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Show me a scam broker

  • #481
  • May 31, 2019 2:28pm May 31, 2019 2:28pm
FXPRO

every evening at NY close they widen spreads and Friday at the and of the week it just got crazy.
No candle,just widen spread to wipe our stops.This time around 40 pips,where is the limit,100 400....or to trade without stops and risk gaps ?
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  • #482
  • Jun 7, 2019 11:03am Jun 7, 2019 11:03am
UK's Financial Conduct Authority (FCA) has warned against two clones: GlobalArabFX and iForex24. These unregulated forex brokers are wrongfully using the details of regulated companies (with which they are not associated) in an attempt to mislead UK investors that they are legitimate financial services providers.

IFOREX24 Ltd is registered om the Marshall Islands. Although it looks like Iforex24 is trying to mimic the name of the Cyprus-regulated forex broker iForex, the FCA reported that the unregulated broker illegally uses the details of Axitrader UK.

GlobalArabFX is illegally using the details of Global FX (UK) Ltd., a payment services provider duly authorized to operate in the UK, with which the broker is not associated with.
  • #483
  • Jun 10, 2019 11:23am Jun 10, 2019 11:23am
Hi.
I would like to know if there is any organization in the world to punish scan brokers,if yes where is it & what they do with a scam broker?
  • #484
  • Jun 18, 2019 10:11am Jun 18, 2019 10:11am
The UK’s Financial Conduct Authority (FCA) has recently updated its warning list with AGM Group and Sigma4Trade – two forex brokers that falsely claim to operate under legit companies, licensed by the regulator, i.e. a pair of clone brokers.

According to the UK financial watchdog, AGM Group is not authorized to offer, promote or sell financial services or products in the UK. The people behind the brand are trying to mislead investors that they work for AGM Financial Services Ltd, a FCA appointed representative firm providing life & private medical assurance, income & mortgage protection, and more. In fact, AGM Group is nor related in any way to the FCA-authorized entity, the regulator says.

Likewise, forex brokerage Sigma4Trade has nothing to do with Sigma Broking Limited – a company licensed in the UK, which allegedly provides global access to the world's major exchanges and Futures and Options products. Instead, the company behind it is registered offshore.
  • #485
  • Jun 18, 2019 11:18am Jun 18, 2019 11:18am
The Worst Forex Brokers List of 2019

So far the list of Forex brokers you need to stay away from:

 

  1. FXCM - Price Manipulation, Fraudulent misrepresentation (Fined $7 Million by CFTC).
  2. Axitrader - Price Manipulation, restricting access to funds, poor client service.
  3. LMAX Exchange - Restricting access to funds.
  4. Efexa1000 - Not authorized to provide investment services, company does not hold a CySEC license.
  5. AGM Markets - ASIC has launched civil proceedings to cancel licence due to unethical conduct and unmanaged conflicts of interest.
  6. First Index - Run by AGM Markets Australia. ASIC has launched civil proceedings to cancel licence due to unethical conduct and unmanaged conflicts of interest.
  7. Alpha Trade - Run by AGM Markets Australia ASIC has launched civil proceedings to cancel licence due to unethical conduct and unmanaged conflicts of interest.
  8. FSM Smart - FINMA (Switzerland's regulator) advised against them for not being entered in their commercial register, despite claiming to be based in the country. FSM Smart also runs iForex24, Banc De Monarch and AxeCC.
  9. iforex24 - FINMA (Switzerland's regulator) advised against them for not being entered in their commercial register, despite claiming to be based in the country. This broker is a part of FSM Smart.
  10. Banc De Monarch - FINMA (Switzerland's regulator) advised against them for not being entered in their commercial register, despite claiming to be based in the country. This broker is a part of FSM Smart.
  11. AxeCC - FINMA (Switzerland's regulator) advised against them for not being entered in their commercial register, despite claiming to be based in the country. This broker is a part of FSM Smart.
  12. Worldwidemarkets & Worldwidemarkets UK - Scam broker that restricts client access to funds.
  13. FX Merchants - Not authorized to provide investment services. This broker provides no information on trading conditions, nor free testing service, and live account registrants are redirected to another website.
  14. Berndale Capital Securities - ASIC has cancelled the licence of this broker. This broker restricts clients' access to their own funds, refuses withdrawals and never answers the calls. A prime example of a dud broker.
  15. Markets.com - Spread manipulation, rejected trade positions, price manipulation, restricting client's access to funds, poor execution speeds, price feed delays, client's personal information sold to third party marketers, poor client service.
  16. SafeMarkets - Operating without a licence, restricting client access to funds, only allowing withdrawals once client has reached a certain "high trading volume" amount.

  • #486
  • Jun 18, 2019 7:43pm Jun 18, 2019 7:43pm
instaforex just disabled my trade account this morning. better stay away guys, i wasn't making much profit anyway, can't figure the reason.

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LUCKY golden trades, LUCKY gold investor trading style
  • #487
  • Jun 20, 2019 1:36am Jun 20, 2019 1:36am
Tradeviewforex,without warnings, increased the spread for half of the currency pairs that offer to trade 10 times!
A week has passed, the spread has not been restored. The fact that you have open positions in these currency pairs, they are not interested.
Support does not help, the complaints department is not responding.
Stay away from these scammers.
  • #488
  • Jun 20, 2019 6:30am Jun 20, 2019 6:30am
Quoting Liovannix
The Worst Forex Brokers List of 2019 So far the list of Forex brokers you need to stay away from: FXCM - Price Manipulation, Fraudulent misrepresentation (Fined $7 Million by CFTC). Axitrader - Price Manipulation, restricting access to funds, poor client service. LMAX Exchange - Restricting access to funds. Efexa1000 - Not authorized...
Wow, LMAX Exchange one of the worst brokers? ROFL
Axitrader bad broker?
If some of these brokers sue you and forex-station, will you be able to prove in the court what you stated here.
  • #489
  • Jun 25, 2019 10:00am Jun 25, 2019 10:00am
The Spanish regulator CNMV added the brokers Financika and Hybrid Reserve to its warning list.

