A full list of forex brokers who have been blacklisted because of unethical behavior or fraudulent activity is available on the Blacklisted Forex Brokers List With Reviews 2023 page
The source that we have linked on our page carefully reviews each broker and provides a detailed explanation of the specific grounds for their inclusion on the blacklist.
This knowledge is a helpful tool for traders, assisting them in avoiding potential fraud and making more educated choices when they enter the forex market.
Table of Contents
Forex Brokers Scam List
|ZORRO MARKETS||NO||zorromarkets.io||1.1/5||ZorroMarkets Review|
|Primefinan X||NO||Primfinanx-Flow.com||1/5||Primefinan X Review|
|Bluedot Markets||NO||bluedotmarkets.com||1/5||Bluedot Markets Review|
|William Youngs||NO||williamyoungs.net||1/5||William Youngs Review|
|Arbitrage Genius||NO||arbitrage-genius.ai||1/5||Arbitrage Genius Review|
|London Group Inv||NO||londongroupinv.com||1/5||London Group Inv Review|
|Swapsco Market||NO||Swapscomarket.com||1/5||Swapsco Market Review|
|High BTC Stock||NO||highbtcstock.com||1/5||High BTC Stock Review|
|Fortified Trade||NO||fortifiedtrade.com||1.5/5||Fortified Trade Review|
|Big Fx Invest||NO||bigfxinvest.com||1/5||Big Fx Invest Review|
|Axia Trade||NO||axiainvestments.com||1/5||Axia Trade Review|
How do I avoid a forex scam by forex brokers?
Follow these 10 steps to avoid a forex scam by a broker.
1. Research and due diligence
Before choosing a broker, thoroughly research their background, reputation, and credibility. Verify their regulatory status and check if they are registered with authorized financial regulatory bodies.
2. Regulation and licensing
Make sure the broker is subject to regulation by a reputable regulatory body in your nation or a well-known international regulatory organization, such as the Financial Conduct Authority (FCA) in the UK or the Securities and Exchange Commission (SEC) in the United States.
3. Transparent and clear communication
A reliable broker should provide clear and transparent information about their services, fees, and any associated risks. Be wary of brokers who are reluctant to disclose relevant details or use high-pressure sales tactics.
4. Reviews and testimonials
Read reviews and testimonials from other traders to gauge the broker’s reputation and track record. Look for unbiased sources and be cautious of overly positive reviews as they could be fake.
5. Avoid unrealistic promises
Be skeptical of brokers who make extravagant claims about guaranteed profits or high returns. Remember, trading in forex involves risks, and no broker can guarantee consistent profits.
6. Avoid unregulated brokers
It is crucial to avoid unregulated brokers or those with questionable regulatory status. Unregulated brokers often operate outside the law and may be more likely to engage in fraudulent activities.
7. Secure and segregate funds
Ensure the broker offers segregated accounts, which separate clients’ funds from the broker’s own funds. This helps protect your funds if the broker faces financial difficulties or becomes insolvent.
8. Customer service and support
Assess the quality and responsiveness of the broker’s customer service. Reliable brokers have efficient customer support to address your concerns promptly and professionally.
9. Demo accounts
Make use of demo accounts offered by brokers to practice trading and familiarize yourself with their trading platform. This allows you to assess the broker’s trading environment and services before committing any real funds.
10. Listen to your instincts
If something seems too good to be true or you have doubts about a broker’s legitimacy, it is best to trust your instincts and look for another, more reputable broker.
Remember, protecting yourself from forex scams requires thorough research, caution, and awareness of the potential risks involved in trading.