comno license
trader.Onlinewww.Trader.Onlineoffshore license
ace forexwww.Acefx24.Comoffshore license
gxfxhttps://gxfx.Comno license
forex grandhttps://forexgrand.Comoffshore license
BTCHOMEwww.Btchomemining.Comoffshore license
fxtrade777www.Fxtrade777.Comoffshore license
aitsfxwww.Aitsfx.Comoffshore license
zeegosfxwww.Web.Zeegos.Onlineoffshore license
citifxmarketswww.Citifxmarkets.Comno license
finbitexwww.Finbitex.Comoffshore license
golden financialwww.Gdfxuk.Comno license
maxitradewww.Maxitrade.Comoffshore license
fxlinkedwww.Fxlinked.Comoffshore license
ideal global tradingwww.Fxideal.Comno license
volumefxwww.Volumefx.Comoffshore license
the55thfxwww.The55thfx.Comno license
kapitalswisswww.Kapitalswiss.Comno license
zonggangcaifuwww.Zgangfx.Comno license
phy capital investments limitedwww.Phyfx.Comno license
emarketstradewww.Emarketstrade.Comno license
esplanadehttps://esplanade-ms.Comoffshore license
admiral-markets.Comhttps://www.Admiral-markets.Comno license. Clone firm.
Bex optionswww.Bexoptions.Comno license
affliated trade groupwww.Affiliatedtradegroup.Comno license
kingston tradinghttps://kingstontrading.Comno license
wigmarketswww.Wigmarkets.Comoffshore license
city global tradinghttp://www.Cityglobaltrading.Comno license
option94www.Option94.Comno license
thecryptolimitedhttps://www.Thecryptolimited.Comno license
pro X financewww.Proxfinance.Comoffshore license
circle marketshttps://circlemarkets.Comoffshore license
pinprotradewww.Pinprotrade.Comoffshore license
newsolidwww.Newsolid.Comno license
cointeckwww.Cointeck.Iono license
onelifewww.Onelife.Comoffshore license
ukfinvesthttps://www.Ukfinvest.Comoffshore license
emporio tradinghttps://emporiotrading.Comoffshore license
easytradehttps://www.Easytrade.Bizno license
chrono FMhttps://www.Chronofm.Comno license
OMC marketswww.Omcmarkets.Comno license
CFD trendwww.Cfdtrend.Comoffshore license
easy FX tradewww.Easyfxtrade.Comno license
united FCGwww.Unitedfcg.Comno license
financial.Orghttps://financial.Orgno license. Negative reputation.
CCM clearinghttp://ccmclearing.Comno license
originalcryptohttp://www.Originalcrypto.Comno license
4xcube4xcube.Comoffshore license
bitalonghttps://www.Bitalong.Comno license
your trade choicewww.Yourtradechoice.Comoffshore license
finmarkfxwww.Finmarkfx.Comoffshore license
litefintechwww.Litefintech.Iooffshore license
tradeltdwww.Tradeltd.Comno license
forexchiefhttps://www.Forexchief.Comoffshore license
kryptowizehttps://www.Kryptowize.Comno license
bigoptionhttps://www.Bigoption.Comoffshore license
golden FXwww.Golden-fx.Comoffshore license
solidary markets FXwww.Solidarymarkets.Comno license
DCA-financehttps://dca-finance.Comno license
cryptonettohttps://cryptonetto.Comno license
daiju commodity marketshttps://www.Daiju-cm.Comno license
GWITwww.Gwitmarkets.Comno license


Report A scam broker


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.



Forex scams


We found 24 online brokers that are appropriate for trading forex.


Forex Scams


How to avoid forex trading scams


Are you interested in forex trading and want to educate yourself more about forex scams and investment fraud, or just browsing the internet reading those spectacular stories about successful forex traders?


The best way to begin your journey is by exploring this guide on different types of forex fraud and what should you consider to prevent being scammed.


It is widely known the forex market is the largest financial market in the whole world?


Not only does the forex market allow investors and traders to trade with each other.
With modern markets available all over the world traders and investors to trade on international markets 24 hours a day, 5 days a week. When one market closes somewhere else in the world another one will be open.


There has never been a simpler and easier time to trade the international forex markets.
With just a few clicks in your online brokerage account you could be investing and trading on the direction of hundreds of currencies around the world.


However, while the forex trading gains seem profitable, it’s not considered simple and easy.


Having a good trading understanding, a good funded account and an understanding of risk management are the most important pillars to determine a good trader.


Sadly you have to be aware that some may try to scam money from you.
Forex fraud will continue its actions for as long as the forex market lasts.
As techniques are progressing and developing, scammers are always present, trying to take your money from you. But is there any good solution to this huge issue?


Once you master the basics of the markets, you are no longer a simple individual to target.


Scammers will usually try to attract you by over promising, using sentences like this this is a very good investment opportunity you will be rich or look at my lamborghini I brought from trading as a way of attracting you to part with your money.


