How To Check Is the Forex Broker Genuine 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 (except Cysec), Australia ASIC, Canada IIROC, Hong Kong SFC.


AVOID UNREGULATED BROKERS OR OFFSHORE REGULATED BROKERS THAT WITHOUT TIER 1 or 2 licenses. (Vanuatu, Seychelles, St. Vincent, Comoros, Belize, Indonesia 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.

Indication of SCAMs:
1. FIX RETURN (SCAM)
2. Unregulated, offshore regulated or white label(AR) brokers (Potential SCAM)
3. Lucrative upfront commission (SCAM)
4. Without live report/statement access or Myfxbook (Potential SCAM)
5. Fix exchange rate for deposit and withdrawal (SCAM)
6. Cash payment
7. Lock up period (Potential SCAM)
8. No segregated bank account
9. High monthly return with illogical low drawdown
10. Capital guaranteed
11. Fixed payout schedule or cycle
12. Funny story like ROI from rebates.
13. Owned by China boss.


Any FX companies matched at least 2 of above indications, it is a potential SCAM. If matched 3 of the above indications, then it is definitely a SCAM!

__________________________________________________________________________

List of Genuine Forex Brokers
1. IC Markets
2. Pepperstone
3. Tradeview Markets
4. Forex.com (Gain Capital)
5. CMC Markets
6. Axi
7. equiti
8. Interactive Brokers
9. Finalto
10. FXCM
11. Saxobank
12. IG
13. FXPro
14. Oanda
15. BlueberryMarkets
16. One Royal
17. ATCBrokers
18. Velocity Trade
19. Bloomberg
20. Noor Capital
21. ZeroMarkets
22. Swissquote
23. TMGM
24. ATFX
25. EightCap
26. Moomoo
27. CFI
28. OPOFinance
29. Exness
30. Hantec Markets
31. LMAX
32. FXPro
33. Global Prime
34. Alchemy Markets
35. Varianse
36. Tickmill
37. Trade.com
38. ADS Securities
39. Markets.com
40. YCM-Invest
41. City Index (Gain Capital)
42. Scandinavian Markets
43. Capital.com
44. Plus500
45. HY Markets
46. ActivTrades
47. MAS Markets
48. Admiral Markets
49. Advanced Markets
50. ForexVox (ValuTrades)
51. Tigerwit
52. Pacific Financial Derivatives (PFD)
53. Rakuten Securities
54. GKFX
55. MiTrade
56. ValuTrades
57. FXOpen
58. EBC Financial Group
59. CMS Forex
60. GOMarkets
61. XM
62. FPMarkets
63. ThinkMarkets
64. FXTM
65. GMI (Global Market Index Limited)
66. Aetos
67. MaxFX
68. FBS
69. Kohle Capital Markets
70. Synergy FX
71. Halifax Investment Services
72. eToro
73. AAAFX
74. Amana Capital
75. FXTrading.com
76. EasyForex
77. AVAFX
78. GBE Broker



List of Genuine Forex Investments
1. VESBOLT


List of BAD B BOOK FX Brokers that you should avoid !ALERT!

1. HFM
2. Blackbull
3. FXPrimus
4. EC Markets
5. Infinox

_____________________________________________________________________________

List of SCAM Forex Firms/Brokers !ALERT!

