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.

  • Xtrade - May 30th. CySEC suspends their license saying "CySEC stated that XTrade’s marketing materials and ads do not seem to be fair, clear and not misleading."
  • Trade24- updated May 19 2017
  • CWM FX
  • InstaForex
  • Sigma Forex
  • Crown Forex
  • Forex Macro
  • Refco
  • Cyber Market group
  • Joe Lewis Trading ( Although there have been no recent charges levied against Joe Lewis Trading. (also known as, and Lon-ist investment managers) we at 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. 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.
  • TorOption


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:


Click here for brokers that we trust and recommend.

We'd love to have your comments below on other brokers where you have experienced problems big enough to warn other traders for them!

  • DGX SYSTEM LTD, operating at; and
  • 53 CAPITAL TRADE LIMITED, operating at and
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