Scammers will try to use your optimism and fears and make you exciting offers. If it is too good to be true it probably is as the saying goes.


How to spot forex scammers?


There are a tell tale signs of a forex scammer. Is a forex broker offers huge profits with little investment and little or no financial risk you should be wary of trading with the brokerage.


There is no way a professional firm of traders would be able to act in such a manner and keep their regulation.


Some of these offers may sound very eye-catching, especially to beginners who have just begun to trade.


Here a few simple steps to follow in order to avoid fraud:



  • Stay safe and don’t run after individuals who offer 100% guarantee.

  • Be aware of softwares that claims quick cash for with no risk.

  • Don’t install any random apps that claim to make you rich overnight.

  • Reputable forex brokers will able be able to prove regulation and their reputation.

  • Contact authorities and ask for a list of regulated safe brokers.



Forex scams to avoid?


The signal seller scam


The most popular forex scam in the industry is the signal seller scam.


Signal sellers are made up of investment firms and individual investors that offer a system for a fee or commission.


Signal sellers will claim to identify best times to buy or sell a currency pair.
You will hear claims that they could make anyone rich.
They use testimonials from people who will tell you how great a trader the person is. You will hear stories about how much they have made, giving you the opinion it could also be you.


Beware of forex robot scams


A forex robot is a trading program that enter and exit trades automatically when certain signal criteria are met based on the programs algorithm.


Looking online for forex robot scams may help prevent some of the well known scam artists.


Not every forex robot is a scam. Some forex robots are reputable and have good feedback from users.


The point-spread scam


The point-spread scam based on computer manipulation of spreads.
The spread between the bid and ask is essentially the commission of a transaction. Point spreads are processed through a forex brokers like the ones listed further in this broker guide.


Generally if the point spreads are dramatically different from other brokers there may be something suspicious with that broker.


Brokers usually do not offer the normal two to three points tool, but spreads of seven pips or more.


Based on market charts a pip is a small price move between exchange rates.
Major currency pairs price values are to four decimal places. A minor pip change is to the last decimal point.


Why you should avoid trading scams


Any beginner who trades without educating themselves is essentially playing against the whole market which has vast experience and resource.
You have to give yourself every chance and have a good understanding of what you are doing or it is highly likely you will lose your investment.


Forex scams bottom line


The best way to prevent investment scams is to take your time.


Make sure to assess all the pros and cons of the forex brokers you would like to work with first before you start investing.
Finding a trustworthy and reputable broker is not always easy but when you are beginning to trade.


You should stay away from any broker that you are unsure of and trade with another broker.


Read broker reviews and comparisons like the ones on this website. We have spent countless hours researching brokers, aiming to give traders all the information they need to find a reputable broker.


By following these simple but proven tips you will be able to reduce the chances of being scammed by forex trading brokers.


Forex brokers you can trust guide


We've collected thousands of datapoints and written a guide to help you find the best forex scams for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best forex scams below. You can go straight to the broker list here.


Reputable forex brokers you can trust checklist


There are a number of important factors to consider when picking an online forex trading brokerage.



  • Check your forex broker you can trust has a history of at least 2 years.

  • Check your forex broker you can trust has a reasonable sized customer support of at least 15.

  • Does the forex broker you can trust fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.

  • Check your forex broker you can trust has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.

  • Does your forex broker you can trust have an international presence in multiple countries. This includes local seminar presentations and training.

  • Make sure your forex broker you can trust can hire people from various locations in the world who can better communicate in your local language.



Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.


Our brokerage comparison table below allows you to compare the below features for brokers offering forex brokers.


We compare these features to make it easier for you to make a more informed choice.



  • Minimum deposit to open an account.

  • Available funding methods for the below forex brokers.

  • What you are able to trade with each brokerage.

  • Trading platforms offered by these brokers.

  • Spread type (if applicable) for each brokerage.

  • Customer support levels offered.

  • We show if each brokerage offers micro, standard, VIP and islamic accounts.



Best 15 forex brokers of 2021 compared


Here are the best forex brokers.


Compare forex brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.


All brokers below are forex brokers. Learn more about what they offer below.


You can scroll left and right on the comparison table below to see more forex brokers that accept forex clients



SCAM forex brokers


Forex daily turnover exceeds $5 trillion. The majority of brokers, operating in this market earn their money honestly, by providing financial services to the traders. However, the big money also attracts scam brokers to the industry. These companies only have one target – to quickly collect as much money as possible from the traders and disappear.


Although scam forex brokers have become a much rarer case than a decade ago, the phenomenon hasn’t disappeared. Forex-up has been collecting information about fraudulent brokers regularly over the span of several years, putting them on the broker blacklist that you can see below.


Also, below you will find extremely useful and practical information from our top expert nikolai peskov, who will tell you how to avoid scam brokers and keep your money safe. He prepared a test for detecting a scam and gave several important recommendations on how to search for the trustworthy brokers.