1. LiteForex
2. GSM Financial Group
3. RCFX
4. Maxim Trader
5. ODFX
6. GM Trader (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. Falconaire
31. FIN888 (SamTradeFX)
32. Xtrade
33. iiinvestments
34. Exia International Group
35. MYS CAPITAL (SFX Markets)
36. Zurich Prime
37. VenusFX
38. WMS Capital
39. MXC Forex
40. ECM
41. Sentratama Investor Future
42. Midasama (Pruton Capital)
43. FG GLOBAL ENRICH (White Label of Fullerton Markets)
44. FCMIS
45. ODIN Management (odincapital.com)
46. BlueMax Capital
47. Questra
48. Atlantic Global Asset Management
49. FXPrimus
50. OctaFX
51. AccentForex
52. Financial.org
53. OTM Capital
54. MG Falconer (TP Eagle)
55. Starexfx
56. FintechFX (MIA)
57. SuperForex
58. Algotechs
59. Bealgo
60. FiFx Global
61. UTS (Sentratama)
62. Blue Trading
63. Midtou Financials
64. OTM Capital (Midtou)
65. MX Capital (Scrptx Portfolio)
66. EssenceFX
67. Tradesto
68. GCG Asia
69. Gold Tinkle - Genesis Business Group
70. WikiFX (fxeye.com)
71. TradeFred - BrightFX Capital Limited (MIA)
72. Smart Contract Group
73. OlympusFX
74. AIP
75. Ocean Bliss Investments (oceanicblissfx)
76. IronFX
77. Veonco Group
78. ECM Trader (ECM Group)
79. CK Ltd.
80. Daweda (Midasama)
81. HiiFX
82. HKdahui
83. Trilasia.com
84. Stone Lion Financial
85. Throne Legacy Capital 腾乐
86. Fullerton Markets
87. NARTT
88. Oribix
89. Awe SwissFX
90. CTIN (MDCFOREX)
91. MAXWISE Union (Sentratama)
92. TrealFX
93. 360coinpath
94. Jadesan Capital Investments (JCI)
95. Orion Star Capital
96. Maxi Services
97. Mahamudra (MMDFX)
98. Forex Chief
99. ATA Markets
100. Juze Investment
101. CP Markets (CooperMarkets.com)
102. FDX Capital (fdxcap.com)
103. Vextrader
104. Arotrade
105. MFM Group (MFM Securities) Union Technology Platform
106. Starling Gold Asset Management HK
107. SamTradeFX
108. Victory Trade International (VTFX)
109. Zentrade (NET89)
110. MaxGlobalFX (NET89)
111. Global Premier (NET89)
112. iAL Group
113. EOB Corporation/EOB Infinity/EOB Miles (TriumphFX)
114. GFS Asia (Janis Urste)
115. Grex Capital
116. Trivial Capital (Grex)
117. Raffles Market FX
118. GST HUB
119. Sky Markets
120. Unison Corporation
121. Jireh Trillions Berjangka
122. Quantic Venture
123. DRCFX
124. AiProFX (YunikonFX)
125. PrimaFX / Prima International
126. FVP Trade
127. Panthera Trade & Pansaka (AutoTrade Gold)
128. AMG Capital (TriumphFX)
129. Herzen (AIFC Technology)
130. Goldenaire (TriumphFX)
131. ASJ Forex Global
132. MogaFX
133. FX Winning
134. VLADO
135. OPIXTECH (RAYNAR Prime)
136. Lirunex
137. UEZ Markets
138. ULTIMATE PINNACLE (Rainmaker Quantum)
139. XAU Merlion (DymonFX)
140. Dollars Markets
141. UW Global (Sentratama - Janis Urste)
142. Tradehall (ValueEnvision)
143. Ridder Trader
144. DMT (Tradehall)
145. CCT (TriumphFX)
146. Wikifx
147. European Credit Investment Bank Ltd (Labuan)
148. Global Trade Finance (BOStrading)
149. Crownstone Private Investments (Lirunex)
150. OXSecurities
151. InstaForex
152. Ultima Markets.
153. PUPrime
154. Gold Fun (AGA)
155. Maxima
156. InterTrader
157. Raze Markets




List of Genuine CRYPTOS
1. Bitcoin
2. Bitcoin Cash
3. Ripple
4. Ethereum
5. Litecoin
6. Dash
7. Neo
8. EOS
9. Qtum
10. Ontology
11.
12.
13.
14.
15.


List of Suspicious CRYPTO Companies (SCAM!)

1. OneCoin
2. WoToken
3. S Block
4. Plus Token
5. Sixmos
6. Emas Fintech
7. Crypto Grand Trade FX
8. CoinCat
9. Loom-X
10.

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.


LEARN THE SIMILARITY OF FX SCAMS FROM MYFXBOOK.

