Fake forex brokers list

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.

Best forex bonuses

10 Forex Scams; Unregulated Brokers to Avoid, fake forex brokers list.

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.

10 forex scams & unregulated brokers to avoid

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.

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

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.

Fake forex brokers list

Fake forex brokers list price movements of major currency pairs like USD/JPY, CAD/CAD, CAD$/USD, GBP/USD, USD/CAD, EUR/ETH, EUR/USD, JPY/BTC, USD/DOG, AUD/USD is vital for the success of any trading in forex. Any broker that will only list the highest bidders will lose money if a lot of low bid/ask is traded.

Therefore it is important to know the market trends before making a serious bid/ask.

Traders can enter or exit the market by entering or leaving the price or range.

What is A forex trader

The entry/exit price is important for two reasons. Firstly, it is the point at which the bid/ask spreads start to close. If the entry/exit price is not known, then bids/ask spreads will start to close at an early date. Secondly, it is the price where the bid/ask spreads start to close again.

Traders can use the price of the market to their advantage by entering or exiting before the entry or exit. The advantage of buying or selling before the entry or exit is really shown by the increase or decrease in the price range. When the market has many low bid/ask spreads, then the low bid/ask spreads become important. Because there are many buyers and sellers, then the price of the market can become extremely valuable as a speculative tool.

The high bid/ask spreads can therefore help to keep the prices of many currencies even when the currencies are changing. The high bid/ask spreads will therefore sometimes help to keep the currencies in a certain range. This range then allows the buyers to be sure that they will not trigger the sell order if the market becomes too expensive or out of range.

The high bid/ask spreads will therefore help to keep the currencies within a narrow range.This range then opens the door to other opportunities for profit.

If the market is getting too close, then a change may be required. If the market is getting too large, then the sell order may be called.

This is usually a last resort measure taken when the market is getting too close.If you or your family members are traveling or staying in a specific country, then a good number of currency options are also available. Currencies can be traded either way and this is shown on the chart below. When you click on a currency, then a new window will open up in which you can select to trade. This is a good way to find new opportunities.

The window will show you the current market and you can place an order or exit the transaction. It is always good to have an exit strategy in place when you travel.The green bar in the center of the chart represents the S&P 500 index. The upper half of the chart represents the period from 1929 to the present. The lower half represents the period from 1920 to the present.

The 1920 index is the lowest level of the S&P 500. The reason for this is that the great depression happened during this time and most of the industries have already gone away. The reason for the lower window is probably the fact that most trades are for cash.

Forex brokers to avoid

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.

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 brokers list

Finding the best online forex broker isn't an easy task.

Forexbrokerz offers you hundreds of forex brokers sorted by country, regulation, dealing, trading platfrom, payment methods and trading conditions.

Every single forex broker listed on forexbrokerz.Com is reviewed and rated by experienced traders.

Platform	country	payment
metatrader 4 brokers	US brokers	paypal brokers
metatrader 5 brokers	UK brokers	skrill brokers
custom platfrorm brokers	swiss brokers	neteller brokers
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ECN brokers	canadian brokers	spread
market makers	singapore brokers	fixed spread brokers

