Report a Scam Broker

The Forex market is the world’s largest and most liquid financial market, with a daily trading volume of around $7.5 trillion. As online Forex trading continues to grow worldwide—driven by greater internet accessibility and the expansion of international brokers—scams and fraudulent operators have also increased, making broker due diligence more important than ever.

If you’ve been scammed, report it to your national financial regulator — most countries have an authority responsible for investigating and prosecuting investment fraud.

How to avoid being scammed

To protect yourself and avoid being scammed, make sure to follow these steps:

1. Never give money to someone to trade on your behalf

Only licensed financial professionals are legally allowed to invest client funds. Always verify that anyone managing money for you holds the required authorisation in their jurisdiction.

2. Never send money to people you meet on social media

Many Forex scams begin on platforms like Facebook, Instagram, and messaging apps. Avoid transferring money or sharing personal information with people you don’t know personally.

3. Never trust any broker or person offering guaranteed returns or huge profits

Forex trading involves risk, and profits can never be guaranteed. Be cautious of anyone offering unrealistic returns or “risk-free” opportunities.

4. Always verify that a broker is regulated

Legitimate brokers display their regulatory licence number on their website. Check this number on the regulator’s official register before depositing any funds.

If your broker is based outside your country, confirm that it’s authorised by a recognised regulator such as the FCA (UK), ASIC (Australia), CySEC (Europe), or another reputable authority listed on the IOSCO website.

If your broker is not based in the UK, other major regulators such as ASIC (Australia) and CySEC (Europe) all have searchable registers too.

5. Seek out broker reviews from reputable sources

In addition to ensuring that you are dealing with a regulated broker and verifying their credentials, it’s crucial to explore reviews from impartial sources. We have a long-standing history of evaluating numerous Forex brokers for over a decade. Feel free to explore our independent, unbiased forex broker reviews.

6. Learn how to spot a scam broker

In this video, we walk you through a scam Forex broker’s site and show you some common indicators that this is not in fact a legit Forex Broker.

We also provide a podcast episode about the subject matter, divided into two parts. The first part focuses on the procedure of scam brokers and in the second part we share real life stories of people who have been scammed, how it happened and how to avoid it.

File a report

If you believe you have been the victim of a scam, please fill out the form below. Your input is invaluable in our ongoing efforts to protect others from falling victim to fraudulent brokers and maintaining the integrity of our platform. However, it’s important to note that while we are committed to offering support and raising awareness, we are not legal experts and lack the authority to initiate legal actions or provide individual remedies against scam broker companies. Your input will primarily assist in our collective mission to prevent future scams.

Important: Data collection information

We collect answers from lots of traders and where we see a trend, we will conduct research into the broker in question and publish any results we may find.
We reserve the right to use your story for informative purposes, but will never attribute the comments to any one individual. Your privacy is respected and we will not publish any personal details.
We will not tarnish the reputation of brokers unless we can find evidence of wrongdoing.