Priority check: Check the broker on Myfxbook top left corner. If you find the unknown broker did not hold top tier 1 or 2 licenses (UK, Swiss, US, Australia, Canada, SG, Japan), AVOID IT. Scammers will not spend millions dollar to buy a good license for the purpose of scam. All FX SCAMS operate and collect funds by using offshore firms.

Secondary check: Check the Myfxbook performance on the left which stated Monthly and Drawdown. If you find illogical high returns and low drawdown, you sense something wrong. God does not exist in the real trading world. Every trader experienced drawdown.

Third check: All the charts of FX SCAMS have pretty solid growth curve, without zip zap nor drawdown period. They cant afford to have any drawdown as this will kill the investors and marketers confident.

[After this post, SCAMMERS may start to raise their drawdown. Yet they still can't get any top-tier license.]

We have picked 5 FX SCAMS as examples for everyone to learn the skill. Please check out the Myfxbook screenshot as below.

1. MIA (James Harisson) - Game over, all investors suffered total loss.
2. TriumphFX (EOB) - Scammed several times via Hong Kong, New Zealand firms. Remain very active. Mislead by Cysec license, but in fact they are scamming with offshore.
3. SamTradeFX (FIN888) - Very active. Offshore unregulated. Use white label license to mislead investors.
4. VexTrader - Very active. Offshore unregulated. Mislead by using Canada FINTRAC and Dubai DED, both not FX license, Canada Financial license is under IIROC and Dubai is DFSA.
5. Grex Capital - Very active. Using Labuan license to mislead, it's a tier 3 license without strict requirement.

DONT LET THE FX SCAMMERS CHEAT YOUR HARD EARN MONEY DURING THIS MCO!











RULES OF THE THREAD
1. NO MERCY FOR ANYONE WHO DEFENDING FX SCAMS.
2. Never forgot rules number 1.
3: Remember rules number 1.

This post has been edited by DrFX: Nov 22 2025, 05:54 PM

how am I sure that the names on that 2 lists you had posted are genuine (as separately listed as genuine/scam) and up to date? when was the last time they are updated?
who, where, how they are verified and confirmed true?
Did you get it from statutory bodies?
can provide the links?

Even Bank Negara has this disclaimer on their list for listing something like this....
"Based on information received by BNM, below is the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM:"
as sample of listing from BNM.....
http://www.bnm.gov.my/documents/2015/20151013_FCA_EN.pdf

BNM has this on its link too....
"This list has been compiled based on information, complaints and queries received by BNM regarding the activities of the persons and entities concerned. This list is not exhaustive and the Bank will update the list periodically from time to time. The list is intended to serve as a guide to the public.
The public is advised not to make any deposit or investment with individuals and entities that are not regulated under the relevant laws and should conduct the necessary checks with the relevant authorities if there are doubts regarding any schemes offered. The public is also advised to refer to the Investor Alert and information on enforcement actions published by the Securities Commission of Malaysia (SC) which is accessible via the following links:
• SC's Investor Alerts
• SC's Enforcement Actions
http://www.bnm.gov.my/index.php?ch=en_fina...eralert&lang=en

ELSE, this thread is ......

This post has been edited by yklooi: Nov 14 2015, 08:10 AM

Come to think about it....
what is GENUINE may not be LEGAL in Malaysia....

Illegal Foreign Exchange Trading Scheme refers to the buying or selling of foreign currency by an individual or company in Malaysia with any person who is not a licensed onshore bank or any person who has not obtained the approval of Bank Negara Malaysia under the Financial Services Act 2013 or Islamic Financial Services Act 2013.

How it's done?
........
http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm

How to Protect Yourself?
• Deal only with licensed onshore banks;
• Check with the relevant authorities before remitting/ investing/ depositing;
• Be extra careful with investments over the internet;
• Be sceptical of any investment opportunity that is not in writing; and
• In case an investment has been made, keep copies of all the investment and communications

Licensed onshore banks to conduct foreign currency trading in Malaysia are as follows:
•Commercial banks
•Islamic banks
•Investment banks
•International Islamic banks

http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm

This post has been edited by yklooi: Nov 14 2015, 08:44 AM

How about exness ?

What about this?
What about that?
How about this?
How about that?
just........lor.


