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Top 8 Blacklisted Forex Brokers Who Have Been Stealing Millions Through Forex Scams

Category: Forex Scams
Length: 21 Pages
Reading Time: 30 minutes

Excerpt: There are numerous scam brokers in the market apart from those listed above, and although no one can guarantee you 100% safety, you should stay away from companies like these with vague backgrounds at any cost! The list of black-listed companies is never-ending and is known as looting traders due to their manipulative trading practices, lack of regulations, and failure to perform what they promised in the initial stages.

March 24, 2022

Introduction

Investing is all easy and great until you fall into a scam. Forex scams are high in online trading, fuelled by many scammers who are experts in running trade anonymously. Thus, investors need to do their detailed investigation and diligence before diving into the complex version of global markets. Forex, also known as FX trading, simply deals with the fluctuations in exchange rates, and if you are planning to invest in it, you need a forex brokerage account. 

The forex market is an international market where currencies are traded 24 hours a day, five times a week, Monday till Friday. No physical exchange takes place; hence all currency trading is done over the counter (OTC) (as there is for stocks). Making predictions on currency values to generate a profit is known as forex trading. Currencies are exchanged in pairs, so when a trader trades one money for the other, they are betting on the assumption that the value of one currency would rise overtime against the value of the other. Trade flows economic, political, and geopolitical developments, all of which affect forex supply and demand, influence the value of a currency pair. This results in daily volatility, which may present new chances for forex traders. You can transact currencies via your smartphone, computer, tablets, or PC using online trading platforms supplied by global brokers. On the forex market, every transaction involves the simultaneous purchase and sale of two currencies.

Brokers aren’t usually the ones that represent Forex scammers. Individual actors without firms who position themselves as broker companies are more likely to be involved. They have frequently seasoned Internet users capable of fabricating misleading information on the sites they construct. The owners of such scam websites do not have a license and are hence unregulated. 

They may not even have a fundamental understanding of the Forex market. However, not everything is clear to a beginner trader who does not have a background in economics or finance. Fraudulent promotional schemes and overstatement of returns give rise to forex scams that can prove extremely dangerous. Scammers are often individuals without companies pretending to be broker companies. Without any license, education, and even basic knowledge of the forex market, they can suffer huge losses worth millions with fabricated false information. However, identifying forex scams today is not as difficult as it used to be. If a company promises you big profits, has fake ratings, seems like a dubious business with no reputable reputation and unprofessional practices, know right away that it’s a trap! 

Such companies are straight away blacklisted. In the beginning, they sometimes even give returns to their customers to give them an impression of being honest. It leads to these customers investing even more, and it is not long before their account gets suspended. Unfortunately, fraud can be found in any business, including the Forex market. 

Sleazy Forex brokers are still deceiving naïve traders in 2022, but the best part is that this is no longer the standard and is on the decline. This shift is due to a variety of factors. Today, Internet users keep blacklists of Forex fraudulent brokers up to date and publish them regularly. More than $6 trillion investment is scammed daily, indicating that forex attracts many scammers to the industry whose main objective is to steal their client’s money. These scammers work with long-term planning. They target only some people and leave some people in a happy state to prove their loyalty in front of the world.

By now, you must be wondering whom even to trust then? The answer is to research reputable firms and avoid those who have been blacklisted. To caution you away from working with such middlemen, we’ve compiled a blacklist of forex brokers to help you avoid becoming involved with them. Please keep in mind that this rating is updated on a regular basis, and new banned brokers are added all the time. The malicious banned brokers are detailed in our article, along with the reasons for their inclusion. There are, however, many others, which is why one can never be too cautious. New traders may be intimidated by the trading sector, especially given the numerous scam brokers that exist, but by conducting comprehensive research, traders can avoid becoming victims of intricate schemes that could endanger a significant chunk of their wealth.

Some of the firms with the dirtiest track record are 24FX, 24option, 4XP, 770capital, ACFX, Adamant Finance, AGM, and AlfaTrade. Wondering how they got blacklisted and how much did they steal? This article is all about it. Let’s read!

Victims around the world lost around $529 million from being swindled by their cyber sweetheart

npr.org report

If you want to keep yourself safe from falling victim to Forex Scams, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

CHAPTER 1: 24FX

no-access

With the growing influence of information technology, people have been attracted to the trend of bitcoin and cryptocurrency in the forex market. Unfortunately, in an attempt to be the best in the foreign exchange market and to achieve instant success and popularity, brokers tend to become non other than what is known as; scammers. One should know that yes, they come with benefits but at the same time with a significant risk of forgery and scamming too. 

Shedding some light on cryptocurrency itself is different from a credit card or other methods. Firstly, payments made through it are not reversible. Once you have paid, the amount has gone. Therefore, before you make the payment, it is essential to research the seller as much as possible. Where he is located, his contact, and especially the customer reviews!!

While you try to protect yourself, some information about transactions will always be public. Transaction details are recorded on a ‘blockchain’ general list of receipts and payments. It could include your address. Thus, when investing, you need to confirm they’re blockchain. 

money-bank-shopping-calculator

Scams are everywhere online, even if it’s a cryptocurrency or forex scam. 24FX, owned by Rodeler Ltd and fully licensed by the Cyprus Securities and Exchange Commission (CySEC) under the license number 207/13, was an online broker specializing in forex and CFD products. Introduced in 2014, it offered commodities, indices, over 40 currency pairs, crude oil, gold, silver, CFDs, and stocks with the updated market technologies to the world of Forex!

In addition to this, 24FX came with a variety of accounts. Each account came with different levels and types of traders and benefits aligned. However, as of October 2021, this brokerage no longer accepts new traders due to a rise in their scam cases.

1. Fake Bots

Is 24FX a legit broker or a scam?

Although 24FX claims to be regulated by a reputable financial regulatory entity, the company proved unreliable. Run by an unregulated broker, it ceased to fulfill its obligations by not making payments due to customers and partners. The scheme 24FX adopted was simple. 

