Scam brokers forex list

Every year a lot of new forex brokers come to this world, and they add to this forex lists.

Top-3 forex bonuses

Forex broker scam list, scam brokers forex list.

Choosing a reliable FX broker along with an excellent facility among all those brokers is a little hard, and it needs an ultimate guide.

Avoid paying the original clients’ funds
Avoid supporting well for traders
Avoid paying the profit and removes them
Changing the price of currencies and use artificial prices
Expanding unusual and too much of spread to limit the traders and their failures.

Forex broker scam list

List of forex scam brokers

Official website: click to go website

Out of business:

Avoid paying the origin clients fund:

Avoid supporting well and transparent for traders:

Avoid paying the profit of traders and removes them:

Scam level: %

Forex scam brokers

Trading in the forex market has its complexities and challenges. One of the difficulties is choosing a proper forex broker and working with it. In the currency market, there are a number of unprofessional and problematic brokers using subtle and smart ways waiting for achieving traders' capital dishonestly.

What kinds of brokers in pipsafe are known as scam? We, as a forex rebates server, will not cooperate with brokers which are already known as a scam. And also we will stop our cooperation with any brokers which cause problems for traders and we, as a representative, will put them on the blacklist, so traders can stay away from these brokers and avoid trading with them. Therefore, follow our scam broker list.

Forex brokers’ scams, which are on our blacklist, include the following items:

1-forex brokers which have already recognized as scam
2-those brokers which pipsafe announce as scam and have a lot of problems
you must avoid these scam brokers and forget them. Otherwise, you will face a real and significant challenge. We suggest using our trusted brokers because we always keep in touch with other brokers and we can understand any problems like decreasing their quality.

The problems that forex brokers can provide for traders:

Avoid paying the original clients’ funds

Avoid supporting well for traders

Avoid paying the profit and removes them

Changing the price of currencies and use artificial prices

Expanding unusual and too much of spread to limit the traders and their failures.

Select a good forex broker

Every year a lot of new forex brokers come to this world, and they add to this forex lists. Choosing a reliable FX broker along with an excellent facility among all those brokers is a little hard, and it needs an ultimate guide.

Pipsafe will help you, in this case, to avoid you being in fraud forex brokers and also help you not to be insignificant problems. Furthermore, pipsafe helps you to select an excellent and reliable broker. We are as a provider of forex cashback service due to having a close, continuous relation and contacts with other forex brokers which received their representative. What is more, we will analyze them carefully, and you can have the results and know more about it on our website.

Some important points about the regulation of various forex brokers

There are lots of regulatory and financial institutions around the world, which are monitoring the activities of forex brokers so that they have transparent and dynamic activities.

The most popular and prominent regulatory agencies on forex brokers

On the whole, having a valid regulation is essential for forex brokers who show at least condition for their activities in the global area, but there is no particular reason for trusting any brokers.

What is rebate?

When you as a forex trader ,open an forex account via cashbackforex website like pipsafe, the forex brokerage pays pipsafe some part of spread for any trade you make as reward for referring a forex customer to them, than pipsafe share the most of this revenue with you.

Pipsafe score

We are based on various factors grading the brokers credit such as votes of public and votes of our experts. Also we check many things such as the establishment and background of brokers and types of regulations they hold. Grading the quality of the brokers, we will consider some facts like, quality of service, parameter of the quality of a brokers, her/his kindness to the customer and give score to the brokers between 0 and 100 which will be given by our company called pipsafe score. Select the brokers with high scores greatly respected by our customers choice and we are confident that we will always try to update those brokers.

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?

4.9

4.8

Most trusted crypto brokers

And the same goes for cryptocurrency trading, too. To some, the decentralised and entirely electronic world crypto trading is seen as something of a “wild west” – with many fraudulent bitcoin brokers exploiting innocent victims in the name of financial gain. But the reality is that there are plenty of ways to trade bitcoin on a legitimate basis without running the risk of being scammed. This section will offer some tips on some key bitcoin brokers who are, in our opinion, above board and worthy of consideration if you’re looking for a scam-free bitcoin or other crypto trading experience. See our list of trusted crypto brokers below.

