Avoid Forex Brokers

Examining Brokers

The unfortunate truth of the foreign exchange market is that there are some looking to defraud honest traders who are only attempting to increase their portfolios. Trading fraud may take various forms, and it may even have connections to other stock markets, whether it involves insider trading or another form of market manipulation. As a consequence, it's a good idea to keep yourself fully informed about the activities of the brokers you are considering and make choices to stay away from those that don't provide the degree of protection and security you require.

An updated list of the brokers that we highly encourage traders to select to avoid is provided below. There are many reliable brokers available, therefore it is definitely worth avoiding the traders listed below when you select your own favorite supplier. They have exhibited behaviors like cloning other people's websites, obtaining regulatory warnings, and more.

The variety of brokers featured on this list has drawn criticism from several international organisations. There are organizations on this list that have come under fire from some of the top supervision organizations in the world, like the Australian Securities and Investments Commission and the authorities of countries like Cyprus. However, we've gone a step further and replied to information provided by our users to offer you a current list of brokers that, in our opinion, should be avoided.

Latest added forex brokers to avoid

OT Capital. They have gotten a warning from ASIC.

EU Capital. They ask you to deposit over and over again. They even try to get you to log in to your bank account over a shared screen.

MultiplyMarket is a clone of Trading Technologies.

BlueTrading has an FCA warning for claiming to be FCA regulated when they, in fact, are not.

Facebook Group Investment/Profits, FBO Trading Signals & Bitcoin investments – They dont allow withdrawals and block you as soon as you ask for a withdrawal.

ECN Capital. They claim to be CySEC regulated but are not.

GBCFX – Unregulated broker having issues handling withdrawals.

Forex365Options – they make you pay fees that arent even in any terms and conditions. Website hardly works either.

Toptrades.co – Not regulated so should be avoided.

fx-premium. They are copying the website of JFD Brokers so should be avoided!

To avoid any forex broker scams traders should always verify their brokers on WikiFX. Traders can download the WIkiFX app on the play store or Istore or they can got ot their website. WikiFx has given all of the aforementioned brokers bad ratings to avoid traders from getting scammed.