Warning Signs of a Forex Scam
Fraudulent brokers often look professional. These signs should make you stop and check before sending any money:
- No licence, or a licence number that does not appear on the regulator's register.
- Guaranteed profits or "risk-free" returns.
- Pressure from an "account manager" to deposit more.
- Withdrawal requests that are delayed, cancelled or need an extra fee.
- Bonuses that block all withdrawals until an impossible volume is traded.
What to Do if You Were Scammed
Stop sending money, keep all emails, chat logs and payment receipts, and report the company to your financial regulator and the police. Ask your bank or card issuer about a chargeback as soon as possible. Be careful of "recovery" services that ask for an upfront fee – they are often a second scam.
Forex Scam Brokers List: Frequently Asked Questions
How can I check if a forex broker is a scam?
Verify the licence on the regulator's website, search for withdrawal complaints and avoid brokers that promise guaranteed profits.
Can I get my money back from a scam broker?
Sometimes, through a card chargeback or bank recall if you act quickly. Report the broker to your regulator and police.
Why is a broker on this list?
Brokers are listed after reports from traders or regulator warnings. Always do your own checks as well.