-easy to use for all types of users

-traditional and instant exchanges available

-secure and simple buying process

– social trading platform
– FCA & cysec regulated
– minimum deposit $200
– demo account
– copy trading
– 2000+ instruments

Regulating trade authorities

When it comes to determining whether or not a foreign exchange or cryptocurrency broker is trustworthy, the role of the authorities is worth considering. We share the determination of regulators across the globe when it comes to weeding out fraudulent brokers. That’s why we’re happy to recommend the websites of the NFA (national futures association) and also the CFTC (commodity futures trading commission) if you’re interested in learning more about potential scams in this sector.

Brokers to avoid

The forex market currently is the largest offering worldwide with hundreds of opportunities and high potential gains, while investors from around the globe seeking the most convenient platforms with access to trade. Among the market proposals, there is a huge number of brokerage firms while some of the companies are regulated, means hold a license or authorized by the industry regulator and some companies are not regulated by any or are just licensed by offshore.

The whole concept of regulation is the client’s protection, which ensures the safe trading environment and investment itself. The regulated brokers have to comply with various rules and criteria set by the recognized international authority with the purpose to provide secure trading and remain licensed. In addition, authorities protecting clients by the compensation schemes that recover the client’s investment in case of the company insolvency. And of course, the regulatory body overseeing constantly how exactly the broker delivers its operation to the clients thus can detect if the things going wrong and take necessary action.

Thereof, there are a few reasons why the brokerage house may decide not to be regulated:

Either the company saving operational cost since the licensing requires strict capital maintenance, follow of best practices, protective measures and so, which can be very costly.

Alternatively, the company might be a deceptive broker with allegedly professional services seeking the frauds.

Most often the new brokers choosing to provide their service under the offshore licenses that brings partition regulation and saves total provisional cost yet does not bring the necessary protective guarantees.

Security of funds is always first in forex trading. Therefore, we always recommend and it is better to choose a regulated forex broker, thus open an account with proper security of investments and follow of protective guidelines. The following list of brokers are unregulated brokers reviews or the brokers to avoid companies, which we do not recommend trading with, due to their unlicensed operations.

Forex scams

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

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

Popular forex brokers

Who is the best forex broker?

The best brokers are licensed and regulated by your local government financial regulator. There are hundreds of online brokers, and we have reviews of more than 700 brokers.

Investors find many benefits when they use a local broker. There is added security and insurance provided by the regulator, and local brokers offer faster connectivity and trading conditions.

Be a smart investors, and only use a regulated broker!

Popular regulated brokers

Forex.Com is a popular forex and futures broker that is registered with the CFTC and a member of NFA, see here.

They offer a robust web trader platform, along with the popular MT4 and a proprietary desktop trading software.

Register here for a free demo account.

M1 finance is an SEC regulated broker that offers a unique robo advisor system, read more.

They are a fast growing broker, and recently announced that they reached $1 billion in assets under management.

Learn more at: m1finance.Com.

Many new day traders are using the easy trading app from robinhood.

Choose the right broker!

A local online broker, offers you tighter spreads on currency pairs of your home country. For example, australian brokers offer tighter spreads on the australian dollar, versus brokers in the united kingdom, which have tighter spreads on the british pound.

Sadly, many investors make the mistake of using an offshore broker that is not licensed, and that is why they can’t withdraw their money. A scam broker uses many tricks and gimmicks, to give the impression that they are legitimate. Most brokers that you find via facebook & instagram, are unregulated offshore companies, and they are scams.

Investors can easily to determine the difference between brokers, by verifying the brokerage firms license. Learn how to detect a fake online broker by reading the article: how to detect an investment scam.

If you watched a video about an amazing trading app which makes big money, just know that it is a proven scam, read why.

FACT: 90% of people lose money trading!

Only invest with A licensed & regulated broker.

How to avoid forex trading scams in 2021

Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, cfds, binary options, stocks, cryptocurrencies, etc. With new forex brokers popping up constantly, determining the legitimacy of a broker can be a real challenge. As a consumer, it is vital to research a company before depositing money to trade. At forexbrokers.Com, it’s our mission to assist you as much as possible with that research.

Most trusted forex brokers comparison

Taken from our forex broker comparison tool, here's a comparison of the must trusted forex brokers.

Feature	IG visit site	swissquote	CMC markets	saxo bank
trust score	99	99	99	99
year founded	1974	1996	1989	1992
publicly traded (listed)	yes	yes	yes	no
bank	yes	yes	no	yes
tier-1 licenses	6	4	4	6
tier-2 licenses	3	1	2	1
tier-3 licenses	1	0	0	0
authorised in the european union	yes	yes	yes	yes

Questions to ask to avoid a forex trading scam

Is the broker regulated?

