It is another way to identify fraudulent behavior. Persistent and unsolicited marketing falls under this. If you see some broker push you to purchase a service or a product within a short period of time and information, it can be a good sign that the broker may turn out as a scammer. No broker should or can push you to buy something.

So, you have to be careful if such a broker has personal information from you. It is because you may become a victim of identity theft. If you feel anything pushy and uncomfortable, you should do that immediately. Usually, the best forex broker has substantial proof of their service. However, some brokers may show you screenshots or pictures of the different charts to prove themselves, which are super easy to make.

Scammers follow a technique. In this case, they never show the losses; they only show the profits. So, whenever you ask about the background info about a specific period from those charts, they will certainly fail to produce. Nevertheless, it is possible that they show a chart from the demo account.

And, if you are new to the forex industry, you may fall for it. So, it would be wise if you don't rely on such limited information. Before taking any decision, ask the brokers about their background and proof. If they refuse or take a long time, or remain vague, it can be one of the forex scams! If you are a newbie in forex investing, you will surely find it hard to differentiate between a realistic trading scenario and an unrealistic one.

The only thing you can check initially with the list of forex scams. Further, for the advanced level, you can check the regulatory body as well as check with more scam brokers forex list available online.

But you rely on our list of scam brokers. Although checking the regulation is not the full proof strategy, it will help you at the beginning stage. Checking the regulators will help you to keep yourself away from the Ponzi or pyramid schemes.

Below is more detail about protecting from the fraud broker list. You have the internet in your hand. Hence, you can easily find information about a broker online. So, you should check the reviews of the intended broker, service, or even the signals before you decide to pay for it.

But you have to be careful while checking forex broker reviews as there are some fake reviews too. You may check the reviews for our site or check the reviews from real users in different forums or social media. Due to globalization, any broker can operate anywhere in the world. So, the offshore robots or the brokers that are created through unnamed entitles are likely not to be regulated.

This means you may not get full support from them in case of technical difficulties. And if they turn out to be forex scams , you will not get your money back.

Moreover, you cannot even file a complaint about a certain list of forex scams as they are not local and are not regulated. Generally, it is safe to choose a broker or forex trading platforms from your country. It is because you can verify them physically. Also, you should have a better idea about your country.

However, it is not obvious that offshore traders are always pursuing scammers. You just need to verify them properly before signing up. So, it is highly essential to know a broker's or service provider's location along with the headquarters. Also, check the regulatory status based on their location. Forex does not have a central regulation, and different countries or parts of the world have different regulations.

Nevertheless, the goal for all the regulators is to ensure the safety of the trader. That being said, let us know the details of different regulatory bodies based on the location. National Futures Association NFA is another US regulatory body that works as a self-regulatory body in the USA to deal with forex. BASIC — The Background Affiliation Status Information Checker BASIC is a free service from the NFA that allows traders or investors to check information of specific companies or persons.

Hence, it is the best way to check forex scams in the USA. Besides, other countries also have regulatory entities; you just have to find them based on your intended broker. Most importantly, a huge percentage of forex scammers are located in African nations. So, make sure you check the fake forex brokers list South Africa if you come across an unknown broker. When a broker offers a lucrative service, you should ask for proof.

Relying on the brokers' presented data can be vague. Hence, you might ask for more proof of their claims. That's how you can protect yourself from the list of forex scams brokers.

If the broker can produce reasonable proof, you may get convinced. However, this technique should not be applied by newbies. The best way to stay away from robot or signal scammers is to learn forex.

Educate yourself about forex trading scams , so that you don't need to rely on anyone else. You can become your personal advisor by learning forex trading. Even this can help you to identify fake forex brokers list too. So, take as much as education on the forex market, currency behaviors, news reports, etc. By learning the trading, you can surely verify all those bold claims by the brokers we have mentioned earlier.

To educate yourself, you can consider creating a demo account with any regulated best forex brokers. Furthermore, with your education, if you can identify a scam, don't forget to report forex scams to the proper authority. Forex trading scams usually mimic the sales approaches of a reputed broker or investment firm. Thus, it becomes difficult to identify who is real and who is included in the fake forex brokers list. But the contacting method of the forex scam list and the real broker remains the same.

