Unauthorised and Scam Forex Brokers for March 2023

Forex Fraud Analyst Team

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  
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

    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

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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
      FxPro logo
      BlackBull Logo Small
      eToro Logo
      FXTM Logo
      XM 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.