Fraud & Scam

Forex Brokers Scam


Foreign exchange fraud is any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading became a common form of fraud early 2008, according to Michael Dunn of the U.S. Commodity Futures Trading Commission.

The foreign exchange market is at best a zero–sum game, meaning that whatever one trader gains, another loses. However, brokerage commissions and other transaction costs are subtracted from the results of all traders, making foreign exchange a negative-sum game.

Frauds might include churning of customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits, improperly managed "managed accounts", false advertising, Ponzi schemes and outright fraud. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment.

The U.S. Commodity Futures Trading Commission (CFTC), which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry. Between 2001 and 2006 the U.S. Commodity Futures Trading Commission has prosecuted more than 80 cases involving the defrauding of more than 23,000 customers who lost $350 million. From 2001 to 2007, about 26,000 people lost $460 million in forex frauds.

Fraud by Country :

To aid with transparency, We and also some regulatory authorities publish in to public domain the following: list of regulated companies/firms, warnings to regulated companies, cases opened against regulated companies, fines levied to regulated companies, revocation of companies license as well as general news announcements.

  1. United Kingdom

The Financial Conduct Authority (FCA) website lists guides to aid with avoiding fraud/scams as well as public list of warnings recorded by the FCA.

  • Official FCA Investment Firm Warning List
  • Online guide on how to avoid scams
  • FCA Guide on how to report a scam
  • FCA Investment Scam support website
  • FCA News on Investment Firms

  1. Cyprus

The Cyprus Securities and Exchange Commission (CySEC) provides public access to information regarding the process for how to obtain a CIF authorisation as well as listed the current and past CySEC authorised companies.

  • List of current 'Cyprus Investment Firms' (CIFs)
  • List of former Cyprus Investment Firms
  • List of issued CySEC Warnings
  • List of announced Board Decisions (including fines)

Binary Options Scams

It is a well-known fact that binary options trading is becoming more and more popular each year, and because of that significant number of frauds are attracted to it. Cases with scam brokers happen more often than ever, and ruin the reputation of good brokers and the entire industry. What is most important is that scam brokers are becoming more and more creative when it comes to scams, and it is harder and harder to recognize them at a first glance.

All Black listed Brokers


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