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List of scam brokers 2021 - Identify and Avoid

Unfortunately, fraud exists in any commercial sphere, and the Forex market is no exception. Even in 2021 sleazy Forex brokers continue to deceive unsuspecting traders, but the good news is this is no longer the trend but is rather on the decline. There are many main reasons for this change. Today, blacklists of Forex scam brokers are kept current and regularly published by Internet users. Our portal is no exception. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market.

Find below the 2021 up-to-date list of scam brokers as well as our explanation of some scam aspects in the international currency market.

Forex Scam List 2021 - Identify and Avoid

Scammers in the Forex Market: Who are They?

Forex scam brokers are not always represented by brokers themselves. They are most likely to be individual players without companies but who position themselves as broker companies. Often they are very experienced Internet users who can fabricate false information on the site they created.

The owners of such scam sites do not have a license and are therefore not properly regulated. Sometimes they don’t even have basic knowledge of the Forex market. But for a novice trader who does not have an education in economics or finance, not everything is so obvious.

For example, a person may visit a beautifully designed website, see catchy promises of profit, and words or phrases like “spread” and “instant execution of orders”. That for the novice, could add a semblance legitimacy to the dishonest website. As a result, a person signs up, makes a deposit — and here is where the most interesting part begins — and there is the deception by technology. Blacklists of Forex scam brokers mainly include three types:

  • 1
    Fly-by-night brokers

    Until recently, this type of scam was the most prevalent. The idea is that a group of people (or even one person) creates a site. Often it is just a landing page that urges the public to invest and earn lots of money. This may also include PAMM accounts. The scammers don’t care what they say, the main thing is to attract people and their money. As a result, they collect deposits from traders and close the site, sometimes they declare a preplanned bankruptcy, and sometimes they don’t make any announcements at all.

  • 2
    Forex bucket shops

    This type of scam is more refined and requires more careful preparation, but the potential profit of the scammer is also higher. In this case, they create a full-fledged platform that duplicates the functionality of leading Forex brokers. The trader does not play on the world interbank market, but with other traders registered only on their fraudulent site, or even with the platform itself. Naturally, Forex bucket shops create impossible conditions so that the site itself remains in the black while traders constantly lose their money.

  • 3
    Pyramid schemes

    Perhaps this is the most famous type of scam that is used everywhere, not only in the foreign exchange market. This type of scam is not about Forex brokers at all. It is about the company positioning itself as a broker but, in fact, it only collects deposits from traders, often without even faking activity on the interbank market. They just keep issuing empty promises and slogans. Today, this type of scam is less common than others.

How to Identify Forex Trading Scams?

In the early 2000s, when the Forex market became accessible to everyone and was just reaching the peak v of its popularity, it was not easy to tell a scam broker from a legitimate broker in the interbank market, especially if the novice trader was just starting out. But today, in the era of total globalization and informatization, general information is easy to check on the Internet in a matter of minutes. Today, it has become much easier to protect against fraudulent schemes of blacklisted Forex brokers. The easiest way is to study our site because we have already saved you time and selected both reliable brokers and scammers among all companies. All you have to do is simply check our ratings lists.

But if you need more details, we’ll tell you about the main practices by scammers. Here are some:

  • They promise high profits

    Such promises are a sure sign that the Forex broker is a scam artist because no legitimate broker can guarantee high profit to the trader. Moreover, according to statistics, only 11-25% of novice brokers eventually become professional players in the foreign exchange market and begin to make good money.

  • They say there are no risks

    This is also a clear sign of a scam because the success of the trader does not depend on the broker. The key role is played by the strategy of the trader, that is, how he diversifies the risks. For example, a legitimate broker may share a deposit between several currency pairs or use auto trading. It is impossible to completely eliminate the risk of Forex.

