Unauthorised and Scam Forex Brokers for February 2023

Unfortunately, scam brokers are way too common, and while many of us feel we would never get taken in by a scam, they are often very convincing. It is important to avoid scam brokers because the likelihood of recovering money from them is very small. Brokers who are not authorised by governing bodies, such as the Financial Conduct Authority (FCA) do not offer a compensation scheme and generally offer no protection for clients or their funds.

Unauthorised and Scam Forex Brokers for February 2023

Extreme Investment Platform LTD

This firm is offering financial services in the UK but is not authorised to do so by the FCA. The firm is using the domain www.extremeinvestmentplatform.com.

FXCROB TRADING

This firm is targeting investors in the UK but is not registered to trade in the UK. The FCA has stated that this organisation is not regulated or licensed by them, although the firm may be claiming this to be the case. They are using the domain www.fxcrobtrading.com.

Crypto VisualMining

This firm is using the website www.cryptovisualmining.com and may appear legitimate, but it is not authorised by the FCA. UK investors are not protected if they invest with this firm

Hartley Pensions Limited (clone of FCA-regulated firm, in administration)

Clone firms copy other legitimate broker sites to convince traders that they are someone they are not, changing a few details such as the website address and contact details. In this case, the cloned site is using the domain www.hartleypensionsuk.com and the email address [email protected].

iToroStocks Ltd

While this firm does not appear to be a clone site, it is likely using the name iToro in the hope that traders will confuse it with the well-known, authorised trading platform eToro. This firm is not FCA authorised and is using the web domain https://itoro-capital.co/.

Ludgate Investments Limited (Clone of FCA authorised firm)

This is another clone of a legitimate firm, but the FCA-regulated firm has no association with the clone firm, which appears to be using a mobile number as its main contact number. The clone site is https://ludgateinvestmentslimited.com/ according to the FCA. The legitimate firm operates from www.ludgate.com.

EsmondCapital.org (Clone of FCA Authorised Firm)

This clone site is imitating Esmond Capital Limited which is a legitimate firm, but it has no association with the clone firm.

Clearstream Ltd (Clone of FCA authorised firm)

Yet another clone of an authorised firm, this scam site is using the website https://clearstream.in and the email [email protected]. One of many red flags to watch out for is foreign internet suffixes (in this case the suffix ‘in’ implies the site is based in India) when the firm claims to be based in or authorised to trade in, the UK.

TRADESXMARKET

This site, operating as https://tradesxmarket.com/ and seemingly offering a mobile number as its main telephone contact, is targeting investors in the UK but is not licensed to do so. The FCA has confirmed that this organisation is not regulated.

Group 500

This firm is targeting UK investors despite having no authorisation to operate within the UK. While it does not appear to be a clone site, it may be using the name Group 500 in the hope that some traders will confuse it, or associate it, with the well-known and respected trading platform Plus 500.

If you have had dealings with any of these firms or are worried that another firm you have used is an unauthorised broker, you can check the details directly on the FCA website. You can also search their list of known unauthorised firms to see if the name of a particular firm that you have come across is on there.

How to Avoid Scam Forex Brokers

There are a few things to watch out for in order to avoid scam brokers, with some being more obvious than others. To start with, always do your research. Read industry reviews from trusted sources, as well as customer reviews (although you should also remember that customer reviews and testimonials can be easily faked, as can screenshots of the ‘amazing results’ you can get by investing with a particular broker). Read through the fine print on any documents as well, and take a look at the firm’s policies, including deposit protection, negative balance protection and their customer compensation scheme.

You should always check that the broker is regulated by the FCA or another trusted authority, by going direct to the website of the regulator they claim to be licensed by. If they are regulated, they will be listed there. Check that all the contact details on the regulator’s site match those on the broker’s site too. Clone sites are unfortunately very common and often look exactly like the legitimate, authorised site, with the exceptions of a few small changes, such as the actual domain name and phone number.

Other red flags are brokers who approach you with a ‘hard sell’, often on social media platforms or in online forums, pressuring you to invest, or insisting that an offer is ‘time sensitive’ so you don’t have time to think. Watch out for unrealistic promises, such as very high, immediate or guaranteed returns, and incentives to invest like bonus offers – something which most regulators don’t allow.