If regulated, how trustworthy is the regulatory body?

Is the broker offering profits or rewards for opening an account?

Is the broker offering a cash bonus for opening an account?

Is the broker offering automatic trades or signals to guarantee profits?

Is any credible information about the company included on its website, such as company history, financials, headquarters' address, or similar?

If awards are cited, can I verify their authenticity?

If a big corporate sponsorship is promoted (e.G. Athlete sponsorship), am I doing my due dilligence to ensure the company can be trusted?

1) is the broker regulated?

Unregulated brokers do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.

How do I check if a broker is regulated? The easiest way to check a broker’s registration is to look for it at the bottom of the website. The picture below is the bottom of 12trader, a broker we recommend avoiding. You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. All of these warning signs should make you cautious.

Now let’s look at the bottom of the homepage of city index, a trusted and regulated broker.

You will notice 1) the company specifically warns of the risks involved in trading cfds, 2) the company is registered in england and wales and has posted an address, and 3) the company is authorized and regulated by the financial conduct authority, and has posted a registration number.

Conclusion: A regulated broker is required to include proper risk disclaimers and regulatory information at the bottom of all their website pages. To make it easy for investors, forexbrokers.Com includes a trust score for each broker, which assesses overall trustworthiness based on where the broker is regulated and its history as a firm.

2) if regulated, how trustworthy is the regulatory body?

Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.

For example, let’s look at evolve markets.

The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading cfds, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in st. Vincent & the grenadines, it is not regulated.

This statement from st. Vincent & the grenadines shows there is a warning against false claims of registration or license.

How do I know what regulatory bodies are legitimate?

Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:

FCA regulated – financial conduct authority – united kingdom – (great)

Cysec regulated – cyprus securities & exchange commission – cyprus (OK)

ASIC regulated – australian securities & investment commission – australia (good)

SFC authorized – securities futures commission – hong kong (good)

MAS authorized – monetary authority of singapore – singapore (good)

FSA authorized – financial services agency – japan (good)

IIROC authorized – investment industry regulatory organization of canada – canada (good)

FINMA authorized – swiss financial market supervisory authority – switzerland (good)

FMA authorized – financial markets authority – new zealand (OK)

Conclusion: double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides.

3) is the broker offering profits or rewards for opening an account?

Scam brokers often make claims such as “make $50 a day from a $250 investment” or “make 80% returns on profit signals” or “96% success rate.” these claims are a scam, regardless of whether they are being made for forex, cfds, or binary options. Forex brokers should not promise returns at all, small or large. Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors.

This wikipedia page on binary options does a great job of summarizing risks related to binary options:

"many binary option "brokers" have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the internet, and prone to fraud."

Conclusion: if a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. Save your money and STAY AWAY.

4) is the broker offering a cash bonus for opening an account?

When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker. For example, 1000extra hints at a bonus of $1,000 with their vague promotional offer. If you click around trying to gather more information you are redirected to sign up for an account.

1000extra is not regulated, has minimal information about the company, and has scam reports across the web.

Conclusion: in most regulated regions around the world, promotional bonuses for opening a new account are not allowed. The two exceptions are the united states, which is for US citizens only, and asia.

5) is the broker offering automatic trades or signals to guarantee profits? Continue reading

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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IG - 76% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

Advertiser disclosure: forexbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

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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.

Forex scams

Top 7 forex scams to avoid today

As forex markets promise to give you an incredible return on investment, they became trendy in the last few years. However, often forex traders don’t have a great understanding of how forex markets work and what a forex broker does exactly, which leaves the latter a lot of room to scam the trader. Whether it is about proposals on instagram or simply fake investment advice, beware.

It’s a complicated industry, and even experienced people fall victim to intricate trading schemes. There are quite a few variations of the forex fraud. Let’s take a look at a few of them. Feel free to add names of questionable forex platforms in the comments section, at the bottom of the article.

Forex trading strategies – scam 1: the whole package

According to the specialists at investorguide.Com, this might come your way by crooks “creating false customer accounts for the purpose of generating commissions, selling software that is supposed to garner large profits for the customer, false claims of customers making huge money, the theft of a customer’s account and phony marketing.

Forex scams draw customers in with sophisticated advertisements placed in the newspaper, heard on the radio, or seen on internet websites.

