ACTUAL FOREX TRADING
BECOME A PROFITABLE FOREX TRADER
SCAM FOREX BROKERS - a MUST READ!
'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.
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Tips for Avoiding Forex Broker Scams
What to do if you've Lost Money because of a Forex Broker Scam
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
Alisonfxmarketlive
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-pips.com
Genuine Forex Broker List
CMC Markets - FCA Regulated
Darwinex - FCA Regulated
eToro - FCA and CySEC Regulated
IC Markets - FSA Regulated
IG Index - FCA Regulated
Oanda - NFA and FCA Regulated
Pepperstone - FCA and ASIC Regulated
Saxo Bank - FCA Regulated
Open an account with a trustworthy Forex broker
A genuine broker will meet the following criteria.
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Be well-regulated. Ideally, by the FCA, NFA, ASIC or CySEC
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Will not trade on your behalf or promise significant returns
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It is not putting pressure on you to fund your account
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Was found on Google or an advertisement on YouTube
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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.