  • No regulation

    By law, the activities of legitimate Forex brokers must be regulated by an authorized body — either a public or private licensing company. You can find the information about regulators on the broker’s website and check it on the website of the regulator. This is open information and the validity of the license can be checked in a matter of minutes. Naturally, the activities of blacklisted companies are not regulated.

  • Unprofessional practices

    This can include many things, such as cold calling. If you are contacted by telephone, telegram or in any other way by a Forex broker that you have never heard of, and he offers you cooperation, you know for certain that this is a scammer 100%. Also, scammers always insist on you making a payment “here and now”. They speak about the high qualifications of their manager’s (PAMM accounts), but they can only confirm their profitability with excel tables.

  • Dubious strategies

    Forex brokers on the blacklist often use little-known or generally unknown trading terminals (that is, something other than these reputable terminals: MT5, MT4, LIBERTEX, QUIK, TRANSAQ, CQG, or ROX). In reality, in 2021, the broker does not need to create a terminal because using either one of the above is simple and reliable for both the trader and the broker.

  • Dubious tools

    A broker who focuses on PAMM accounts and binary options, promising tremendous profits, is very likely to be a scammer. These are also effective tools, but they cannot be the main source of income for a successful trader. And certainly, PAMM accounts do not guarantee a high income.

  • Fake ratings

    Many Forex brokers that are on blacklists like pointing out their top positions in some dubious ratings poll. But they show only ratings present on their site, or on a third-party resource that actually belongs to the same person and has no weight in the Forex market.

  • SSL-certificate

    This detail is critical but many traders do not pay attention to it. An SSL certificate is a digital signature of the site, which guarantees the security and confidentiality of the connection to the server. That is, when on this website the chance of getting malware or spyware that will transfer your data to third parties is minimal.

Blacklist of Forex Scam Brokers 2021

Below there is a table that is updated in real-time. Its purpose is to warn novice traders about scam brokers who are not to be trusted.

You need this blacklist because, despite the confirmed scam schemes, some Forex bucket shops and pyramid schemes continue to function successfully.


In addition to the blacklist of fraudulent Forex brokers, we provide detailed information about each of these companies. This is necessary so that the trader can inform his opinion based on the results of the promised analysis. By clicking on the link next to the logo of the scam broker, you will find the terms and conditions under which this company worked or continues to work. Check out what feedback he has; and if he has already stopped working; then when, and for what reason.

Scam brokers are alphabetically sorted for your convenience so that you can easily check the required company.



SCAM date














AGM Markets

















Why Forex Brokers Are Regulated and Why Do We Need to Know?

We have already briefly mentioned the regulation of Forex brokers. Here are more details about it. The global (interbank) foreign exchange market has a legislative base. This legislative framework defines a special category of regulatory companies. They are internationally licensed companies operating in the global currency and securities market. Their task is to monitor and analyze other market players for compliance with legal standards and financial security requirements. Simply put, the regulator checks whether the broker is legally operating in the Forex market and whether he is complying with the Terms and Conditions of the regulator. If they are not, then they may be fraudulent.


Naturally, the vast majority of Forex brokers that are on the blacklist cannot have a regulator because their activity is illegal. On the other hand, the work of Forex bucket shops and pyramid schemes often has legitimate reasons, but the regulator will easily understand that these are fraudulent schemes and he simply will not license such a company’s activity. Thus, the broker's regulation is an important guarantee for the trader because it guarantees that this broker is honest and reliable; and he places orders on the interbank market and fulfills payment obligations.

Each regulator has its methods and tools for checking Forex brokers. In 2021, the brokers must meet several strict requirements. They are supposed to have: full transparency of financial transactions; a certain amount of money in their account; a completed set of documents required by law; and an official site that meets all technical safety requirements. Moreover, from the point of view of jurisdiction, the regulator can be local (operates within the country) or international (operates globally).

Here are the main international Forex regulators:


Belize International Financial Services Commission;


Cyprus Securities and Exchange Commission;


Mauritius Financial Services Commission;


UK Financial Conduct Authority;


South Africa Financial Sector Conduct Authority;


Securities Commission of the Bahamas.

