Blacklist of Forex brokers 2024

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Forex Brokers Blacklist 2024

Eradicating fraud in any industry is a daunting task, and the Forex market is no exception. Statistics reveal that approximately 90% of all brokers are scammers, operating with no intention of genuine collaboration with traders.

Our service is dedicated to providing objective information about brokers, distinguishing trustworthy companies from fraudulent ones. Our blacklist exposes companies that have tarnished their reputations or exhibit clear signs of scamming, particularly new, dubious entities.

Fraudulent brokers often mimic the functionalities of legitimate Forex intermediaries, but in reality, they have no involvement in actual brokerage services. They fail to execute trades on the international market, instead simulating trading to continuously lure clients into further investments until the realization of their deception dawns upon them. By this time, users typically lose tens of thousands of dollars.

How do Forex scammers cheat?

There are many Forex scam schemes. Admittedly, most scammers employ basic tactics well-known to experienced traders. However, fraudsters remain unfazed, preying on unsuspecting newcomers who readily believe empty promises without delving into legal nuances, trading possibilities, and other crucial aspects.

To fleece traders, scammers:

  • embed exploitative terms in their “User Agreement,” forcing users to accept unfavorable “rules of the game” upon registration.
  • block accounts, accusing clients of fraud (proving otherwise is virtually impossible).
  • steal deposits under the guise of platform glitches or account hacks, blaming the user for the incident.
  • issue fake recommendations, manipulating users into depleting their funds, while assuming no financial liability for their advice.

 

We recommend being as careful as possible when choosing a broker and not rushing to trust the company. Read articles on our website, reviews from real clients, and only then make a decision.

How to recognize a Forex fraudster?

The first sign of Forex fraud is the promise of unreasonably high profits. The crooks guarantee that there are no financial risks and promise to help with trading. Don’t believe it. Criminals use generous bonuses, “expert” help and other tricks solely to attract attention.

Our team objectively evaluates each broker. We pay attention to regulation and license, quality of site preparation, and trading conditions. Only fraudulent companies that are truly dangerous are included in the blacklist.

FAQs

How to safeguard against Forex scams?

Regularly check our updated Forex broker blacklist. We continuously add new reviews. Additionally, you can find feedback from real clients beneath each review.

What are the key red flags of a fraudulent Forex broker?

Dubious Forex brokers often exhibit issues with legal documentation and unrealistic trading conditions. Typically, such companies already have a trail of negative online reviews, tarnishing their reputation.

Who benefits from the Forex broker blacklist?

We strive to craft highly informative reviews in a clear and concise manner. Both novice and experienced traders will find value in our content.

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