broker	country	regulation	platform	min deposit	review
	cyprus, UK, mauritius	cysec, FCA, FSC, FSCA	MT4, MT5, web	$10	review website
	cyprus, SVG	cysec	MT5, web, ctrader	$100	review website
	australia, cyprus	ASIC, cysec	MT4, MT5, iress	$100	review website
	cyprus,belize, australia	cysec, IFSC, ASIC	MT4, MT5	$5	review website
	UK, australia, south africa	FCA, ASIC, FSCA, cysec	MT4, trading station, ninjatrader	$50	review website
	UK, cyprus, UAE, south africa	FCA, cysec, DFSA, FSB	MT4, MT5, fxpro markets, ctrader	$100	review website
	belize	IFSC	MT4, MT5	$100	review website
	cyprus, UK, south africa, UAE	cysec, FCA, FSCA, DFSA	MT4, MT5, web	$5	review website
	UK	FCA	MT5	$5	review
	cyprus	cysec	MT4	$500	review
	switzerland	FINMA	MT4, web, jforex	$5000	review
	australia, cyprus	ASIC, cysec	MT4, MT5, ctrader	$200	review
	US, UK, canada, australia, japan, singapore	CFTC/NFA, FCA, ASIC	MT4, web, fxtrade	$1	review
	australia	ASIC	web	$1	review
	UK, cyprus	FCA, cysec	MT4	-	review
	UK	FCA	MT4	$2000	review
	UK	FCA	MT4, MT5	N/A	review
	australia	ASIC	web	review
	UK, cyprus	cysec, FCA	MT4, AFX fast	$100	review
	UK	FCA	MT4	$0	review
	UK	FCA	MT4	$200	review
	germany, uk	FCA, bafin	web, tradehub	€100	review
	cyprus, UK, russia	cysec, FCA	web	$100	review
	UK	N/A	MT4, web, LMAX mobile	$1000	review
	USA	FINRA/SEC	web, thinkorswim	$2000	review
	UK	FCA	MT4	£100	review
	cyprus	cysec	MT4, colmex pro trader/expert	$400	review
	UK, autralia, belarus	FCA, ASIC, NBRB	MT4, web, fortrader	$100	review
	UK	FCA	MT4, MT5, darwinex	$500	review
	UK	FCA	MT4	$200	review
	UK, australia	FCA, ASIC	MT4, MT5, web, mirror trader	$1	review
	denmark, UK	FSA, FCA, ASIC	web, saxotrader	$10 000	review
	australia	ASIC	MT4	$500	review
	cyprus	cysec	sirix	$200	review
	cyprus, UK	cysec, FCA	etoro webtrader, etoro openbook	$200	review

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Fxdailyreport.Com

If you are looking for a way to make money online without much effort, then forex is the best option. You just need some funds and knowledge about forex. However, many people lose money and blame forex trading.

People lose money because of various reasons. The failure to identify a fake broker from a good one is by far the most common reason as to why many people lose money. So, in order to become a good forex trader, it is important that you know how to identify a fake online broker.

#1: broker’s official website

To identify a fake broker, the first and foremost thing you have to do is check the broker’s official website. Some of the things that you see there will help you decide whether the broker is fake or genuine. You may find some standard options, but you should try to find out what is different. For example, if you observe that the forex broker has added a number of reviews to the site and that all of them appear to be common, then it is quite possible that it is a new broker who is trying to earn money quickly through an affiliate.

#2: location of comments on the site

Most businesses provide a comments section on their websites. It enables users to write as to what they think about the company and what their experience has been. If the broker you have chosen is providing a comments section, it is good. However, if the comments section is missing, then it might be a fake website. Typically, the comments section is provided at the bottom part of the web page.

#3: check the affiliate link

It is not bad if an affiliate link is provided. Only thing is that it should not be for cheating users. In some of the reviews of various brokers, you might find ‘landingid=3’ or ‘affiliate=fxsite’ as link extensions. The site owner must clarify this on the website. If not, then you must exercise extreme caution when choosing to work with the broker.

All broker sites provide a separate forum section to help users share their problems and get solutions from other users. Before choosing a broker, you must take a look at the number of members available in the forum. Forum section of popular broker sites will have many members and varied threads. If the information available in the forum section of a broker’s website is limited, then it could be a fake forex site.

After identifying a broker, search for reviews on the broker’s online platform at some of the trusted review sites. Read and understand what others are saying about the broker. However, you must sure that it is an honest review. Otherwise, you may have problems with the broker.

Check the quality of the customer service that a broker provides. See how quickly the broker responds to your calls and resolve problems. If the broker’s response is not up to your expectations, then the broker might either be a new or fake.

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

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
olymp trade	olymptrade.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

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.

List of scam brokers 2021 - identify and avoid

Unfortunately, fraud exists in any commercial sphere, and the forex market is no exception. Even in 2020 sleazy forex brokers continue to deceive unsuspecting traders, but the good news is this is no longer the trend but is rather on the decline. There are many main reasons for this change. Today, blacklists of forex scam brokers are kept current and regularly published by internet users. Our portal is no exception. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market.

