Unauthorised and Scam Forex Brokers for November 2022

Forex Fraud Analyst Team

unauthorised and scam forex brokers november 2022

The foreign exchange market is considered one of the world’s largest and most fluid. While today’s market was formed after the Bretton Woods Accord dissolved in 1973, currency trading and exchange have been around since the late 1800s when the gold standard was established, backing national currencies with their value in gold.

Inflation in the early 1900s led many countries to abandon the gold standard. The US remained one of the few still relying on it. The Bretton Woods agreement commenced after World War II, and involved the US using gold to back the US dollar. Other countries in turn used the US dollar as a reference point to value their national currencies.

When trade deficits and budget issues caused President Nixon to discard the Bretton Woods system, the modern Forex trading system took shape. At first, only institutions with large amounts of capital — such as governments and banks — were involved in Forex, until it went into full swing in the 1990s when technology, electronic communication, and communist countries’ transition to capitalism combined to create the modern-day market.

The usual barriers to communication were removed and for the first time, everyday people had access to international markets. Retail Forex trading then allowed traders to invest smaller amounts. An investor also did not need to have traders or brokers complete transactions.

Today, Forex trading has become an established part of international trade and commerce. For a perspective on how the Forex market has grown, in April 2019, the market experienced $6.6 trillion in trades per day, and the entire platform was worth $2.409 trillion. With over 170 currencies traded on the platform, the Forex market is much larger than some of the world’s largest trading indices, including the Nasdaq.

While it is possible to make a fortune in this market, unsuspecting investors can also be duped into trusting unscrupulous brokers. It is impossible to know everything about such a large trading environment. Below is a scam brokers list of individuals and firms who are involved in scams and unauthorized to trade in the market, and how to avoid being duped by them.

Unauthorized and Scam Forex Brokers for August 2022

exchangesolutions.co.uk

This firm is not authorized by or registered with the UK Financial Conduct Authority (FCA). In fact, it is believed to be a clone of, or very similar to, a legitimate firm that is registered with the FCA. This company’s strategy is to make unsolicited contact with people using a genuine firm reference number the FCA gives registered brokers.

Cryptofxtrading

This firm is also believed to be offering products and services without FCA authorization, and targeting people in the UK.

Whitewell Capital Management, Inc.

The FCA believes this company may be offering products or services without its authorization.

CRYPTOPOPINVESTMENT

The FCA believes this company may be providing products or services without its authorization.

Clear Loan

The FCA believes this firm may be providing products or services without its authorization.

First National Bank, Plc

The FCA believes this firm may be providing products or services without its authorization.

Crypto defi Management

The FCA believes this firm may be providing products or services without its authorization.

CRYPTOFINACLETRADE

The FCA believes this firm may be offering products or services without its authorization.

crypto-x-options

The FCA believes this firm may be offering products or services without its authorization.

FxViewInvestment (Update)

A clone firm using the details of a legitimate, authorized firm to convince consumers they are genuine.

Cryptotechuniverse

The FCA believes this company may be offering financial products or services without its authorization.

In the UK, the FCA is the governing entity for financial services. A broker must obtain authorization to provide financial services. The above firms either did not receive the appropriate authorization, or were operating fraudulently. Investors who continue to trade with them, or with any firm unauthorized by the FCA, are unlikely to get their money back because they will not have access to the Financial Services Ombudsman, nor are they protected by the Financial Services Compensation Scheme (FSCS). For a full list of suspect brokers, please visit the FCA website.

how to avoid scam forex brokers november 2022

How to Avoid Scam Forex Brokers

With numerous brokers available today, Forex trading has become more accessible to both the seasoned investor and the novice. No matter the investor’s experience, there are ways to avoid falling victim to scams or investing with an unauthorized broker. When dealing with a firm or individual claiming to be legitimate, never discuss personal investments on the phone, or disclose credit card information. If a broker tries to sell you on large profits, ask for reputable evidence, and do your research. Finally, check whether the broker is licensed, and as a safeguard, invest using software from trusted providers such as MetaTrader (MT)5, MT4, or cTrader.

Safe Forex Brokers

Broker Features Min Deposit EURUSD Spread  
Number One Broker BlackBull Markets LogoYour capital is at risk US Clients: No Regulated : Yes

– Flexible leverage up to 500:1
– Multi award-winning New Zealand broker
– Institutional-grade spreads from 0.1 pips

$200From 0.1
75 % of retail CFD accounts lose money US Clients: No Regulated : Yes

– Ultra – fast execution from 0.1s
– Low spreads from 0.0 pups
– All trading strategies allowed
– No restrictions on profitability
– Top trading conditions

$100from 0.0 pips
Sign Up 75 % of retail ...
AvaTrade LogoYour capital is at risk US Clients: No Regulated : Yes

40% New Member Bonus
– MIFID, ASIC, FSA & FSCA regulated
– Free Online Trading Coach

 

$100Fixed
Sign Up Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Plus500 Forex broker logo72 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. US Clients: No Regulated : Yes

– FCA, ASIC, CySEC Regulated.
– Multi Asset Trading Platform.
– No Time Frame For Demo Accounts.

