Forex Trading Scams

December 19, 2018 at 05:41 PM

Who are Forex Trading or Forex Broker scams? How they work?

How to avoid scams or what to do if you already scammed?

We are here to answer all typical questions traders might have, as an increasing flow of trading scams with sophisticated attempts that target, actually, everyone with promises of miraculous gains, high returns and chances to trade in Foreign Exchanges, CFDs, Binary Options or other derivatives.

However, the main aim of scammers is to get your money or personal details. Everybody likely to be a victim of a scam that is why you have to know how to protect yourself and spot fake offering.

How Forex Trading scam work

With an alert in your mind that scams do exist, any trader or investor should deal with any business offering or uninvited contacts very carefully. In fact, a detailed check of the information about the potential broker, its official legal data, and their compliance to service providing standards and of course implementation of protective tools, stand at the glance of any further steps. Many firms pretend to be a legal entity or username, registration number from the regulated broker while pretending to be official but in fact are just clone firms. Scammers also might claim to be an overseas firm and initially succeed to look like a real brokerage, as technology is getting smarter.

Do not believe on every statement the broker’s website may say, specifically about its legal registration or authorization status, as scams hiding themselves behind official data. Most of the information can be faked, while official license data is always open through the regulators websites and accessible at any time, so examine it carefully. The reality is that only officially regulated brokers should accurately state any sentence and provide the exact service as every word mentions on the website, since the authority checking on it. In return, the rest of “firms” can promise whatever looks and sounds like a very attractive investment opportunity with the highest potential gains, but in fact, no one guarantees its nature. Just because the information looks official and true, it does not mean it is.

Furthermore, as the scammed traders report most often the broker will allow very small initial deposit as an exclusive offering, run attractive, allegedly smooth trading experience and even process some withdrawal just to give a successful impression that there is nothing to worry about. However, further on the trader may invest more money with a purpose of higher gains and sooner or later the returns will end, the account might all of the sudden become blocked or trader will face manipulation on price feed during a trading session and the balance had gone.

Another typical scam issue happens with withdrawal processing, the funds getting stack in the account or the trader receives ignorance, with no response or the company accused of unreasonably withholding the money of its clients. Unfortunately, these practices are very common among frauds and every trader should size actuality of non-regulated firms that simply operate traders, their accounts and funds by their own way, with no reporting or control from any authority, therefore those firms most likely scams.

How to protect yourself

Even though the authorities and legal institutions taking serious steps to protect clients by public education, guidelines about investment service and constant monitor of the market offering with an updated list of recommendations, as well companies which should be avoided. There are thousands of new scams appearing every day and year, so of course, none of the authorities or watchdogs can keep an eye on all of them. Therefore, every trader should follow a certain guideline in order to recognize rather the trading offering worth attention or you should protect yourself and avoid any further contact with the company. This list of recommendations includes:

  • Do not open or click on the suspicious links, and keep your devices and computers secure.
  • Be very cautious while dealing with any representative, as the scammers may reach you out through any available source like email, social media, various chats or website and most often will try to get into your trust. A further scenario will go to an attractive offering in quick and high gains with no bother.
  • Keep your personal, identifiable and money information secured, never share any sort of documentation with representatives personally. Do not agree to send money or give credit card details to someone, as well as beware about unusual payment processing methods and payment requests, which often includes virtual currency like Bitcoin.
  • Do not respond to rush in account opening or call to act immediately due to some sort of “hot offer”. Scammers usually use high-pressure tactics to get you to fund the account soonest possible, but it is not a good idea to make a fast decision without prelaminar careful review and consideration of all risks involved.
  • Always verify the broker’s registers before dealing with any firm and check on their reputation, as well read Forex Brokers reviews. Probably, if the firm is not authorized it is a high risk to be a scam. You can always check Warning lists issued by the industry authorities and of course, you should consider strongly any issues, as well review the List of Brokers to Avoid.

If you got scammed

In case you got already scammed, well, you should report a scam to specified authorities and better to access a specialist to advise on your following steps. The regulators like UK’s FCA, Australian ASIC, Cyprus CySEC or others provide an open and well-guided complaint procedure, therefore you should contact authority immediately in case there are any concerns.

Submit your complaint about Australian Broker to ASIC:

Cyprus Broker to CySEC:

UK Broker to FCA:

If you traded or invested with a non-regulated entity, there is no investment protection applied, as well as there is no established compensation, unlike the Regulated Forex Brokers status provides.

In addition, you should keep an eye further as those who became victims of scams are likely to be targeted again by other companies, as simply scammers sell out the information about potential investors further on.