As soon as people invest in a deposit, scammers transfer the money into their accounts. Without any option of withdrawing, people are pressured into investing more because if they don’t have their previous money, they will get burned. Innocent people and investors are bombarded with calls and threats.

Online Scamming

Moreover, it came to our notice that they always call from different numbers, and their voice is so inaudible because they are intentionally calling from a noisy area. They are so clever, and their manipulation power is so high that the clients are not even given time to think about their actions. The worst part is that brokers provide no feedback, leaving them helpless and hopeless.

Scammers like 24FX are astute, and they only show gains rather than losses over time. In the worst-case scenario, they may even display statistics from simulated trading accounts that do not reflect real-world trading. Do not choose to work with somebody and buy a product depending on this or incomplete information. 

One should probably request background information as a complete accounting of earnings and losses. It’s most likely a con if they deny or vary considerably. They also, like 24FX, assure success and a lot of money. There is no such thing as a guarantee, particularly in the currency market. 

lock hacking

This demand is characterized by far too many variables, all of which can alter. So, if someone promises assured earnings or particular outcomes, they’re selling a rip-off. Just what 24FX practiced! Thus, it is evident that 24FX is one of the biggest scams in the history of forex scams.

Why was it blacklisted?

One of the prominent and most important aspects of companies worldwide is their customer service. However, according to reviews, 24FX offers no connection to the customer support department. There is no customer service team. According to clients, they are extremely rude, not helpful, and not available on weekends. 

24FX seems to ignore that this field of brokers requires a wealth of knowledge and understanding, and one has to be responsible for their actions no matter what. People say that their customer service support doesn’t even know the answers to basic questions.

In addition to this, the company also owned a binary options trading platform. Although investing in them is to gain profit, it increases the risk exposure to a great extent. Hence, people who invested in these lost all their funds. It is not at all wise and safe enough to invest with 24FX. All the reviews are filled with obnoxious cheating, manipulation, and fraud cases.

DO YOU NEED EXPERT ADVICE?

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What do people have to say about this broker?

People have a lot of negative comments when it comes to 24FX. A person named Alan shared his story of investing $300 in his one-month trading. He called 24FX as scam brokers who just convince people to put in their real money, and once one loses their money, they just keep making bonus programs as a chance to win it back. The same was done to him when they called him continuously to make more deposits. According to Alex, they do it in a casino, a total scam!

One of the clients, Marco, mentioned that he funded his account with USD1,000 and made a profit of $500. 24FX analysts told him to open an oil position with all the money he had invested because apparently, the investor was so sure about oil appreciation in the future. However, what happened was precisely the opposite of what was promised. The oil depreciated, and he lost everything while the broker won. Moreover, 24FX is known to block accounts when clients’ balances increase.

In another case, Ayra mentions she has been hoping to withdraw her profits of $270 for the last month, but 24FX did not pay the money. She says that initially, they offered support with the ‘line thing’ but later blamed her for not providing them with all the support documents. Ridiculous!

financial chart on hand

How to remain safe from 24FX?

It is recommended that before people try to invest in companies like 24FX, they look deeper into their investment objectives, financial condition, and risk-bearing extent so that they know how much they can afford to lose. 

Scammers can be so clever and persuasive that they get detailed information from your social media accounts. Be aware! Like what 24FX did, they can give their investment a legal name promising considerable profits in the short run by investing in them. Victims of such companies lose hundreds and thousands of dollars because they fall into the trap due to their lack of experience.

consultation

Even if 24FX promised to convey what they pledged, people should have realized that trading in forex markets has never been without any risks and requires much attention and research. Thus, they should have acquainted themselves with all these risks and invested with the help of a financial advisor.

Detecting if it’s a forex scam is not so hard. For example, know that it’s a scam if someone says you have to keep depositing money. The principle behind such scams is to gain individual private information such as security codes or manipulate someone to send money into their accounts. People often become victims on social media if they see a tweet or text that says to invest. 

It is even posted by celebrities and the people you follow, which makes you think it’s true when in reality, their accounts have been hacked!  So many criminal activities happening worldwide are a result of forex trade. As mentioned above, about $6 million is lost to scammers. It is never too late to learn. You can always protect yourself and your loved ones before investing research on the company’s location, license, and regulation policies. Feedback and reviews of clients can be helpful.

CHAPTER 2: 24 Option.com

business chart

Unfortunately, in today’s Forex market, there are many unprofessional and unscrupulous brokers like 24 Option. 24 Option, a binary options broker, was established in 2010 with headquarters in Limassol, Cyprus. Owned by Rodeler LTD, although the leading company is based in Cyprus, they also have another company for international clients in Belize. Soon it became the second-largest binary option in the world. 

It uses tech financials as its leading trading platform and is regulated by some necessary regulatory authorities such as FCA in the United Kingdom, financial market authority, and CySEC. This tech platform comes with a range of options with the latest technology delivering the best service to the clients. It was one reason many people were attracted to investing in 24Option, as the user-friendly platform made everything a lot easier. It also offered free mobile apps for android and ios users.

The company primarily offers four trading accounts, basic, platinum, gold, and VIP, with leverage of 1:500. Another reason why people wanted to invest was that $250 was the minimum deposit to open an account. The goal behind its establishment was to allow as many people to trade as possible with quality conditions in binary options trading. 

It is evident from many trading options they offer, such as educational materials to help people understand how to trade in forex and CFD. After its break from binary options trading due to scam cases, it tried to attract newer and experienced traders and wanted to stand as a reputable firm, but unfortunately failed.

Is 24option company a legit company?

forex on sunset

When a person invests or trades, they want to ensure they are on a safe platform using a reputable company. 24option is wholly unreliable and blacklisted due to nonpayments to their clients and partners. There is a list of complaints saying that they scam people. Some of the popular reasons are that they never allow you to withdraw your earned money and lie about giving free money, which all scammers do. 