Is an analyst, trader and investor with extensive experience of working in the financial market.


From 2010 until 2014, nikolai used active trading strategies at the US stock market and forex market.


What is a scam on the forex market?


Both small-scale companies and rather large scam companies with staffed call centers resort to scams and fraud.


They can be conditionally divided into four categories, each having specific features:



  1. Scam fly-by-night websites.

  2. Organized scammers.

  3. Financial pyramids.

  4. Scam committed by licensed brokers.



Let’s review each of them in more detail. We have prepared a check table for each type of scam to help you systematize your knowledge, detect scam at an early stage and keep your money safe.


Type of scam


Scam fly-by-night websites.


Description


This type of scam forex brokers is the popular one as it is the easiest to organize. In reality, this website is certainly not a broker. It is only a cover for publication of information that serves as a hook for attracting customers. The task of the scam is to attract as much traffic as possible to the website within a short period and sell a flashy idea to the novice investors. Usually, there are one or several idea developers behind such projects, while their lifespan varies from several weeks to several months.


Distinguishing features



  • Such scam brokers promise enticing profits (often hundreds percent annua) without taking any effort.

  • They hide behind the ‘forex broker’ sign.

  • They tend to actively use the latest technological terminology. They can also hide behind investments into cryptocurrencies, AI, precious metals and highly effective PAMM accounts.

  • Contact information on the website is either unavailable or false.

  • They don’t hold a license on financial activity or it is fake.


Type of scam


Description


Entire criminal organizations can operate under the guise of a forex broker. They are usually based in one of the developing countries with a low legal culture. They exist much longer than your usual scammer – up to several years. Usually, the marketing department involved in collecting contacts of potential victims and a large multi-language call center to scam them form the backbone of such scam companies.


Distinguishing features:



  • Scam companies specialize in cold calls and manipulative psychological tactics during personal communication with potential victims.

  • They collect contacts using teaser websites, which feature promises of easy gains or additional profit.

  • They don’t hold a license on financial activity.

  • They motivate people to get into debt and borrow money, without caring for the customers’ risk management.


Type of scam


Description


These schemes are usually built on multi-level marketing. They are used to motivate the victims of the scam to invite their acquaintances and friends to participate in a pseudo investment project. It all ends in a crash.


Distinguishing features:



  • These scammers motivate customers to develop their network by inviting friends and relatives.

  • They hide behind investments into effective PAMM accounts, cryptocurrencies or precious metals.

  • They promise a profit of over 100% annual.

  • They don’t hold a license on financial activity.


Type of scam


Scam committed by licensed brokers


Description


This type of scam is the hardest to determine, because, at first glance, such companies can conduct the usual business of a forex broker and even hold a license. Their task is to make the customer fully lose his deposit through the use of scamming tactics or reduction of risk of trading with leverage. Often, this type of activity borders with scam and fact manipulation that leads to losses suffered by the customers.


Distinguishing features:


You are offered to use an increased leverage (up to 1:2000).


You receive quotes with delays.


Frequent gapping and requotes happen


Withdrawal of funds is blocked or delayed under a false reason.


How to check whether a broker is a scam: a simple test


Naturally, after reading such warnings, you may be concerned for the safety of your funds. There is good news, however. In 2021, scam is rather an unpleasant exception.


To help you to practically fully rule out the option of a scam, we will provide you with a list of suspicious features of a broker and recommendations should you discover any. We have prepared the risk scale to estimate the scam. We used 1-10 scale, where 1 means low risk and 10 – highest. Forex-UP analysts use this methodology for its list of scam brokers