Forex trading strategies – scam 2: computer manipulation of bid/ask spreads

How does this scam work? According to dailyforex.Com (a great team of analysts and researchers who watch the market throughout the day to provide unique perspectives and helpful analysis on forex trading), “the point spread between the bid and ask basically reflects the commission of a back and forth transaction processed through a broker. The point spreads differ widely among brokers and differ between currency pairs.

Since brokers don’t usually offer the normal two- to three-point spread in the EUR/USD, for example, but go for spreads of seven pips or more, any potential gains resulting from a good investment were eaten away by commissions. These commissions found themselves in the broker’s pocket.

Forex strategies – scam 3: commingling funds

In law, commingling is a breach of trust in which a fiduciary mixes funds that he holds in the care of a client with his own funds, making it difficult to determine which funds belong to the fiduciary and which belong to the client.

When it comes to the forex scam, the same team at dailyforex.Com explains: “commingling funds gives forex brokers the opportunity to pocket much of an investor’s money without the client ever noticing any discrepancy. The broker benefits financially during the trading and eventually disappears with a customer’s money.”

“if a forex trader looks carefully and states vigilant he/she can pick up are certain warning signs which can alert him/her when all is not on the straight and narrow. If a broker won’t allow the withdrawal of monies from investor accounts or if problems exist within the trading station, the trader should take immediate notice.

Additionally, guarantees of high performance levels-some much higher than those offered by other forex brokers-should be viewed with considerable skepticism.”

Forex strategies – scam 4: robots/automated systems

Surprised? Don’t be. This is an increasing scam especially with the advancement of the technology. Questionable brokers sell automatic trading systems which claim to generate automatic trades even when the trader is sleeping.

Some shady companies sell their special “packages” for thousands of dollars, only to find out that some of these you can find on the internet for free.

“most of these robots have not been tested by an independent source for formal review. Their trading system’s parameters and optimization codes are usually invalid and at the end of the day, the system generates totally random buy and sell signals”, concludes dailyforex.Com.

Forex strategies – scam 5: fake investments funds

All kinds of HYIP funds have been notoriously showing up everywhere. Simply because they work; for the scammers! The high yield investment program funds ‘guarantee’ you a great level of return for temporary use of your money in their forex fund.

The concept that sells this ponzi scheme is that the investors of yesterday get paid back by the investors of tomorrow. How the scam works is that once the fund runs out of prospects, it closes down and takes whatever money it has with it.

Must read: online college course scam

Forex strategies – scam 6: signal seller membership

Just like the robots, certain ‘signal sellers’ claim to sell you information on which trades you should make in order to get rich. The trick is – they charge a weekly or monthly fee for their service (‘signals’).

Little do you know that not only you are lose your money, but they do not even offer you anything that will help improve your trading!

Forex on instagram – scam 7: fake accounts

With the advancement of technology, there are many well-run online scams on social media when it comes to forex. Some have over a thousand ‘followers’ losing money as the fraud is advertised as a get rich quick scheme.

People are signed up to a trading platform through so-called ‘companies’ and are asked to deposit their hard-earned money to deposit $400 (or EURO). Ultimately, they lose it all through investment advice from kids who earn a kickback when clients give money to the platform used to sign up.

These questionable forex platforms have recruited and paid multiple young adults from ages 18-21 to promote their scheme online. They get paid for luring new people into the system. They also use well known social media influencers to promote them and tell lies about the service.

How to avoid the forex scams:

There are many red flags you should be aware of. The first one would be when you are guaranteed a profit. There are no guarantee profits in forex. Use your computer and search reviews featuring the broker, or the system, or the signal seller.

Make sure the testimonials are genuine and do not come from their own websites. Check all the forex forums and google the name of the broker followed by the word ‘scam’.

Check their website very carefully. If they don’t have a legitimate contact page with phone numbers and emails, that’s another red flag.

Last but not least, keep in mind that there is no ‘miracle’ software that will figure out the forex market for you. If anybody would own that, why would they sell it?

How to report **the forex strategies scams:**

Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the federal trade commission using the link below:

How to protect yourself more:

If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the scam detector newsletter here. You’ll receive periodical emails and we promise not to spam. Last but not least, use the comments section below to expose other scammers.

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Forex brokers list

The following is a comprehensive forex brokers list. You can rest assured that the broker reviews listed below were conducted with the utmost level of professionalism and objectivity. It is highly recommended that you read them, open a demo account with several different forex brokers, and only then begin trading the forex market.

