Unauthorised and Scam Forex Brokers for February 2023

Forex Fraud Analyst Team

Unauthorised and Scam Forex Brokers for February 2023

Unfortunately, scam brokers are way too common, and while many of us feel we would never get taken in by a scam, they are often very convincing. It is important to avoid scam brokers because the likelihood of recovering money from them is very small. Brokers who are not authorised by governing bodies, such as the Financial Conduct Authority (FCA) do not offer a compensation scheme and generally offer no protection for clients or their funds.

Unauthorised and Scam Forex Brokers for February 2023

Extreme Investment Platform LTD

This firm is offering financial services in the UK but is not authorised to do so by the FCA. The firm is using the domain www.extremeinvestmentplatform.com.

FXCROB TRADING

This firm is targeting investors in the UK but is not registered to trade in the UK. The FCA has stated that this organisation is not regulated or licensed by them, although the firm may be claiming this to be the case. They are using the domain www.fxcrobtrading.com.

Crypto VisualMining

This firm is using the website www.cryptovisualmining.com and may appear legitimate, but it is not authorised by the FCA. UK investors are not protected if they invest with this firm

Hartley Pensions Limited (clone of FCA-regulated firm, in administration)

Clone firms copy other legitimate broker sites to convince traders that they are someone they are not, changing a few details such as the website address and contact details. In this case, the cloned site is using the domain www.hartleypensionsuk.com and the email address [email protected].

iToroStocks Ltd

While this firm does not appear to be a clone site, it is likely using the name iToro in the hope that traders will confuse it with the well-known, authorised trading platform eToro. This firm is not FCA authorised and is using the web domain https://itoro-capital.co/.

Ludgate Investments Limited (Clone of FCA authorised firm)

This is another clone of a legitimate firm, but the FCA-regulated firm has no association with the clone firm, which appears to be using a mobile number as its main contact number. The clone site is https://ludgateinvestmentslimited.com/ according to the FCA. The legitimate firm operates from www.ludgate.com.

EsmondCapital.org (Clone of FCA Authorised Firm)

This clone site is imitating Esmond Capital Limited which is a legitimate firm, but it has no association with the clone firm.

Clearstream Ltd (Clone of FCA authorised firm)

Yet another clone of an authorised firm, this scam site is using the website https://clearstream.in and the email [email protected]. One of many red flags to watch out for is foreign internet suffixes (in this case the suffix ‘in’ implies the site is based in India) when the firm claims to be based in or authorised to trade in, the UK.

TRADESXMARKET

This site, operating as https://tradesxmarket.com/ and seemingly offering a mobile number as its main telephone contact, is targeting investors in the UK but is not licensed to do so. The FCA has confirmed that this organisation is not regulated.

Group 500

This firm is targeting UK investors despite having no authorisation to operate within the UK. While it does not appear to be a clone site, it may be using the name Group 500 in the hope that some traders will confuse it, or associate it, with the well-known and respected trading platform Plus 500.

If you have had dealings with any of these firms or are worried that another firm you have used is an unauthorised broker, you can check the details directly on the FCA website. You can also search their list of known unauthorised firms to see if the name of a particular firm that you have come across is on there.

How to Avoid Scam Forex Brokers

There are a few things to watch out for in order to avoid scam brokers, with some being more obvious than others. To start with, always do your research. Read industry reviews from trusted sources, as well as customer reviews (although you should also remember that customer reviews and testimonials can be easily faked, as can screenshots of the ‘amazing results’ you can get by investing with a particular broker). Read through the fine print on any documents as well, and take a look at the firm’s policies, including deposit protection, negative balance protection and their customer compensation scheme.

You should always check that the broker is regulated by the FCA or another trusted authority, by going direct to the website of the regulator they claim to be licensed by. If they are regulated, they will be listed there. Check that all the contact details on the regulator’s site match those on the broker’s site too. Clone sites are unfortunately very common and often look exactly like the legitimate, authorised site, with the exceptions of a few small changes, such as the actual domain name and phone number.