Therefore, you may get a phone call, email, mail, or even a referral. Many regulatory brokers also use the same methods. Therefore, you may forget to check the background of the broker or organization that contacted you. Let's see more detail on the common method to contact you by the scam brokers. It is the most conventional way a seller reaches out to the customers, and forex brokers are no exception. You might get a call from a broker that is included in the fake forex brokers list or investment firms with all the lucrative offerings.

The offers could be so real that you might fall for them. You may also get a series of emails to explain their offers for you. Even most of the time, you will get free trading offers too. Well, the real traders also do the same sometimes. So, you can identify the scam brokers by checking their names with the regulatory body. Some fraudulent sellers from fake forex brokers list sends the offerings to a bona fide mailing list.

Usually, this mail includes an immediate pitch to earn money from forex overnight. Again, check their name and verify with the proper authority.

Sometimes some forex trading scams take a step ahead to look more real. They use newspaper or magazine advertisements to attract the traders. In this way, they are not calling you or asking you to register with them. Instead, you are going to them by your will. Before you fall for such advertisements, you have to conduct an investigation before investing. It is one of the oldest methods. Through this way, a forex scammer list of brokers will come closer to you through your friends and family.

Initially, they will provide huge profit to a trader and then ask them to recruit more investors by offering referral money. So, the person will then tell his friends about the profit and make them believe.

That's how the forex scams through referral work. Some forex trading scams are more real. Through the profits from previous forex scams , they take posh offices and decorate professionally and introduce themselves as a reputable investment firm.

Further, they might sponsor the local charity. However, at this point, it is difficult to identify if the broker is included in the list of forex scams.

But you can check the duration of their business and their financial statements. Further, you can also check each individuals' details from different sources. And obviously, the regulatory body will be the first option of your source. Scamming techniques vary from time to time. The scam brokers use multiple techniques to compete with their forex scams. If one technique fails, they go for the next one, and they continue trying until they get a fruitful one. Following are the most common techniques for forex scams.

To act as real, some advanced broker from the list of forex scams may come across to you and explain about low risk or even no risk about trading. However, most of the time, the pitcher will tell you about the low risk instead of no risk. Then gives you time to rethink. And, it is possible that you will trust them as they give you time explaining about no risk at all. It is a simple technique played by the brokers to gain your trust.

The forex scams broker might push you with urgency. For example, they will open up an exclusive offer for a limited time.

Hence, if you don't sign up or buy within a certain time, you might not get it. It is because the scammer wants your money as quickly as possible. They remain in a hurry so that you cannot manage any time to think. So, you may fall due to the urgency without thinking.

However, the real broker will never show your urgency. So, if you feel any urgency from a broker, it is likely to be one of the scam brokers.

Usually, forex scam listed brokers offer a reasonably large amount of profit that looks real. Usually, the offerings are not unrealistically huge, so that you can trust them easily.

So, if you have proper education on forex, you can identify the offering and decide for yourself. The pro-level scammers sound confident about trading and show a good knowledge of particular trading activity as well as alert you about forex trading scams.

As a result, you become confident about your investment and fall for them. Usually, this technique makes you understand that they are doing you a favor by offering you the investment opportunity, and you are lucky to have them. Normally, this kind of scammer doesn't show any kind of urgency. Sometimes, scammers refuse to give you the investment opportunity so that you request them. It is another way to gain trust. It is normal to get offerings from different forex brokers.

But you will not know if the broker is categorized as a broker scam or not unless you ask for some information from them. You may ask for the following information to check the broker's validity. Despite all the precautions and education, you may still lose money from forex scams. In that case, what should you do? It is nearly impossible to recover your money from scammers. If you get scammed, the only thing you can do is report forex scams to the regulatory body or proper authority. Thus, the regulators can alert the traders and brokers about the scamming organization.

However, in some cases, your money might get recovered if the authorities can find the scammer. That is why we suggest not to trust any broker initially and check the forex scam list first. Instead, you can make a small investment to check them out. Further, you may also make a series of small investments to validate the broker scam activity. There are multiple fake forex brokers lists that you can look through to make sure that if someone is a fraud, you know who they are. The regulatory bodies of the world are an excellent place to start.

They include:. If a broker says that they are regulated, check that out here and make sure that you do not fall into these traps from dishonest brokers. Forex trading in itself carries many high risks and losses are almost always inevitable.

Retail speculators are continually trading without enough capital by using high leverage and gambling addiction. Speculators who trade without skill are playing against the whole market, which has near-infinite capital, and they almost always go bankrupts because of this lousy strategy.

