Forex Trading Scams

We have prepared a full Forex broker scams list that will most certainly cause your losses, should you choose to work with them. These are unreliable companies without a brokerage license that show all the signs of being Forex trading scams. Before deciding to work with a broker, see what we managed to learn about its operation. You can check them all in the section Blacklist of Forex Scam Brokers 2025 or look for the specified broker in the following article.

Forex brokers scam list 2025

Check your broker in our blacklist Forex brokers list before opening an account. 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 Forex broker scams list 2025 because, despite the confirmed scam schemes, some Forex bucket shops and pyramid schemes continue to function successfully.

Along with our blacklist of untrustworthy Forex brokers, we offer in-depth details about each of these companies. This allows traders to make informed judgments based on our investigative findings. By clicking the link next to a fraudulent broker's logo, you can see the terms and conditions they operated under previously or currently. Review their customer feedback and complaints. If they've ceased operations, note when that happened and why.

How to avoid Forex trading scams in 2025?

Forex trading has exploded in popularity in recent years due to its high liquidity and potential for high returns. However, the decentralized and complex nature of the Forex market also makes it ripe for scams and fraudulent activity. Forex scams come in many forms but often involve promises of unusually high returns, false advertising about trading conditions, or outright theft of traders' funds. Scam brokers may appear legitimate on the surface but use various tricks to take advantage of unsuspecting traders.

Below you will find all the information on how to avoid Forex trading scams.

How to avoid Forex trading scams

Scammers in the Forex market: who are they?

Forex scammers come in many forms but often fall into a few common categories:

1. Unregulated, fly-by-night brokers that prey on novice traders. These scammers open "boiler room" operations designed to bring in as many deposits as possible before shutting down.

2. Ponzi/pyramid scheme operations that use deposits to pay withdrawals until the scheme collapses. These scams lure in victims with promises of unusually high, consistent returns.

3. Bucket shops. These are Forex scams that take the opposite side of a client's trade and profit if the client loses. They essentially 'bucket' the trades rather than executing them on the open market.

4. Fake trading websites (Phishing). Scammers may impersonate legitimate brokers

5. Self-proclaimed "gurus" who advertise foolproof trading strategies for expensive seminars or software that do not live up to hype. Such type is quite common in Forex bitcoin trading scams.

6. Other sophisticated scams include Bid/Ask spread scam, signal sellers, withdrawal fraud.

Top 3 signs you might be dealing with a Forex scam

Forex scams are a dark side of the trading world, and they can catch even savvy investors off guard. If you're navigating the Forex market, it's essential to know the red flags that suggest you might be dealing with a scam. Here are the top three signs to watch for:

Unbalanced claims

If a Forex service or trader promises high returns with little or no risk, be sceptical. No financial investment is risk-free, and Forex trading is no exception. Extremely favourable claims often serve as bait to lure in unsuspecting investors. Always remember: if it sounds too good to be true, it probably is.

Requests for money

Be cautious when a trader or service asks for money upfront, especially if they're insistent or use high-pressure tactics. Scammers will often ask for fees for "exclusive" trading tips or insider information. A reputable trading platform or service will have transparent pricing and will not demand upfront payments for promises of incredible returns.

Lifestyle pictures or testimonials from "successful" traders

Social media platforms are awash with images of "successful" traders living luxurious lifestyles, complete with flashy cars and exotic vacations. Often, these are coupled with testimonials claiming incredible profits in short periods. While it's possible to achieve success in Forex trading, such over-the-top portrayals are often a tactic to entice people into a scam.

Types of common Forex scams

Forex scams come in various shapes and sizes, each designed to separate you from your hard-earned money. Here's a breakdown of some common types of Forex scams you should be aware of:

1. Forex mutual fund (PAMM) scams

PAMM stands for "Percent Allocation Money Management." In such Forex trading group scams, fraudsters promise to pool your money with other investors and manage it professionally. The catch is that these so-called "managers" often lack the qualifications and regulatory oversight, resulting in significant losses for unwary investors.

2. EA/trading robots scam

Automated trading robots and Expert Advisors (EAs) promise easy profits with minimal effort. Scammers sell these bots as foolproof methods for raking in profits. However, most of these robots underperform or are outright fraudulent, leaving you with an empty wallet and making you a victim to Forex robot scams.

