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SCAM FOREX BROKERS - a MUST READ!

Scam Forex Brokers

'The internet is full of scam Forex brokers. These "brokers" are not brokers at all. They want your money and have no intention of giving it back.

Scam brokers usually contact you by email, social media, or phone. An honest broker will not contact you this way'

Unfortunately, there is such a thing as scam Forex brokers. These scammers will rob you of all your money.

I have received countless messages and emails from people who have taken financial losses due to these scams. If my advice can help save a few of you, my efforts will have been worthwhile.

Top Tips for avoiding Forex Broker Scams - How to know if a broker is legit

Regulation

Any broker that needs to be better regulated must be avoided at all costs.

 

You can check which regulatory bodies a broker is registered with by inspecting the broker's website. The financial registration information is in the footer at the bottom of the website. Check what is stated on the broker's website with the financial regulators register. 

 

The most trustworthy financial regulators are based in developed countries with financial centers. The best regulators for a Forex broker include the FCA, ASIC, NFA, and CySEC

FCA. The UK's financial regulator is in London, England. You can search their register here.

ASIC. Australia's financial regulator is in Canberra, Australia. You can search their register here

NFA. The US's financial regulator is in Chicago and New York, USA. You can search their register here

CySEC. Many European-based brokers use Cyprus' financial regulator. You can search their register here

Check the broker's website

A scam broker will have a very unprofessional website.

 

It may look dated, need fixing, or contain spelling errors.

 

Check their website against the websites of honest Forex brokers. Try the IC Markets website or Darwinex's website. How does the potential "broker's" website look in comparison?

The "broker" is offering to trade on your behalf

Forex brokers do not trade on behalf of clients. I repeat. BROKERS DO NOT TRADE ON BEHALF OF CLIENTS!

A common broker scam is to get you to "invest" your hard-earned cash so the broker can trade for you. This is followed by the broker showing unbelievable "returns" and asking you to deposit more money with them. 

Unfortunately, you will never see your funds again. 

The "broker" is asking you to make a deposit

Some Forex brokers have a hard sales team - they will phone you and ask for a deposit into a trading account. However, hard sales tactics are less and less common in the industry. Nearly all brokers that are well-regulated and well-respected will not put pressure on you to make a deposit.

 

If a broker is nagging you to deposit, especially by calling you, they could be a scam. 

The "broker" contacted you through social media

Genuine Forex brokers do not contact potential clients through social media. They may advertise on social media, but they will not contact you. 

If you have received a message through Facebook or Instagram, ignore it and mark it as spam. Honest brokers do not contact you in this way! This is the same for scam Forex educators - genuine Forex educators will not contact you through social media. 

What to do if you have lost money through a Forex scam

If you have lost money through a scam broker, you may be able to get the money back through your credit card lender - if you deposited via credit card - but that is about it.

Let others know about the scam and learn a hard lesson. PLEASE, PLEASE be cautious and avoid these scams at all costs!

If you need a genuine Forex broker, then use the links below.

 

My most recommended brokers are IC Markets (click here) and Darwinex (click here).

Scam Forex Broker List

FXcryptoworld
HK-JS (Jiasheng Asia Pacific Ltd)

Key-Markets
Wize Capital

 

Email me your scam brokers, and I will add them to the list
at samuel@love-the-p
ips.com

Genuine Forex Broker List

CMC Markets - FCA Regulated - CMC Website

Darwinex - FCA Regulated - Darwinex Website

eToro - FCA and CySEC Regulated - eToro Website

IC Markets - FSA Regulated - IC Markets Website

IG Index - FCA Regulated - IG Markets Website

Oanda - NFA and FCA Regulated - Oandas Website

Pepperstone - FCA and ASIC Regulated - Pepperstone Website

Saxo Bank - FCA Regulated - Saxo Bank Website

Open an account with a trustworthy Forex broker

A genuine broker will meet the following criteria.

  • Be well-regulated. Ideally, by the FCA, NFA, ASIC or CySEC

  • Will not trade on your behalf or promise significant returns

  • It is not putting pressure on you to fund your account

  • Was found on Google or an advertisement on YouTube

  • Have a professional website and be well-established in the business

Links for brokers that meet the criteria are in the Genuine Broker List above. Alternatively, check go to my Free Forex Demo Accounts or the Best CFD Brokers

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