To be fair, a large number of forex scam cases are a result of weak trading and not scam brokers. If you spent more time developing a proper trading methodology, you would become better and quicker in your decision making. When you are a trader, you cannot afford to make mistakes. Always stay ahead of the curve by getting correct and useful information. Final Thoughts.

The increasing rate of forex scams makes the traders doubt the real brokers too. Therefore, many potential traders refrain from forex trading activity. Moreover, we also have honest forex broker reviews on different regulated forex brokers from all over the world.

DO NOT trust the ridiculous claims by the scam brokers. Instead, check the list of scam brokers and stay away from them. Whenever a new scammer emerges in the forex market , we add them to the scam broker list on this page. So, if you see any new broker, you can look that out here. Furthermore, if you know any forex trading scams that are not listed here, send the information to us and report forex scams ; we will add them up.

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I was scam by a broker that i want to report it here. Can you please let me know how to proceed??? They promise they gonna wire my money I have it all in writing and they do not keep their side of the deal.

Are they a scam? These scammers use different social channels to find their victims eg. MRG-SS platform is a fake and all operations you will try to do as well.

They just steal your money, then block your account and extort money to unblock it. They will offer you insurance for the safety of bitcoin operations to withdraw your money. Please stay away from this company as much as possible. I have Been trading with them for 5 years and I can say I lost a lot with them. The account manager assigned to me was constantly manipulating me and advising me to make bad trade choices so I lose money only for me to find out that my losses were beneficial to my account manager and the company.

It was really divesting and heartless losing all my fortune to this company during this pandemic. I expose this broker as much as I can so I can help other victims or intending victims out there. They are now asking me about a signal fee. This is a scammer!!!! So broker said have to pay tfor COCC-cost of currency converter, soooo i paid for it thinking now ill able receive my profits. However then the broker said i have to pay usd to clear my VAT, its like international taxes,,,And this time i didnt paid for it…Please stay away from this platform.

Thank you so much dear for your great information helped us very much to safe our money love you? Broker Name: CrestForex. com Lost all my savings to this guy. He is working with CrestForex. Everybody should stay away from this guy! Can provide full evidence. Broker Name: Richness Empire Forex I met a guy online and taught me how to trade. The investments were good and I was earning a lot. They ask to pay for an overdraft that was withdrawn from my account.

They blocked my account and now they are slowly deducting money from it. They claim to make money but you have to pay a fee to withdraw your funds! Name: bitcoinminingsignals. Beware Scam!!!!! com Magking Limited Hong Kong Technology Co. The scam broker on Forex is called: MagkingLimited-Live. I opened an online broker account with East Century Group Ltd First of all I need to know if they are legit. I lost all my account funds on one trade when a candle moved points.

How is that possible? Scam Broker Name: TCM Financial Services On the 26th of March ,i registered with this company after being made to believe that will get profits in some few days. To my surprise the guy on live chat called Jim asked me to deposit more money of which i declined. Upto day i can not see my account. Broker Name: Lexatrade. Rather they will tell you to trade to a certain limit before you can withdraw.

Before you get to that limit they will cut your channel of communication with them. Broker Name: SageFX. I have only traded 4 months.

I did a great trade and started to notice higher and higher commission. The commission came up like ants. I wanted to take the money out of the account and it was the weekend. I kept getting error messages. The money was gone by the next morning. So I have not been back on that website since. I will do it again. But on a real broker. Another thing I worry about is the fact that you have to give your personal information and identification before getting the account. Will they sell my info and worst.

Platform: crypto expert trading. I asked them if after i paid for verification, can I get my money? He lied,Margaret Moana the Ceo, asked me how much I paid for OCC? Then Moana take over and said Eric Frank is doing fraud.

So she promised that She will give me my profit immediately. She said it is the last payment and my profit will automatically reflect on my bank account. So I paid again, but after paying it, I got email again from their company that I have to pay for the Auto Bot management so that my money will reflect on my bank account. She lied. Eric Frank. It is scam and fraud. The 2 brokers are expert in convincing just to get money from their investors.

Broker Name: fxinvestment. So I felt a little better about the situation. She asked if I would like to invest in bitcoin mining which Iv heard of and Iv invested in bitcoin. Then they asked for more money to pay for a code because the profit was so high so I kept falling into the trap mostly because I had met this person.