Attached thumbnail(s)

I thought only the ones offered by our banks are legal?
The rest are illegal isn't?

from earlier posting...
Illegal Foreign Exchange Trading Scheme refers to the buying or selling of foreign currency by an individual or company in Malaysia with any person who is not a licensed onshore bank or any person who has not obtained the approval of Bank Negara Malaysia under the Financial Services Act 2013 or Islamic Financial Services Act 2013.

also for the listed banks....
http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm

This is interesting because I have seen a number of private dealers advertising on business cards. Or is this allowed?

By right under the money service business act 2011 section 23, the use of the wording (as picture) can be fine up to 5million or jail up to 10 years of both

Above lists are based on international Forex regulation standard, not Malaysia BNM.

Thank you.

Indeed Forex is considered illegal in Malaysia, but doesn't mean Forex is illegal entirely in terms of globalisation. Above warning/information from BNM is purely based on BNM licensing perspective to protect themselves as well as the citizen. As long as you are trading with a tier 1 licensed FX broker, then you are completely safe.

Exness obtained a Cyprus license and it seems that they are genuine but doesnt mean they are good. Trade with tier 1 license FX broker will be safer bet. Tier 1 licensed FX brokers are those regulated and licensed under UK, Swiss, US, Japan and Germany regulators.

Indeed, if you are based on BNM perspective. We trust UK, Swiss, US, Japan and Germany regulators more than BNM, if you know what i mean.

Yes, you are right as a lawful Malaysian.

However, if you admire the international financial regulation, then you will have different point of view instead of just blindly referring to BNM. They are right in terms of protecting Malaysia citizen. As for us, we trust UK, Swiss, US, Japan and Germany regulation as the international financial standard. Furthermore, nowadays BNM integrity has become a big question in terms of dealing with recent hot topic which make Malaysia a well known country for the wrong reason.

Yes and no, depending your perspective and the kind of business activities/structure.

This company has very impressive marketing and branding. This does not mean it is not a scam. Above showed are paid either by the owner own money or worse by investors fund.

Any FX company operate and collect funds from investors without proper financial license (At least tier 1 or 2 financial license) are considered scam.
Any FX company with lucrative up front commission for agents and locked clients funds for certain period are completely scam.

Why there is a must to have a top tier license as a genuine broker?

1. Owner cannot run away with your money. The regulator will protect the clients on certain level and hunt the FX broker down if any wrong doing.
2. Well licensed FX brokers required to fulfil regulators requirements especially auditing and compliance rules & regulation.
3. Transparency and no hanky panky.

Our comparison is more on genuine FX brokers and scam FX brokers. Not common genuine FX brokers complaints.

This post has been edited by DrFX: Nov 16 2021, 11:25 PM

Perhaps they should keep it private.

Yeah that's why. But it's another to openly advertise it out there in malaysia and another to query why the law is there and our regulators ain't doing anything about it.

.....just got this from the news.....
............It said consumers should be careful when dealing with unregulated entities or individuals as there would be consequences.

“Consumer protection under the law administered by Bank Negara is not applicable, should members of the public choose to deal with illegal financial service providers.

“Those who participate in illegal financial activities could also be charged under the law for abetting operators of such illegal activities,” it added.

http://www.thestar.com.my/news/nation/2016...hquick-schemes/

This post has been edited by yklooi: Jul 13 2016, 08:33 AM

I've used IC Markets for 2 years and had no problem with the withdrawals all these time. There was one issue last year where the server failed or something and people couldn't close their orders (i forgot, it was a long time ago) but I got refunded for it later on.

I'm using Tallinex now and has also heard very good reviews regarding Global Prime incase anyone wishes to know.

Cheers

this was in the news few days back....
More young M’sians falling prey to forex schemes

https://www.msn.com/en-my/news/newsother/mo...ocid=spartandhp

may I know why Triumph was classified as not genuine? is it a scam?
and my fren introduce me another broker called IgoFX. this one also not genuine?

thanks!

XM is not on the list ?

nah,..yours is few days back...
this is just now.....