Talking about the current situation, the biggest scam of the decade, Binary Options Trading on the platform, has been stopped; however, clients from other parts of the world are allowed to register. Thank God the 24option scam got exposed, or it would have affected the forex world greatly!

Why isn’t it recommended to trade on?

forex chart

One of the main reasons why 24option gained so much controversy was that at first, they promised the clients free money, but as soon as it came to paying them, problems arose. Another reason why you should not trade on this website is because there are thousands of cases of people losing their money.

For instance, companies introduced a so-called ‘24option bonus’ to their clients, which meant getting free money for trading later, leading towards a commission. Clients who accepted the bonus were instructed to upload their documents, but the problem arose when those who received the compensation but did not fulfill these requirements lost their money. How unfair!!? Some people had no idea about this policy because 24option failed to communicate these requirements to their clients. No wonder the world of binary options comes with so many instances of scams!

24Options has violated so many regulations. They have crossed all the limits, from fake celebrity endorsements to pushy sales techniques pressuring people to invest more. They sometimes lied that FXTB had bought 24Option, asking clients to transfer funds to the FXTB. As soon as they shared, they lost everything. The cherry on the top is that they keep all their communication via a phone call so that nobody learns about their misconduct and it remains hidden. 

Nevertheless, 24option was blacklisted when they started to assure considerable returns to their clients irrespective of how much they trade. Thus, being the first sign of the scam, a complaint was filed against them to the regulatory authority. The company had to explain and clarify on their behalf as to how they have the best in class financial experts with years of expertise and knowledge. Unfortunately, the statement was not convincing enough.

phishing scamer

What do people have to say about this broker?

According to many customers, 24options is one of the most controversial brokers as they come with a large number of negative and positive reviews. They are said to be providing their services in a pushy manner due to vast amounts of advertising. 

More advertising meant more regular advertising pages and pop-ups, which annoyed people, resulting in fewer investments. One of the clients lost up to $135000. It was all he had, and it depressed him so much that he was about to commit suicide. In another instance, one client spoke about how she could never recover her money worth $65000 from the platform.

Moreover, a client named Audrey mentions that after making his first profit on 24option, the company came up with the swap fees 2.5 times double the current gain. It only resulted in losing up to more money, to which he requested the company to let him withdraw his $2500. 

As always, the company never replied to various emails and requests. How pathetic?! Moreover, Jonathan G, a mother of 2, calls 24option as ‘biggest scam artists all wrapped up in a polite, positive pink bow.’ She lost up to $28k when the company kept pushing her to invest more money. However, they started making flimsy reasons and stopped responding to her emails and calls when she asked for a withdrawal.

mail for phone

Another horrific incident was when a scammer from 24Option manipulated a client into acquiring a lot of money through loans to later steal it from him. From his account, the company transferred it to another account in Poland to buy bitcoin in a fund created from the client’s name. Similarly, the company placed fake trades to a client’s account that had around $50k in it. 50k freaking dollars!! His withdrawal email disappeared out of nowhere. 

Lastly, in his review, Sharon, a potential client of 24option, called it the worst trading platform. He says ‘the worst trading platform, and they just ripped off $300 from my account. When asked why they did it, the explanation was that my account had been inactive for one month’. Surprisingly, they do this on purpose and bring changes to the platform without getting it under the notice of poor clients.  

Conclusively, it is for sure that the 24Option Scam resulted in many investors losing their money. Their high fees and no amount of published information should have thrown up red flags; however, perhaps the quality of educational offerings would have hindered it. If you have been a victim of a scam, the only way to help accentuate the process is to take the help of a recovery firm and ignore the fact that 24Option promised to get you your money back. 

If they had to, they would have returned by now! Thus, we recommend researching how to remain safe from phishing attacks before investing. One should always look out for grammatical errors and spelling mistakes because actual companies do not have any. Companies use a single domain for their URLs and email, so taking a close look when checking email’s legitimacy could be helpful. Lastly, if it seems suspicious, it probably is. Watch out!

usb and gold

CHAPTER 3: 4XP

4XP, founded by a group of capital market dealers and retail-ended entrepreneurs, was an online forex broker that shared its vision of working towards a customer-oriented brokerage service, providing customers with an enthralling trading solution. The main focus or mission was to create an excellent model of a Capital Market Broker with integrity, honesty, and professionalism.

The company provided clients with real-time market prices and commission-free tight pip spreads. The trading platform was ‘MetaTrader:4’, one of the world’s leading and most user-friendly platforms. It allowed clients to affiliate themselves with 4XP in several ways, such as an independent broker, an affiliate, a money manager, or a white label. Also, it could be operated via mobile phone or online trading on the web, depending on what the client is most comfortable with, according to their own needs and requirements.

They attracted investors through their clean, fast, and visually appealing platform available in ten different languages, along with a clear stepping-stone for beginners, one-on-one coaching, and webinars in services to the customers.

Is 4XP a legit company?

NO!!

As for now, 4XP has been announced as a scammer and has been blacklisted primarily because they failed to meet the obligations to their customers and partners. The FMRRC revoked its license due to poor provision of brokerage services and improper responding to customer complaints. 

In a statement provided by the FMRRC administration, they say ‘we would like to inform you that due to the actions contravening the Statute and the Center’s rules and regulations as well as those inflicting damage to FMRRC, our committee for standardization and certification has decided to revoke the certificate of compliance issued to 4XP.

Why was 4XP blacklisted?

investment gold

When there was a verdict against 4XP in the FPA traders court, they stopped responding to FPA. As they were no longer responding to clients’ withdrawals and their emails, the court had to declare them scammers and got blacklisted by them. One of the clients, when offered to accept his withdrawal plan in monthly installments, accepted the offer. The first payment did come, but there was no second time. No one would respond.

4XP became less and less active when the complaints against them increased. Soon they stopped responding to clients who come to FPA and FPA. Also, there was a minor advertising contract for 4XP, but it was canceled after the company stopped responding. 7 FPA trader’s court cases were filed against the company, and all seven came guilty. Although the details varied, they involved issues such as nonpayment and not replying to customers.

