Scam Forex brokers list
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Latest Reviews
Evgeniy Shestakov
I started trading with them with a minimum amount. They assigned me a manager who helped me with trading. My stock has already doubled in one day. The mentor began to say that I could earn even more, but I needed to increase the amount on deposit. I wanted to try to get the part out first, and told my mentor about it. After that I was unable to log into my account.
Read moreArthur
I tried to trade here. Nothing worked out; for some reason, promising deals went into the red as soon as we tried to close them. The terminal could ignore orders for several minutes until the price of the asset changed for the worse.
Read moreArthur
I really didn’t like that they called me several times a day after I registered my account. I didn’t even have time to top up the deposit when calls started coming in asking me to deposit as much money as possible and invest it all in an incredibly profitable deal. Such recommendations contradict any rules of money management. And that's why I refused to work with them. And then for another two weeks I blocked the left numbers from which they called.
Read moreMax
I met on VK girl from somewhere in the EU and corresponded with her for a couple of weeks and evenby videocommunicated. And then she started asking about my work and said that she herself is engaged in trading and lives well on the income from it and offered to introduce me to a person who has a good broker. Like a fool, I agreed and gave my contacts, and within a day they called me and started telling me tales about huge incomes and pointing out some graphs and reports. A day later I transferred money to the account to scrape $300 according to mystockpiles and tried it at the merchant. My trading almost immediately went negative. I realized that it was not mine and wanted to withdraw the money, but I was thrown out of my personal account and was not allowed back.
Read moreEgor
Rakuten Trade clearly does not look like a normal broker. Too many jambs. It is very difficult to open an account with him; it is impossible to trade normally. Any transaction becomes unprofitable due to direct and hidden commissions.
Read moreMatvey
I fell for the promises of the bitprojectinvests manager like a horse. And now I can’t even withdraw my money.
Read moreBlacklist of Forex Brokers – what will happen to your deposit if you open an account?
Forex brokerage sector is rife with scammers. Fake brokers and dealers lure you in and then swindle your deposit. They employ a variety of methods, from blocking withdrawals and enticing additional deposits to assisting in recovering stolen capital.
The Forex broker blacklist assists novice traders in filtering out most of the scammers. It grows with each passing day. Scammers have numerous domains and aliases.
Who Ends Up on the Forex Broker Blacklist?
The majority of swindlers find their way onto the blacklist for a year or less, but there are also long-standing ones who prey on traders for years.
The blacklist predominantly features shady outfits, creating simple websites with 5–10 pages or single-page sites. They share common characteristics:
- Lack of specifics about the services provided.
- Piling up of unattainable promises. The broker boasts that everyone who opens a “Personal Cabinet” will become a millionaire without effort. No need to be a professional trader to mint money.
- Minimal contact information. Forex scammers rely on message forms and emails. If there’s an address, it’s fake.
- Dash instead of registration, licenses, management, and personnel information.
Blacklisted brokers often pose as legitimate legal entities. Currently, it’s trendy to register in the UK, where you can remotely establish an LLC.
Such scams last for about a year. Afterward, they are abandoned. The reason is that in the UK, the first financial report must be submitted to regulatory authorities 12 months after registration.
Brokers with offshore licenses also find their way into the blacklist. They register in places like Belize, Saint Vincent and the Grenadines, or the Bahamas. Obtaining a license there is easier than in countries with strict financial market regulations.
The regulator of Saint Vincent and the Grenadines is so tired of constant complaints about forex scams that they have a warning on their website stating that they regulate banks, investment funds, and insurers, but brokers are on their own.
The blacklist includes all companies that operate legally in jurisdictions with strict regulation but engage in fraudulent activities. For instance, there are a few companies in the UK that meticulously abide by laws concerning unqualified traders, providing narrow leverage and protection against negative balance. However, they cater to qualified traders, squeezing them dry by offering excessive leverage that is sufficient to lead to losses due to high market volatility.
Being classified as a qualified trader should be very challenging, but fraudulent brokers do everything to simplify this process. For example, they offer clients who make substantial financial deals a bought property as a client. This is one of the requirements for the “qualified trader” status.
The Central Bank’s Broker Blacklist: How Does It Help Traders?
The website of the Russian financial regulator has a section dedicated to scammers. There, a list of dubious companies is available, which traders can consult to avoid pitfalls.
The Central Bank’s blacklist allows checking companies that have been in the market for 3-4 months. It includes those receiving complaints. If there are no complaints, forex scammers won’t be there. Therefore, the Central Bank’s blacklist is an important, albeit auxiliary, tool for verification.
Understanding the Blacklist of Credit Brokers
Credit brokers are individuals or entities legally assisting people in obtaining bank loans. They charge fees ranging from 2% to 5% of the loan amount.
However, there are black credit brokers who demand 20–30% of the loan amount for their services. They promise to facilitate connections to individuals working in banks who can arrange loans for compensation.
Black credit brokers operate unlawfully, often aiding clients in obtaining loans through fake employment documents.
Identifying black credit brokers is usually possible through their demand for paid consultations. Legitimate brokers don’t charge for such consultations.
The blacklist of credit brokers serves to protect those seeking loans. Firstly, scammers violate the law. Secondly, statistics show that in 60% of cases, individuals would have been able to obtain a bank loan if they approached financial institutions themselves.
The Blacklist of Credit Brokers and Scammers: A Saving Grace for Money
The blacklist is updated daily and covers various fields such as trading, credit brokerage, and other financial processes. It is very helpful, although not a cure-all. If a desired broker is not on the list, it doesn’t guarantee their reliability.
It’s important to be able to independently verify a broker’s age, license, registration, and service offerings. If this proves difficult, seeking honest reviews and assessments is crucial, but only on independent resources.