feature advice risk scale
the broker is not regulated we do not recommend using the services of companies that are not regulated, because in this case the probability of a scam sharply increases. Our broker blacklist mainly includes companies that are not regulated.
If a broker has not provided information about regulation, stay away from it. Also, a number of brokers provide false information on the website. You can check the license on the regulator’s website, which usually takes only a couple of minutes. The license holder usually provides the names of the company and domains under which it provides services in its documents.		 10
the broker promises guaranteed profit (usually over 100% annual) equip yourself with knowledge and healthy skepticism. A promise of a guaranteed super-profit is one of the most evident signs of a scam broker. Be realistic and remember that nobody will be able to guarantee such profits for you on the forex market, just as on any investment.
A broker is only a connection between the forex market and the customer. The broker can earn profit through execution of orders and accompanying service, but does not have the right to make any promises in general.		 10
calls from a blocked number if somebody is calling you persistently from a blocked number and introduce themselves as an employee of the broker you’ve heard nothing about, just hang up. You may be promised high profits, additional earnings and claim that you’ve provided your contacts to somebody. Those are just tricks. 10
you are asked to provide information about your debit/credit card this is a clear sign of a scam. Never and under no circumstances should you provide your card information to strangers! 10
you are experiencing issues with withdrawal of funds it is a sure sign of a scam, if the broker interferes with withdrawal of your funds. To check this feature, we recommend you to read the reviews of active customers on our website. 10
MLM methods if the broker’s main activity is concentrated on exponential expansion of the network, it could be a sign of a pyramid. You need to treat the promises of high guaranteed returns for referrals with caution. 7
SSL certificate this certificate is a mandatory condition, because it helps establish a secure connection with the server and eliminate a number of fraudulent methods of obtaining information. The majority of browsers warn about insecure connection. Chrome will show you the following message if you attempt to establish an insecure connection: “your connection is not private! You need to leave such a site immediately. 7
domain is registered several months ago A simple check of the website using who.Is service will help you establish the domain’s registration date. If the domain was registered a few months ago or if the broker claims it has been operating for many years, but the domain has only been registered recently, it is a cause to consider whether such broker is honest. 5
you are not warned about the risks some scam brokers intentionally provide customers with an overstated leverage in order to provoke financial losses. Remember, the higher leverage you use, the higher are your financial risks. Usually the brokers that do not bring the deals to the market (dealing desk) use such practices. For a beginner, it is extremely undesirable to use a leverage higher than 1:40 – this is the maximum limit set in the EU countries. 4
aggressive marketing it is best to avoid companies that offer very high (over 30%) deposit bonuses and similar things. This sign is not a guarantee that it is a scam, but could be a reason to be skeptical. There is no such thing as a free lunch, after all. 4
delayed quotes, gapping, requotes if all of these signs exist, it is likely that the broker does not bring the transactions to the currency interexchange. We recommend using the companies that offer direct access to the liquidity suppliers using NDD/ECN/STP technologies. 3
focus on PAMM accounts and binary options we do not recommend using binary options, as they carry a high probability of losses. Binary options are prohibited in the majority of countries.Also the brokers that build their operation around PAMM accounts with promises of high profitability should not be trusted. Remember that few professional managers are capable of ensuring stability profitability at over 30% annual. 3

In order to check a broker, simply sum up the points from the risk scale column in the table above:


How to understand the test results.



  • If the broker has 0 points, it is reliable. The risk of spam is minimal.

  • If the broker has 0-20 points, there is a risk of spam, but it is moderate.

  • If the broker scored over 20 points, the risk of spam is high. We do not recommend using the services of such companies!


We also strongly encourage you to check the list of scam brokers on our website, where our experts include scam companies after a serious review.


List of scam brokers


In order to help our readers to discover the scam companies faster, forex-up regularly updates the broker blacklist. You will find the latest list of scammers on our website.


As soon as our experts discover a new scam forex broker, it is immediately included in the blacklist. We also attentively review the feedback of the customers, who came across a scam. If the company does not allow to withdraw funds or if it shuts down its operation completely, the readers of the website will be among the first ones to know.


Our blacklist includes fly-by-night companies you are highly advised to stay away from. In the list, you will find the name of the scam company, its website, reviews of the customers and a short list of tricks and promises it uses to attract new victims.



Forex-up experts recommend


Also, let us point to the brokers the experts of our portal recommend to work with. They have passed the selection based on strict criteria and fully meet the key reliability requirements:



  1. They hold licenses for providing financial service on the international market and in the european countries.

  2. They disclose information about trading risks.

  3. They pass regular audits and provide their financial statements and reports.

  4. They do not use manipulative marketing practices.

  5. They offer a high level of client data security.



How to find a reliable broker: 7 tips


Another extremely useful skill for avoiding scam on forex market is concentrating on finding a tried and tested broker with a good reputation. Our experts offer the following pattern for doing that:



  1. Find a company with a long history of operation and regulation in one of the developed countries (EU, UK, USA, australia, etc.) among the leaders of the rating.

  2. Perform simple fact checking: check the license on the regulator’s website, check availability of SSL certificate and date of domain name registration using special services.

  3. Find out from the broker, whether it is a member of a deposit guarantee fund. If yes, it is considered a big advantage.

  4. Perform content analysis of the website. If there are no warnings about risks on the page, but there is an ad with PAMM accounts with high profitability and promises of easy money and 100% bonuses, it is best to look for another broker.

  5. Study the services of the broker. Availability of instruments for a small passive income, a large amount of educational and analytical information are viewed as advantages.

  6. Many brokers have several branches, including in reliable jurisdictions and offshore territories. If you have a choice, it is best to pick the legal entities from the countries with high legal culture.

  7. In addition to the above, we encourage you to read an expert review of the broker on our portal. You can learn about the pros and cons of the broker from our review, as well as clear and hidden tariffs, licenses, how to open an account and about working with the novice traders. On the same page, you will find reviews from the broker’s real customers.



We have now mentioned the importance of reliable regulators on the forex market on more than one occasion. Below is the list of organizations that are highly trusted all across the world.