Forex scheme woes
http://www.thestar.com.my/business/busines...ex-scheme-woes/

want to trade with a foreign broker, check with the BNM of that country....

xm give bonus usually broker that give bonus are not quite good...
but i'm using xm i already have many 5digit withdrawal amount it takes 2-3days to your bank.

Hi all sifus,

Can anyone pls help me clarify if TP Eagles is genuine or only a scam?

Thank you

How To Check Is the Forex Broker Genuine 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. FXDD
9. FXCM
10. HY Markets
11. Admiral Markets
12. ThinkMarkets
13. EasyForex
14. Saxobank
15. ADS Securities
16. LMAX
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.
31.
32.


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. Capital Foster Advisor
23. Otex World
24.
25.

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.

This post has been edited by DrFX: Dec 20 2016, 02:41 AM

Hello just wanted to check yeah, why is IGOFx scam? I have friends who invested ther for months and withdrawal have no issue, i read general reviews and wanted to do affiliate marketing for this site, kindly provide me more information so i can decide whether to go with them or not

Me wanna know too. Please provide evidence. Thanks

TriumphFX investors have reported unable to withdraw their money. With no surprise, they have scammed many investors and recent month obtained a rubbish license from Vanuatu to scam another round. You don't want to be the next victims. TriumphFX did not provide real time trading results and most of their trades are manipulated to impress innocent investors.

IGOFX is using the same method to scam innocent investors by showing too good to be true trading results which usually are not real. We have done several due diligence and based our professionalism and experiences, we have concluded that IGOFX is another scam Forex broker.

1: Unreal trading results - There is no real trading behind which those trades are suppose to process on a liquidity provider/banks. In short, they are showing investors impressive fake trading results. MT4 is a front end platform which the trades are editable from date to price. Without proper regulation, you know what they are capable of.

2: Holding a Vanuatu license - Recently this license has been a very popular tool for scammers due to low requirements. You can get it within USD10k and approval within a month. So basically anyone can get a Vanuatu license. And there is no protection for investors or traders.

3: Additional to 1, we have checked and confirmed their trades are not real time which similar to what TriumpFX has done. If you need evidence, then we suggest you to do it yourself.

4: Get the traders/managers to trade with a top tier regulated brokers, any brokers will be fine. They will give you plenty of funny excuses like "We don't trade with other broker", "We don't want to let other brokers know our trading secret.", etc.

5: Ask yourself, what make you think it is real? The license? The MT4 platform?

Beside TriumphFX, there are few others scam brokers using the same method have successfully scammed many innocent investors including GSM, NewTradeFX, FX United, etc.

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.

How about fxprimus , is that genuine now?

Hi Alissa,

FXPrimus used to be a FX broker with plenty of bad slippages. Since their Mauritius license suspended, they have obtained Cyprus CySEC FX license and operate as an European entity. Due to their bad records, we do not list them on genuine FX brokers.

Personally i won't pick them as my FX broker since there are plenty of choices out there.

I didn't hear the investors of TripumphFX that invest in Gold Master can't get their money.

Are you sure?

I see. just wondering are they still obtaining the tier 1 licenses (FCA etc) now ?

Anything on Mocaz?

1. How do u prove that is fake trading results ? U mean all fund manager trading results is fake or just impressive one only?
2. How do u check their trade are not real time ? can it be slippage?
3. Do u mean MT4 price movement are not real time follow the market?

I am interested to know about his claim too.

Yes, we have the confirmation. Perhaps Gold Master is the plan B for TriumphFX to scam another round. New investors will continue getting partial withdrawal until they end the game.

jack2, why your lowyat forum status is banned?

FXPrimus has FCA registration, not license. Every European licensed brokers allow to register with any European regulators based on cross border regulation. The rules could amend soon after brexit.

Mocaz Financial Markets Limited is Suite 305, Griffith Corporate Centre, P.O Box 1510, Beachmont, Kingstown St. Vincent and the Grenadines.

I will avoid them if i were you. It is an unregulated broker.

Hope this help.

Our understanding is FXCM used to have rep office in Singapore without Singapore MAS license and their IB were actively solicit Singaporean. It may have caused them being listed on MAS alert list many years ago.

Thank you for your questions.