3. Trading signals Forex scams

Trading signals are recommendations for executing a trade at a specific time and price. While legitimate trading signal services exist, many Forex signals scams promise high success rates without any substantiation. These fraudulent services often use flashy marketing and fake testimonials to lure in investors. Once subscribed, you may find that the signals are randomly generated or copied from other sources, leading to significant financial losses. This is quite common for Forex crypto trading scams.

4. “Holy grail” Forex scams

Some fraudsters claim to have discovered the ultimate trading strategy or system that promises near-perfect results. They package this "holy grail" in an educational course or software and sell it to unsuspecting traders. Always remember that trading involves risks, and no strategy can guarantee profits 100% of the time. Be cautious of anyone selling such Forex trading course scams.

5. Guaranteed returns scams

The promise of guaranteed returns is one of the oldest tricks in the book. Forex scams will claim to have a secret formula or insider information that ensures you'll make a profit. However, Forex trading is inherently risky, and no one can guarantee returns. Steer clear of anyone making such promises.

6. Price manipulation

Unscrupulous brokers may manipulate market prices to trigger stop-loss orders or to prevent positions from becoming profitable. This is a more insidious form of scam as it involves a breach of trust and manipulation of trading conditions. Always opt for a regulated broker with a good reputation to avoid falling victim to this type of scam.

7. Unusually high leverage

Some brokers offer exceedingly high leverage to attract traders looking for quick profits. While leverage can amplify gains, it also increases the risks of substantial losses. Scam brokers offering high leverage usually have other hidden terms and conditions that work against the trader. This is quite common in Forexbinary trading scams.

8. Unsegregated client bank accounts

In a legitimate trading operation, client funds are kept separate from the broker's operating funds in segregated bank accounts. Scam brokers might not follow this practice, putting your money at risk if the company faces financial difficulties. Always check the broker's regulatory status and fund segregation policies before opening an account.

How to identify Forex trading scams?

The massive size and nature of the Forex market has long attracted a variety of scammers, fraudsters, and cybercriminals looking to profit off unsuspecting traders. While increased regulation has helped improve the situation, traders still need to exercise caution and be on the lookout for online Forex scams. 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 Forex scams list.

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. These are quite common in crypto Forex scams. Moreover, according to statistics, only 11-25% of novice traders 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 broker scams 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 2025, 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 conduct Forex investment scams. Do note that PAMM accounts are 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. So be wary of such binary Forex trading scams.

Fake ratings

Many Forex brokers that are on the Forex scammer list 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, lowering the risk of a trade scam.

Why do we need to know about Forex trading scams?

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 party to a Forex trading scam.

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 (not a part of Forex trader scams); and he places orders on the interbank market and fulfills payment obligations.

Each regulator has its methods and tools for checking Forex brokers. In 2025, 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).

Test the reliability of your Forex broker | How to recognize Forex trading scams

Based on many years of experience, hundreds of feedbacks, and an analysis of the 2025 blacklist of Forex broker scams, 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 on Forex fraud detection 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.

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 without worrying about Forex traders' scams.

If you got 7–9 “Yes” answers, then the broker is most likely reliable, but we recommend reading additional information about him so even the slight possibility of trading Forex scams is eliminated.

If you have only 5-6 “Yes” answers, then we recommend that you study the feedback on this broker in detail as it is doubtful that they are reliable and you might become a victim of Forex trading fraud.

If you have less than 5 “Yes” answers, then we do not recommend working with this broker because it is very likely that they belong to the list of Forex trading scams.

How do I know if this is a broker scam?

Are you wondering how to tell whether a Forex broker is legit? There are several ways to go about doing so, such as the following:

• Check broker's regulatory info (license types). One of the top ways to know if a Forex broker is legit is by checking the broker’s regulatory info. To do so, you can simply use FINRA’s BrokerCheck Program. This program is free and allows investors to research and verify various information in terms of brokers of all kinds. They also provide Forex fraud help and allow you to report Forex scams.

