Unauthorised and Scam Forex Brokers for March 2023

Unauthorised and scam brokers are more common than you might think, and they are often very convincing. Traders can get taken in because the platforms are often very professional and may brazenly state that they are licensed and authorised, even though they aren’t.

Scam brokers are those who are deliberately trying to defraud traders, whereas unauthorised brokers may not be. It is however, always advisable to avoid brokers who are not authorised by reputable governing bodies, such as the Financial Conduct Authority (FCA). They may be based offshore and offer little or no protection for clients and their funds. If an unauthorised broker disappears while owing you money, there is usually little you can do about it. Check out our list of some of the latest unauthorised and scam brokers.

Unauthorised and Scam Forex Brokers for March 2023

NEOINVESTMENTX

This firm claims to be based in Australia but is offering financial services in the UK. However, the FCA claims it is not authorised to operate in the UK. The firm is using the domain www.neoinvestmentx.com.

FX Revenues

This firm is targeting investors in the UK but is not registered to trade in the UK and is not regulated by the FCA. The firm claims to be based in St Vincent and The Grenadines, so may be an offshore, unauthorised brokerage. However, such brokerages should generally be avoided, especially by less experienced traders.

Royal Kings International

There are a number of red flags with this broker, including its contact information which seems to consist of a mobile number and a generic free email address. It is not authorised by the FCA, and seems to be targeting users on social media such as TikTok and Instagram, with the username @royalkingsint.

CFDConsulting Capital UK Ltd / CFD Trades (Clone of FCA Authorised Firm)

Clone firms can be very convincing as they copy other legitimate broker sites to convince traders to invest with them, changing just a few details such as the website address and contact details. In this case, the cloned site is using a few different domains such as www.cfdconsulting.co and www.cfdtrades.co, whereas the legitimate site uses http://www.tradecapitaluk.com.

Destination Global Corp Ltd

The FCA has confirmed that this firm is not authorised or licensed to provide services in the UK, but it is targeting UK traders. It is using the web domain https://destinationglobalcorpltd.co.uk and the email address [email protected]

MT5-PRO (Clone of FCA Authorised Firm)

This is another clone of a legitimate firm, but the FCA has stated that the regulated firm has no association with the clone firm, which is using the domain name www.mt5-pro.com. The legitimate firm operates from http://www.trading.com/uk/ according to the FCA.

AXI Corp Limited (Clone of FCA authorised firm)

AXI Corp Limited appears to be imitating the FCA-regulated AXI Financial Services (UK) Limited, which is a legitimate firm. The clone firm is giving its contact details out as the email addresses [email protected] and [email protected]

Empower Financial Services, Inc / Financial Solutions CP (Clone of FCA authorised firm)

Yet another clone of an authorised firm, this scam site is using various email addresses ending in financialsolutioncp.com. The FCA-authorised firm that the fraudsters are claiming to work for is CPS Financial Solutions Ltd, which has confirmed it has no association with the clone firm.

Brookway Loans Ltd

The FCA has confirmed that this site is targeting people in the UK but is not authorised or regulated by them. The domain being used the somewhat suspicious looking https://www.brookwayltd.co.uk/index-2.html.

BLENDFX TRADE

This firm is targeting UK investors but has no UK license and no authorisation to operate within the country. It is operating from the domain www.blendfxtrade.com using the email address [email protected]

If you have dealt with, or invested with, any of the above firms you can check out their details on the FCA website. Remember that not all unauthorised firms are deliberate fraudsters, but many are. If you suspect a firm is a scam, you can search the FCA list of known unauthorised firms to see if it is on there and report your suspicions to the FCA. If the firm claims to be regulated by a different regulator, such as CySEC (who regulate brokers throughout the EU) you can search their site too.

How to Avoid Scam Forex Brokers

There are plenty of reputable brokers to choose from, but sometimes the fraudulent ones appear to be legitimate and professional, so how can you spot a scam broker?

Start by checking that the broker really is regulated by a trusted authority. Do not take their word for it. Any broker can claim to be registered with a governing body and even make up a registration number. Go directly to the website of the regulator that the broker claims to be licensed by and check that they are listed there, with all the correct contact details and the exact same domain name. You can also check industry reviews from trustworthy sources, and customer reviews and testimonials (although be aware that these can be easily faked online).

Be wary if a broker approaches you on random social media platforms or in online investing forums, especially those aimed at beginners. It is a red flag if someone is pressuring you to invest quickly, or to invest more than you can afford. Scam brokers also often ask you for more money under the guise of fees or admin costs when you want to withdraw money, and offer incentives to sign up with them. They may also make unrealistic promises, including large or guaranteed returns. Legitimate brokers will warn you that trading carries inherent risk and that investments can go down as well as up.

Safe Forex Brokers

We’ve reviewed a range of forex brokers so you don’t have to. We suggest you only use forex brokers from our regularly updated list of safe, regulated 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

You are now better equipped to spot a scam broker, or an unauthorised one. Just be aware that fraudsters can be clever and will often appear very plausible. Always double-check brokers by searching for them on the site of the regulator they say they are licensed by, and make sure all their details match up.

Forex Fraud Analyst Team

Share

Tweet

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.