FPA asked 4XP to accept several requirements laid by them, such as to process clients’ withdrawals in a timely fashion, return all the money from seven guilty cases adding a 0.5% monthly compound payment interest payment for each month starting from where the problem began, pledge never to ask companies to accept the withdrawal of money in monthly payments and lastly, a public apology and explanation for all the fake client accounts sent up by the company. FPA warns people to invest in 4XP and those who have already invested are encouraged to ask for a withdrawal immediately. If you can not, take help from a recovery agency or, in extreme cases, police.

How did it steal from people & how much did it steal?

scam-keyboard-keys

4XP has been aggressively implementing marketing strategies to gain more and more clients from the start. Due to their malicious and improper trading methods, such as clients not being able to withdraw their funds. 

They stole hundreds and thousands from their clients, due to which, on December 13, 2012, they were given the first warning against these illegal practices. Hence, it was not late when around seven guilty verdicts against the company in the Forex Peace Army (FPA) Traders court. Finally blacklisted and declared a scam; 4XP had to deactivate its website and has stopped operations since then.

What do people have to say?

economy blocks

People have a lot to say when it comes to 4XP. They have a customer rating of 1 star from every two reviews indicating how dissatisfied their clients have been generally.

One of the most prevalent complaints made by almost every client was that they reduced your balance in the account to zero. One of the potential clients, Fajar, shared her experience in these words; ‘My broker account manager at 4XP kept convincing me to put more money into the account. At some point, I refused because I had nothing more left to invest. 

However, instead of letting me withdraw my previously invested money, they closed all my accounts, and all my money disappeared. Scammers!’ Poor Fajar. On another occasion, one of the clients invested around $45000 into her account. However, after 1.5 years, the company rejected her request when she wanted to get it back. When she required an explanation, they said their accounts had been frozen by the New Zealand authorities (FSCL), so they could not. It was, without any doubt, a lie, due to which this poor girl had to suffer her thousands of dollars!

research

Alex, a part-time worker and a student, traded with 4XP for the first two months and made a decent profit. However, he got an email saying, ‘we have decided to remove your balance in the accounts due to arbitrage. Thank you for trading!’. Alex got furious and asked what they meant by arbitrage. 

They never replied, causing Alex to suffer from a $4300 loss! In addition to this, clients have complained that their customer service is pathetic. They don’t reply to emails and are elusive on the phone. One of the clients had two trading accounts of $20,000 in 4XP, which he was saving for his wedding. As soon as the wedding approached, he asked for a withdrawal, to which 4XP resisted. Thieves!

Furthermore, one of the clients was in a lawsuit against 4XP because he was subscribed to different expensive and worthless services due to the company’s aggressive and highly pathetic marketing campaigns. No wonder why the regulators revoked its license and certificate!

Nevertheless, as scam cases through companies like 4XP are rising, we have never seen a better opportunity to put money into the stock market. Because internet brokers are competing fiercely, expenses are decreasing while services are improving. With online brokerage becoming much too popular, more new organizations are joining the industry, hoping to profit from the surge in individual investors.

consultation

Investors may find it hard to find a broker who is a good fit for them due to this. So, how can you pick the best broker for your needs? There are numerous factors to consider, and the selection will most likely be based on personal preferences. Some purchasers are willing to pay higher trade charges for a cutting-edge platform, while others are more concerned with saving money. Some people prefer to stick with major financial institutions with very proper names, while others prefer to look for the perfect fit among smaller brokers. 

But, regardless of which brokerage you end up choosing, your search should begin with a clear understanding of your investment objectives. Like many other things, the internet has made the forex market accessible to the average person. Individual investors who trade forex do so with the expectation of earning from their investments. The goal is to switch your currencies for the one you believe will appreciate, resulting in a profit.

CHAPTER 4: 770 Capital

770 Capital, a modern broker owned by Maxi Services Group, offers trading in the financial market, giving access to traders worldwide. They have been a significant hit to the lucrative trading world. It started by providing convenient and profitable online forex trading by delivering essential data that allows clients to maximize their income. Like other scammers, they also used the MT4 trading platform, one of the most widely accepted platforms in the industry.

Do you suspect that someone had scammed you?

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Is 770 Capital a legit company?

The answer is no. 770 is not a legit company for obvious reasons. For example, according to Forex Trading, the company is not mandated to conduct business. If someone invests, they should know that they are dealing with an unlicensed and unregulated broker, which is not even prohibited but also illegal resulting in severe consequences. 

Some of the regulatory companies had no idea 770 Capital even existed. According to FCA, they have never heard of the company, and CySEC claimed to ban it. Thus, it is evident that 770 Capital is a scam considering their empty promises and level of anonymity. Do not fall into their trap! Please don’t be another victim!

What led to this company being blacklisted?

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770 Capital has been described as a trader who promises heaven to the clients but delivers nothing less than hell. The company is known to be shredded with anonymity as an off-shore broker. Now, what is an off-shore broker? Such brokers are horrendously known to show off industry rules and regulations. That means that they do not follow the basic rules of every other broker, for example, rules needed to participate in a compensation scheme. This violation has proved to be highly frightening for users as they have not even lost their money but have not been compensated. 

One of the most prominent reasons why it was blacklisted is the platform. Now, we know that the platform they use is MT4. According to industry standards, a decent platform is easy to use and user-friendly. They are also compatible with all devices, proving their Genuity. 

When tested by one of the regulatory firms, 770 Capital was not slightly close to one of these standards. For example, the platform failed to work on devices and took ages to download. Mobile users could not trade properly because an unstable platform has many other problems, such as online identity theft. In extreme cases, hackers can hack up to thousands of access to your credit card information.

forex chart check

They have a unique, eye-catching homepage that looks real and an extraordinary user-friendly interference; however, there’s a rotten plot with nothing less than scams behind it. It is just a trick by the company to create a lasting impression resulting in members falling into the trap. 

