SCAM forex brokers
Forex daily turnover exceeds $5 trillion. The majority of brokers, operating in this market earn their money honestly, by providing financial services to the traders. However, the big money also attracts scam brokers to the industry. These companies only have one target – to quickly collect as much money as possible from the traders and disappear.To get more news about
blacklist of forex scam brokers, you can visit wikifx.com official website.
Although scam forex brokers have become a much rarer case than a decade ago, the phenomenon hasn’t disappeared. Forex-Up has been collecting information about fraudulent brokers regularly over the span of several years, putting them on the broker blacklist that you can see below.
Also, below you will find extremely useful and practical information from our top expert Nikolai Peskov, who will tell you how to avoid scam brokers and keep your money safe. He prepared a test for detecting a scam and gave several important recommendations on how to search for the trustworthy brokers.
This type of scam forex brokers is the popular one as it is the easiest to organize. In reality, this website is certainly not a broker. It is only a cover for publication of information that serves as a hook for attracting customers. The task of the scam is to attract as much traffic as possible to the website within a short period and sell a flashy idea to the novice investors. Usually, there are one or several idea developers behind such projects, while their lifespan varies from several weeks to several months.
Entire criminal organizations can operate under the guise of a Forex broker. They are usually based in one of the developing countries with a low legal culture. They exist much longer than your usual scammer – up to several years. Usually, the marketing department involved in collecting contacts of potential victims and a large multi-language call center to scam them form the backbone of such scam companies.
This type of scam is the hardest to determine, because, at first glance, such companies can conduct the usual business of a Forex broker and even hold a license. Their task is to make the customer fully lose his deposit through the use of scamming tactics or reduction of risk of trading with leverage. Often, this type of activity borders with scam and fact manipulation that leads to losses suffered by the customers.
Naturally, after reading such warnings, you may be concerned for the safety of your funds. There is good news, however. In 2021, scam is rather an unpleasant exception.
To help you to practically fully rule out the option of a scam, we will provide you with a list of suspicious features of a broker and recommendations should you discover any. We have prepared the risk scale to estimate the scam. We used 1-10 scale, where 1 means low risk and 10 – highest. Forex-UP analysts use this methodology for its List of Scam Brokers
In order to help our readers to discover the scam companies faster, Forex-Up regularly updates the broker blacklist. You will find the latest list of scammers on our website.
As soon as our experts discover a new scam Forex broker, it is immediately included in the blacklist. We also attentively review the feedback of the customers, who came across a scam. If the company does not allow to withdraw funds or if it shuts down its operation completely, the readers of the website will be among the first ones to know.
Our blacklist includes fly-by-night companies you are highly advised to stay away from. In the list, you will find the name of the scam company, its website, reviews of the customers and a short list of tricks and promises it uses to attract new victims.