Find below the 2020 up-to-date list of scam brokers as well as our explanation of some scam aspects in the international currency market.

Scammers in the forex market: who are they?

Forex scam brokers are not always represented by brokers themselves. They are most likely to be individual players without companies but who position themselves as broker companies. Often they are very experienced internet users who can fabricate false information on the site they created.

The owners of such scam sites do not have a license and are therefore not properly regulated. Sometimes they donвђ™t even have basic knowledge of the forex market. But for a novice trader who does not have an education in economics or finance, not everything is so obvious.

For example, a person may visit a beautifully designed website, see catchy promises of profit, and words or phrases like вђњspreadвђќ and вђњinstant execution of ordersвђќ. That for the novice, could add a semblance legitimacy to the dishonest website. As a result, a person signs up, makes a deposit вђ” and here is where the most interesting part begins вђ” and there is the deception by technology. Blacklists of forex scam brokers mainly include three types:

Until recently, this type of scam was the most prevalent. The idea is that a group of people (or even one person) creates a site. Often it is just a landing page that urges the public to invest and earn lots of money. This may also include PAMM accounts. The scammers donвђ™t care what they say, the main thing is to attract people and their money. As a result, they collect deposits from traders and close the site, sometimes they declare a preplanned bankruptcy, and sometimes they donвђ™t make any announcements at all.

This type of scam is more refined and requires more careful preparation, but the potential profit of the scammer is also higher. In this case, they create a full-fledged platform that duplicates the functionality of leading forex brokers. The trader does not play on the world interbank market, but with other traders registered only on their fraudulent site, or even with the platform itself. Naturally, forex bucket shops create impossible conditions so that the site itself remains in the black while traders constantly lose their money.

Perhaps this is the most famous type of scam that is used everywhere, not only in the foreign exchange market. This type of scam is not about forex brokers at all. It is about the company positioning itself as a broker but, in fact, it only collects deposits from traders, often without even faking activity on the interbank market. They just keep issuing empty promises and slogans. Today, this type of scam is less common than others.

How to identify forex trading scams?

In the early 2000s, when the forex market became accessible to everyone and was just reaching the peak of its popularity, it was not easy to tell a scam broker from a legitimate broker in the interbank market, especially if the novice trader was just starting out. But today, in the era of total globalization and informatization, general information is easy to check on the internet in a matter of minutes. Today, it has become much easier to protect against fraudulent schemes of blacklisted forex brokers. The easiest way is to study our site because we have already saved you time and selected both reliable brokers and scammers among all companies. All you have to do is simply check our ratings lists.

But if you need more details, weвђ™ll tell you about the main practices by scammers. Here are some:

They promise high profits

Such promises are a sure sign that the forex broker is a scam artist because no legitimate broker can guarantee high profit to the trader. Moreover, according to statistics, only 11-25% of novice brokers eventually become professional players in the foreign exchange market and begin to make good money.

They say there are no risks

This is also a clear sign of a scam because the success of the trader does not depend on the broker. The key role is played by the strategy of the trader, that is, how he diversifies the risks. For example, a legitimate broker may share a deposit between several currency pairs or use auto trading. It is impossible to completely eliminate the risk of forex.

No regulation

By law, the activities of legitimate forex brokers must be regulated by an authorized body вђ” either a public or private licensing company. You can find the information about regulators on the brokerвђ™s website and check it on the website of the regulator. This is open information and the validity of the license can be checked in a matter of minutes. Naturally, the activities of blacklisted companies are not regulated.

Unprofessional practices

This can include many things, such as cold calling. If you are contacted by telephone, telegram or in any other way by a forex broker that you have never heard of, and he offers you cooperation, you know for certain that this is a scammer 100%. Also, scammers always insist on you making a payment вђњhere and nowвђќ. They speak about the high qualifications of their managerвђ™s (PAMM accounts), but they can only confirm their profitability with excel tables.