Still not sure which forex broker is right for you? Our broker matching tool can help you choose the right broker by assessing your location, trading preferences, skill level and other determining criteria. Click here to get help choosing a broker.

You might also be interested in our top brokers list for 2021.

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Risk disclaimer: dailyforex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of dailyforex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.

11 worst SCAM brokers: stay away & keep your money!

The growing interest of investors in binary options trading has resulted in more and more brokers luring new blood traders into this type of investment. The nature of binary options trading is simple, making it easy for a lot of people to make money without a sweat.

When I started with binary options trading, it only took me a few minutes to find out how it works, and half an hour to open my demo account and start practicing with binary options. While it is a “no-brainer” compared to forex, there are a few things that you do need to remember – like avoiding scam brokers.
Today we will list 11 brokers who you must stay away from to avoid any losses!

1. UFX market

UFX market and UFX bank have won the award in the most unethical practices category! The broker has several negative reviews and complains left by users who have been cheated by them. The company also engaged in posting false client reviews in different websites back in may 2009 from their office located in israel.

Forex peace army has already blacklisted the broker because of the bad reputation it earned and gave it 3 guilty verdicts based on its investigations.

The company adopts some common tactics to cheat its traders-

The trading manager persuades users to deposit more and more money in their accounts

Requests for fund withdrawals are not processed

You have no way to reach out to their customer support when you need it!

The company suggests risky trades which result in potential losseswhen someone tries to close his account he is persuaded into a last deal which results in a huge loss and wipes out the entire funds
it’s better to stay away from this broker.

2. Tradorax

Here is one binary trading platform that has gone out of business following the series of frauds it has conducted. Tradorax has some serious complaints against it- the broker received 4 guilty votes in the FPA traders court which has led FPA to declare it a scam.

The broker is known to freeze accounts and block users from withdrawing their funds. A pensioner lost £60,000 on the platform and wasn’t allowed to withdraw his money. You can also find many similar cases where the company refused payouts stealing account balances.

The company also makes deals without permission of the users and has been known to fraudulently charge credit cards. The brokers also encourage users to deposit more money which are ultimately frozen and stolen by the platform.
You should never deposit anything with tradorax and refrain from dealing with it.

3. Trade-24

Trade-24 has taken scamming to a new level!
You have the regular funds freezing, almost impossible to withdraw funds scenario and stealing account balances- but on top of that there is allegation of forgery!

Trade-24 put up on their website that it was operating under a license from IFSC. But it was a complete lie and IFSC of belize has put up a notice which confirms that they had not issued any license to them. Both IFSC and FPA suggest adopting caution while dealing with this company. It also has a FPA guilty vote and been declared a scam by them.
Forex fraud has been able to get in touch with trade-24 who promised to resolve the matters. They are also applying for cysec regulation and had taken down the IFSC statement and issued termination to the responsible party.

4. Panamoney

HYIP or high-yield investment programs promise high returns which are too good to be true. And they really are!
The financial industry regulatory authority (FINRA) has already issued a warning back in 2010 against the schemes. It called the operators ‘con artists’ who try to make their internet based ponzi schemes look legitimate.
Like all hyips, panamoney started by paying the returns but later closed down and vanished from the scene. Many people had huge amounts of funds in their accounts which could not be accessed anymore and the website was also down.

The company also deducted amounts from accounts and forfeited all profits for false ‘early fund withdrawal’ requests which were never made by users. People have even lost as much as $160,000 on the platform.

Worse, they can block your tccount just about any time, and take all your money with it too. Panamoney is blacklisted by forex peace army and cautions against investing in hyips.

5. Noafx

Noafx suffers from the same problems like the others in our list. You start off fine by trading and accumulate balance in your account but the problem starts the moment you want to withdraw funds.

You have to send hundreds of emails to get a response from the company if you are lucky. Even the responses are generic stating the company needs more time or something similar.

Users have waited for weeks and months and made several communications but in vain! They never got back their money!

The company even claims to be registered in new zealand as a FSP and member of disputes resolution scheme- but as you may have guesses it is an utter lie confirmed by new zealand’s financial markets authority.

Forex peace army acknowledges it as a scam and currently there are 3 FPA traders court guilty vote against the company.

6. Netotrade

Netotrade is tops the lists in receiving warnings from various regulatory bodies around the world. The national securities market commission in spain issued a warning against the company because it was not licensed. It had also attracted the ire of the swiss financial regulator FINMA who included it in its public warning list.
If that doesn’t stop you from trading with them, know that forex peace army has also confirmed it as a scam broker. There are 3 traders court guilty verdicts on FPA and you are suggested to withdraw any funds from the platform.
But you may not be able to do that as many users have failed to withdraw funds and get any response from the company. Stay away from netotrade at all costs!

