As an investor, it is important to be aware of the potential risks associated with trading in the foreign exchange market. Unfortunately, there are scam forex brokers that you must avoid at all costs. In this article, we are providing you a list of Scam Forex brokers in The update covers the period from 22 May, 2023 to 26 May, 2023, Take a look at this list and avoid such fraudulent brokers.
How You can spot such Forex Brokers？
Forex scams are becoming increasingly common in today’s market. It is important to be aware of the signs of a potential scam in order to protect yourself and your investments. One red flag to watch out for is promises of guaranteed profits or high returns with little to no risk. These claims are often too good to be true and should be approached with caution.
Another warning sign is pressure to act quickly. Scammers will often use high-pressure tactics to get you to invest before you have had a chance to do your research. It is important to take the time to thoroughly investigate any investment opportunity before committing your money.
Be wary of unlicensed brokers or companies. Always check for proper licensing and registration before investing with a company. If something seems off or too good to be true, it is always better to err on the side of caution and avoid the investment altogether.
In conclusion, spotting Forex scams requires a keen eye and a healthy dose of skepticism. By being aware of the warning signs and taking the time to do your research, you can protect yourself and your investments from potential scams.
Review
When we searched and double check these brokers on our app.We discovered that these brokers are not regulated.The review also summarizes the most concerning issues related to brokers based on questions asked by our users.
Brokers Asked in This Week
Scam Brokers You Should Avoid
● Algo Robot – an unlicensed broker placed on the AMF warning list;
● Morgen Charles Company – a UK-registered platform not authorized by the FCA in compliance with the law and warned by the OSC;
● Robertson RX – an unreliable brokerage providing illegal investment services and carrying a warning from the FCA;
● Mycripto Trade – a non-regulated entity not disclosing company details and regulatory information;
● FSC Options – a purportedly UK-based firm illegally providing financial services and warned by the FCA;
● Bitwest – a dishonest trading platform warned by the FCA for illegally operating without proper authorization;
● CapitalHub – an unscrupulous brokerage firm in the absence of authorization and regulation, warned by the OSC;
● Polar Capital Technology – a clone of an FCA-authorized firm;
● SUPRA ALGO FX – an untrustworthy trading platform lying about its accreditation and licenses and being warned by the FCA;
● GFX – an unreliable entity whose website is unavailable now;
● MarkersFin – a fake platform not disclosing regulatory information, whose website is ordered by the CONSOB to be blacked out for illegal operation;
● DEVON FINANCE FX – a UK-registered company operating in the lack of authorization from the FCA;
● Alinvest Group – an unregulated broker falsely claiming to be regulated by the Malaysia SC;
● Wafra Investment LLC – an offshore LLC whose offering of financial products or services remains unsupervised by any financial watchdog;
● BIT Lords – a deceitful brokerage fabricating a financial watchdog to fool investors and carrying an FINMA warning;
● Acefinancesystem Ltd – a fraudulent trading platform falsely claiming to be under various regulations, warned by the FCA;
● SurgeTrader – a supposedly US broker not supervised by any relevant regulatory body and warned by the CNMV.
In conclusion, it is important to exercise caution when choosing a forex broker . Always do your due diligence and research the broker’s reputation and track record before making any investments. By avoiding these scam brokers, you can protect yourself and your investments from potential fraud and financial loss.