Dubious strategies

Forex brokers on the blacklist often use little-known or generally unknown trading terminals (that is, something other than these reputable terminals: MT5, MT4, LIBERTEX, QUIK, TRANSAQ, CQG, or ROX). In reality, in 2020, the broker does not need to create a terminal because using either one of the above is simple and reliable for both the trader and the broker.

Dubious tools

A broker who focuses on PAMM accounts and binary options, promising tremendous profits, is very likely to be a scammer. These are also effective tools, but they cannot be the main source of income for a successful trader. And certainly, PAMM accounts do not guarantee a high income.

Fake ratings

Many forex brokers that are on blacklists like pointing out their top positions in some dubious ratings poll. But they show only ratings present on their site, or on a third-party resource that actually belongs to the same person and has no weight in the forex market.

SSL-certificate

This detail is critical but many traders do not pay attention to it. An SSL certificate is a digital signature of the site, which guarantees the security and confidentiality of the connection to the server. That is, when on this website the chance of getting malware or spyware that will transfer your data to third parties is minimal.

Blacklist of forex scam brokers 2020

Below there is a table that is updated in real-time. Its purpose is to warn novice traders about scam brokers who are not to be trusted.

You need this blacklist because, despite the confirmed scam schemes, some forex bucket shops and pyramid schemes continue to function successfully.

In addition to the blacklist of fraudulent forex brokers, we provide detailed information about each of these companies. This is necessary so that the trader can inform his opinion based on the results of the promised analysis. By clicking on the link next to the logo of the scam broker, you will find the terms and conditions under which this company worked or continues to work. Check out what feedback he has; and if he has already stopped working; then when, and for what reason.

Why forex brokers are regulated and why do we need to know?

We have already briefly mentioned the regulation of forex brokers. Here are more details about it. The global (interbank) foreign exchange market has a legislative base. This legislative framework defines a special category of regulatory companies. They are internationally licensed companies operating in the global currency and securities market. Their task is to monitor and analyze other market players for compliance with legal standards and financial security requirements. Simply put, the regulator checks whether the broker is legally operating in the forex market and whether he is complying with the terms and conditions of the regulator. If they are not, then they may be fraudulent.

Naturally, the vast majority of forex brokers that are on the blacklist cannot have a regulator because their activity is illegal. On the other hand, the work of forex bucket shops and pyramid schemes often has legitimate reasons, but the regulator will easily understand that these are fraudulent schemes and he simply will not license such a companyвђ™s activity. Thus, the broker's regulation is an important guarantee for the trader because it guarantees that this broker is honest and reliable; and he places orders on the interbank market and fulfills payment obligations.

Each regulator has its methods and tools for checking forex brokers. In 2020, the brokers must meet several strict requirements. They are supposed to have: full transparency of financial transactions; a certain amount of money in their account; a completed set of documents required by law; and an official site that meets all technical safety requirements. Moreover, from the point of view of jurisdiction, the regulator can be local (operates within the country) or international (operates globally).

Here are the main international forex regulators:

Belize international financial services commission;

Cyprus securities and exchange commission;

Mauritius financial services commission;

UK financial conduct authority;

South africa financial sector conduct authority;

Securities commission of the bahamas.

Scam brokers from the black list can deceive traders for the very reason that their activities are not regulated by anyone!

Is forex itself a scam? Test the reliability of your forex broker

Based on many years of experience, hundreds of feedbacks, and an analysis of the 2020 blacklist of forex brokers, specialists from the traders union prepared a simple test that you are invited to take. It allows you to determine whether you can trust the forex broker you have chosen. The test consists of ten questions, and it will take you just a few minutes to complete it. In return, you will get unbiased information on the reliability of your broker.

Does your brokerвђ™s official website have an SSL certificate?

Does your broker use one of the following terminals: MT5, MT4, LIBERTEX, QUIK, TRANSAQ, CQG, or ROX?

Is your broker regulated by one of the following organizations: IFSC, cysec, FSC, FCA, FCSA, SCB?

Does your broker have more than 20 trading tools?

Does chat support respond quickly?

Is your forex broker widely known; and if so, is he included among our ratings for TOP forex brokers?

Did you read feedbacks on this broker; and if so, are they mainly positive?

