Forex Brokers Warning List (UPDATED)

Investigated Brokers

The sad reality of the foreign exchange trading world is that there are people who are out to make a fraudulent buck from innocent traders trying to build their portfolios. 

Whether it’s insider trading or some other manipulation of the international markets, trading fraud can take many guises – and it can even have links to the wider stock markets as well. 

As a result, it’s wise to keep yourself fully informed about what the brokers you are considering are up to and make decisions to avoid those who don’t offer the level of safety and security you require.

Below is an up to date list of the brokers which we strongly advise traders to choose to avoid. There are plenty of other brokers out there who are trustworthy – and with these traders below exhibiting behaviours like copying websites of others, receiving warnings from regulators and more, it’s well worth avoiding them as you choose your own preferred provider.

Various global institutions have criticised the range of brokers included on this list. Whether it’s the Australian Securities and Investments Commission or the regulators of nations such as Cyprus, there are organisations on here which have faced the wrath of some of the world’s leading oversight bodies. 

But, we’ve gone even further and responded to intelligence from our users in order to bring you an up to date list of brokers which, in our opinion, ought to be avoided. (See the full list at the bottom of this page).

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 don’t 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 aren’t 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!

More brokers to avoid in alphabetical order：

• 53option.com
• BFP Markets (bfpmarkets.com) Non-regulated and delays withdrawals up and above 90 days.
• Crown Forex
• CWM FX
• Cyber Market group
• Ferdinald Hill is NOT regulated by IFSC. The IFSC has issued a warning confirming that the license for Ferdinald Hill is a forgery.
• FIXED STAR INVESTMENT INC. IFSC has issued a warning against this broker. Contrary to what they state on their website, Fixed Star is NOT regulated in Belize.
• Forex Macro
• FXGTrade – Un-regulated and blames bank problems when trying to do a withdrawal but sometimes let you withdraw to bitcoin.
• FXReturns
• Joe Lewis Trading (JLTrading.com): Although there have been no recent charges levied against Joe Lewis Trading. (also known as joelewis-trading.com, JLTrading.com and Lon-ist investment managers) we at ForexFraud.com feel that there are enough warning signs and therefore may not be a secure and trustworthy broker. As such, we strongly caution against investing with Joe Lewis Trading at this time.
• mt4invest.com
• OptionCM.com
• OptionRally: As of May 3rd 2017 OptionRally is no longer regulated and ForexFraud does not recommend you to trade with them.
• Peregrine Financial Group
• Realmarketslive.com – Belize financial regulator IFSC has issued a Warning Notice against Real Markets Ltd, they are not licensed by IFSC.
• Refco
• Sigma Forex
• TeraMusu
• TitanTrade.com
• TorOption
• Trade24 – updated Feb 27 2018.
• Zurich Prime – aggressive salespeople.

Source: Forex Fraud