Early detection is crucial in protecting yourself from forex scams. Before opening an online brokerage account, always verify if the broker is regulated by legitimate regulatory authorities. Well-regulated brokers are held to stricter standards and offer better consumer protections.
Why Avoid Unregulated Forex Brokers?
Unregulated brokers operate without oversight from a governing body, making them risky for traders. If you fall victim to a scam with an unregulated broker, you will likely have no recourse for recovering your funds.
Trusted Brokers
At TheFXReview, we strive to help forex traders avoid scams. Learn more about Trust Scores and discover highly-rated forex brokers you can trust.
List of Potential Scam Brokers
Suspect you’ve encountered a scam broker? We’ve compiled data from Tier-1 regulatory watchlists like the FCA and the CFTC to create a list of unregulated brokers that exhibit common scam warning signs.
AffluenceFX
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
AffluenceFX advertises unrealistic profits and daily wins, lacking substantial regulation. It’s flagged on the FCA’s warning list. We do not recommend opening an account with AffluenceFX.
AmeritForexTrade
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
AmeritForexTrade promises huge returns and guarantees earnings, which is a common scam indicator. It’s unregulated and appears on the FCA’s watchlist. Avoid opening an account with AmeritForexTrade.
Astrofxoptions
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Astrofxoptions claims guaranteed profits and high returns, which are typical of scams. This broker lacks regulation and is on the FCA warning list. Do not open an account with Astrofxoptions.
BitForexTrade
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
BitForexTrade promises high ROI and guaranteed returns, signs of a scam. It’s unregulated and on the FCA warning list. Avoid BitForexTrade.
CoingateForexPro
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, CFTC Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
CoingateForexPro advertises unrealistic profits and guarantees, which are misleading and dangerous. It lacks regulation and is on the CFTC’s RED watchlist. We do not recommend CoingateForexPro.
EasyFxExchange
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
EasyFxExchange guarantees high returns and daily wins, a red flag for scams. It is unregulated and on the FCA warning list. Avoid EasyFxExchange.
Fastforextradelab
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Fastforextradelab makes unverified claims about high probability trades and guaranteed profits, typical of scams. It is unregulated and on the FCA warning list. Avoid Fastforextradelab.
Fastsecurefx
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Fastsecurefx guarantees profits and advertises reliable income, common scam indicators. It lacks regulation and is on the FCA warning list. Avoid Fastsecurefx.
Forex Capital Gain
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, CFTC Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Forex Capital Gain promises unrealistic returns and falsely claims CFTC regulation. It is unregulated and on the CFTC’s warning list. Avoid Forex Capital Gain.
Forex Trade Platform
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Forex Trade Platform advertises high probability trades and guaranteed profits, signs of a scam. It is unregulated and on the FCA warning list. Avoid Forex Trade Platform.
FortressFXCapital
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
FortressFXCapital claims profitable conditions and guaranteed returns, typical of scams. It lacks regulation and is on the FCA warning list. Avoid FortressFXCapital.
FX Trading Digital Pay
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
FX Trading Digital Pay advertises low risk and high returns, red flags for scams. It is unregulated and on the FCA warning list. Avoid FX Trading Digital Pay.
Octa Stocks FX
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Octa Stocks FX promises guaranteed daily returns and profit insurance, which are misleading. It’s likely a clone of a legitimate broker (Octa). Avoid Octa Stocks FX.
panfxtrades
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
panfxtrades claims reliable profits and being “100%Trusted” without verification. It is unregulated and on the FCA warning list. Avoid panfxtrades.
Plutoforextrade
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Plutoforextrade claims rapid ROI and zero loss chances, typical scam indicators. It is unregulated and on the FCA warning list. Avoid Plutoforextrade.
Professional Toptrade
- Tier-1 Licenses: 0
- Tier-2 Licenses: 0
- Tier-3 Licenses: 0
- Tier-4 Licenses: 0
- Regulator Watchlist: Yes, FCA Warning
- Unbalanced Claims: Yes
- Trust Score Rating: 0
Professional Toptrade advertises guaranteed profits and high probability trades, signs of a scam. It is unregulated and on the FCA warning list. Avoid Professional Toptrade.
