Unauthorised and Scam Forex Brokers for January 2023

Forex Fraud Analyst Team

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  
Number One Broker ForexTime LogoYour capital is at risk US Clients: No Regulated : Yes

– Regulated by FSCA, IFSC and FSC
– Over 1M Registered Accounts
– More than 250 Trading Instruments
– MT4, MT5 and Web Trader Platforms
– No dealing desk
– Crypto-trading only avail. for Exinity Limited.

$10ECN 0.1, Standard 1.6
73% 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 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

 

$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 logo81% 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 (FRN 509909), ASIC, FMA, and FSCA Regulated.
– Multi Asset Trading Platform.
– No Time Frame For Demo Accounts.
– the provider offers CFD trading only

100GBP/AUD/EUR/USDvariable
Sign Up 81% 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 Logo76% of CFD traders lose money US Clients: No Regulated : Yes
  • Social Trading Platform
  • FCA & CySEC Regulated
  • Minimum Deposit $50 (varying across region)
  • Demo Account
  • Copy Trading
  • 2000+ Instruments
$50 (varying by Country)from 1
Sign Up 76% 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

    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 2024

    Broker Info Best In Customer Satisfaction Score
    #1 73% of retail CFD accounts lose money. Founded: 2014 Global Forex & CFD Broker
    Number One Broker
    Best Trading Conditions Visit broker
    4.9
    #2 Blackbull 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 logo81% 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 Logo76% of CFD traders lose money 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

      Forex Fraud Certified Brokers

      plus500 logo
      AvaTrade logo
      XM Logo
      BlackBull Logo Small
      FxPro logo
      eToro Logo
      FXTM 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.