7. Maxcfd

Maxcfd is part of chemmi holdings ltd which also operates services like binarytilt.Com the australian securities and investments commission suggests that the company is a scam and cautions anyone from dealing with it or associated services.

The forex peace army has also given it a scam status following the warning by the australian regulatory body. You should withdraw any money that you have in their website.

The company involves in many fraudulent practices like depositing bonuses in user accounts without permission. The bonuses come with terms and conditions which ultimately freeze or counterfeit the whole account balance, as a user complained.

It is also very difficult to get your funds out of the platform as your requests are not honored. Many people have lost money by trading on maxcfd so you better be careful.

8. HFX

You don’t want to involve yourself with anything that has to do with HFX! It is a case of confirmed scam and been acknowledged by forex peace army as a risk.

HFX is also listed by financial services authority as an unauthorized firm which could be involved in fraudulent practices. You are suggested to be extra cautious or prevent any trading with it.

The platform is known to use the funds from accounts to make trades without taking prior permission of the owner. The trades cause huge losses which erode the funds accumulated in the account.

You can also expect difficulties in withdrawing funds and there have been cases where the platform wrongly accused users of unethical trading and locked their accounts. The company also tries to persuade users to deposit money and doesn’t respond to communications.

9. Option.Fm

Option.Fm has a long history of stealing people’s money and blocking withdrawals. You can check numerous cases of scams which have been detailed by victims on forex peace army.

The company has also been related to another scam trading platform banc de binary. A user of option.Fm received an email from the company where there was a signature of an officer from banc de binary.

Forex peace army contacted both companies for their comments on the issue but received no responses. It led them to conclude option.Fm as a big time scam.

The company also involves in illegitimate trading where big losses wipe out entire account balances. They also don’t attend to user communication or answer back to mails. Requests of withdrawals are also not entertained by the company.

You are better off not trading on this platform.

10. Porterfinance

Porterfinance is a part of the greymountain management group which has attracted multiple court verdicts from forex peace army. All associated companies of greymountain group has been labeled as scams by FPA, and for a very good reason.

The australian securities and exchange commission has already warned the public from dealing with the company. Like many other unlicensed companies, porterfinance also operates out of israel.

The company conducts illegitimate activities like trading forex over weekends. You will also not be able to withdraw your funds even after meeting all requirements. Many users have complained about it but the company keeps managing to avoid the authorities and run its business. It also uses negative SEO minimizing tactics to ensure that you cannot read up on its scams a lot.

You can check out the comments of people who have lost money on the platform.
Porterfinance is also known to ignore emails from its users and provide excuses when you request to draw out your funds.

11. Instaforex

Instaforex is a big name in the world of forex trading so it is difficult to call it a scam outright. But you have to weigh the evidences and then decide for yourself. Let’s check the evidences-

The financial conduct authority is an UK financial regulator which included instaforex in a list of firms illegally offering binary services.

The french autorité des marchés financiers (AMF) also called it an unauthorized forex brokerinstaforex is not licensed under belize IFSC anymore and it is said that they were kicked out.

Apart from the above confirmed cases, forex peace army also carried out its own investigation involving two of its members. After analyzing all evidences it concluded that instaforex has failed to return funds of the members. Unfortunately, the members have no recourse as their terms state that the company is perfectly in it’s entitlement to close accounts as it seems fit.

The website also accused the members wrongly and confiscated their sign up bonus. All trades were also subsequently cancelled and profits were also wiped out. You can also read the long list of comments which prove that it is indeed a scam!

Be aware and be cautiousalways do your research and see if a broker is licensed to operate. Don’t just go ahead and deposit money with any online platform. You don’t want to lose your hard earned money and get locked out of your account unable to access your funds!

Internet has made it possible for investors to find appropriate opportunities and brokers easily. But it has also given rise to hundred of illegal and fraud companies who only want to rob your money. Be aware of these scam companies and invest your money elsewhere!

PLEASE NOTE:

This article is based is my personal opinion based on the information found on the pages above.

Forexsouthafrica.Org.Za has provided this information in good faith, to help its readers make informed decisions.

This article should not be seen as absolute fact. Do your own research and make up your own mind.

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