Scam Forex Brokers List 2024

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  Updated:

  September 4, 2024 at 10:21 AM

1. Unregulated Brokers
2. Regulated vs Unregulated Brokers
3. How to choose Best Forex broker?
4. Best Offshore Trading Brokers
5. Best Unregulated Brokers List

Selecting Forex Broker or a Trading platform? It is our top priority to choose the most reliable and Safe Forex Trading Provider and define who are Brokers to Avoid who are potential Fake Forex Brokers or Trading Scams. We have done deep research, compared numerous Brokers, trading conditions and made a detailed Review of Most Popular Forex brokers to assist your selection and answer common questions.

What is Unregulated Broker?

Forex Market currently is the largest offering worldwide with hundreds of opportunities and high potential gains, while investors or traders from around the globe seek the most convenient platforms with access to trade, it is important to select a reliable Broker to trade through.

There is a huge number of Brokers available now, while some of them are regulated, means hold a license or authorized by the industry regulator, and some companies are not regulated by any, or might be based in offshore zone with weak standards which considered as Unregulated brokers too. Read about Forex via Wikipedia.

Scam Trading Platform

Trading Platform is just a technology offered by the Broker, so even Broker offers well-established MT5 or MT4 platforms, it doesnt mean the Broker and offering is a reliable choice. In fact, it can be scam too. See some of our finding why Broker establish Unregulated or Offshore Forex Broker:

• It is a decision of the company where to establish its branch, office or entity, means under which regulations and laws to comply. While most reputable and scrupulous Brokers will look for serious jurisdictions like UK with FCA Regulation or Australia under ASIC overseeing to ensure safety of clients also run reputable firm
• In case Broker decides not to be regulated, it can be that either the company saves operational costs, since licensing requires strict capital maintenance and can be very costly, and offshore zones offer easy obtain of license. Alternatively, the company might be a deceptive Fraud Broker with allegedly professional services seeking Forex frauds and running "Fake Forex Broker".

Regulated vs Unregulated Forex Brokers

In fact, none of the Unregulated Brokers are in our comparison list or marked as recommended ones and we cant compare them truly to Regulated Brokers. The biggest lack of Unregulated or Offshore Broker is regulation, meaning the gap of safety itself, why offshore regulation is very poor rather provides registration only.

Therefore, all Offshore and Non licensed Brokers we recommend to avoid since is high risk to fall into Forex Scammers. Read more by the link Why avoid Brokers from St Vincent & The Grenadines.

Besides, most of world regulators forbid and restrict offshore or unregulated brokers from accepting the residents, alike none of offshore Forex Brokers accepting US clients, also Regulators regularly issue Warnings, see FCA Warning list.

• The whole concept of regulation is the client’s protection, which ensures a safe trading environment and the investment itself. The regulated brokers have to comply with various rules and criteria set by the recognized international authority with the purpose to provide secure trading and remain licensed.
• Authorities protect clients by compensation schemes that recover client’s investments in case of the company's insolvency. And of course, the regulatory body overseeing constantly how exactly the broker delivers its operation to the clients thus can detect if things going wrong and take necessary action.

How to choose Best Forex broker?

Security of funds is always first in Forex trading, for that reason, we recall your attention to open an account with Regulated Brokers only and Avoid Unregulated of Offshore firms in order to avoid Trading Scam or trading Fraud

Top 5 Best Offshore Trading Brokers

We cant name even 1 best offshore Broker, due to safety lack. Most often either New or Unsafe Brokers operate fully Offshore in other words Unregulated, thats why better to avoid them, as necessary safety measures and requirements are rather low and poor. Besides, check Broker statements about “regulated’ status and verify licenses on official sources, since many brokers fake real status.

Instead, we advise to trade with Reliable Brokers, here some of the Top Regulated brokers:

• HFM – Best Overall Forex Broker 2024
• BlackBull Markets – Lowest Spread Forex Broker 2024
• FP Markets – Best Forex Broker for Beginners 2024
• Eightcap – Best MT5 Forex Broker 2024
• BDSwiss – Best MT4 Forex Broker 2024

Why Not Trade with Unregulated Offshore Forex Brokers?

Trading with Unregulated or Offshore based firms is highest risk as there are many frauds, top-tier regulated Broker sharply oversee company and its operation while Unregulated is free to do almost anything that is why so many frauds within Offshore Brokers.

Typically there are few reasons why traders look for Offshore or Unregulated Broker, either to access high leverage, or trader is based in a country that does not offer Forex Trading. Yet, we do not advise trading with offshore brokers, and in case you still insist choose an International entity of a reputable Broker that has additional regulations licenses for better trust, alike check XM Broker.

How to avoid Forex Fraud?

First of all, you personally should Be very cautious while dealing with any Forex Broker, especially representatives scammers may reach out to you with attractive proposals and push to invest soonest possible. So to avoid scams make deep research on the Broker checking licenses on official sources, verifiying information and reading real trader comments. Besides, avoid offshore registered companies since they are not safe enough even though claimed to be regulated. See more details on How to Protect yourself from Scam here or unfortunately, if you already got scammed Read this Paragraph.

Top Brokers to Avoid Forex Scammer List

We can't name any of Top Unregulated Forex Brokers as Best, also there is no Best Offshore Brokers for Day Trading or Offshore Stock Brokers recommended. Security of funds is always first in Forex trading, so we advise only Regulated Forex Brokers to open account with.

Here is our Brokers to Avoid List or Forex Scam List - consists of Unregulated Brokers Reviews and Offshore Brokers, as we place them in List of Fake Trading Websites and advise staying alert in case any trading offering comes from these companies:

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