Unauthorised and Scam Forex Brokers for January 2023

Experienced forex traders are only too aware that not every broker who claims to be reputable and regulated is telling the truth. In fact, there are a lot of scam brokers out there, and some of them are very good at appearing more legitimate than they actually are. Check out our scam brokers list for January 2023 to see the brokers you should be avoiding at all costs.

Unauthorised and Scam Forex Brokers for January 2023

Casperr Finance

This firm is offering financial services in the UK but is not authorised by the Financial Conduct Authority (FCA). There are a number of red flags with this so-called company, including its contact information which seems to consist of mobile numbers and generic free email addresses.

Capital LLC

An LLC is the US equivalent of a limited company in the UK. However, this firm is targeting investors in the UK without being registered to trade in the UK. The FCA has stated that this organisation is not regulated by them, and traders should avoid them

Barron Financial Solutions Ltd (Clone of FCA Appointed Representative)

Firms like this are particularly dangerous as they effectively ‘clone’ other legitimate broker sites to convince traders to invest with them. In this case the legitimate FCA authorised broker can be found at www.barronfs.co.uk, and all email addresses should end in this domain. The cloned site is using email addresses ending in barron.cx.

TFX Pro

This firm is using the website www.tfxpro.io and lists legitimate-sounding contact details including a physical address in London. However, it is not authorised by the FCA, and investors in the UK are not protected if they invest with this firm.

FINANCE EXPERTS LTD

This is another firm targeting UK investors that may claim to be FCA regulated, but they are not, and do not hold a license to operate in the UK.

Interalia Capital (clone of FCA authorised firm)

This is another clone of a legitimate firm, but the FCA-regulated Interalia Capital has no association with the clone firm. The clone site is http://interalia-capital.co.uk/ according to the FCA.

Flexible Wealth Exchange

This firm is listing its telephone number as +12813059380 and its website as www.flexiblewealthexchange.com. The firm is not licensed or regulated by the FCA and is not authorised to operate in the UK.

AB Funding (clone of FCA authorised firm)

This is a clone site impersonating the real FCA-authorised broker. The legitimate, regulated broker is the one with the website www.london.cmbchina.com and email [email protected] The cloned site is using the domain https://www.abfunding.co.uk.

Kranken FX

This firm is based in Jakarta but is targeting UK investors in spite of having no authorisation to operate in the UK. While it does not appear to be a clone site, it may be using the name Kranken in the hope that traders will confuse it with the well-known crypto trading platform Kraken.

Tarcord Bank

This firm is offering financial services to UK investors but again, is not listed with the FCA and is not authorised to operate in the UK. The domain is www.tarcordonline.com, and the contact details are suspicious (the main phone number appears to be a mobile number).

If you are worried that you may have been taken in by a scam broker you can check the firm directly on the FCA website, where you can search for the specific name the firm is using.

How to Avoid Scam Forex Brokers

To avoid scam brokers, traders should be aware of red flags such as brokers who approach you on social media or in online forums, especially if they are pressuring you to invest, or pushing you to make quick decisions or invest more than you are comfortable with. Other things to watch out for are promises of unrealistically high or guaranteed returns. Remember that investments that sound too good to be true usually are. Traders should also be wary of incentives to invest such as bonuses or cashback offers.

Before committing to a broker, always check that they are regulated by the FCA by going direct to the FCA website and checking their list of authorised brokers. All brokers, whether firms or individuals, should be regulated and listed if they are offering financial services or offering to invest on your behalf. Do not believe individuals who try to convince you they are legitimate, but outside the scope of the FCA because they are not a registered company.

Beware of cloned websites. They can be very convincing, often looking exactly the same as the legitimate site. To check the website is not a clone make sure that all the details on the FCA site match the details on the broker site, especially the contact details. Illegitimate sites may have suspicious contact details including mobile phone numbers or generic email addresses, but this is not always the case.

You can also search online to see if customers are claiming that a broker is a scam. Those who are scammed should report the firm to the FCA, but some people instead take to online forums and social media platforms to complain about it. While a lack of complaints should not be taken as an automatic sign the broker is legitimate, a large number of complaints are a good sign the broker is probably a scam, and certainly to be avoided.

Safe Forex Brokers

Here at ForexFraud we carefully review brokers to ensure they are operating legitimately. For peace of mind, consider only using brokers from our list of safe forex brokers who are all fully regulated and licensed.

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

Hopefully, you are now aware of just how many scam brokers there are out there, and how to avoid them, but fraudsters are persistent and new scam sites appear all the time. If you believe you have been the victim of a scam, report it to the FCA and the police, as soon as possible. It is likely you are not alone and may help others to avoid the scam broker.

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.