1. Our proprietary tool able to keep track all the trades LIVE and proven not all trades are opened at real time pricing.
2. Not real time mean when a new SELL position opened, the market price for EURUSD is 1.0452 but the trade manipulated to open at 1.0472 which immediately the trade gained 20 pips profits. But this trade does not forward to any liquidity provider, it's only show on the MT4 platform for the purpose of impress investors with fake results. Meaning to say that there is no real money generated from the trades.
3. MT4 is real, but the broker who manipulated the trades which make the trades not real. When any broker hold a MT4 platform license, they are capable of editing the trades from top to bottom including the open price, date, time, closed price, etc. You can verify this info with Metaquote, the software provider.

Above cases only happened in unregulated or offshore brokers where there are no strict requirements, rules and regulations. This method getting popular nowadays for scammers to cheat innocent investors. It's like an illusion, NOW YOU SEE ME.

I see, I re-interpret your statement to server side and client side for a technical engineer. the data from the server side can be changed to a faked data on one time moment, and then client side see the faked data in his MT4 since they did not verify the data in TV channel.

Just want to avoid my personal confusion. 1) regulated means some portion of money will be given back if broker/bank bankrupt (similar to PIDM in Malaysia) ? 2) Licensed means government permission to operate the business?

hi. JJPTR is now well known everywhere. please give some advice on this as it is under scam alert. tq

That's correct. There is no way investors can monitor the MT4 platform every seconds 24 hours a day to check whether the trades are open at market price.

You can only check by a specific system design to keep track 24 hours on VPS.

It's a game or ponzi scheme you can call it...

Hi drfx,

What about ikofx,fxcoliseum and FxCitizen?
Thanks

Drfx went Christmas holidays.

Instead of keep asking these forex brokers, why don't you add the reliable broker which was stated in the first page to your wish list. Forex is a world of varying, so ppl need to equip to the ability to adapt based on varying situation, don't behave as stubborn child since ppl willing to give advice for free. It is hard to verify the correct, but it is easy to falsify. Try to avoid those have potential to go wrong before too late.

Then I wait for him to come back! anyway if you like reliable let me give you one for mt4 citifx (Citibank also a Liquidity provider)

We understand CitiFXPro has shut down it's operation as a FX retail broker in 2015

I am not sure which CitiFX are you talking about. Hopefully not the fishy one.

FXCM and Saxo Bank Acquire Citigroup’s CitiFX Pro Client Book
FXCM's US and UK entities will take over clients of Citi's respective regions, while Singapore business will be transferred to.
http://www.financemagnates.com/forex/broke...ro-client-book/

Thanks for checking with us.

All above added to scam broker list.

Merry Christmas!

Not sure Citifx? hrm what about J.P. Morgan market (also known a Liquidity provider). Another popular forex been took over by RHB/rhbgroup, call rhbinvest or maybank call maybank-ke in sg are this also genuine?
etoro now day also very popular for lazy trader like me is this genuine too?
No offence but Genuine topic for free.

Merry Christmas. HoHoHO

This post has been edited by hideto79: Dec 23 2016, 09:20 AM

Hi, I'm new to forex this thing and last night one my friend asked me to join IGOFX... I'm abit worry its scam so I done some research and I found this thread. Just wanna ask... is anyone can introduce any genuine forex trader or broker ya?

Please be reminded.

http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm

This topic is generously to avoid early bird to be conned by IB and help to reduce forex victim. Since you knew the answer well but still keep asking faked questions without provide anything helpful, it is easy to make people think you are one of the IB as the topic is threatening your personal hidden benefit.

Globally, it's pretty hard to take BNM as a guide in Forex trading. It doesnt consist of international capital market guideline, just like 1MDB case.

We are concerned about the retail FX market scams instead of liquidity provider. RHBInvest is a great platform for stocks trading.

Thanks for your input, eToro is a regulated broker and we have added to genuine brokers list.

Are you looking to trade FX yourself or preferred to invest?

AVOID IGOFX at all cost.

The ruling is about prohibited any individual people, company or institutional trade forex in Malaysia without license from BNM, nothing to do whatsoever international capital guideline.
In other word, trading forex in Malaysia without BNM license is illegal, as simple as that.

