A Compilation of High Profile Blacklisted Forex Brokers
Unfortunately, fraud can be found in any business, including the Forex market. Sleazy Forex brokers are still deceiving naïve traders in 2022, but the good news is that this is no longer the trend and is on the decline. This shift is due to a variety of factors. Today, Internet users keep blacklists of Forex scam brokers up to date and publish them regularly. Our portal is no different. We’ve been gathering information on scam brokers for more than ten years and believe we’ve identified every dishonest broker on the market.
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. There are three sorts of Forex fraud broker blacklists: fly-by-night-brokers, forex bucket shops, and pyramid schemes. This article contains a guide on how to be aware of the blacklisted brokers, spot them and tackle them.
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Table of Contents
Beware of These Blacklisted Forex Brokers
STForex is a broker situated in Saint Vincent and the Grenadines that has been in business since 2014. This broker has been identified as a fraud and should not be utilized to facilitate trading operations. When registering for a live account, the broker does not demand a minimum deposit and claims to give a 200 percent deposit bonus as well as a US Dollar 10 no-deposit bonus.
The broker claims to offer PAMM accounts as well as a selection of trading accounts. The website is available in Russian, and STForex claims to use an NDD model in addition to mobile trading, a variety of features, and high maximum leverage.
2. Prophet Moral Monareng
This broker advertised its services on social media and claimed to be a legitimate Forex broker regulated by the Financial Services Provider, or FSP, with a license number. In addition, the phony broker claimed to work for Lebone Risk Solutions.
The FSCA has exposed Prophet Moral Monareng as a trading hoax, as well as showing his lack of affiliation with Lebone Risk Solutions. In addition to giving information on the prosecution of con artists acting as legitimate Forex traders in a distinct fraud from that using Prophet Moral Monareng, the FSCA issued an official and public warning.
3. Grand Trade
Grand Trade is an unregulated offshore broker based in Belize and owned by Oracle Stone, Ltd. Traders who have had a variety of troubles with this broker have left several negative evaluations and reports. Grand Trade is a futures trading broker that allows traders to trade Forex, cryptocurrency, and some precious metals on a web-based platform.
Grand Trade promises an 85 percent payment rate on its website; however, multiple traders have complained about a variety of concerns with this broker, in addition to huge losses. The International Financial Services Commission, or IFSC, has issued repeated warnings about Grand Trade’s parent business, Oracle Stone, Ltd., and traders are advised to avoid both companies.
Following a warning from the Australian Regulatory Authority, ASIC, Forex Peace Army has designated MaxCFD as a fraudulent broker. Traders who have a live trading account with this broker are advised to remove their funds because MaxCFD has been linked to a number of fraudulent schemes.
These include deposit bonuses into trading accounts without first obtaining permission, which leads to the account being frozen or the account balance being counterfeited. Traders should be aware that, while the incentives appear to be more lucrative, they are tied to severe terms and conditions that expose the account and balance to the broker’s whims and wishes.
When it comes to examining brokers and offers, the rule of thumb is that if something seems too good to be valid, it usually is, and this is true in the case of the scam broker Panamoney. The Financial Industry Regulatory Authority, or FINRA, issued a warning in 2010 labeling Panamoney as a fraud artist. Panamoney provided a few returns before going out of business and never being seen or heard from again. When this happened, many traders still had monies in their trading accounts, and these traders were unable to access these funds because the broker’s website was also shut down.
Panamoney was infamous for deducting cash from trading accounts and forfeiting gains for false ‘early money release requests’ which were not made by the afflicted traders. Some traders have claimed to have lost as much as $160,000 when trading with Panamoney. Panamoney also reserved the right to suspend a trading account at any moment and without notice. The trader would then be unaware that their trading account had been wiped of all funds until they attempted to access it and discovered that it had been barred.
6. Cannabis Trader
This broker has worked hard to persuade a number of traders to invest in cannabis stock CFDs. The required first payment of US$250 was to be paid directly to the broker at the time of registration.After registering, Cannabis Trader uses proprietary software to place trades on Cannabis Stock CFDs on the trader’s behalf, based on real-time market signals.
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The broker also provides trading recommendations to help traders learn everything they need to know about trading, as well as encouraging traders to invest in Cannabis Stock CFDs while the market is still open. There are a number of warnings with this broker, as well as a lot of evident qualities that traders should be aware of when dealing with scam brokers.