Does the broker offer additional services (for example, auto trading)?

Does your broker avoid making cold calls to you requesting deposits or participation?

Can you make a deposit using standard methods вђ” visa/mastercard, wire transfer, paypal, skrill?

How to interpret test results:

If you answered вђњyesвђќ to all 10 questions, then this is a reliable broker, and you can work with him.

If you got 7вђ“9 вђњyesвђќ answers, then the broker is most likely reliable, but we recommend reading additional information about him.

If you have only 5-6 вђњyesвђќ answers, then we recommend that you study the feedbacks on this broker in detail as it is doubtful that he is reliable.

If you have less than 5 вђњyesвђќ answers, then traders union does not recommend working with this broker because it is very likely that he is a scammer.

In addition to the blacklist of forex scam brokers, the traders union is constantly updating the independent rating of reliable brokers, which is compiled based on trading feedback. Follow this link to learn more about top brokers and get the opportunity to work with reliable, time-proven companies that you can trust.

List of three recent forex trading scammers

Since the blacklist of forex brokers is updated frequently, it is important to regularly monitor all updates. And if you see a company you work within the list, it is recommended that you immediately withdraw all your funds to avoid the risk of losing them. Below you will find three forex brokers that appear on the latest 2020 blacklist.

Current status of a company

The broker stopped fulfilling its obligations to traders. Deposits are frozen and impossible to withdraw.

We do not recommend working with them. Most likely they are scammers.

The broker operated under the license of a non-existent regulator; their registration is not confirmed.

We do not recommend working with them. Most likely they are a forex bucket shop or pyramid schemes

They donвђ™t have a regulator; their user agreement does not contain the financial obligations required before trading.

We do not recommend working with them. The feedback says they are a scam organization.

Note that a company may get on the blacklist of forex scam brokers due to various reasons, such as problems with the license or site; lack of transparency or dubious conduct; non-existent regulator, proof of defrauding traders.

Feedback on traders is the main criteria used to form the TOP of our ratings, and brokers that are not included in the TOP-20 should raise doubts and be carefully checked. In addition to scammers, there are brokers that provide low-quality services, which is why the traderвђ™s success and potential do not live up to his expectations.

Feedbacks of traders unionвђ™s participants on scam brokers

The traders union has thousands of traders around the world who regularly share relevant information. It is very beneficial. Often honest feedback can save hundreds of novice market players from investing in fraudulent schemes and losing their deposit. This is an avalanche-like process вђ” when a scammer loses his status and there is no longer an influx of new traders, he will inevitably curtail his activity.

Feedbacks are written only by traders who have already worked with specific brokers. Therefore, all negative feedbacks are unbiased, they include descriptions of real cases of interaction and fraud on the part of brokers. The traders union analysts additionally check the information provided in the feedback, so that we do not have biased or false feedbacks as those are immediately deleted.

The value of feedback on forex brokers is determined by the fact that, unlike statistical data and anonymized rating tables, it is live feedback from real people who share their personal experience with you. The feedbacks on independent websites are always valued above any other indicator, and experienced traders make their choice based on them. In the vast majority of cases, this eliminates the possibility of running into a scammer.

Reviews

In order to leave your feedback on the broker's work, you do not have to be a traders union client! Anyone can do it! You just need to register on the website and post your review.

At first, circle markets allowed me to withdraw some small amount of money two times, and then the money just hung in the air. Support told me they were solving the issue, and it would be solved within 2 weeks. And then it was a total disaster. Trades were no longer closed on TP even when the price went 5-10 pips below take profit on EUR/USD sell. And every SL was executed strictly at the indicated price. For the time being, I have no slippage problem, as I trade here no more and will hardly ever come back. Though it would be great to withdraw the remaining money.

Circle markets seems to be nothing but a forex trading scams. It's absolutely impossible to contact their office. They're kind of bottled up, I read about them on the web and decided not to sign up.

I got deceived here. Atiora agents would do anything for traders not to get their money back. They don't care about the law or undertaken obligations. I tried to withdraw my $200 profit, they declined it and sent me a list of violated agreement clauses. But I've never had such problems before. They change the conditions as they wish!