Also, all hell breaks loose if we consider withdrawing the money from 770 Capital. As shared by customers’ experiences, the client has never been able to withdraw because the company comes up with many hideous and false statements. One of the common ones is ‘you have not reached the required trading volume.’ How unfair is that?

Moreover, just like other scammers, they make fake promises too. As everyone wants to make quick money, they show their clients ways of achieving this dream by manipulating them to an extent where they think it is true. For example, they promised instant execution with no hidden charges when their web is too slow on the platform. 

The affiliate programs associated with 770 Capital do not even pay their clients. Lastly, one of the biggest lies in providing clients with training. Think for yourself, why would they give you forex training? What even is it? Be alert; it’s a scam!!

NO NO

Thus, because of the above reasons, 770 Capital was blacklisted. We until now know that if someone is on a blacklist they are part of a group of persons who the government or another organization believes cannot be trusted or have done something wrong. Criminals frequently use bank frauds to access people’s personal and financial information. Therefore, before investing in scammers like these, make sure you read all of the fine print before opening the account. 

Make sure you understand all of the nuances about rewards and withdrawals and that they will not operate against you. Also, examine the broker as it is recommended to give the broker a month to test the waters with a few funds before attempting a withdrawal. If any issues arise, you can talk to your broker about them, and if all goes smoothly, you can add additional money to your account and continue trading. While there are some frauds out there, there are also a lot of good Forex brokers out there, and it’s critical to locate them before you make any deposits or begin trading.

How did it steal from people & how much did it steal?

busy on computer

There are numerous cases of customers at 770 Capital losing their entire deposits after being subjected to the company’s dirtiest tricks.

How to act if you fall for a scam like 770 Capital?

If you suspect you’ve been the victim of a forex scam, you must act swiftly. If you find yourself in either of the following scenarios, you should contact your financial institution right away: Debit or a credit card was used to make the payment. A bank transfer was used to make a payment. Personal details were divulged.

You should also notify Action Fraud as well as the Financial Conduct Authority (FCA) about the scam so that they can start investigating and, if feasible, reclaim your funds. This may also assist others in avoiding becoming victims of the same scams.

What do people have to say about 770 Capital?

losing money

People have shared their devastating experiences with 770 Capital to a large degree. Jody says, ‘Do not invest in 770 Capital. I can never forget the pain they threw at me by leaking my deposit worth $3900.’ Also, they did something similar to her friend by blocking her accounts later because she does not have a power of attorney in them.

In addition to this, one of the customers complained that everything was fine for a year without any problems as soon as she invested. But soon afterward, her account got blocked, disabling her from withdrawing any of the funds, resulting in a loss of $10000. 

One of the clients, Juliet, shares her experience in the following words: ‘I hope my experience helps educate other people so that they do not fall into the traps set by 770 Capital just as I did. I have suffered mentally, physically, and emotionally, and it has not been easy. I lost everything I had, so now I wish this company suffers to its core!’.

You may come across a few scammers, like when looking for ways to make extra money through FOREX trading. As a result, it’s critical to conduct thorough due diligence and study before entering the market. If something appears to be too lovely enough, to be honest, it most likely is. New traders may be intimidated by the trading sector, especially given the sheer number of scam brokers. Still, by conducting an extensive investigation, traders can avoid becoming victims of intricate schemes that could endanger a significant chunk of their wealth.

2 man talking

CHAPTER 5: ACFX

ACFX, also known as AtlasCapital Financial Services Ltd, was established in Limassol, Cyprus. They have been a member of one of the biggest conglomerates in Southern Europe for the last 20 years; the Atlas Group. This group operates in various fields of financial services such as real estate and banking. 

ACFS registered itself with the financial services authority and was regulated by the Cyprus Securities and Exchange Commission to provide its services within the European Union. It offered a wide variety of investment opportunities to its clients with claims such as unbeatable market conditions with spreads from 0 pips and the top of the world and ever-famous international compliance with client protection.

men trying to hack

Is ACFX a legit company?

The company has been declared as an unregulated broker being suspected of fraud. The absence of authorization and registration of the address is many reasons making people suspicious. Thus, the company operated illegally. ACFX, due to the use of its fraudulent schemes, got its license suspended in April 2016 due to its lack of safeguard procedures by the regulator CySEC which owned Atlas Capital Financial Services Ltd, the brand. Soon in 2017, the license was revoked due to rising concerns of customer needs. Nevertheless, ACFX still claims its respected authorization on their website.

Reasons for this organization being blacklisted?

money roll

There are many crypto scams globally, and ACFX has been named one. Towards 2016, there was an increase in complaints towards ACFX involving issues such as not being able to withdraw, problems in settling obligations towards the clients, and a decrease in the balance of clients. 

The company has been subjected to a questionable license due to rising concerns regarding having an offshore license issued through a third-party regulator. Top-quality support is the key to a company’s success, but ACFX seemed to fall short. They do not have an authentic license, but ACFX has also been proved guilty of not complying with general trading regulations in the region. You are expected to trust your broker, but what if that broker lacks all those qualities, which can make rates higher of the trust factor associated with them?

In addition to this, we live in a social media world. Our lives constantly revolve around it, and unfortunately, it has the power to make or break an individual. It can take seconds to ruin someone’s reputation, especially if they are a broker company. How is that so? Sadly, people tend to believe whatever they see on social media. Thus it would take just a few exaggerated complaints to create hype which would be enough to take a company down. Therefore, rising stories against ACFX on social media and news, communicated through regulators and experts in the industry, eventually led to the company’s closure.

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Moreover, like every other scammer, the company promised profits and returns every week and even every day. They have made guarantees that seemed impossible to achieve at first hearing. Thus, it can not be ignored that ACFX, like other scammers, attracted clients with fake promises instead of some authentic backed-up statements. Hence, ACFX can be associated with many words that may help summarize its reputation, such as aggressive tactics, a guarantee of impossible returns, not regulated, hindered and poor communication, no granting of withdrawals, no contact information, and absence of transparency.

