Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck
March 05, 2024
Early detection is your best defense against forex scams. Before signing up for an online brokerage account, make sure to verify if the broker is regulated in legitimate regulatory jurisdictions. Generally speaking, well-regulated brokers are subject to stricter laws and offer robust consumer protections.
Unregulated brokers do not have to report to a governing body and receive little oversight (if any). If your broker is unregulated (or loosely regulated) and you are scammed in any way, you’ll likely have no recourse for recovering your funds.
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At ForexBrokers.com, we’ve made it part of our mission to help forex traders avoid forex scams. Learn more about Trust Score and find highly rated forex brokers.
Potential Scam Brokers
Do you suspect that you've come across a scam broker? To help protect traders from forex scams, we've gathered data from Tier-1 regulator watchlists like the FCA and the CFTC to create this list of unregulated brokers. These firms display many of the warning signs of forex scams. Check out the list below.
- Is AffluenceFX a scam?
- Is AmeritForexTrade a scam?
- Is Astrofxoptions a scam?
- Is BitForexTrade a scam?
- Is CoingateForexPro a scam?
- Is EasyFxExchange a scam?
- Is Fastforextradelab a scam?
- Is Fastsecurefx a scam?
- Is Forex Capital Gain a scam?
- Is Forex Trade Platform a scam?
- Is FortressFXCapital a scam?
- Is FX Trading Digital Pay a scam?
- Is Octa Stocks FX a scam?
- Is panfxtrades a scam?
- Is Plutoforextrade a scam?
- Is Professional Toptrade a scam?
- Is Savetrust FX a scam?
- Is SpringFX a scam?
- Is TradeWise FX a scam?
- Is Tranquil Trade FX a scam?
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Is AffluenceFX a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
AffluenceFX advertises "minimum profits" in the tens of thousands of dollars and "98% daily wins" on its platform. You'll see in the screenshots below that this broker claims that their account allows traders to sit back and "watch your profit grow." These kinds of unbalanced claims are red flags and likely indicate you are dealing with a forex scam. Affluence FX also lacks substantial regulation and has been flagged on the FCA's warning list. We do not recommend opening an account with AffluenceFX.
Screenshots of unbalanced claims made on AffluenceFX's website, along with regulator warnings about this specific company.
Is AmeritForexTrade a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
AmeritForexTrade claims that you'll be able to earn a "huge return on investment" and that "you are guaranteed of your earnings.'' These kinds of unbalanced claims about profitability in the forex market can indicate that you are dealing with a forex scam. AmeritForexTrade is not regulated in any legitimate regulatory jurisdictions and appears on the FCA's watchlist for unauthorised firms. We do not recommend opening an account with AmeritForexTrade.
Screenshots of unbalanced claims made on AmeritForexTrade's website, along with regulator warnings about this specific company.
Is Astrofxoptions a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Astrofxoptions claims that traders begin to receive profits as soon as they begin trading on the firm's platform. This broker advertsies "profitable plans" and a "highly profitable" investment platform along with "Investment Plans" that claim to guarantee an astronomical return on investment. Such extreme, unbalanced claims can indicate that you are dealing with a forex scam. Astrofxoptions lacks regulation and appears on the FCA warning list. We do not recommend opening an account with Astrofxoptions.
Screenshots of unbalanced claims made on Astrofxoptions's website, along with regulator warnings about this specific company.
Is BitForexTrade a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
We do not recommend opening an account with BitForexTrade advertises trading plans that guarantee weekly returns in the tens of thousands of dollars and claims that its clients enjoy a "HIGH ROI" and "GUARANTEED RETURNS." These kinds of unbalanced, misleading claims can indicate that you are dealing with a potential forex scam. BitForexTrade lacks regulation from legitimate, reliable regulatory jurisdictions and appears on the FCA's warning list for unauthorised firms. We do not recommend opening an account with BitForexTrade.
Screenshots of unbalanced claims made on BitForexTrade's website, along with regulator warnings about this specific company.
Is CoingateForexPro a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: CFTC Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
CoingateForexPro claims to be able to provide "profitable working conditions" for its clients. This firm also advertises that its "specialists are guaranteed to bring profit to all our partners." CoingateForexPro also advertises that you can "generate as much as 4000$ by trading with 500$ in a week." These kinds of unbalanced, dangerous claims about profitability are can indicate that you are dealing with a forex scam. CoingateForexPro lacks regulation in legitimate regulatory jurisdictions and appears on the CFTC's RED watchlist. We do not recommend opening an account with CoingateForexPro.