• Learn broker’s supported countries. Next, you need to take the time to learn the broker’s supported country. This is because all investment platforms have their own unique rules and regulations. This causes some brokers to be unavailable in certain areas as each country has its own unique restrictions and mandates in terms of finance brokers. But they are not always Forex trade scams.

• Check the regulator’s website to prove the license. After that, you will need to make sure the regulator’s website to prove the broker has been properly licensed. While some regulators may have a convenient list in terms of who they regulate, you may need to reach out to ask about your chosen broker specifically. This step can be a deciding one in helping you avoid Forex online trading scams.

• Read other client’s reviews. Lastly, you should take some time to read client reviews. To ensure that there are relatively honest reviews, you may want to search sites such as Yelp and Google. This is because it’s possible for Forex investment scams to pay for good reviews on their own site, but when searching neutral spaces, you will get a chance to see the good, bad, and ugly Forex scams reviews, as well as the positive ones. When reading the reviews, make sure you check for pros and cons to see which issues arise the most.

Feedbacks of our 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 Forex investment scams 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.

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 feedback 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 broker scams. Learn the differences between Traders Union and a scam company with a similar name, Trade Union, to help you figure out who to work with and who to avoid, including Forex trade scams or Forex crypto scams.

Forex broker scams list by countries

Top 5 regulated Forex brokers

We have selected 5 fully regulated Forex brokers that have positive feedback from clients. Working with regulated brokers is the main rule to avoid Forex trading investment scams.

How to avoid becoming a victim of a Forex scam

Anton Kharitonov Financial expert and analyst at Traders Union

Avoiding Forex scams requires a proactive and cautious approach. In the past, traders had to conduct extensive research into market participants, comparing key parameters with little assurance of reliability. Today, modern tools and resources simplify the process and enhance security. Here’s how to safeguard yourself:

• Verify the SSL certificate
  Ensure the broker’s website is secure by checking for an SSL certificate. A secure website will display a padlock icon next to the URL and start with "https:/". This protects your data from potential breaches.

• Check the broker’s regulatory credentials
  Always confirm that the broker is regulated by a reputable authority. Search for the registration number provided by the broker and verify it on the regulator’s official website. Trustworthy regulators include FCA (UK), CySEC (Cyprus), and ASIC (Australia).

• Review feedback from Independent sources
  Consult independent review platforms and forums, such as Trustpilot or Forex Peace Army, to read traders’ experiences. Look for recurring complaints about fund withdrawals, hidden fees, or poor customer service.

• Use blacklists from trading associations
  Many trading organizations publish blacklists of fraudulent Forex brokers. These lists provide valuable warnings and help you avoid high-risk platforms. Regularly check such resources to stay updated.

By leveraging these tools and staying vigilant, traders can minimize risks and focus on legitimate opportunities in the Forex market.

Conclusion

Forex trading scams, including fraudulent Forex exchange scams and trading scams, have become increasingly sophisticated, targeting unsuspecting traders with promises of guaranteed returns and minimal risks. Cases like the infamous traders domain scam highlight how fraudsters exploit trust by offering fake platforms and manipulated trading conditions. Victims of Forex fraud often face financial losses, but Forex fraud recovery services can play a key role in helping traders work around legal avenues and potentially reclaim lost funds. These services specialize in identifying the tactics used by scammers and providing tailored solutions to address the unique challenges of recovering assets as a victim of such scams.

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Team that worked on the article

Andrey Mastykin

Author, Financial Expert at Traders Union

Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.

He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.

Also, Andrey is a member of the National Union of Journalists of Ukraine (membership card No. 4574, international certificate UKR4492).

Learn about our editorial policies

Chinmay Soni

Developmental English Editor

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito

Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

Glossary for novice traders

Forex God

The informal term "Forex Gods" refers to highly successful and renowned forex traders such as George Soros, Bruce Kovner, and Paul Tudor Jones, who have demonstrated exceptional skills and profitability in the forex markets.

Forex trading scam

A Forex trading scam refers to any fraudulent or deceptive activity in the foreign exchange (Forex) market, where individuals or entities engage in unethical practices to defraud traders or investors.

CFD

CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.

Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.

Forex Trading

Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly. However, beware that trading carries risks, and you can lose your whole capital.