u can try myfxbook

If you referring to RoyalForex, it's Cysec regulated. Not recommended. There are plenty of better options.

Sorry , I mean the RoyalFX australia https://www.rfxt.com.au/ regulated by ASIC.

DrFX, can you recommend some of the better options? Not broker but PAMM managers with the reputable brokers.

Thank you.

How To Check Is the Forex Broker Genuine :thumbsup:  Or Scam

What sort of trader would not like the assistance of a broker that he can rely on? Most new traders struggle to find a genuine forex broker who is transparent and provides a great forex trading experience. There are several reasons for this, but one of the major reasons is the mindset of the traders themselves. As most new traders are lured into the forex game through a fake forex broker as an easy way to make money, they have a wrong image about the forex market and hence do not know how to get long term success. Most of us know that forex is one of the most volatile markets in the world, and due to its floating nature, the prices of the currencies cannot be predicted. But the question of how to identify weather a forex broker is genuine or not depends on several factors. You can also check the various internet websites like forexstars and other to get reviews about the various forex brokers. Here are some ways how you can check the authenticity of a forex broker.
MAKE SURE THE FOREX BROKER IS WELL REGULATED
Only trade or invest with top tier licensed brokers/banks who are under tier 1 and 2 licenses for highest protection. For example, in the event of a Swiss broker/bank bankruptcy, traders and investors are given up to CHF100k capital protection.

Tier 1 licenses under: US NFA, UK FCA, SWISS FINMA, JAPAN FSA, SINGAPORE MAS.
Tier 2 licenses under: European financial regulators, Australia ASIC, Canada IIROC.

AVOID UNREGULATED BROKERS OR OFFSHORE REGULATED BROKERS (Vanuatu, Seychelles, St. Vincent, Belize, etc)

Traders and investors can check with their corresponding regulatory agencies that check the credibility of the forex brokers. They include the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) in the United States, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the United Kingdom, Australian Securities and Investment Commission (ASIC), Swiss Federal Banking Commission (SFBC) and FINMA, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN) in Germany and Autorité des Marchés Financiers (AMF) in France.
Analyze the Website
We all know that in this age of peerless internet technology, coming across fake content is totally possible and one must first check the website first for a clear picture of the reviews. Some websites are meant not for the viewers but an organization’s attempt at getting more affiliates. In such cases you have to judge for yourself whether the reviews are real or are posted through automated software to get more viewers.

Check the Comment Box
Some sites are highly moderated along with the viewer’s comments that appear on the website due to the fear of spam. If a website allows regular users to comment on their posts that is a great sign of openness. But if your comment doesn’t appear immediately on the website and is stuck in the moderation phase forever, you certainly do not want to waste a lot of time reading your reviews on such a website. Several times unanswered comment boxes also indicate the website’s poor activity.

Only Promote Genuine Reviews
There are several websites that post a review and also refer the viewer to a broker’s website as several broker’s pay the sites to promote themselves. While there is nothing wrong in referrals, the viewers must also use their full discretion when it comes to judging whether the reviews are genuine or not. Try to avoid websites that also provide a referral link in a review that also redirects the user to the broker’s webpage.

Transparency Is A Must
The best way to know whether your forex broker is a fake one or not, is to look for his list of clients. While several fake brokers might tell you that it is against the law to disclose such information, the reality is the total opposite and no genuine broker would be afraid to share the list of his clients. Genuine brokers use their network of traders more as their work portfolio and you can always judge the authenticity of a broker through the profiles of the various clients and traders that he deals with. More transparency in a broker’s activities will instill more faith in the clients.

Look At How The Broker Works
While this would be like judging a book from its cover, forex brokers can be judged based on how they deal with their clients. If the forex broker holds each client’s funds in a segregated account approved by the traders, then it is quiet likely that you’re working with a genuine broker. Make sure that the broker has a valid proof of operating under a government regulation.

Check the Broker’s Portfolio
After you have checked how the broker works and the long list of his client’s, you still need to see if the clients are earning regular profits or not. Doing a short background check on how the various traders are performing with a particular broker is one of the best ways to know a broker’s authenticity. Forex is a highly fluctuating market and to ensure profits one requires having a really keen eye and a really honest forex broker.

Forex trading is a risky business and requires a lot of experience and skills, to earn profits over a long term period. Hence it is highly important that the new traders must check the genuineness of a broker to experience a non-stressful forex trading environment.

List of Genuine Forex Brokers
1. Forex.com (Gain Capital)
2. FXpro
3. Swissquote Bank
4. Oanda
5. Interactive Brokers
6. Dukascopy
7. City Index
8. LMAX
9. FXCM
10. Saxobank
11. Admiral Markets
12. ThinkMarkets
13. EasyForex
14. HY Markets
15. ADS Securities
16. FXDD
17. ATC Brokers
18. LCG
19. ActivTrades
20. IC Markets
21. Synergy FX
22. IG
23. CMS Forex
24. AxiTrader
25. Aetos
26. XM
27. Tickmill
28. AVATRADE
29. Exness
30. eToro
31. Plus500
32. Pepperstone
33. Global Prime
34. FXTM
35.
36.