Safe Forex Brokers

Here at Forex Fraud we carefully review brokers to ensure they are licensed and regulated. We suggest you only use forex brokers from our regularly updated list of safe brokers.

Broker	Features	Min Deposit	EURUSD Spread
Your capital is at risk US Clients: No Regulated : Yes	– Regulated by FCA, FSCA, CMA and FSC – Over 1M Registered Accounts – More than 250 Trading Instruments – MT4, MT5 and Web Trader Platforms – No dealing desk – Crypto-trading only avail. for Exinity Limited.	$200	ECN 0.1, Standard 1.6	Sign Up Open Demo Account Read FXTM Review
Your capital is at risk US Clients: No Regulated : Yes	– Flexible leverage up to 500:1 – Multi award-winning New Zealand broker – Institutional-grade spreads from 0.1 pips	$200	From 0.1	Sign Up Open Demo Account Read BlackBull Review
Your capital is at risk US Clients: No Regulated : Yes	– 40% New Member Bonus – MIFID, ASIC, FSA & FSCA regulated – Free Online Trading Coach	$100	Fixed	Sign Up Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Open Demo Account Read AvaTrade Review
* 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money US Clients: No Regulated : Yes	FCA (FRN 509909), ASIC, FMA, and FSCA Regulated. Multi Asset Trading Platform. No Time Frame For Demo Accounts. The provider offers CFD trading only Only the demo account and educational resources are suitable for beginners.	100GBP/AUD/EUR/USD	variable	Sign Up * 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Open Demo Account Read Plus500 Review
Between 74-89 % of retail investor accounts lose money when trading CFDs US Clients: No Regulated : Yes	FCA, CySEC, DFSA, BaFIN, SCB, CMA & ASIC Authorized and Regulated 24 Hour Support Negative Balance Protection	$200	NDD 0.09 / Standard 0.69	Sign Up Between 74-89 % of retail investor accounts lose money when trading CFDs Open Demo Account Read Pepperstone Review
76% of CFD traders lose money US Clients: No Regulated : Yes	Social Trading Platform FCA & CySEC Regulated Minimum Deposit $50 (varying across region) Demo Account Copy Trading 2000+ Instruments	$50 (varying by Country)	from 1	Sign Up 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Open Demo Account Read eToro Review
Your capital is at risk US Clients: No Regulated : Yes	CySEC, IFSC, ASIC Regulated MT4, MT5, WebTrader platform $50% and 20% deposit bonus up to $5,000(t&c apply) *Cleints registered under the EU regulated entity of the Group are not eligible for the bonus.	$5	From 0.0 pips	Sign Up Open Demo Account Read XM Group Review
Your capital is at risk US Clients: No Regulated : Yes	– CySEC, FCA, FSCA, SCB Regulated – MetaTrader4 , MetaTrader5, cTrader, FxPro SuperTrader – 15+ Years in business – 90+ International Awards	$100		Sign Up Open Demo Account Read FxPro Review

There are plenty of ways you can spot a scam broker, and it is important to always be alert to the fact that there are fraudsters out there only too happy to take your money. Some scam broker sites seem very plausible, however, so practice caution and always double-check that brokers are regulated by checking with the site of the regulator they claim to be governed by. Report any suspected scams quickly, both to the relevant regulator, and the local authorities.

Forex Fraud Analyst Team

Share

Tweet

Safest Forex Brokers 2024

	Broker	Info	Best In	Customer Satisfaction Score
#1	Your capital is at risk Founded: 2014	Global Forex Broker	BEST SPREADS Visit broker	4.8
#2	Your capital is at risk Founded: 2006	Globally regulated broker	BEST CUSTOMER SUPPORT Visit broker	4.9
#3	* 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Founded: 2008	Global CFD Provider	Best Trading App Visit broker	5
#4	Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010	Global Forex Broker	Low minimum deposit Visit broker	4.9
#5	76% of CFD traders lose money Founded: 2007	Global CFD & FX Broker	ALL-INCLUSIVE TRADING PLATFORM Visit broker	4.9
#6	Your capital is at risk Founded: 2009, 2015 and 2017	Global Forex Broker	Low minimum deposit Visit broker	5
#7	Your capital is at risk Founded: 2006	CFD and Cryptocurrency Broker	CFD and Cryptocurrency Visit broker	5

Forex Fraud Certified Brokers

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.