The list of largest financial market regulators


country regulator website
UK financial conduct authority (FCA) fca.Org.Uk
USA financial industry regulatory authority (FINRA) U.S. Securities and exchange commission (SEC) commodities and futures trading commission (CFTC) finra.Org sec.Gov cftc.Gov
australia australian securities and investments commission (ASIC) https://asic.Gov.Au
cyprus (european union) cyprus securities and exchange commission (cysec) cysec.Gov.Cy
germany (EU) the bundesanstalt für finanzdienstleistungsaufsicht (bafin) bafin.De
switzerland swiss financial market supervisory authority (FINMA) finma.Ch
russia federal financial markets service (FFMS, FSFR) bank of russia fcsm.Ru cbr.Ru
malta (EU) malta financial services authority (MFSA) mfsa.Mt
india securities and exchange board of india (SEBI) sebi.Gov.In
SAR financial sector conduct authority (FSCA) fsca.Co.Za

Reviews about scam brokers on forex-UP


At forex-UP portal, we have a huge advantage, when we are compiling the broker blacklist, as dozens of people leave reviews about their experiences of working with brokers daily. Among them are also traders, who came across forex scam brokers and want to inform our analysts and other traders about them.


NOTE! All registered users can leave reviews on our website, but they are additionally screened in order to avoid mistakes and slander. Our analysts perform a detailed analytical analysis of each case before a broker is placed on the list of scam brokers. If the information is confirmed, the company is placed on the list.


Reviews


Broker: BELARTA author: rionote


I had some bad luck – I did not read the reviews and bought into the calls of BELARTA managers, who promised me good returns with no risks. They swindled $1,000 out of me, allegedly because that was the minimum amount you could work with on the forex market. The truth was they just tried to collect as much money as they could and disappear with it. I felt something wrong right away – some weird things started to happen with the platform, gapping. The manager stopped returning my calls. I tried to withdraw funds, but they were blocked without reason. Soon, the website of this scam broker was shut down altogether and my money was lost.


Broker: 24FX.Com author: wu li


I lost $500 with this company because of my own gullibility. I am actually happy about it, because I know people who went into debt, having believed the smooth talk of their managers about big profits on the forex market. It was all going fine, there was a small profit, but when I tried to withdraw the money, all the communication was cut off. I had nobody to complain to! As it turned out, they are not regulated at all and they don’t even have an office. I believe it is my duty to warn others about this scam.


Broker: lucror FX author: john don


The only goal of this broker is to scam as much money as possible from the customers. They call from a blocked number, give you nice examples of somebody who got rich on forex, but it is all just lies. I suspect there is nothing behind this broker, but the website. There was no customer support as such. It was impossible to reach anybody. I lost 870 british pounds, although I could have invested this money into some respectable broker, and there are many of those in the UK. Never answer calls from blocked numbers!


Broker: lucror FX author: novicenovice


My mind recoils at the memory of the day I bought into an add on some website and followed the link with a promise of additional income. They promised passive income, but simply vanished without a trace in the end, with a bag of somebody else’s money. My $1,070 was also in that bag. After a negative experience with this company, it was difficult for me to trust forex brokers again, but now, I’ve been working with swissquote for 2 years and I’m happy with the quality. There are many good brokers with reliable regulation. Just don’t be too lazy to check everything!


Broker: BELARTA author: ROD78


I’ve never seen such a horrible scam! They exploit the gullibility of the novice traders and boldly impose their products, promising pie in the sky. But, it turned out that it is a shell company without the license, or even an office. Fellow traders, please be very cautious and check all information about the broker several times, before deciding to entrust them your money. Nobody has a spare 1,000 that you can gift to scam brokers.


Expert opinion:


Yegor krasnov is a forex-UP expert, analyst of stock, forex and cryptocurrency markets.


To avoid becoming a customer of a scam broker, the first thing you need to look at is regulation. I would even rephrase a famous quote: “show me who your regulator is and I’ll tell you who you are.” A good idea is to choose a well-known broker with regulation in your home country, or in one of the developed countries with a good legal culture. Such regulators as FCA (UK), FINRA (USA), ASIC (australia), and also regulators of switzerland and the majority of EU countries are particularly respected. Lately, the reliability level of cyprus (cysec), which was earlier considered an offshore territory, has vastly improved.


Personally I would not risk working with a little-known company, regulated in an offshore territory. I have great doubts that somebody cares much about protection of my rights somewhere in vanuatu or the seychelles. There is factually no control over the operation of the brokers in many of such jurisdictions.


Risk warning: trading forex (foreign exchange) or cfds (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment.



10 forex scams & unregulated brokers to avoid


Forex traders with little experience can be deliberately targeted by unregulated and deceptive brokers, as well as other so-called industry professionals, attempting to fraudulently obtain their money.


Regulation of this relatively new industry is continuing to improve and provide traders with protection and peace of mind. However, there will always be shady operators, setting traps and using tricks to manipulate unsuspecting clients. Traders always need to be on their guard and extremely thorough with their checks before handing over large sums of money to anyone in the industry.


Here are ten common forex scams to look out for.