Screenshots of unbalanced claims made on CoingateForexPro's website, along with regulator warnings about this specific company.
Is EasyFxExchange a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
EasyFxExchange encourages you to "invest what little money you have" in order to "gain a profit." This broker also advertises "profitable investments" and guarantees returns in the tens of thousands of dollars, along with a claim that their platform makes "98% daily wins." EasyFxExchange is not licensed by any Tier-1, Tier-2, Tier-3, or Tier-4 regulatory jurisdictions and has been listed on the FCA warning list. We do not recommend opening an account with EasyFxExchange.
Screenshots of unbalanced claims made on EasyFxExchange's website, along with regulator warnings about this specific company.
Is Fastforextradelab a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Fastforextradelab makes the unqualified claim on its website that it can provide "80-90% high probability forex trades." This broker also offers account types that advertise a "minimum expected profit" and promotes claims such as: "INVEST $600 GET $7,000." Fastforextradelab also claims that its signals feature a "95% success rate." These kinds of unbalanced claims are misleading and can indicate the possibility of a forex scam. Fastforextradelab lacks legitimate regulation and appears on the FCA's watchlist for unauthorised firms. We do not recommend opening an account with Fastforextradelab.
Screenshots of unbalanced claims made on Fastforextradelab's website, along with regulator warnings about this specific company.
Is Fastsecurefx a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Fastsecurefx advertises a "reliable and profitable" source of income and claims to guarantee profits if you elect to sign up with one of its account types. This broker's account options also advertise expected profit ranges based on your deposit. These types of unbalanced claims are warning signs that you are likely dealing with a forex scam. Fastsecurefx also lacks substantial regulation in top-tier jurisdictions and appears on the FCA regulator warning list. We do not recommend opening an account with Fastsecurefx.
Screenshots of unbalanced claims made on Fastsecurefx's website, along with regulator warnings about this specific company.
Is Forex Capital Gain a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: CFTC Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
On the brokers website, Forex Capital Gain encourages its clients to "invest what little you have" with the expectation of making "a great profit in the end." This broker also advertises account "plans" that guarantee a return on investment (ROI) in the thousands of dollars. Forex Capital Gain also falsely claims to be regulated by the CFTC, despite being featured on the CFTC's RED warning list. Forex Capital Gain lacks regulation from prominent regulatory jurisdictions. We do not recommend opening an account with Forex Capital Gain.
Screenshots of unbalanced claims made on Forex Capital Gain's website, along with regulator warnings about this specific company.
Is Forex Trade Platform a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Forex Trade Platform claims to provide "90% high probability forex trades" and that it can "ensure your profitability." This broker also promises "minimum expected profits" for its clients. These types of extreme, unbalanced claims are red flags and can indicate that you have come across a forex scam. Forex Trade Platform is not regulated in any reputable regulatory jurisdictions and appears on the FCA's warning list. We do not recommend opening an account with Forex Trade Platform.
Screenshots of unbalanced claims made on Forex Trade Platform's website, along with regulator warnings about this specific company.
Is FortressFXCapital a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
FortressFXCapital advertises "profitable working conditions" for its clients. This broker also claims that it can guarantee profits for its investors. These kinds of unbalanced statements can indicate that you are dealing with a forex scam. FortressFXCapital lacks substantial regulation from top-tier jurisdictions and appears on the FCA's warning list of unauthorised firms. We do not recommend opening an account with FortressFXCapital.
Screenshots of unbalanced claims made on FortressFXCapital's website, along with regulator warnings about this specific company.
Is FX Trading Digital Pay a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
FX Trading Digital Pay claims that it can reduce your risk percentage to 5% and can guarantee returns up to 80%. The broker also offers the unqualified claim that your profit will grow each day if you open an account. If you find a broker that promises the ability to generate profits in three steps, you should steer clear. This firm is unregulated and has been flagged on the FCA's warning list for unauthorised firms. We do not recommend opening an account with FX Trading Digital Pay.
Screenshots of unbalanced claims made on FX Trading Digital Pay's website, along with regulator warnings about this specific company.
Is Octa Stocks FX a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Octa Stocks FX promises a guaranteed daily return on investment and advertises "easily achievable profit targets." Octa Stocks FX also asserts that you "can't lose money" with their platform because they claim to have insured their clients' funds. It's also worth noting that Octa Stocks FX is likely an attempt to "clone" a legitimate broker (Octa) – check out my guide to forex scams to read more about cloned firms. Octa Stocks FX is unregulated and appears on the FCA's warning list. We do not recommend opening an account with Octa Stocks FX.