Fake address informed on site, all operations are fake. Company does not exist. Broker: Apptrader — RT Global ltd. Broker Name: fxcl. They provide credit then widrawn in the middle of trading so it stopped trading. they promised can be used for trading but actually not. Broker Name: Forexliteoption. Asking forex investment with a minimum of P3, After you deposit thru GCASH what reflects in your trading account is dollars or more then until it will be dollars but you cannot withdraw your money.

Broker Name: Ubanker. I confessed to them that I have no trading knowledge and I have never traded before. After much push I decided to give it a try as they promised to help. The following day they called and asked me to put more money there a better opportunity they will help me to get. I will be glad if you can help me recover my hard earned money they took from me.

MFIP GENESIS GROUP former global markets is a big scammer. Everyone just try to stay away from this company. They take your investment deposit and the commission. Hi As I have came across a forex broker alphaforexmarkets. com , they are having SVGFSA IB number and doing forex business in offshore name in India when I asked about their LP and when i cross checked with their given details it was all fake so kindly review this broker and expose them if they are scam thank you.

I was convinced to join a broker by the name TRADERVC , they seemed to be in the UK. After depositing the money they told me that my money was lost in the field , yet they never told me that they will be doing the trading themselves not by myself.

they also asked me to put more money so that they can gain the lost one but i refused. after that someone called again and said my financial manager died so he is now taking his place , i must put some money again to get back what was lost and the previous manager was not doing his job properly.

Ive been defrauded for 0. This was in Feb I kinda fot about it then in june Now running the name tradertrust. and thats when the fees started. Well they got shutdown and are currently using the name experttrade.

What are my options? And is they a way to recovery funds and pay only out of the recovered fund. I have screenshots of all BTC Sent and all wallet address. Scam: experttrade. I HAVE BEEN TRDING WITH XOH TRADER { IFE MARKET EARLIER IT WAS ZXM MARKETS} FROM THREE YEARS. TILL LAST MONTH THEY WERE DEBITING SWAP AMOUNT ON DAILY BASIS OF 0. ELIER I USE TO GET REGULAR PHONE CALLS AND MAILS BUT NOW NO CALLS OR MAIL.

I was traded with capital of pesos last may 23, After a few days the support team sent me email that my profit was over boosted so I have to upgrade my trading account to their suggested level up upgrade. But my broker said that cannot be possible. And I have only 6 days to produced the payment of upgrade level.

So I doubted now. Please kindly checked it out for me. Scammer: Crypto FX Earners. I had asked her to fix the damage, she has ignored me, Ausforex will do nothing, to fix this.

I have all the proof contents sent to Au forex, Is dishonest. Broker ID Scammer: ExpressTrading com They told I would start with PGK then they told me to upgrade my account with PGK after I made the payment using my standard account they told me to make K as COT fee.. We have figured out your account default. You guys did a scalping generated the profit transfer a fund from one account to second for trading which is against the broker policy.

Hence we have disabled your account and that is why your withdrawal is also pending. Varot financial varotforex. com — It is fake broker, they manupulate the gold as happened with me. I buy xauusd at and within seconds it went to and i lost all the funds and it is also saying that i need to give them more money as account went to negative..

Could you believe in seconds xausud fall 48 points and after 1 minute it went again to where i bought. then I checked the charts of legit platforms, xauusd never fall it was at only. This happened to me on 9aug evening time, i checked trading platform chart as well, it never fall to It clearly means they fall it to make me lose my money. before this was happened i already put the withdrawal request which they are just saying that it is under review. i lost my hard earned money, i cried a lot.

Just be aware of these scammers. Hi, I have opened one MT5 account in this broker and then charged my account as USD. After one week suddenly my account filled with over 10 trades with very large lot numbers. In few seconds my account became call margin in front of my eyes!

You know, Only broker can do such things and only broker can profit by call margin one account. No one in this broker respond my emails and messages in whatsapp number they have introduced in their web site. I warn all people do care and not open any account in this broker. All the history pictures including charging account confirmations and opened trades with very large lot volumes are ready to show as evidences.

Save my name, email, and website in this browser for the next time I comment. Best Forex Brokers. FX Brokers by Category. Forex Brokers Review. Forex Education. Trading Resources. FX Regulations. Forex Broker Comparison. FOREX BROKERS BY COUNTRY. FOREX Account Types. FX Trading Platforms. Forex Bonus. Forex Signals. Scam Brokers List.