More than 5% depend sometimes less always can leave copytrade, I've deposite 2k pound so far earn not much but good thing is every single thing like raw material can trade, you just follow the copytrade.

Jack since you ask, actually I just register in lowyat few day, why?? cause when Dr Fx seem claim to be Dr ppl getting believe what he said and that a bad thing, my judge mostly what he said is correct some are false wonder why? if refer your topic reduce forex victim. Example XM yes company have 3 regulation but is a partner only you won't find XM register hohoho and XM who he earn trader money is by spread and market maker mean you win xm lose or you lose xm win hohoho so do you want such broker???
IB of course no am just a old folk trader that it, hoping to get a reliable source for me before believe some one always do a basic testing skill, scam fxcoliseum ??? Fxcoliseum is a ECN connected to who? most of them in the list genuine.
So Mr. Jack faked question? and Merry Christmas to you.

Obviously, this topic can create a lot of enemies because it blocks faked broker/ introducer for targeting victim here. I have foreseen that many IB will attack the topic using many offensive words.

DrFx just don't give up !

Good Morning DrFX, liquidity provider was recommend to jack right or someone else? seems it follow up to you. I wonder why you not listing up good LP which you can open account for forex too as genuine which is more 101% not a scam forex. Anyway let end this topic.

Have a good day and Merry Christmas.

Lol Jack you are the one who bring it out now you pretend to be good guy?
Just end the story all be good. Sorry to said DrFX cause your list genuine an scam is not 100% correct. MY BAD

Thanks for your reminder. The reason why BNM has such alert or warning is try to protect Malaysian from illegal Forex trading or scam FX, sadly they do not state the actual guideline of capital market. Trading Forex with well licensed FX brokers/banks is like buying foreign countries' companies shares through foreign stock brokers. If a Malaysian purchase Facebook shares or Apple shares through US licensed stock broker, is that considered illegal?

FYI, in 2017, Malaysia will start a new regulatory body called FMAM to regulate FX business activities. It's will take times to reach the standard of UK FCA or Swiss FINMA.

We trust the integrity and international level of top tier regulators such us US NFA, UK FCA, Swiss FINMA, SG MAS, etc. They have the world standard of FX compliance rules & regulation and given the right protection to international investors.

When we talk about BNM integrity, you remind us of 1MDB case where the entire world pledged guilty on 1MDB fraud case but BNM closed the case easily.

This post has been edited by DrFX: Dec 24 2016, 04:27 AM

Hi hideto79,

Not many get the right picture of the FX market. We believe you need a better understanding on FX world.

Do you know 99% of liquidity providers are market makers? Sounds crazy? No, this is the fact and that's how they make money. Do you think LPs/banks/brokers can survive as a STP (non market maker) where they have to maintain their license and business expenses over million dollar a year. As long as LPs/brokers hold a market maker license from top tier regulators, they have the right to choose any trades that they want to take in and trades that they preferred to process with bigger banks. There is nothing wrong with this business model, brokers need to make sure they do not do hanky panky things to cause traders lose money. If they did, file a complaint or dispute to the respective regulators for further investigation. Banks/brokers will get fine or license being terminated once they pledged guilty.

If XM hold a market maker license, then they have the right to be a market maker. If you have bad experiences with XM, feel free to share with us. Further to your comment, which LPs/brokers do not earn spreads? Honestly, we are not protecting XM as we get nothing, we are here to shares our experiences and knowledge about FX market. As usual, we will remove a broker from the genuine list even it is regulated but found that they have plenty of bad records.

Please do not trust unknown brokers when they tell you they are ECN or STP brokers. 99% are not true, it's sound nice in terms of marketing if you understand what i mean. If you trust fxcoluseum, try request for their liquidity providers trading statement where it can show that all their trades are actually forward to LPs. If they have nothing to hide, there is no issue for them to share monthly statements. However, these unregulated brokers usually will give you all kind of funny excuses not to show you.

Merry Christmas!

This post has been edited by DrFX: Dec 24 2016, 05:39 AM

Expected. Thanks for the support, Jack.