Considering the numerous complaints and statements by regulatory firms such as CySEC, it can be summarized that it is not safe to trade with ACFX as the risk is the highest for this particular company. They have failed to follow the rules regarding client protection and have not followed the steps that lead to a reliable trading environment.

What do past clients of ACFX have to say about this agency?

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ACFX customer reviews are insane! They do scam themselves but blame the victim. How low could a company get!? They are known to constantly delay clients’ payments and then block their accounts because they think the person is a scammer. It is nothing less than victim-blaming. 

In these words, another client shared their experience ‘I had three accounts, and brokers at ACFX constantly blocked them. My balance was around $28,500, which shocked me to the core. I repeatedly tried to contact them, and finally, after constant trying, they replied, indicating that they blocked my accounts because I allegedly abused trading using arbitrage.’ Woah!

ACFX came with suspicious indications such as unsolicited offers, they asked for one’s sensitive data or money. They also portrayed  ‘Risk-free’ investing where they claimed to offer risk-free investment which was none other than a hoax! Also, they promised unreasonably huge returns on your initial investment. Lastly, they urged you to contribute right away, offering perks or discounts.

Thus, investors need to look up complaints against ACFX before they invest because, let’s agree, nobody wants to be trapped. Many clients have complained that the brokers at ACFX charge vast sums of commission when they change brokers to work with one another. Many of them have complained about the company refusing to refund funds to their investors. Poor investors made vast sums of payments, but there has been no progress on their loans, nor did any mortgage expert come forward to help them solve their problems.

credit card with lock

Scams will undoubtedly continue to exist as long as people fall for them. By following the guidelines below, you can safeguard yourself and your bank account. 

  1. Take your time and avoid making hasty financial decisions, as you would with any other form of investment. Hire an advisor who can teach you about trading and assist you in creating a comprehensive financial plan.
  2. Make sure you finish your homework. Everything should be read and inspected. Always read the fine print, whether it comes in an email, a text, or something else. If an offer appears to be suspect or too good to be true, it most likely is. 

Personal information should not be shared. Scammers can gain access to practically every facet of your life if they have the correct information. This includes taking your identity as well as money and other accounts. Never give up account information, Social Security numbers, credit card numbers, or passwords to strangers unless you know who they are and the request is valid.

CHAPTER 6: Adamant Finance

business chart

Adamant Finance Company is a brokerage company founded in 2008, offering direct access to the Forex market with innovative and effective service. They have been operating since 2014 and have their head office in Saint Vincent and the Grenadines as a global broker. They are one of the youngest brokers in the Forex Market. Multi-Asset Brokers in Adamant Finance enabled traders to carry out transactions with no intermediaries in around 24+ tradable assets, using high-tech methods to process orders and introduce them to the market. Over 14 years of their operations, they have expanded to offering different services to the investors such as Forex Trading, Share Dealing Trading, and Social Trading

A financial asset in its literal terms is any security or investment attached with a monetary value, either tangible or intangible. Thus, Adamant Finance trades in several financial assets as mentioned above, forex, share dealing, and social trading.

Lots of Money

Thus, Adamant Finance features apart from financial assets include a virtual portfolio known as a Demo Account, which offers advanced financial chart comparison tools and research-backed analysis on financial markets and investments. Thus, to open it, you need a minimum of $100. Considering the devices it can work on are multiple, including the most common web and phone. Lastly, it benefits its users from using the platform in over fifteen languages. However, the company doesn’t allow hedging and is not FCA regulated.

Is Adamant Finance a legit company?

When it comes to Adamant Finance, it becomes too early to conclude primarily because there lies a plethora of positive and negative reviews making the final decision difficult. Positive reviews have outweighed negative in many instances, making them credible for the company. The main person behind Adamant finance, the manager, works actively on around 200 forums to keep track of clients’ reviews.

Thus, there is no clear information regarding this question requiring legitimacy of Adamant Finance. Neither are there any links to the license of any regulator on the company’s website, nor is any clear information available regarding their regulations. However, some news articles have said that Adamant Finance operates under St. Vincent and the Grenadines jurisdiction, and the principle is under the international financial services markets supervision authority (IFSA). There is no information regarding Adamant Finance’s license, but the company is known to be not regulated and a scammer.

Why isn’t it recommended to trade on this website?

future crypto

Having a reliable and trustworthy broker is the key to a company’s success. Thus, one must make sure they do not get acquainted with a fake or unreliable broker to avoid losing their hard-earned savings in a mere scam. Adamant Finance has a lot of problems when it comes to trading on their website. 

They do not seem to have a contact number where the client could contact the support service, causing many difficulties such as increased concerns regarding the authenticity and originality of the company. What is even worse is that they also fail to have basic information on their website regarding the rules and regulations of the company.

Let’s hope the issue of certification is resolved in the future, encouraging Adamant Finance to showcase their best side to the best of their abilities as the company has been working on the complaints. It signals the fact that the company considers the client’s reviews.

investment gold

What do people have to say?

Even though the company is still very young in the Forex Market, people have described Adamant Finance as an outright mess regarding input and withdrawal of funds. The procedure to invest in the company and the time delay between verification is too complex, later causing problems with the support and withdrawal. 

However, it should be noted that it is one of the very few companies with positive reviews. Investors have positively rated the broker, notably their stability and reliability and fast execution of orders. Moreover, clients have also described the company as a pleasant experience without pitfalls and no spillage. Adamant Finance’s platform has decent reviews, fast technical support replies, and favorable bonus conditions of $50.

On another occasion, one of the clients mentioned how he found it pathetic that he had to pay a fee to connect with the VPS of Adamant Finance.