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Is a non-regulated broker claiming to be based in New York? There have been several reports and negative evaluations about this broker, as well as red flags that raise doubts about its credibility.There are various reviews warning traders that this broker may be a fraud because there is no method to assure the security of trader cash.
Furthermore, there is little information accessible about the trading circumstances it provides. Traders are encouraged to avoid utilizing the services of this broker and instead use a broker that is regulated by respectable organizations that gives clear and straightforward information about its offerings, among other things to consider.
8. Porter Finance
PorterFinance is part of the Greymountain Management Group, which has received a large number of Forex Peace Army Court Verdicts. The FPA Trader’s Court has also declared all linked companies to be fraudulent and scams.
In an attempt to protect traders from PorterFinance and other shady brokers, the Australian Securities and Exchange Commission has issued a slew of warnings. PorterFinance is also renowned for doing things like trading Forex on behalf of its traders on weekends, preventing traders from withdrawing monies from their accounts despite satisfying all of the conditions, and more.
9. Bull Trend Trader
Bull Trend Trader claims to have been established in 1997 and is a Bulgarian-based NDD broker licensed by the Bulgarian National Bank to facilitate the trading of a variety of financial products. This broker has been flagged as a fraud, and traders should avoid it to avoid significant losses.
The broker claims to have a US$130 minimum deposit requirement and a number of trading accounts from which traders can choose. PayPal, debit and credit cards, and wire transfers are the only payment options accepted.
10. BitOptions 24
According to the BitOptions website, this broker is Europe’s leading online and mobile consumer. It is claimed that they use cutting-edge technology and data to provide comprehensive services to traders in over 17 countries.
There is also a provision for a company certificate to demonstrate that they are registered, but BitOptions 24 is a scam that has received multiple warnings. The website and offerings may appear authentic to novice traders, but the truth is that it is a site lacking in specific information and promising unrealistic profits to naïve users.
HFX is designated by the Financial Services Authority, or FSA, as an illegal firm engaged in criminal and fraudulent acts and has been identified as a scam broker by Forex Peace Army. HFX is well-known for using trading account funds to make deals without the traders’ approval.
This results in significant losses and the clearing of funds in the trading account. There have also been multiple complaints of traders having significant problems withdrawing monies from their accounts. Several traders have also had their accounts frozen after being suspected of trading in an unethical manner.
12. Prime Trading
It claims to be a licensed investment firm that provides traders with services, as well as investing strategies, products, and other solutions. Prime Trading claims to have over 135 investment teams based in 30 locations across the world that share their knowledge and experiences with traders in order to help them create positive results.
The Malta Financial Services Authority, or MFSA, issued a warning to traders, informing them that Prime Trading is a scam. Despite claims to offer a guarantee of success, the reality is that there is no assurance that profits will be made when trading. Trading is a dangerous and difficult business that necessitates a lot of time, effort, dedication, research, and consistent efforts. It is not something that a broker, software, or trading bots can supply.
This broker claimed to provide significant profits through investment strategies that were believed to be dependable as a Forex and cryptocurrency investing website. After only 25 days, the website offered investors returns of up to 1555 percent on their investment.
On the website, there is no explanation of how large profits might be obtained, how the broker operates, or who the broker is. The only information accessible on the website is that DDFutures is a private firm situated in the United Kingdom that specializes in the development of high-return goods. There are a number of red signs that traders should be aware of, and in the case of DDFutures, there were three separate red flags:
- The promise of easy money
- The website’s vagueness and lack of company information, as well as
- An illegitimate license is one that has been issued by a third party.
There have been few complications for many traders who used NoaFX to deal in various financial products. Traders would trade on worldwide markets and build gains in their trading accounts, but there would be issues and red flags when they attempted to withdraw funds from their accounts. Traders stated that when they emailed NoaFX, they received generic responses that were delivered mechanically.
NoaFX had not responded to my repeated attempts to contact them about these difficulties over the course of several months. Traders had no way of getting their money back, despite the fact that NoaFX claimed to be regulated by the Financial Markets Authority in New Zealand. However, this was not the case, and traders lost their money. Forex Peace Army has blacklisted NoaFX, and the FPA Traders Court has issued three guilty votes against the broker. Also, click here to find more news and articles about different kind of scam
In today’s Forex market, there are unfortunately a big number of unprofessional and unscrupulous brokers. 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.
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