1. Fake / unregulated brokers


Fake, unregulated brokers can lure traders in with promises of high and even guaranteed profits, zero spreads, or other unrealistic offers. As much FX trading is now done online, it is easy for fraudulent companies to put together a high-tech web presence that looks entirely plausible. It is therefore vitally important to perform stringent checks on the broker before entering into any trading agreement.


Traders should check for a company address and verify it; check the website whois information and make sure it is registered in the company’s name (or their parent company name); and only go for brokers that are authorised and regulated by the relevant industry regulator, such as the FCA in the UK, or cysec in cyprus, etc.


The financial conduct authority have a useful tool that allows you to search for a company to see their regulatory status and history.


Forex Brokers to Avoid, scam forex brokers list.


The regulatory status should be declared on the broker’s website and is an important indicator of whether or not a firm can be trusted. If they are regulated by a reputable regulator in their country of origin, then they are more likely to be legitimate, act responsibly, and be accountable for their actions; as they risk losing their licence and reputation if they fail to act in accordance with the required standards.


Brokers to avoid


Notorious unregulated brokers can be uncovered with a simple internet search. Examples of firms publicly highlighted by the FCA as being unauthorised include:



  • AMFX (www.Amfx.Com)

  • Banco FX or banko FX (www.Bancofx.Com)

  • TFX traders (www.Tfxtraders.Com)

  • Golden green FX limited (https://www.Ggfonline.Com, https://www.Goldengreenforex.Com)



A few reputable alternatives include avatrade and etoro.


2. Clone broker firms


Some firms may appear to be regulated at first glance, as they are registered on the regulator website and able to provide a registration number, however further investigation reveals that they are just extremely similar to a genuine, regulated broker. They may have just used a slightly different spelling or a variation of the registered broker’s name. This highlights the importance of carrying out detailed and thorough checks before entering into an agreement with a broker.


3. Clone regulator websites


Another way a fake broker may convince a trader that they are legitimate is by publishing their regulatory status on their website and linking through to the regulator web page where their entry appears. Except that it isn’t the regulator website at all, and is actually a clone of the register that they have deliberately set up to appear authentic.


To avoid falling into this trap, be sure to go to the actual regulator website and search the register for the broker from there, rather than trusting a link from the broker’s site.


4. Signal sellers


Signal sellers can be companies or individuals claiming to be able to identify the best trading opportunities, and when they are fraudulent, they often promise quick and easy profits.


They may allege to have extensive experience and expertise, remarkable technical analysis abilities, or privileged access to news affecting the direction of the markets; and these statements are often backed up by glowing testimonials from numerous traders who apparently have made significant profits from the services. The information is provided for a fee, but of course, there is no way to recoup this outlay if it proves to be bogus. If a trader does want to go ahead and use a signal seller, they are responsible for vetting them and verifying their reliability before proceeding with the transaction.


5. Trading robot sellers


Automated systems, more commonly known today as ‘robots’, are also offered by scammers purporting to reward traders with high returns for little effort. They may claim that their robots examine price volatility and other factors in order to assess the best time to enter or exit a market. However, often the trades are simply random and absent of any kind of logic. Again, the sales page is regularly accompanied by numerous fake testimonials from traders declaring how the robot has earned them significant profits generating trades on their behalf. If a trader wishes to use an automated system as part of their trading strategy, then extensive research should be conducted to ensure scam robot sellers are avoided.


6. Forex ponzi schemes or high yield investment programs (hyips)


Ponzi schemes are still one of the most well-known scams around and alarm bells should ring straight away if a forex investment scheme seems too good to be true. In a typical example, money is diverted from people entering the scheme to pay the exceptional profits promised to previous investors. The cycle continues: word spreads about the extraordinary scheme, and as more people join, more money becomes available to pay the alleged profits. Eventually, the scheme collapses and/or the scammer disappears with everyone’s money.


7. Fraudulent fund managers


Trading forex can be intimidating, particularly for those entering into it for the first time, so when a fund account manager comes along promising high returns for minimal risk, it can be a tempting prospect. When investors start to receive additional demands for money as markets did not perform as predicted and the fund manager needs to correct the position, this is inevitably a bad sign. Some people can repeatedly fall for this scam, though, until eventually the penny drops (pardon the pun) and the money manager disappears, along with all the investor’s money.


8. Overpriced training & education programs


Traders should be wary of education programs with a promise of profitable results. These are often sold for inordinate fees and are unable to deliver on their promises.


Whilst training programs can be useful for learning the basic process and guidelines, any course declaring that it can teach someone to become an expert in no time at all is probably worth avoiding altogether.


There is a wealth of free information available that may be just as or even more useful than a costly training program: youtube videos; podcasts; webinars and demo accounts give a potential trader the opportunity to test their abilities before trading with real money; and so on.