Other red flags are brokers who approach you with a ‘hard sell’, often on social media platforms or in online forums, pressuring you to invest, or insisting that an offer is ‘time sensitive’ so you don’t have time to think. Watch out for unrealistic promises, such as very high, immediate or guaranteed returns, and incentives to invest like bonus offers – something which most regulators don’t allow.

Safe Forex Brokers

Here at Forex Fraud we carefully review brokers to ensure they are licensed and regulated. We suggest you only use forex brokers from our regularly updated list of safe brokers.

Broker Features Min Deposit EURUSD Spread  
Number One Broker 72% of retail CFD accounts lose money. US Clients: No Regulated : Yes

– Ultra-fast execution from 0.2s
– Low spreads from 0.0 pups
– All trading strategies allowed
– No restrictions on profitability
– Top trading conditions

$100from 0.0 pips
Sign Up Your capital is at risk
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
AvaTrade LogoYour capital is at risk US Clients: No Regulated : Yes

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

 

FXG competition banner
$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 logo82% 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.
– the provider offers CFD trading only

100GBP/AUD/EUR/USDvariable
Sign Up 82% 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.
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
Forex Broker eToro Logo77% 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 77% 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.
XM LogoYour capital is at risk US Clients: No Regulated : Yes
  • CySEC, IFSC, ASIC Regulated
  • MT4, MT5, WebTrader platform
  • $50% and 20% deposit bonus up to $5,000(t&c apply) *Cleints registered under the EU regulated entity of the Group are not eligible for the bonus.
$5From 0.0 pips
FxPro LogoYour capital is at risk US Clients: No Regulated : Yes

– CySEC, FCA, FSCA, SCB Regulated
– MetaTrader4 , MetaTrader5, cTrader, FxPro SuperTrader
– 15+ Years in business
– 90+ International Awards

$100

    There are plenty of ways you can spot a scam broker, and it is important to always be alert to the fact that there are fraudsters out there only too happy to take your money. Some scam broker sites seem very plausible, however, so practice caution and always double-check that brokers are regulated by checking with the site of the regulator they claim to be governed by. Report any suspected scams quickly, both to the relevant regulator, and the local authorities.


    Forex Fraud Analyst Team

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    Safest Forex Brokers 2023

    Broker Info Best In Customer Satisfaction Score
    #1 72% of retail CFD accounts lose money. Founded: 2014 Global Forex & CFD Broker
    Number One Broker
    Best Trading Conditions Visit broker
    4.9
    #2 BlackBull Markets LogoYour capital is at risk Founded: 2014 Global Forex Broker
    Number One Broker
    BEST SPREADS Visit broker
    4.8
    #3 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
    Number One Broker
    BEST CUSTOMER SUPPORT Visit broker
    4.9
    #4 plus500 logo82% 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. Founded: 2008 Global CFD Provider
    Number One Broker
    Best Trading App Visit broker
    5
    #5 Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010 Global Forex Broker
    Number One Broker
    Low minimum deposit Visit broker
    4.9
    #6 Forex Broker eToro Logo77% of CFD traders lose Founded: 2007 Global CFD & FX Broker
    Number One Broker
    ALL-INCLUSIVE TRADING PLATFORM Visit broker
    4.9
    #7 XM LogoYour capital is at risk Founded: 2009, 2015 and 2017 Global Forex Broker
    Number One Broker
    Low minimum deposit Visit broker
    5
    #8 FxPro LogoYour capital is at risk Founded: 2006 CFD and Cryptocurrency Broker
    Number One Broker
    CFD and Cryptocurrency Visit broker
    5

      Forex Fraud Certified Brokers

      BlackBull Markets Logo
      eToro Logo
      AvaTrade logo
      XM Logo
      FxPro logo
      CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.