Please note!

Scam brokers from the black list can deceive traders for the very reason that their activities are not regulated by anyone!

Is Forex itself a Scam? Test the Reliability of your Forex Broker

Based on many years of experience, hundreds of feedbacks, and an analysis of the 2021 blacklist of Forex brokers, specialists from the Traders Union prepared a simple test that you are invited to take. It allows you to determine whether you can trust the Forex broker you have chosen. The test consists of ten questions, and it will take you just a few minutes to complete it. In return, you will get unbiased information on the reliability of your broker.



Question 1

Does your broker’s official website have an SSL certificate?

Question 2

Does your broker use one of the following terminals: MT5, MT4, LIBERTEX, QUIK, TRANSAQ, CQG, or ROX?

Question 3

Is your broker regulated by one of the following organizations: IFSC, CySEC, FSC, FCA, FCSA, SCB?

Question 4

Does your broker have more than 20 trading tools?

Question 5

Does chat support respond quickly?

Question 6

Is your Forex broker widely known; and if so, is he included among our ratings for TOP Forex brokers?

Question 7

Did you read feedbacks on this broker; and if so, are they mainly positive?

Question 8

Does the broker offer additional services (for example, auto trading)?

Question 9

Does your broker avoid making cold calls to you requesting deposits or participation?

Question 10

Can you make a deposit using standard methods — Visa/Mastercard, Wire Transfer, PayPal, Skrill?

How to interpret test results:

  • If you answered “Yes” to all 10 questions, then this is a reliable broker, and you can work with him.

  • If you got 7–9 “Yes” answers, then the broker is most likely reliable, but we recommend reading additional information about him.

  • If you have only 5-6 “Yes” answers, then we recommend that you study the feedbacks on this broker in detail as it is doubtful that he is reliable.

  • If you have less than 5 “Yes” answers, then Traders Union does not recommend working with this broker because it is very likely that he is a scammer.


In addition to the blacklist of Forex scam brokers, the Traders Union is constantly updating the independent rating of reliable brokers, which is compiled based on trading feedback. Follow this link to learn more about top brokers and get the opportunity to work with reliable, time-proven companies that you can trust.

List of Three Recent Forex Trading Scammers

Since the blacklist of Forex brokers is updated frequently, it is important to regularly monitor all updates. And if you see a company you work within the list, it is recommended that you immediately withdraw all your funds to avoid the risk of losing them. Below you will find three Forex Brokers that appear on the latest 2021 Blacklist.

Broker’s Name

Reason for Blacklisting

Current Status of a Company


The broker stopped fulfilling its obligations to traders. Deposits are frozen and impossible to withdraw.

We do not recommend working with them. Most likely they are scammers.


The broker operated under the license of a non-existent regulator; their registration is not confirmed.

We do not recommend working with them. Most likely they are a Forex bucket shop or pyramid schemes

Adamant Finance

They don’t have a regulator; their user agreement does not contain the financial obligations required before trading.

We do not recommend working with them. The feedback says they are a scam organization.

Please note!

Note that a company may get on the blacklist of Forex scam brokers due to various reasons, such as problems with the license or site; lack of transparency or dubious conduct; non-existent regulator, proof of defrauding traders.

Feedback on traders is the main criteria used to form the TOP of our ratings, and brokers that are not included in the TOP-20 should raise doubts and be carefully checked. In addition to scammers, there are brokers that provide low-quality services, which is why the trader’s success and potential do not live up to his expectations.

Feedbacks of Traders Union’s Participants on Scam Brokers

The Traders Union has thousands of traders around the world who regularly share relevant information. It is very beneficial. Often honest feedback can save hundreds of novice market players from investing in fraudulent schemes and losing their deposit. This is an avalanche-like process — when a scammer loses his status and there is no longer an influx of new traders, he will inevitably curtail his activity.