Broker Name. Broker Website. Scam Details. Best Forex Brokers By Countries List Argentina Brokers Australia FX Brokers Bangladeshi Brokers Belgium FX Brokers Brazil Forex Brokers Canada Forex Brokers Cyprus FX Brokers French Forex Brokers Germany FX Brokers India FX Brokers Indonesia Forex Brokers Iran Forex Brokers Italy FX Brokers Jamaica FX Brokers Kenya Forex Brokers Kuwait FX Brokers Malaysia FX Brokers New Zealand Brokers Nigeria Forex Brokers Pakistan FX Brokers Philippines Brokers Russia Forex Brokers Singapore FX Brokers South Africa Brokers Spain FX Brokers Switzerland Forex Brokers Thailand FX Brokers UAE FX Brokers UK FX Brokers US FX Brokers Top Rated Online Best Forex Brokers Wanda B Henry on December 28, at AM.

Andrei on December 28, at AM. Scam Details: Broker Name: MRG-SS These scammers use different social channels to find their victims eg. Marites Indoy on December 28, at AM. Broker Name: Louis Douglas Bradley Investment scam. Carlos aguilar on December 29, at AM. Angio P. on December 29, at AM. Scam Details: Broker Name: uprofx Please stay away from this company as much as possible. Sukosd Erika on December 29, at AM. com No license ECN Capital www. com Operates with No License.

com Operates with No License HBC Broker www. com Offshore license PBN Capital www. com No license TorOption www. com Operates with No License CFXPoint www. com Offshore license RoyalCFDs www. com Offshore license XLR Trade www. com Non Licensed Operation. com Non Regulated Broker. com Offshore license Markets www. Numerous warnings. TitanTrade www. com Offshore license AFX Markets Online www. com Offshore license Getco Pro www. com No license BForex www.

com No license MyFintec www. AAFX Trading www. com Offshore company. CloseOption www. com Lack of Regulation Capitals Banks www. com No license Wise Banc www.

com Suspended License. Suspicious Operations. S2Trade www. com Operates with No License PBN Invest www. net No License. Capprofx www. com Operates with No License KontoFX www. com Operates with No License GAINSY www. com Operate without License. NetoTrade www. com Operation with no license. Trade24 www. com Offshore license Benchhill Partners www. ch No license Markets Broker www.

Offshore Broker. Yadix www. com Negative Reputation Trade Capital www. com Numerous complaints. iFOREX www. com Non compliance TradeDAX www. com Offshore license GCI Financial www. com No License Opportunity Trade www.

com No License TopicMarkets www. com Offshore license BrokerOfficial www. com No license Profiforex www. com Offshore license Bulls Capital Markets www. LQDFX www. com Offshore license Capital Currency Trade www. com No License GFBroker www. com Offshore license FxGlory www. com Offshore license Trade12 www. com No License Fort Financial Services www. com Lack of Regulation. Stock Trade Invest www. com No license InvestMib www. Scam operations. Grand Capital www. com No License FXC Markets www.

com Offshore license TGC FX www. com No license Turnkey Forex www. com Offshore License BECFD www. com Offshore license Swiss Markets www. com Offshore license ExpertOption www. com Offshore License Royal Capital Pro www. com No License CentroBanc www. com Offshore license Richmond Investing www. com Offshore license FXGiants www. com Non Compliance IronFX www. com Non compliance KB Capitals www. com No license Crown Finance www. com Reputation UniTrader www. com Offshore license FGS Markets www.

com Offshore license XForex www. com Offshore License 72option www. com No license Banc De Monarch www. io Offshore license SGT Markets www. com No license HQBroker www. com Offshore license FXT24 www. com No license TradesPrime www. com Offshore license VFX Capital www. com Offshore license iForex24 www. com Offshore license StarfishFX www. com No license Investex www. com Offshore license WorldFXM www.

com Offshore license GreenFields Capital www. com No license SimpleFX www. com Offshore license Extra www. com Offshore license NordFX www. com Offshore license Ostrich Capital www. com No license CM Trading www. com Offshore license LMFX www. com Offshore license Tradeview Forex www. com Offshore license UMOFX No license Gallant Finance www.

com Offshore license FXChoice www. com No license TradeFTM www. com No license Stern Markets www. com Offshore license OnlyTrades www. com No license Xinghui International No license AVA Investments www. investments Offshore license FxFWay www. com Offshore license TradeBNP www.

