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
Your 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	$200	From 0.1	Sign Up Open Demo Account Read BlackBull Markets Review
73 % 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	$100	from 0.0 pips	Sign Up 73 % of retail ... Test Tickmill Read Tickmill Review
Your capital is at risk US Clients: No Regulated : Yes	– 40% New Member Bonus – MIFID, ASIC, FSA & FSCA regulated – Free Online Trading Coach	$100	Fixed	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. Open Demo Account Read AvaTrade Review
79 % 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/USD	variable	Sign Up 79 % 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. Open Demo Account Read Plus500 Review
Your capital is at risk US Clients: No Regulated : Yes		$50	from 0	Sign Up Open Demo Account Read Moneta Markets Review
Your capital is at risk US Clients: No Regulated : Yes	ASIC Regulated Well Established No Fees 24 hour support	$200	From 0.1 pips	Sign Up Open Demo Account Read Vantage Review
Your capital is at risk US Clients: No Regulated : Yes	CySEC regulated. Good for beginners with excellent trading academy. Beginner Friendly	$500	From 0.6 pips	Sign Up Open Demo Account Read LegacyFX Review
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	$200	NDD 0.09 / Standard 0.69	Sign Up Between 74-89 % of retail investor accounts lose money when trading CFDs Open Demo Account Read Pepperstone Review
Your capital is at risk US Clients: No Regulated : Yes	Crypto deposits possible Bonus offers Leverage up to 1:500 MT4 and Allpips platforms	$25	From 0.4 pips	Sign Up Open Demo Account Read AdroFX Review
67% 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	$200	from 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. Open Demo Account Read eToro Review
Your capital is at risk US Clients: Regulated : Yes		$100		Sign Up 69% of retail investor accounts lose money when trading CFDs with this provider. Open Demo Account Read Skilling Review
Your 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 EUR	Bank: 1.1 EU traders: 1	Read Swiss Quote Review
Your 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	Sign Up Open Demo Account Read VT Markets Review
Your capital is at risk US Clients: No Regulated : Yes	All trading strategies allowed No restrictions on profitability Top trading conditions	$450	From 0.0 pips	Sign Up Open Demo Account Read Trade360 Review
77% 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	None	from 1.2	Read Oanda Review
Your 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	Sign Up Open Demo Account Read Liteforex Review
Your 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	$20	1.8 pips	Sign Up Open Demo Account Read HYCM Review
Your 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 accounts	As low as 0 on Raw Spread and Zero accounts	Sign Up Open Demo Account Read Exness Review
75% 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.	£100	Varied	Sign Up Open Demo Account Read City Index Review
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 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 Euros	Varies	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 Open Demo Account Read IQ Option Review
Your capital is at risk US Clients: No Regulated : Yes				Sign Up Open Demo Account Read CCI Traders Review
Your capital is at risk US Clients: No Regulated : Yes		$100	From 0.0 pips	Sign Up Open Demo Account Read SquaredFinancial Review
Your capital is at risk US Clients: No Regulated : Yes	All trading strategies allowed No restrictions on profitability Top trading conditions	$200	From 0.0 Pips	Sign Up Open Demo Account Read IC Markets Review
Your 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. Open Demo Account Read BDSwiss Review

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	Your capital is at risk Founded: 2006	Globally regulated broker	BEST CUSTOMER SUPPORT Visit broker	4.9
#2	Your capital is at risk Founded: 2014	Global Forex Broker	BEST SPREADS Visit broker	4.8
#3	73 % of retail CFD accounts lose money Founded: 2014	Global Forex & CFD Broker	Best Trading Conditions Visit broker	4.9
#4	67% of CFD traders lose Founded: 2007	Global CFD & FX Broker	ALL-INCLUSIVE TRADING PLATFORM Visit broker	4.9
#5	79 % 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	Best Trading App Visit broker	5

Forex Fraud Certified Brokers

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.