Forex Brokers to Avoid
On this page we bring you a list of forex brokers where we feel there are too many signs of scamming going on for not giving you a warning before signing up with these brokers. We welcome you to share your own fraud experience with a forex broker in the comment field below. We will try to research all brokers that seem to use questionable practices. We’ll continuously add new brokers to the list based on our findings and your comments. Below you’ll find our current list of NOT trusted brokers.
- Trade24 – updated May 19 2017
- CWM FX
- Sigma Forex
- Crown Forex
- Forex Macro
- Cyber Market group
- Joe Lewis Trading (JLTrading.com): Although there have been no recent charges levied against Joe Lewis Trading. (also known as joelewis-trading.com, JLTrading.com and Lon-ist investment managers) we at ForexFraud.com feel there are enough earmarks that they may not be a secure and trustworthy broker. As such, we strongly caution against investing with Joe Lewis Trading at this time.
- Peregrine Financial Group
- FIXED STAR INLVESTMENT INC. http://fxsfx.com/en/index.html. IFSC has issued a warning against this broker. Contrary to what they state on their website, Fixed Star is NOT regulated in Belize.
- OptionRally: As of May 3rd 2017 OptionRally is no longer regulated and ForexFraud does not recommend you trade with them. More information here.
- BFP Markets (bfpmarkets.com) Non-regulated and delays withdrawals up and above 90 days.
- FXCM – Kicked out of USA.
- Realmarketslive.com – Belize financial regulator IFSC has issued a Warning Notice against Real Markets Ltd, they are not licensed by IFSC.
- Ferdinald Hill is NOT regulated by IFSC. The IFSC has issued a warning confirming that the license for Ferdinald Hill is a forgery.
- FXGTrade – Un-regulated and blames bank problems when trying to do a withdrawal and sometimes let you withdraw to bitcoin.
- iMarketsLive – Has a warning from the french regulator AMF
- Zurich Prime – aggresive sales people.
- FXLeader – Pushes you to deposit but do not uphold your withdrawal requests.
- Facebook Group Investment/Profits, FBO Trading Signals & Bitcoin investments – They don’t allow withdrawals and block you as soon as you ask.
- OT Capital. They have gotten a warning from ASIC.
- EU Capital. The ask you to deposit over and over again and even try and get you to login to your bank account over shared screen.
Included in this section are links to the regulation authorities that monitor and regulate forex brokers/firms. Here you can search for disciplined firm’s and a firms license status. For purposes of this requirement, a disciplined firm is defined very narrowly to include those firms that meet the following three criteria:
1. The firm has been formally charged by either the CFTC or NFA with deceptive telemarketing practices or promotional material;
2. Those charges have been resolved; and
3. The firm has been permanently barred from the industry as a result of those charges.
To view the disciplined brokers list please visit:
Other Regulating Authories: