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.
Latest added forex brokers to avoid
- OT Capital. They have gotten a warning from ASIC.
- EU Capital. They ask you to deposit over and over again. They even try to get you to login to your bank account over a shared screen.
- MultiplyMarket is a clone of Trading Technologies.
- BlueTrading have an FCA warning for claiming to be FCA regulated when they in fact are not.
- Facebook Group Investment/Profits, FBO Trading Signals & Bitcoin investments – They don’t allow withdrawals and block you as soon as you ask for a withdrawal.
- ECN Capital. They claim to be CySEC regulated but are not.
- GBCFX – Unregulated broker having issues handling withdrawals.
- Forex365Options – they make you pay fees that aren’t even in any terms and conditions. Website hardly works either.
- Toptrades.co – Not regulated so should be avoided.
- fx-premium. They are copying the website of JFD Brokers so should be avoided!
Other brokers to avoid in alphabetical order
- BFP Markets (bfpmarkets.com) Non-regulated and delays withdrawals up and above 90 days.
- Crown Forex
- CWM FX
- Cyber Market group
- Ferdinald Hill is NOT regulated by IFSC. The IFSC has issued a warning confirming that the license for Ferdinald Hill is a forgery.
- FIXED STAR INVESTMENT INC. IFSC has issued a warning against this broker. Contrary to what they state on their website, Fixed Star is NOT regulated in Belize.
- Forex Macro
- FXCM – Kicked out of USA.
- FXGTrade – Un-regulated and blames bank problems when trying to do a withdrawal but sometimes let you withdraw to bitcoin.
- 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 that there are enough warning signs and therefore may not be a secure and trustworthy broker. As such, we strongly caution against investing with Joe Lewis Trading at this time.
- OptionRally: As of May 3rd 2017 OptionRally is no longer regulated and ForexFraud does not recommend you to trade with them.
- Peregrine Financial Group
- Realmarketslive.com – Belize financial regulator IFSC has issued a Warning Notice against Real Markets Ltd, they are not licensed by IFSC.
- Sigma Forex
- Trade24 – updated Feb 27 2018.
- Zurich Prime – aggressive sales people.
Included below are also links to the regulation authorities that monitor and regulate forex brokers/firms. Here you can search for disciplined firms and a specific firm’s license status. For purposes of this requirement, a disciplined firm is defined very narrowly to include those firms that meet the following two criteria:
1. The firm has been formally charged by either the CFTC or NFA with deceptive telemarketing practices or promotional material;
2. 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:
Please share your own experience below, if you suspect fraud with a broker that you have been trading with. Thank you!