Scammers can trick you with a strong attempt to convince in their genuine financial trading service, yet getting only to hand over money. You should make sure that any offering or investment advice from the company or representative is a legal and strictly overseen service. We advise seriously consider only reputable financial advice or guidance before investing, as well as to do your own research. Always check on the firm attentively, read out the Forex Brokers Reviews, confirm registers and do not rely only on the information provided by the potential company. And of course, better choose your trading brokerage among Regulated Forex Brokers.

If you think the company or another is likely to be a scam, do not deal with them any further and report broker to the particular authority.

2 responses to “Forex Trading Scams”

  1. sono in contatto con CHRISTIAN BOA che si è presentato come funzionario di FCA con la promessa di farmi recuperare quanto perso da truffa di trading

    Siccome non mi fido ormai di nessuno sono a chiedere se vi risulta questo nominativi come reale vs funzionario

    Vi sarei molto grato di una vs risposta

  2. I live in Athens, Greece married and with 4 children and as an artist musician me and my wife we lost all our incomes since last February 2020, because of COVID19!
    I’d like to let you know about my tragic experience with the company TRADIXA and other scam companies!!
    It was after the middle of September 2020 that I started with them with the minimum deposit of 250€ with bonus 100€. After some days with the help of my account manager Dionisis Zervas I’ve made some profits and I asked him if I could take some of them to see how it works. He answered no, because I had made these profits trading in a higher level than my account and I had to deposit more money to became silver, gold, platinum, diamond or VIP member, so then I could make a withdraw..! So, I made a higher deposit of 1500€ and they gave me bonus 1500€. As I made profits, they told me that in a few days will starts a project for two months with two stocks Amazon and Allibaba and after two months, about half of January 2021 could give a 10-12% profit as every year(they send me statistics in my email).
    So, on the beginning of November 2020, I had given them 40000€ and gave me 25000€ bonus and about the middle of November I gave them another 40000€(with 30000€ bonus) and the whole amount was 80000€(without the bonus). When I made the last deposit they told me that in that project with Amazon and Allibaba I had to pay swaps(they had never mention about that before) and if I want to be free of them I had to put 20000€ (total 100000€)to be in a Diamond account, I told them that I didn’t have more money and they told me that they could help me putting 10000€ for me and I had to put only 10000€. But I didn’t have more money and the swaps increase day by day..! At the same time started some calls from UK and Cyprus from companies TIMARKETS and GEVERESTFX and some others but I don’t remember their names. These companies told me that they want to help me take back my money from the fraud/scam company Tradixa. How did they know about that? Maybe they are the same people..! They insist and precure me hard for many days!
    It was the first time that I understood that something went wrong… I asked Tradixa to give me back my money from the first day of the deposit of the last 40000€ but they told me about the 30000€ bonus they had put in my account and they couldn’t withdraw, only if I gave them another 20000€ and became in Diamont account I could whenever I want to make the withdraw. I asked lawyer and my bank and I made a dispute but the company JUBITER through them and an UK bank I had send the wire, told that my money left from them and they couldn’t do nothing. As I was desperate, I gave 250€ to GEVERESTFX to take my money back. How foolish I was?! After some calls they told me that they need more money (about 10000€ – 15000€) and not only 250€ as they told me in our first agreement! We argued and then they disappeared, they close their email Mr. Nicos Vrettos and Christos Anagnostou. I called CYSEC and they told me that was a scam company too. Then I send email to MT5 platform because there I had send the 250€ for the GEVERESTFX and after few days I took back my 250€ from MT5!! MAGIC!!!
    Since then and with hard precure according to my lawyer advice by phone, emails and messages in WhatsApp, my account manager Dionisis Zervas(if it’s true) left me and another account manager called Angeliki Anastasatou(if it’s true..!?) started talking with me. We argued many times and she told me that since 15th of January 2021 I could made the withdrawal for about 100000€. She told me that I had to pay about 10000€ for taxes, but I told her that I don’t have and she had to keep the tax from my account. After many tricks by her trying to lose my money with opening trades and swaps I manage to close all the open trades and save 92363€ until 9th of February and made the withdraw request. They send me an email told me that within maximum 5 working days the whole process will be completed. Since then, nobody called me despite my email and phone calls to their phone center, the lady in the phone told me each time: Sorry for the inconvenience and as soon as possible a representative will call you back, or your account manager, who had magically disappeared. Now I’m trying not to think about it very much me and my wife, because we have 4 children and they needs us well! We lost everything! My lawyer with the authorities is working on it..! God gave them back what they did to me and my family!!

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