Although blacklisted, Adamant Finance has a very high chance of achieving a high rating by the investors. Currently, they have numerous positive reviews on profitable bonuses, operation of the platform (terminal), and instant withdrawal policy, as mentioned above. Nonetheless, lack of regulations causes many problems as they can hinder investors’ confidence as people prefer working with companies that have a problem set of rules and procedures as it helps them ensure safety. 

Despite the positive aspects, one should deeply research all the factors Adamant Finance has to offer before they think of investing. Your research can change the company’s ratings and warn other potential investors like you.

DO YOU SUSPECT THAT SOMEONE HAD SCAMMED YOU?

If you have suspicions of a scam or phishing attack, you can rely on experts to help you with protection, mitigation, and fund recovery. You will feel safe knowing that experts with years of experience will be guiding you!

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CHAPTER 7: AGM Markets

When diving into the world of financial markets, it can be challenging to find a broker company that can fulfill your needs. AGM Markets is one of the global online financial trading platforms, and a multi-asset broker is a licensed Forex Brokers regulated by CySEC, founded in 2011. Over 11 years, the company grew to retail investors forex trading offering reliable services to retail and customers from over 193 countries worldwide, including Europe, Asia, and Africa.

They had over 10,000 clients in China, the UK, Thailand, and Germany. Although they planned on trading their 100+ tradable assets globally, their head office is in Cyprus. They mentioned full transparency in all transactions and confidentiality as their company’s two most important values. Unlike other companies, they did not provide their clients with the ease of language and had just seven different languages. For example, the first hurdles were to be seen in the form of a complex platform and a complicated mobile phone system. They also had a confusing, hard-to-understand fee structure and investment terminology.

Thus, AGM Markets features apart from financial assets include a virtual portfolio known as a Demo Account, which offers advanced financial chart comparison tools and research-backed analysis on financial markets and investments. Financial assets that can be traded are API Trading, StopLoss, Trailing Stops, TakeProfit Orders.  

Thus, to open it, you need a minimum of $250. Considering the devices it can work on are multiple, including the most iOS devices like iPhone, Ipad, and android on the web browser. Lastly, it benefits its users from using the platform in over fifteen languages. However, the company doesn’t allow hedging and is not FCA regulated.

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CHAPTER 8: IS AGM Markets a legit company?

Regulation protects broker companies from things like reimbursement and insolvency. These companies must comply with many rules determined by the regulatory authorities to remain licensed. AGM Markets are regulated under the Cyprus Securities and Exchange Commission (CySEC regulatory bodies); however, as it is blacklisted, one’s capital is at risk. Also, they are not regulated by the Financial Conduct Authority (FCA), which is the regulatory body of the UK, and they are very stringent in handling out its license. FCA licenses are given the utmost preference as they are more stable and transparent with their clients reducing risk to a great level.

Why isn’t it recommended to trade on this website & why was it blacklisted?

woman on mask

We all might have heard of trading with those broker companies that have been in the market for almost two years. However, even if AGM Markets have been in the market since 2011, it can not be considered a safe option considering their scam cases, mainly because they do not hold an FCA license.

The company holds spreads that are too high along with medicare levels leverage. Although they provide their services on MT4 like other brokers, there is no choice in trading platforms. Also, considering the complaints by the customers, the main reason why AGM Markets gained so much controversy was that at first, they convinced clients to put in actual money, but as soon as they did, problems arose. Another reason why you should not trade on this website is because there are thousands of cases of people losing their money due to the wrong reasons provided by the broker company.

What do people have to say?

atm machine

Clients said they have never experienced a worse broker than AGM markets. According to one, they bombarded him with constant re-quotes on opening trades and slippage on trades execution. He says none of his seven transactions were closed on time; when he contacted the customer care department, they decided to convince him that there was a problem on his end and perhaps he had a low-speed internet connection.

A person named Bushra shared her story of investing $800 in his one-month trading. She called AGM Markets scam brokers who just convince people to put in their real money, and once one loses their money, they just keep making bonus programs as a chance to win it back. The same was done to her when they called her continuously to make more deposits. According to Bushra, they do it to everyone, a total scam!

One of the clients, Drake, mentioned that he funded his account with USD1200 and made a profit of $800. AGM Market analysts told him to open an oil position with all the money he had invested because apparently, the investor was so sure about oil appreciation in the future. However, what happened was precisely the opposite of what was promised. The oil depreciated, and he lost everything while the broker won.

scam

Moreover, AGM Market is known to block accounts when clients’ balances increase. Something similar happened to a client Nathy who was saving money for her master. ‘I had four accounts, and brokers at AGM markets constantly blocked them. My balance was around $52,500, which panicked me to the core. I repeatedly tried to contact them, and finally, after constant trying, they replied, indicating that they blocked my accounts because I allegedly abused trading using arbitrage. I wanted to kill myself as i spent my whole life saving this money’. 

In another case, Zarak mentions she has been hoping to withdraw her profits of $570 for the last month, but AGM Markets did not pay the money. She says that initially, they offered support with the ‘line thing’ but later blamed her for not providing them with all the support documents. 

Ridiculous! Similarly, a client named Jaide invested around $700 on his friends’ recommendation, but he never got to trade them. Soon after he gave up, he decided to withdraw and sent them a request to do so. This request took ages to process, and after ten days of waiting, his money got deducted. Woah! He says his current balance is $12, and he has never worked with such a manipulative broker company before.

How to remain safe from this company?

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Finding a broker company that meets your needs is an arduous task in today’s world. Before investing in companies like AGM Markets, one is considered to read as many reviews and feedback as they can. It is recommended that before people try to invest in companies like AGM, they look deeper into their investment objectives, financial condition, and risk-bearing extent so that they know how much they can afford to lose. 

Scammers can be so clever and persuasive that they get detailed information from your social media accounts. Be aware! Victims of such companies lose hundreds and thousands of dollars because they fall into the trap due to their lack of experience. Even if AGM Markets promised to convey what they pledged, people should have realized that trading in forex markets has never been without any risks and requires much attention and research. Thus, they should have acquainted themselves with all these risks and invested with the help of a financial advisor.