List of SCAM Forex Brokers !ALERT!
1. LiteForex
2. GSM Financial Group
3. RCFX
4. Maxim Trader
5. ODFX
6. TriumphFX
7. WFX
8. Eu Trading Group EUTG (NewTradeFX)
9. IBS
10. FXUnited
11. YouTradeFX (EUTG)
12. UFXMarkets
13. GVF
14. TP Eagles
15. Efzinitus
16. IGOFX
17. Vortex Assets and VFX Premium (Eu Trading Group)
18. KBFX
19. JJPTR
20. SFX Markets
21. FXMAC
22. Nordhill Capital
23. Otex World
24. ikoFX
25. FXcoliseum
26. FXCitizen
27. Capital Foster Advisor
28. IIB International Broker
29. PTFX
30. Sentratama Investor
31. HotForex
32. Xtrade
33. iiinvestments
34. Exia International Group
35.
36.
In case you have invested or trading with any of the scam brokers above, try your very best to withdraw your money back ASAP. If you can't take out your money, file a report or complaint to your local regulator. In most cases, it does not help as scam brokers do not hold any licenses and end up regulators unable to trace them.

Feel free to share your experiences with any other brokers and allow us to add on to above lists.

Based on all the information we provided, i hope it helps new FX investors or traders to differentiate and identify real/scam FX.

We welcome everyone who required due diligence or advise to check the genuineness of a FX brokers. After all, it's FOC.

Moderator, please do not move this topic to join with general Forex spread as it will served as a WARNING to those new to Forex. Thank you.

Hi guys...this post has been  there since 2015. It's now 2017. I'm just wondering since I have invested in one of the listed as scam forex broker, I am just curious on how does the judgements for a listed as scam forex broker being done apart of from what was mentioned up here, when my friend were able to withdraw numerous time from the said forex trader (I regret not to invest earlier after reading numerous post on the said forex and biggest influence of course I get it by reading comments from here.) seeing what my friend has made.. I kinda blame myself for being influenced by what was posted up there..

Hi neomatrixnet,

Please let us know which scam broker are you talking about. Those on the SCAM list 90% have stopped paying. Game over.

There is no regret staying away from scam/fraud. You never know when they will stop paying and run way with investors money. It's just the matter of time. The time is usually when most of the investors reinvest everything into the game.

You will blame yourself or your friend for life if you loss all your money on the SCAM.

There are plenty of genuine opportunity in the market.

what about IGOFX or IGOFX2? my friend is inviting to invest in that

Scam, nothing more but scam.

Hi neomatrixnet,

Please let us know which scam broker are you talking about. Those on the SCAM list 90% have stopped paying. Game over.

There is no regret staying away from scam/fraud. You never know when they will stop paying and run way with investors money. It's just the matter of time. The time is usually when most of the investors reinvest everything into the game.

You will blame yourself or your friend for life if you loss all your money on the SCAM.

There are plenty of genuine opportunity in the market.

Anyonw knows about the gold trading offered by Gold Master using triumpfx broker

Hi DrFX,

Thanks for the prompt reply. I actually invested in Igofx. It was in the scam list but looks like it is still active. It's the first 2 months since I started to invest and got a decent 35 usd in return for this two months. I am just curious of why it was in the scam list when others managed to withdraw. More over I've seen some news regarding their sponsorship to soccer club and award on fast growing new investment platform 2016 Asia. So I just wanna ask clearer details on this

hi i m newbie in forex... i juz invest in igofx and my another fren introcude invest in nordhillcapital, any 1 hear tis b4? and say verify by third party which is myfxbook... what is myfxbook actually?

Hi Jack,

We understand from Triumpfx first batch investors that the company claimed their money were hold by New Zealand government. So basically it's an excuse for them not to pay. Triumphfx also told their investors that the trades only appear on MT4 5 hours after the trades executed. Can you believe it?

After that, we found that Triumpfx has obtained a toilet paper license from Vanuatu and continue promoting by Gold Master. Anyone would like to continue the story?

How did you know that they told investors about the 5 hours executions?

Actually I saw something about that. hehe

Hi all FX experts,

For PAMM accts, both fund manager and investors put in a lot of money so the fund manager has enough capital to earn for everyone.

What I don't get it is for those copy-trade system, the fund managers only has a few hundreds to a few thounsands as capital with no fund from investors.  It makes no sense to me for these fund managers who seems to have a super high rate of winning, would want to trade such small amount.

Is my understanding wrong ?

Hi DrFX,

Thanks for the prompt reply. I actually invested in Igofx. It was in the scam list but looks like it is still active. It's the first 2 months since I started to invest and got a decent 35 usd in return for this two months. I am just curious of why it was in the scam list when others managed to withdraw. More over I've seen some news regarding their sponsorship to soccer club and award on fast growing new investment platform 2016 Asia. So I just wanna ask clearer details on this