100GBP/AUD/EUR/USDFrom 0.0 pips
Sign Up 72 % of retail ...
Moneta Markets LogoYour capital is at risk US Clients: No Regulated : Yes $50from 0
vantageYour capital is at risk US Clients: No Regulated : Yes
  • ASIC Regulated
  • Well Established
  • No Fees
  • 24 hour support
$200From 0.1 pips
LegacyFX LogoYour capital is at risk US Clients: No Regulated : Yes
  • CySEC regulated.
  • Good for beginners with excellent trading academy.
  • Beginner Friendly
$500From 0.6 pips
Between 74-89 % of retail investor accounts lose money when trading CFDs US Clients: No Regulated : Yes
  • FCA, CySEC, DFSA, BaFIN, SCB, CMA & ASIC Authorized and Regulated
  • 24 Hour Support
  • Negative Balance Protection
$200NDD 0.09 / Standard 0.69
Sign Up Between 74-89 % of retail investor accounts lose money when trading CFDs
Your capital is at risk US Clients: No Regulated : Yes
  • Crypto deposits possible
  • Bonus offers
  • Leverage up to 1:500
  • MT4 and Allpips platforms
$25From 0.4 pips
Forex Broker eToro Logo67% of CFD traders lose US Clients: Yes (eToro USA) Regulated : Yes
  • Social Trading Platform
  • FCA & CySEC Regulated
  • Minimum Deposit $200
  • Demo Account
  • Copy Trading
  • 2000+ Instruments
$200from 1
Sign Up 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Skilling forex broker logoYour capital is at risk US Clients: Regulated : Yes $100
Sign Up 69% of retail investor accounts lose money when trading CFDs with this provider.
Swissquote logoYour capital is at risk US Clients: No Regulated : Yes
Pros: Cons:
Market-leading regulatory framework Minimum balance requirements
Trader focused site design Not available in some countries
Track record of over 20 years
Reliable and cost-effective trading platform
Extensive range of markets on offer

 

 

1000 EURBank: 1.1 EU traders: 1
VT markets logoYour capital is at risk US Clients: No Regulated : Yes
  • Access the market depth window to view the top bids and offers.
  • Place trading alerts.
  • Execute trades with the assistance of robots (Expert Advisors).
No minimum deposit From 0.0 pips
Trade360 LogoYour capital is at risk US Clients: No Regulated : Yes
  • All trading strategies allowed
  • No restrictions on profitability
  • Top trading conditions
$450From 0.0 pips
Oanda Logo77% of retail CFD accounts lose money US Clients: Yes Regulated : Yes
  • No Minimum Deposit
  • Over 100 instruments
  • Web, desktop, mobile platform and MT4
  • Best Retail FX Platform 2018
  • FCA & ASIC Authorized and Regulated
  • Founded in 1996 with HQ in Toronto, CA
Nonefrom 1.2
LiteForex LogoYour capital is at risk US Clients: No Regulated : Yes

– Regulated broker
– Only $50 min. deposit
– Wide range of Trading Instruments
– MT4, MT5 and Web Trader Platforms
– 24/5 technical support
– Use ECN technologies

$50 From 1 pips
HYCM LogoYour capital is at risk US Clients: No Regulated : Yes

– Regulatory compliance is under the auspices of the FCA in the UK, the SFC in Hong Kong, the DFSA in Dubai, and by way of the MiFID for the European Union.
Up to $5,000 Welcome Bonus (T&C apply) Applicable only for HYCM Limited

$201.8 pips
Exness logoYour capital is at risk US Clients: No Regulated : Yes
  • Instant automated withdrawals 24/7
  • Commission-free Standard accounts
  • Some of the lowest spreads on the markets and stable execution
  • Unlimited leverage
  • Free VPS Hosting
Starting from $10 on Standard and $200 on Professional accountsAs low as 0 on Raw Spread and Zero accounts
Forex Broker City Index Logo75% of clients lose money. Capital at risk US Clients: No Regulated : Yes

– FCA, NFA, CFTC, IIRO, FSA, CIMA, MAS, SFC Regulated.
– Award winning platform.
– Beginner Friendly.
– Well established, safe and trusted.

£100Varied
iq option71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money US Clients: No Regulated : Yes

– 50 Euros minimum deposit
– State of the art platform
– 24/7 support in more than 17 languages
– Free demo account

20 EurosVaries
Sign Up 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
CCI Traders logoYour capital is at risk US Clients: No Regulated : Yes
SquaredFinance LogoYour capital is at risk US Clients: No Regulated : Yes $100From 0.0 pips
IC Markets LogoYour capital is at risk US Clients: No Regulated : Yes
  • All trading strategies allowed
  • No restrictions on profitability
  • Top trading conditions
$200From 0.0 Pips
BDSwiss trader logoYour capital is at risk US Clients: No Regulated : Yes
  • Low-cost trading
  • Excellent research and analysis
  • Great trading experience
10€ / $ / £ (depends on account type and region)1.2 pips
Sign Up Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.

    Final Words

    Any investment is a gamble that can be mitigated with research into the market. With hundreds of brokers on the Forex market, weeding out scammers and unauthorized brokers can be daunting. However, the above information will help you to know which brokers to steer clear of, and how to avoid being scammed.

    In addition, it is always wise to remain aware of the FCA’s findings on brokers operating without authorization. They provide consumers with an extensive list of such individuals and companies, along with detail as to why they were placed on the list, which is updated monthly. Finally, if you’re looking for a new Forex broker, please see our broker reviews page for up-to-date information.