9. Manipulation of bid / ask spreads


This scam relies on the naivety of the trader, as it assumes that they are going to be more concerned with checking market movements than the commission being taken by the broker through their bid and ask point spread. The wider the spread, the more money is being pocketed by the broker, and this reduces any potential profits for the trader. The scam is not as common as it used to be thanks to better regulation of the industry and increasingly savvy traders, but it still exists, particularly with offshore, unregulated brokers.


10. Stop loss hunting


Deceitful brokers have been known to manually close a position before reaching the stop loss set by traders in order to gain additional trading commissions. This is not very common and is unlikely with a regulated broker, however, is still potentially something to look out for – particularly when using a market maker broker.



Forex broker scam list


If you have ever tried conducting an internet search on scam forex brokers (scam broker list), you know for sure that the number of outcomes is really shocking. While the foreign exchange market is gradually getting more regulated, but there are a lot of unscrupulous companies, which shouldn’t be in the industry.


If you relish a thought of trying to trade currencies on your laptop, you need to find a forex broker you can trust. It should be reliable enough. Stay away from those companies in the forex market, which make you doubt and hesitate.


To sort out the worthiest companies from numerous mediocre stuff and scams, we should make a series of steps. You shouldn’t deposit your money to your trading account if you aren’t confident with the broker. Forex trading is a serious business, which requires a great deal of intelligence, patience, and dedication. However, when a bad broker implements a number of harmful policies, even a guru of technical analysis won’t be able to earn a profit. Here below we’ll discuss all the intricacies of relationships between brokers and their clients and point out what really matters in choosing a broker. However, if you’re reluctant to dig in a forex broker scams list or you’re reluctant to memorize 6 ways forex brokers cheat you, just stick with a ready-made solution – fxmcapital, a well-regulated forex broker with an impressive number of returning clients.


True forex facts versus fiction


When closely watching a potential forex broker, you require learning to separate true fact from worthless fiction. Well, having viewed all these articles, forum posts as well as disgruntled feedback about a particular forex broker, you might assume that any trader is a pure scam, unable to let its clients earn a good income. Would it be a sound fact? Here the truth is that literally, anyone who has recently failed to make money in the foreign exchange market can post insulting content on the web blaming the company for his own mediocre strategy.


The internet is flooded with absurd accusations of forex brokers. Those who don’t want to find a reason in themselves, prefer merely extending a scam forex broker list, backing it with foolish statements, such as “the market reversed when I opened my trading position.”


It’s quite real that novice forex players fail to benefit from a well-tested strategy or a sound trading plan. These folks prefer to fully rely on their psychology. They believe they feel where the market is going. However, to say the truth, there’s a 50% likelihood that they will be right. When the novice trader opens a trading position, he bases his decision solely on emotions. Experienced market players certainly know these junior tendencies, and they don’t enter the market when there’s no need to do it. Having failed to move along with the market, traders are more likely to accuse their brokers of hunting down their profits or something like this instead of analyzing the true reasons for their failures.


Of course, it’s possible that a trader can lose his money because of his broker’s fault . It can take place when a broker tires to rack up trading commissions at the trader’s expense. By the way, there have been reports of brokers intentionally moving quoted rates for the purpose of triggering stop orders, while other clients’ rates haven’t even moved to that price. Fortunately, for investors, such a situation turns out to be an outlier. Most probably, it won’t happen again. You need to keep in mind that forex trading shouldn’t be regarded as a zero-sum game. What’s more, forex brokers mainly earn from increased trading volumes. In general, normal brokers are interested in having long-term customers who trade on a regular basis. Such clients can only bring them constant profits.


As for the slippage, it can often be explained by behavioral economics. That’s a common thing for novice market players to panic. They’re afraid of missing a crucial market move. Therefore, they impatiently click on their buy button. They can also be afraid of losing everything and open a short trading position for this purpose. In an extremely volatile exchange rate environment, the broker is unable to ensure that this particular order is going to be executed at the specified price. It generates abrupt movements and nasty slippage. It’s also true for the stop as well as limit orders. Well, some forex brokers can guarantee that all of the client’s limit and stop orders will be executed, while others can’t guarantee it for objective reasons, and they even openly tell about it. Slippage can be noticed even in more transparent financial markets. The matter is that markets keep moving and brokers don’t always obtain the ordered price.


The role of communication between traders and brokers


Real problems can start evolving when communication between a trader and his broker becomes problematic. If a market player fails to get responses from his broker or the company comes up with uncertain answers to the client’s questions, this fact doesn’t speak in favor of the broker. Of course, such problems need to be tackled and explained to the market player, while the forex broker needs to be helpful and demonstrate good customer relations. Perhaps, the worst thing that can occur between a trader and his broker is the client’s failure to withdraw earnings from his account.


Broker research can protect you


Fortunately, it’s quite possible for you to protect yourself from mediocre brokers and dangerous scams. Just make the following steps:



  • Conduct thorough online research of the forex broker you’re interested in. A generic internet investigation can provide relevant insights on whether downbeat comments could be an irritated client or something more serious. Additionally, a perfect supplement to this type of research will be the brokercheck by the financial industry regulatory authority. It will disclose all legal actions against this company, if the broker has real faults, of course.