com Offshore license Baihua Global www. com No license YesTrading www. com Offshore license FSMSmart www. com Offshore license AccentForex www. com Offshore license Suisse Trade Center www. com Offshore license CMSTrader www. com Offshore license FXPremax www.

com No license SwissCCI www. com Offshore license Axe Invest www. com Offshore license Forex4You www. com Offshore license TradeTime www.

com Offshore license Universe Markets FX www. com No license 12Trader www. com Offshore license Umarkets www. com Offshore license Utrade www.

online No license JAFX www. com Offshore license uTrader www. com Offshore license Al Trade www. com No license 10Markets www.

com Offshore license Caxton Global www. net No license InstaFX24 www. com Offshore license 8inFX www. com Offshore license StoxMarket www. com Offshore license TDMarkets www. com Offshore license Trade WFX www. com No license Tait Investment Group www. com No license FXG Trade www.

com Offshore license SolidCFD www. com Offshore license GCC Investing www. com No license MarketTM www. com No license MaxCFD www. com No license BRFX Trade www. com Offshore license Tradovest www. com Offshore license CFD Corporate www. com No license Pro TradeFX www. com Offshore license Gulf FX www. co No license Time4X www. co Offshore license XFX www. com Offshore license CT-Trade www. com No license Everest International Group Ltd www.

com No license EU-Capital www. co Offshore license Bristol Consulting FX www. com No license MarketGBP www. com Offshore license Tradeu2 www. com Offshore license CFD Royal www. com No license Meta Investing www. com Offshore license Xiaohangjia Brokers Offshore license ISGXchange No license Get Financial Offshore license Broker XP www.

com Offshore license Oracle-FX www. com Offshore license Primus Forex Financial Group www. com No license Bitex www. com Offshore license Swiss Assets FX www. net No license. The best way to avoid forex trading scams in South Africa is to have knowledge about each broker. You can have proper knowledge about them by checking with the fake forex brokers list South Africa, which is available in the different forums as well as on this page. So, you can verify your selected broker from this list.

If you see the intended forex broker is enlisted in the list of forex scams in South Africa , you should immediately neglect it. Moreover, we always try to make a list updated, so you can check this from time to time to know if your broker is added to the list.

Fake forex brokers list South Africa is the ultimate way to stay safe from those scam brokers. So, it is recommended that you should check the fake broker's list before you choose any broker. Further, when you choose a broker, try to find their reviews in the forex community or different forums.

That is how the traders can find legit forex brokers and stay away from the worst forex brokers in South Africa. Top Rated Premium Forex Signals Services. Argentina Brokers Australia FX Brokers Bangladeshi Brokers Belgium FX Brokers Brazil Forex Brokers Canada Forex Brokers Cyprus FX Brokers French Forex Brokers Germany FX Brokers India FX Brokers Indonesia Forex Brokers Iran Forex Brokers Italy FX Brokers Jamaica FX Brokers Kenya Forex Brokers Kuwait FX Brokers Malaysia FX Brokers New Zealand Brokers Nigeria Forex Brokers Pakistan FX Brokers Philippines Brokers Russia Forex Brokers Singapore FX Brokers South Africa Brokers Spain FX Brokers Switzerland Forex Brokers Thailand FX Brokers UAE FX Brokers UK FX Brokers US FX Brokers.

Top Rated Online Best Forex Brokers Best Forex Brokers. FX Brokers by Category. Forex Brokers Review. Forex Education. Trading Resources. FX Regulations. Forex Broker Comparison. FOREX BROKERS BY COUNTRY. Although the broker claims to be licensed and registered in the Republic of Georgia, but this could not be confirmed. The Hauling Free Industrial Zone, where the broker claims to have a license, is not a market regulator. One of the biggest Nigerian investment frauds, FX NextGen is an offshore broker that preys on unwary online traders.

Nigerian traders who attempt to search for a trading opportunityon foreign marketplaces run into dubious schemes like FX NextGen. FX Nextgen Limited has already received a warning from the FMA in Austria, informing the firm that it is not permitted to conduct banking operations. It is essential to use a regulated forex broker in Nigeria to ensure that your funds are protected. Also, if there are any problems, the market regulator can ensure that it is resolved. Additionally, forex brokers must accomplish their financial goals and offer a secure trading.