The latter has apparently been scamming unfortunate Spanish citizens for a while and the former is allegedly a trading name of FINANCIKA (SHARP TRADING) LTD., a company registered with the Vanuatua Financial Services Commission (VFSC).
  • #490
  • Jul 10, 2019 5:02am Jul 10, 2019 5:02am
stay away from https://www.uniglobemarkets.com scammer they open trads by self and make you lose and then say that employ left company http://prntscr.com/od3b0b
  • #491
  • Jul 14, 2019 4:07pm Jul 14, 2019 4:07pm
Hello, I am very new to trading and was thinking of opening an account. Recently I was contacted by a broker through social media. Long story short he claims that he guarantees $8k monthly with him taking 50% broker fee so I would take home $4k. I didn't really believe it but he has sent many screenshots of multiple accounts that are doing around $12-16k monthly. So I started getting a little bit interested until he said I needed an $8,000 trading calculator but can only bought with bitcoin. It seems like scam. Any insight?
  • #492
  • Jul 14, 2019 8:21pm Jul 14, 2019 8:21pm
Quoting damian503
Hello, I am very new to trading and was thinking of opening an account. Recently I was contacted by a broker through social media. Long story short he claims that he guarantees $8k monthly with him taking 50% broker fee so I would take home $4k. I didn't really believe it but he has sent many screenshots of multiple accounts that are doing around $12-16k monthly. So I started getting a little bit interested until he said I needed an $8,000 trading calculator but can only bought with bitcoin. It seems like scam. Any insight?
Those eight thousand dollar trading calculators which can only be bought with Bitcoin are the best. I bought 2.
  • #493
  • Jul 14, 2019 8:29pm Jul 14, 2019 8:29pm
Quoting damian503
Hello, I am very new to trading and was thinking of opening an account. Recently I was contacted by a broker through social media. Long story short he claims that he guarantees $8k monthly with him taking 50% broker fee so I would take home $4k. I didn't really believe it but he has sent many screenshots of multiple accounts that are doing around $12-16k monthly. So I started getting a little bit interested until he said I needed an $8,000 trading calculator but can only bought with bitcoin. It seems like scam. Any insight?

old saying ""if it to good to be true it normally is"" , other one ""is a fool is easily parted from his money""" scammers every where taking easy money off new traders
people leave, but this thread will go on for ever
  • #494
  • Jul 19, 2019 11:24am Jul 19, 2019 11:24am
The Hong Kong Securities and Futures Commission (SFC) recently blacklisted unregulated brokerage Guardian Capital Asia (GCG Asia).The broker is already flagged by Swiss financial markets and services regulator FINMA, and became notorious for falsely claiming a partnership with Swiss forex brokerage and bank Dukascopy.

GCG Asia currently tries to mislead investors that it holds a license from Hong Kong’s SFC. Previously, the broker the broker used a different website and claimed to be regulated by FINMA.
  • #495
  • Aug 11, 2019 10:15pm Aug 11, 2019 10:15pm
instaforex
  • #496
  • Aug 12, 2019 6:26pm Aug 12, 2019 6:26pm
Quoting damian503
I was contacted by a broker through social media. Long story short he claims that he guarantees $8k monthly with him taking 50% broker fee so I would take home $4k. I didn't really believe it but he has sent many screenshots of multiple accounts that are doing around $12-16k monthly. So I started getting a little bit interested until he said I needed an $8,000 trading calculator but can only bought with bitcoin. It seems like scam...

If he has sent less than 10 screenshots then yes it is definitely a scam. But if he has sent more than 10, then it is legit.
I find this simple, yet magical formula has kept me safe.

How many screenshots did you receive??
  • #497
  • Aug 13, 2019 9:33am Aug 13, 2019 9:33am
The FCA issued a warning against a broker called ProfitTrade. Apparently they are using the details of the legitimate FCA-registered Profit Trading Ltd.

According to the official warning posted the firm does not hold the proper license by the FCA for providing financial services to British traders and is operating outside the law.

Be careful when you are picking brokers, don't fall for the lies of clone scammers!
  • #498
  • Aug 25, 2019 3:26pm Aug 25, 2019 3:26pm
Quoting josef
I like to investigate some tricks and tips how some people try to full other people. To day I heard a lot about scam brokers. Never in my life I didn't see scam broker website. I'm talking about real scam
Hello. Try this one please. Broker (KlasFX – A “Vanuatu” licenced broker (VFSC)) closed the profitable account suddenly without making any payment.
  • #499
  • Jan 6, 2020 11:51am Jan 6, 2020 11:51am
Anyone has any experience with https://justforex.com/? I had love to try their leverage of 1:3000. Read some where paying out is difficult and some bad trades are place in your account.
  • #500
  • Jan 10, 2020 5:36pm Jan 10, 2020 5:36pm
Wow these are really good info for newbie fx traders. Glad I came across this thread. I've been using IC Markets for well over a year now and have not had any issue with them.
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