Merry Christmas!

May be you are right. Probably not 100%, but at least 99%.

Hello hideto79,

Which liquidity providers are you talking about? If you are talking about big LPs like JP Morgan, Morgan Stanley, UBS, Barclays, Deutsche Bank or RBS, these banks usually required high opening deposit like USD500k and above for individual trader.

Our topic is about retail FX brokers, not liquidity provider. You actually find some good but medium scale liquidity providers on our list like Saxo Bank, Swissquote Bank, LMAX, etc.

Good night...

Nothing much to comment, let end it like I said no point to argue right? anyway you did very good job for certain point of my view keep it going.

I loled at your list

User reviews sometimes are biased and untrue, and it is no surprise if these so called reviewers comprised of IB's from other brokers

I often googled broker review at forex peace army, and there are some users who refuse to disclose their mt4 account ID (either by private message or publicly) even after being asked for many times - that means they are not real client

Brokers that you mentioned are highly regulated and audited by their own respective authorities and actively manage millions of trading contracts per month

Should any dispute arise, they will be heavily penalized by their regulatory bodies

Huh? "Guideline to capital market"? What has FX got to do with the capital markets? Comparing FX trading to "buying foreign countries' companies shares through foreign stock brokers" is very very wrong my friend....

Retail FX is largely unregulated and open to abuse/manipulation, DrFX. It is a given. Name dropping self regulatory bodies and domestic regulatory bodies is pointless. The "integrity and international level of top tier regulators such us US NFA, UK FCA, Swiss FINMA, SG MAS" will not protect you in any way.

If you are trading from Malaysia, you are subject to the FSA.

Thanks for your feedback, exia5733. We can see you have little idea what you are talking about. Thanks for keeping this thread active.

First of all, FX is part of capital markets if you have no idea and it's the biggest compare to equities, bonds, etc. So what is so wrong about trading FX? Both buying foreign shares and FX trading are with top tier regulated brokers/banks. Just because it is FX, so it is wrong? Or just because BNM said illegal, then you guys blindly follow and think it is illegal? Come on, wake up, my friend. This is 21st century, FX is a globalisation trading. Another example is the government said gambling is illegal except Genting, so why still so many international players walk into Sands casino in Singapore or other casinos in Macau or even Las Vegas?

Retail FX is largely unregulated? Clearly you do not know about the top tier FX regulations.
Open to abuse/manipulation? Unregulated brokers yes, top tier regulated brokers will get themselves into trouble if they do that. If you talk about FX market manipulation, i would surprise if there is no manipulation in local stocks market. The losers will always find themselves some excuses.

You will have to find out more about the protection given to foreign traders/investors by international top tier FX regulation. If you talk about Australia ASIC, you are right. It does not protect foreigners. This is why it is considered tier 2 license. Tier 1 licenses giving protection to all foreign traders/investors.

Lastly, if you are trading FX from Malaysia locally (something like illegal money changer), yes you are subject to the FSA. But if you are trading FX ONLINE with licensed onshore banks/brokers, then you are not subject to the FSA.



This post has been edited by DrFX: Dec 28 2016, 02:20 AM

hello all, good morning

what about instaforex and midasama?

much appreciate, thanks alot

Hello kehgez,

instaforex is a big FX broker based in Russia. We do not recommend Russia based FX brokers due to lack of investors protection and transparency.

midasama seems like a money manager trading with Indonesia based FX broker. For the same reason, i will not trade/invest with them if i were you.

Happy New Year 2017!

Why IGOFX is a scam broker ? Please explain.

Hi cste188,

Please find our previous post concerning IGOFX.

This post has been edited by DrFX: Jan 2 2017, 04:27 AM

In the case of Igofx... i think you are just judging a book by its cover. Unless someone unable to make a withdrawal... until now... everything went smooth.

Btw, I have traded manually for 5 mths in Igofx... at first i was sceptical too.

Yes... the name Vanuatu is pretty unknown... but if the broker still pays... why call it a scam? Anyone here being scammed by Igofx?... i would like to know.

This post has been edited by cmk96: Jan 2 2017, 11:13 AM