Your email address will not be published. Notice: It seems you have Javascript disabled in your Browser. In order to submit a comment to this post, please write this code along with your comment: dcde97bceebfdf Scam and Fake Forex Brokers in Nigeria by EMMA ONWUKA June 28, Tags: Scam Forex Brokers in Nigeria Websites of Fake Forex Brokers in Nigeria.

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Home » Forex Brokers » Scam and Fake Forex Brokers in Nigeria. In the article below we will discuss 10 different scam and fake forex brokers that every Nigerian should avoid. Make sure you stay away from these brokers and never forget these names.

For every position that the trader opens on their trading platform, the broker facilitates or executes the trade on behalf of the trader. However, some individuals have seen an opportunity to make money by pretending to be legitimate brokers to accelerate the loss of traders to make money, or to make more money. Some pretend to be licensed brokers and who convince unsuspecting, often inexperienced, traders to invest their funds.

Top 10 Brokers in Nigeria. FSCA, FSA, CySEC, FCA, CBCS, FSC BVI , FSC. IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA. Because of this decentralized model, there is no central authority that oversees the forex market.

Some of the most reputable market regulators in the world include the Financial Conduct Authority FCA in the United Kingdom, the Financial Services Conduct Authority FSCA in South Africa, the Cyprus Securities and Exchange Commission CySEC in Cyprus, and several others. It is too easy for brokers to claim to have regulation and to provide a license number.

In addition, if brokers are making unrealistic promises, they could be scam brokers and they must be reported. Several websites have extensive lists consisting of blocked, scam, and fake brokers based on reports and the warnings of market regulators. This comes after the market regulator received many reports involving Oracle FX. Oracle FX is not a registered entity with any regulator and global clients must heed caution in avoiding this entity.

The broker claims to have regulation and authorization through the Swiss Securities and Exchange Commission, which does not exist. FINMA, the official market regulator in Switzerland, has subsequently warned local and international traders against this broker. CT-Trade claims that it is regulated but the FCA license belongs to Citibank.

All global traders and investors are warned by several listings to avoid using this broker. There is a UK-based telephone number offered but the broker cannot be reached on this.

Owned by LOK Marketing Limited, it is an offshore broker that is registered in Vanuatu through the Vanuatu Financial Commission, which is not a trusted or strict market regulator because of the low requirements to obtain a license.

The broker lists telephone numbers in Britain, Germany, and Bulgaria which is extremely suspicious seeing that the broker is not licensed in Europe. Nigerian traders are warned not to deal with this broker and to report any unsolicited contact. However, because many scam brokers originate from this jurisdiction, Nigerian traders are urged to ensure that they research the broker and confirm that it is legitimate before making deposits. There is no record of regulation or license number, with the regulatory status of the broker not indicated on the website.

There are several red flags to identify scam brokers such as continuous unwanted marketing, the guarantee of profits, struggling with withdrawals, no company history or regulation, and so on.

Nigerian traders can verify the regulation of a broker by consulting the market regulator of the region in which the broker is based.

Nigerian traders are not restricted to only using Nigerian-based brokers and they can choose from any brokers that accommodate Nigerian traders, which makes it challenging to filter out scam brokers.

Yes, forex trading is legal in Nigeria. However, forex traders in Nigerian must ensure that they deal with a legitimate, well-regulated entity. Because it ensures that their funds are protected.

It also ensures that if there are any problems, the market regulator can ensure that it is resolved. Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Tickmill Fund Withdrawal Process. LiteFinance Demo Account. LIRUNEX Fees and Spreads. LIRUNEX Demo Account. LIRUNEX Review . LIRUNEX Minimum Deposit. LegacyFX Sign Up Bonus. LIRUNEX Islamic Account. Take advantage of low trading costs with no transaction fees or currency exchange rates.

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What is a Spread? What is Day Trading? What is Scalping? What is Swing Trading? Webinars 🔒 OPEN AN ACCOUNT. Fund your trading account in Nigerian Naira. Get Started.

We can suggest the following broker as a trusted alternative:. Negative Reputation of the Group. There can be a few reasons why traders would look for Offshore or Unregulated Broker, either to access high leverage , since most of Regulated brokers restrict its use, or trader is based in a country which does not offer Forex Trading, or offshore broker would offer attractive trading conditions. Facebook Twitter Youtube Linkedin Instagram. com No License Fort Financial Services www. LIRUNEX Fees and Spreads. com Offshore license NordFX www.

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