Feedbacks of Traders Union’s Participants on Scam Brokers

Please note!

Feedbacks are written only by traders who have already worked with specific brokers. Therefore, all negative feedbacks are unbiased, they include descriptions of real cases of interaction and fraud on the part of brokers. The Traders Union analysts additionally check the information provided in the feedback, so that we do not have biased or false feedbacks as those are immediately deleted.

The value of feedback on Forex brokers is determined by the fact that, unlike statistical data and anonymized rating tables, it is live feedback from real people who share their personal experience with you. The feedbacks on independent websites are always valued above any other indicator, and experienced traders make their choice based on them. In the vast majority of cases, this eliminates the possibility of running into a scammer.


In order to leave your feedback on the broker's work, you do not have to be a Traders Union client! Anyone can do it! You just need to register on the website and post your review.

It is impossible to enter the terminal in any way (neither by login, nor by card or account numbers). Suggests to check the Internet connection, but everything is fine with it.

Well, have the crooks paid the debt to anyone? They threw half of the country and did not start payments to anyone. But they promised. I just remember how people wrote reviews on My Trade Markets that the company is reliable and not a scam. Where are all these defenders now?)

AX FX managers were annoying with calls. They were convinced that the best conditions for trade could not be found. It looks like the scammers were buying customer bases and making cold calls. But they broke off on me, I'm already a grated roll in matters of bench brokers. It’s good that we didn’t last long.

today the application again opened with glitches - it did not show the amount on the account and did not allow submitting an application. With support, we again wrote a complaint and for consideration ...

By bank transfer, I deposited $ 1200 into my trading account at XGLOBAL Markets com. Within three months, he will receive a profit of $ 400. filed an application for withdrawal, and two days later the account was blocked. At the same time, they did not write anything, did not indicate the reason for the blocking. Thieves and crooks, what else can you say!

The Traders Union’s Expert Opinion - How to Avoid Becoming a Victim of a Forex Scam

Previously, the trader had to carefully analyze the top market players by key parameters, and even then, there were no guarantees. Today it is possible to quickly check all indicators: the SSL-certificate of the site; registration number of the regulator; and trader feedbacks on independent sites. Also, many trading associations offer blacklists of Forex brokers, which also help to avoid mistakes.

Antony Robertson

Antony Robertson

Traders Union analyst

The Author of this Article about Forex Scam Brokers

Grant Adlington
Grant Adlington
  • In 2008, he graduated from the London Institute of Banking and Finance, Department of Finance, Investment, and Risk;
  • In 2009, he became the youngest trader-analyst of Global Invest;
  • In 2010, he became an independent analyst in TD Ameritrade;
  • In 2011, he defended his Ph.D. thesis on Economics in the University of California-Berkeley;
  • From 2012, to 2018 he worked in different American and International broker companies;
  • From 2018, he has worked with Traders Union as an independent expert and trader as well as with other traders’ associations as a freelancer;
  • He has 12-years of experience of continuous trading in the Forex currency market.

FAQs Regarding Forex Fraud


What is a blacklist of Forex scam brokers?

This is an anti-rating system for the Forex market, which includes brokers whose activities look like fraudulent schemes: Forex bucket shops, fly-by-night websites, or pyramid schemes.


What are the risks when working with brokers from blacklists?

The activity of scammers is not regulated by anyone, so they can perform any actions with your transactions - interrupt, freeze and reset them. Scammers often do not pay at all or do not return deposits.


How not to get deceived by a scammer?

Compare the broker against the criteria given in this article; read feedback about it. The blacklist of Forex brokers will provide you with an up-to-date list of companies that are not recommended for cooperation.


Blacklisted brokers are unreliable; where do I find reliable ones?

For this, the Traders Union has an independent rating of Forex brokers based on real traders’ feedback. This rating is dynamically updated and provides up-to-date unbiased information about companies that are profitable and reliable to work with.