Forex Scam Brokers Blacklist 2023

Last updated: 07/03/2023 18:04

We have prepared a full list of Forex scam brokers 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 scam projects. Before deciding to work with a broker, see what we managed to learn about its operation.

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How to avoid Forex scams in 2023? Check your broker in our Black list before opening an account. The full Forex scammers list in 2023 you should know to avoid mistakes.

Although the investment realm can be rather lucrative for some, it is also filled with scams and fraud. This is especially true when dealing with the Forex market– a market that has become quite popular in recent years due to new programs promoting how it can supposedly allow investors to make lots of money in a short period of time. While this may be true for some, it is also true that the prominence of this sector has made it easy to target people with Forex scams. Luckily, we have compiled a list of the top Forex scam brokers of 2023. Here is our most up-to-date list.

Forex Scam Brokers:

Broker	Year of scam
24FX	2014
24options	2018
4XP	2012
770capital	2021
Absolute Markets	2022

Forex Scam Brokers : 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:

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.

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.

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.

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