  • Ensure there aren’t any complaints about not being capable of withdrawing earnings. If there are such negative reviews, you should contact the trader if possible to have him interviewed about his experience.

  • Examine all the fine print of the corresponding documents when starting an account. The matter is that incentives to open a trading account are often utilized against traders each time they try to have their earnings withdrawn. For example, you deposit $10,000 and obtain a $2,000 bonus. After this, you lose your funds and try to withdraw some remaining money, but your broker tells that they are unable to withdraw your bonus funds. Don’t forget to read the fine print. Thus, you will guard yourself against nasty pitfalls.

  • If you’re fully satisfied with your research on a certain company, start a mini account or any other trading account with a tiny amount of funds. Then, try trading it for a month. After this, you should try to withdraw your earnings. If everything has gone OK, it should be relatively safe to more actively replenish your trading account. In case of having any issues, try to discuss them with your broker. On the contrary, if your experience of working with this broker is negative, don’t hesitate to tell this story online. Thus, you will help other people not to get into this trap.



By the way, you can’t determine the level of risks involved considering only the size of the forex broker. As a rule, larger forex brokers grow by simply providing a certain standard of trading services. However, the 2008-2009 financial meltdown taught us that a big or popular company isn’t always a safe solution. If you don’t want to make a thorough financial broker background check on your own, you can always opt for a simpler solution – fxmcapital. Working with this reputable company r you can forget about forex broker scams and enjoy the timely withdrawal of your earnings. You will never find fxmcapital in a forex broker blacklist


Brokers and their commissions


Forex brokers who are paid commissions for selling and purchasing securities can sometimes fail to resist a strong temptation to effect transactions to earn a commission. Evidently, those who do this too much can be accused of churning. Churning means placing trades for another purpose, different from the client’s one. The forex brokers caught churning are bound to pay fines. Other punishments include reprimands, dismissal, suspension, disbarment, to say nothing of criminal sanctions.


More about churning


The SEC defines churning as a situation when a broker buys or sells assets in a client’s trading account for generating commissions, which benefit the company. To conduct churning, the broker requires control over the client’s investment decisions. If you notice sales or purchases in your account that you haven’t actually made on your own, that’s churning. It’s an unethical and illegal action, violating numerous securities regulations.


A typical sign of churning is a situation when you notice securities bought or sold in your trading account that doesn’t actually match your investment goal. For instance, if your goal is to earn a stable income, then you shouldn’t see buying and selling positions in your account for small-cap equity or technology equities. As for churning with derivatives, including call and put options, it’s much harder to notice due to the fact these financial instruments can be utilized with the aim of accomplishing a variety of goals. However, selling and purchasing calls and puts should take place only if you demonstrate a high-risk tolerance. Apparently, selling puts and calls can bring current income if it’s carried out rationally.


How watchdogs assess churning


An arbitration panel is expected to consider a number of factors when conducting hearings to figure out whether this particular company has been churning user accounts or not. They are going to assess the trades, placed in light of the customer’s level of education, sophistication, experience and the nature of the trader’s relationship with the company. Moreover, the panel will also estimate the number of solicited vs. Unsolicited transactions as well as the dollar amount of commissions, which have been generated against the backdrop of the customer’s losses or profits as a result of these transactions.


However, there are times when it might seem like your forex broker might actually be churning your trading account. However, it mightn’t necessarily be what you think. If you have any questions as for this or feel uneasy about what your forex broker is doing with your funds, you shouldn’t hesitate. Instead, you require consulting your securities attorney. Alternatively, you can try filing a complaint on the official website of the SEC.


What to do with a bad broker


To our great regret, you have few options in this case. Nevertheless, you can still try to do the following things:



  • Attentively view all the provided documents just to ensure that your forex broker is doing wrong and against the law. However, if you’ve overlooked something important or neglected reading the documents signed by you, then you’re even in a worse position.

  • Talks about the course of action you are going to take if the company doesn’t adequately respond to your questions or it has refused to send back your earnings. Probable measures might include reporting the case to FINRA or another other appropriate watchdog and posting your story online.



Conclusion


While market players might blame their forex brokers for their decreasing deposits, it’s quite possible that brokers are wrong. As a forex trader, you need to be thorough. You should conduct research on a suspicious company before opening a trading account with them. If your research appears to be optimistic for this company, you can start with a small deposit, make a couple of trades and then try to withdraw your earnings. You require verifying that your forex broker is involved in a number of illegal activities against you. For example, it might be churning. Try to reach out to your broker and ask all the necessary questions. If you haven’t been answered, shift to another stage. Come up with complaints and ask reputable watchdogs, such as FINRA, SEC, etc., to help.





So, let's see, what we have: our list of NOT trusted forex brokers. Watch out for these forex brokers, that show many signs of scam. Contact us with your own experience of scamming forex brokers. At scam forex brokers list

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