I've been an alfa-forex client for about 4 months. I've lost more than $1,000, but decided to go on and deposit $3,000 more to keep trading. The money was credited instantly, I won back my losses, but as soon as I ordered withdrawal of the whole amount, my request was declined with no reason at all. Later they told me there were no trading orders on my account, so I couldn't prove my profits. I have all the videos! Screenshots! Run away from them not to get in trouble!

It's been more than 24 hours since I sent the money to my trading account. The sum was deducted from the credit card, but was never credited to the trading account. Customer care began to ignore my queries. Quite a strange set of circumstances, to my mind.

The traders unionвђ™s expert opinion - how to avoid becoming a victim of a forex scam

Previously, the trader had to carefully analyze the top market players by key parameters, and even then, there were no guarantees. Today it is possible to quickly check all indicators: the SSL-certificate of the site; registration number of the regulator; and trader feedbacks on independent sites. Also, many trading associations offer blacklists of forex brokers, which also help to avoid mistakes.

The author of this article about forex scam brokers

In 2008, he graduated from the london institute of banking and finance, department of finance, investment, and risk;

In 2009, he became the youngest trader-analyst of global invest;

In 2010, he became an independent analyst in TD ameritrade;

In 2011, he defended his ph.D. Thesis on economics in the university of california-berkeley;

From 2012, to 2018 he worked in different american and international broker companies;

From 2018, he has worked with traders union as an independent expert and trader as well as with other tradersвђ™ associations as a freelancer;

He has 12-years of experience of continuous trading in the forex currency market.

Faqs regarding forex fraud

What is a blacklist of forex scam brokers?

This is an anti-rating system for the forex market, which includes brokers whose activities look like fraudulent schemes: forex bucket shops, fly-by-night websites, or pyramid schemes.

What are the risks when working with brokers from blacklists?

The activity of scammers is not regulated by anyone, so they can perform any actions with your transactions - interrupt, freeze and reset them. Scammers often do not pay at all or do not return deposits.

How not to get deceived by a scammer?

Compare the broker against the criteria given in this article; read feedback about it. The blacklist of forex brokers will provide you with an up-to-date list of companies that are not recommended for cooperation.

Blacklisted brokers are unreliable; where do I find reliable ones?

For this, the traders union has an independent rating of forex brokers based on real tradersвђ™ feedback. This rating is dynamically updated and provides up-to-date unbiased information about companies that are profitable and reliable to work with.

Risk disclosure:

Information on the tradersunion.Com website is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Moreover, we hereby warn you that trading on the forex and CFD markets is always a high risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit.

That is why you should only invest money that you are prepared вђ” or can afford вђ” to lose at such high risks. Tradersunion.Com does not provide any financial services, including investment or financial advisory services. Also, the traders union is not a broker and does not get money for trading in the forex or CFD markets. Our website only provides information on brokers and the markets and helps its users to select the best brokerage company based on detailed information and objective analysis of brokers.

Disclaimer:

Tradersunion.Com assumes no responsibility for the consequences of the clientвђ™s trade decisions or for the possible loss of his capital caused by the use of this site or the information on it. The forex trading, as well as CFD or cryptocurrencies trading, are not for everyone and forex trading is a very risky business. Before investing, please assess your competence to trade in the forex markets and make sure you understand and appreciate all the risks, particularly in terms of leveraged trading. The information on this site is not intended for distribution, dissemination, or use by any person in any country or jurisdiction where such distribution, dissemination, or use would violate domestic legislation or regulation.

Any payments made by tradersunion.Com to the users of our website are only as a bonus for activity on the website, in the form of advertising income deduction; and such payment cannot:

В· be subject to any claim by our users or third parties;

В· obligate tradersunion.Com to act or refrain from any act;

В· expose or subject tradersunion.Com to any legal or other dispute; or

В· be considered as part of the services provided by the brokers.

Disclosure of advertisers and revenues:

so, let's see, what we have: forex traders with little experience can be deliberately targeted by unregulated and deceptive brokers, as well as other so-called industry professionals, at fake forex brokers list