Screenshots of unbalanced claims made on Octa Stocks FX 's website, along with regulator warnings about this specific company.
Is panfxtrades a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
panfxtrades claims that forex trading generates reliable profits (this is false) and that you should expect to receive profits when trading forex. These kinds of unbalanced claims are red flags and could indicate a potential scam. Despite the fact that this firm has no verifiable regulatory licenses, it claims to be a "100%Trusted" broker. Always make sure to verify your broker's regulation (learn more by visiting our Trust Score page). panfxtrades also appears on the FCA regulator warning list. We do not recommend opening an account with panfxtrades.
Screenshots of unbalanced claims made on panfxtrades's website, along with regulator warnings about this specific company.
Is Plutoforextrade a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Plutoforextrade claims that its clients should expect a return on investment (ROI) within 48 hours. The broker's claim that you have "zero chances of losing your investments" is vastly misleading, no matter the context. This broker does not hold any reputable regulatory licenses and has been listed on the FCA's unauthorised firms watchlist. We do not recommend opening an account with Plutoforextrade.
Screenshots of unbalanced claims made on Plutoforextrade's website, along with regulator warnings about this specific company.
Is Professional Toptrade a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Professional Toptrade purports to offer account types that advertise guaranteed profits – these kinds of claims indicate the potential for a scam. This broker also advertises "80-90% high probability forex trades" without qualification. In fact, the vast majority of forex traders lose money each year (learn more by reading my educational series on forex scams). Professional Toptrade also claims that traders do not need any experience to trade, invest, or "take your profit." This broker lacks substantial regulation and is featured on the FCA's unauthorised firms watchlist. We do not recommend opening an account with Professional Toptrade.
Screenshots of unbalanced claims made on Professional Toptrade's website, along with regulator warnings about this specific company.
Is Savetrust FX a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Savetrust FX claims that it is capable of "returning good profit yield on crypto assets." You should always question any claims surrounding profits or profitability. This firm also asserts that using "leverage of 100X" (a leverage ratio of 100:1) will "boost your profits." What they don't mention is that the use of leverage can also cause significant losses (learn more by checking out my guide to leverage in forex trading). Savetrust FX also promises a "guaranteed weekly income." These claims are misleading and dangerous. This broker lacks significant regulation and is featured on the FCA's unauthorised firms watchlist. We do not recommend opening an account with Savetrust FX.
Screenshots of unbalanced claims made on Savetrust FX's website, along with regulator warnings about this specific company.
Is SpringFX a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
SpringFX advertises "risk-free trading" if you use their investment strategies. There is no such thing as "risk-free trading" and you should steer clear of any firms, brokers, or companies that attempt to convince you otherwise. This broker also advertises account types that feature guaranteed percentage returns on your investment. SpringFX is not regulated by any top-tier regulatory jurisdictions and appears on the FCA's unauthorised firms watchlist. We do not recommend opening an account with SpringFX.
Screenshots of unbalanced claims made on SpringFX's website, along with regulator warnings about this specific company.
Is TradeWise FX a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
TradeWise FX claims that there is "no need to be experienced" and that it provides "80-90% probability" forex trades. These kinds of claims are dangerous and can indicate that you are dealing with a forex scam. TradeWise FX also advertises account types that guarantee minimum profits (there is no such thing as "guaranteed profits" in the forex market). TradeWise FX lacks substantial regulation and is featured on the FCA's warning list for unauthorised firms. We do not recommend opening an account with TradeWise FX.
Screenshots of unbalanced claims made on TradeWise FX's website, along with regulator warnings about this specific company.
Is Tranquil Trade FX a scam?
| Tier-1 Licenses | 0 | Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
| Regulator Watchlist | Yes: FCA Regulator Warning |
| Unbalanced Claims | Yes |
| Trust Score Rating | 0 |
Tranquil Trade FX offers account types that claim to guarantee profits. If you come across a broker, firm, or company that claims it can guarantee profits, you may be dealing with a forex scam. Tranquil Trade FX does not hold any regulatory licenses from legitimate regulatory jurisdictions and has been listed on the FCA's warning list for unauthorised firms. We do not recommend opening an account with Tranquil Trade FX.
Screenshots of unbalanced claims made on Tranquil Trade FX's website, along with regulator warnings about this specific company.
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