It is never too late to learn. You can always protect yourself and your loved ones before investing research on the company’s location, license, and regulation policies.

CHAPTER 9: Alfa Trade

social connect

AlfaTrade is an online brokerage company and an offshore entity owned by Nemesis Capital Ltd, registered in St. Vincent and the Grenadine. It offers forex, CFDs, commodities and indices to trade. Considering their website, AlfaTrade does not fall under any regulating agency. It is one of the giant red flags!! Thus, it is another unregulated broker company where customers are not protected.  Registration of the company took place in August 2019 but expired in 2020 due to blacklisting. For now, the company is illegally known as a scam investment trade program.

Why isn’t it recommended to trade on this website?

AlfaTrade works with a website that offers automated trading software, and this is not only another red flag, but these types of websites are too notoriously known for scams. It was blacklisted for many reasons, such as brokers getting away with your hard-earned money primarily because there was no regulating agency to hold them responsible.

They call people and persuade them to make the initial minimum deposit in any conceivable method to steal that money later. Moreover, they come up with fake deals too far away to be genuine. For example, they make fake promises such as ‘we will double your initial deposit, or you are about to make $100 easily per day. Even worse, after making the initial deposit, people become victims to a ‘smart scammer’ known as a retention agent as they are transferred to it to get more money.

crypto videocard

They have duped consumers into investing in bogus foreign currency schemes. They frequently advertise once-in-a-lifetime opportunities to invest where market makers can make large profits in a short period. Then they often vanish after receiving money, leaving investors without anything. You should look for a broker before you start trading on the forex with companies like Alfa Trade. 

It is critical to browse out there for a broker before actually deciding on one, and you should bear in mind that not every broker is trustworthy. So, how would you tell the difference between genuine brokers and con artists? You can start by reading broker evaluations and information about brokers posted on forums; however, these reviews may have hidden agendas, so it’s worth trying a more objective approach.

Moreover, one of the hideous things AlfaTrade practices is that they let you sign a Managed Account Agreement (MAA), which gives them the right to do anything they want on your account. One can not even take action against them when they lose their money. People are encouraged to withdraw their funds as soon as possible because it has never been safe to work with an unregulated broker.

What do people have to say about this company?

People have shared their negative experiences to a large extent. They say that AlfaTrade never lets you withdraw your money no matter what amount of profits you make. They just keep delaying the process for months, and if the time limit reaches six months, one cannot request a withdrawal leading towards a massive loss of your money. Moreover, since Alfa Trade accepted bitcoin as the only mode of payment, it made it even riskier to trace any scam. 

At first, they assured clients that their money was safe, but no information was disclosed to prove it. One of the clients, Sakib, mentions his experience in the following words: ‘Alfa Trade is a bunch of shameless liars that cannot be trusted as all their promises are a road towards losing money. I deposited 500 USD and traded up to an 800 USD account balance. Later, when I requested a withdrawal of 200 USD, they began to blackmail me and blocked my account. What is even worse is that they insisted on depositing more.

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Another client mentioned that Alfa Trade contacted him themselves. They kept on calling and pressured him into investing his $450 that he never got back. The reason they gave was platform malfunction. Scammers!

Thus, contact a recovery agency ASAP if you have already invested in Alfa Trade and they have scammed you. Keep emails as proof to show you have been requesting the money from them, and they are delaying the process for too long. Contact your bank to let them know how you are deceived into investing in a company that is not even regulated. It is evident that the chances of earning money through online trading can look very pleasing but can be a lot more dangerous than it seems.

Stay Free of Forex Scams by Avoiding These Companies Entirely

There are numerous scam brokers in the market apart from those listed above, and although no one can guarantee you 100% safety, you should stay away from companies like these with vague backgrounds at any cost! The list of black-listed companies is never-ending and is known as looting traders due to their manipulative trading practices, lack of regulations, and failure to perform what they promised in the initial stages. 

Besides, brokers with no positive reviews can be scams and are often called fly-night-brokers.  Unfortunately, if you have already been a victim of forex scams, contact reputable recovery agencies such as  Chargewayback. With the help of their team of professionals and detailed investigation, they make sure you get your 100% investment back.

Nevertheless, before signing up to a broker, always conduct thorough and detailed research!! Start with small investments first and continue if the process goes smoothly. Do not make the mistake of committing all your funds right away. Go to their website; although some Forex media sources may have broker recommendations if this is dominant and on the main page, you should be wary of the ratings because the site is most likely funded through affiliates. 

Additionally, search for affiliate connections leading from the review page to the broker’s website. This implies that the person who wrote the review will be compensated if you click on the link. This is acceptable if the reader is aware of the relationship; therefore, the site is transparent about its affiliation. Also, don’t forget to Look into the discussion boards. Look for any posters endorsing a specific broker on message boards. 

The sign may be genuine, but if you check back and see that they only support one broker, they’re indeed affiliated with that broker, and you should treat what they say with caution. You might want to make sure and see if your comments have been posted on forums. If a forum or website is solely dedicated to promoting specific brokers, the administrator may choose not to post or delete your message. These websites, as well as their suggestions, should be treated with caution.

Most importantly, look for the broker’s unfavorable reviews. It would be best if you got a comprehensive picture of any broker, so look for negative ratings and positive reviews. You can locate these by adding the word ‘scam, bad’ to your search. One person’s terrible experience does not necessarily imply that you will have a negative experience, but it will give you a fuller picture. And most importantly, look out for other customer complaints about not being able to withdraw money. This is a red flag for a scam, but try to reach out to the user and inquire about their experience before passing judgment.

After all, there is no such thing as being too careful regarding forex trading!

do you need help?

A lot of those who contact us have questions and concerns about their personal and business data being compromised. We aim to arm you with the legal and technical know-how in the fight against scams. Also, we will be able to refer you to top scam recovery agencies.

Please fill up the form. Rest assured that our support team will get in touch with you

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