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 How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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TSDrFX
post Nov 14 2015, 05:16 AM, updated 3w ago

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How To Check Is the Forex Broker Genuine thumbsup.gif Or Scam devil.gif

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. Hold good license but fund being transfer to different country or offshore bank
9. High monthly return with illogical low drawdown
10. Capital guaranteed
11. Fixed payout schedule or cycle
12. Funny story like ROI from rebates or arbitrage.


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. Pepperstone
2. IC Markets
3. FXCM
4. Axi
5. Interactive Brokers
6. Forex.com (Gain Capital)
7. equiti
8. Markets.com
9. TMGM
10. FXPro
11. Saxobank
12. IG
13. Dukascopy
14. Oanda
15. GO Markets
16. Infinox
17. ATCBrokers
18. City Index (Gain Capital)
19. Bloomberg
20. EightCap
21. DOO Prime
22. Swissquote Bank
23. ACY Securities
24. GBE Brokers
25. Plus500
26. Tradeview Markets
27. FXOpen
28. FXDD
29. Exness
30. Vantage
31. LMAX
32. Admiral Markets
33. Global Prime
34. Alchemy Markets
35. Zenfinex Taurex
36. Tickmill
37. Trade.com
38. ADS Securities
39. EasyForex
40. YCM-Invest
41. AVATRADE
42. MultiBank Group
43. Capital.com
44. OX Securities
45. HY Markets
46. ActivTrades
47. LCG
48. Varianse
49. Advanced Markets
50. ForexVox (ValuTrades)
51. Tigerwit
52. Pacific Financial Derivatives (PFD)
53. Rakuten Securities
54. GKFX
55. AIMS
56. ValuTrades
57. Royal RFXT
58. Mex Exchange
59. CMS Forex
60. FlowBank
61. BlueberryMarkets
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. CFI
77. ATFX



_____________________________________________________________________________

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)



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.
9.
10.[/color]

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. icon_question.gif

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.] devil.gif

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!

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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: Mar 15 2024, 02:13 AM
TSDrFX
post Jul 11 2016, 01:44 AM

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QUOTE(yklooi @ Nov 14 2015, 07:42 AM)
hmm.gif 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

hmm.gif ELSE, this thread is ...... hmm.gif
*
Above lists are based on international Forex regulation standard, not Malaysia BNM.

Thank you.
TSDrFX
post Jul 11 2016, 01:49 AM

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QUOTE(yklooi @ Nov 14 2015, 08:39 AM)
hmm.gif Come to think about it....
what is GENUINE may not be LEGAL in Malaysia.... biggrin.gif

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
*
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.
TSDrFX
post Jul 11 2016, 01:54 AM

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QUOTE(MNet @ Nov 14 2015, 10:13 AM)
How about exness ?
*
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.
TSDrFX
post Jul 11 2016, 01:56 AM

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QUOTE(heavenly91 @ Nov 14 2015, 01:07 PM)
I thought only the ones offered by our banks are legal?
The rest are illegal isn't?
*
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.
TSDrFX
post Jul 11 2016, 02:07 AM

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QUOTE(MUM @ Nov 14 2015, 01:13 PM)
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
*
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.
TSDrFX
post Jul 11 2016, 02:11 AM

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QUOTE(highwaytuner @ Nov 14 2015, 09:07 PM)
This is interesting because I have seen a number of private dealers advertising on business cards.  Or is this allowed?
*
Yes and no, depending your perspective and the kind of business activities/structure.
TSDrFX
post Jul 11 2016, 02:25 AM

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QUOTE(hujimy @ Nov 14 2015, 10:46 PM)
odfx scam ??

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.
TSDrFX
post Jul 11 2016, 02:33 AM

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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
TSDrFX
post Jul 11 2016, 02:36 AM

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QUOTE(sicklad77 @ Nov 15 2015, 07:10 PM)
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

» Click to show Spoiler - click again to hide... «

*
Perhaps they should keep it private.
TSDrFX
post Dec 13 2016, 02:16 AM

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How To Check Is the Forex Broker Genuine thumbsup.gif Or Scam devil.gif

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. icon_question.gif

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
TSDrFX
post Dec 18 2016, 04:40 AM

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QUOTE(wan7075 @ Jul 16 2016, 01:36 PM)
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!
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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. icon_question.gif
TSDrFX
post Dec 18 2016, 04:01 PM

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QUOTE(Alissa_1989 @ Dec 18 2016, 01:02 PM)
How about fxprimus , is that genuine now?
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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.
TSDrFX
post Dec 19 2016, 12:06 AM

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QUOTE(jack2 @ Dec 18 2016, 04:07 PM)
I didn't hear the investors of TripumphFX that invest in Gold Master can't get their money.

Are you sure?
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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?
TSDrFX
post Dec 19 2016, 12:11 AM

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QUOTE(Alissa_1989 @ Dec 18 2016, 04:59 PM)
I see. just wondering are they still obtaining the tier 1 licenses (FCA etc) now ?
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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.
TSDrFX
post Dec 19 2016, 12:21 AM

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QUOTE(AzureOfSky @ Dec 18 2016, 05:10 PM)
Anything on Mocaz?
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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.
TSDrFX
post Dec 19 2016, 12:25 AM

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QUOTE(xpmm @ Dec 18 2016, 05:48 PM)
i wonder why FXCM is in Singapore MAS Investor Alert List, Oanda Fxpro etc are not in the list.
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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.
TSDrFX
post Dec 19 2016, 01:13 AM

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QUOTE(SKL @ Dec 18 2016, 11:02 PM)
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?
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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. notworthy.gif


TSDrFX
post Dec 20 2016, 02:11 AM

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QUOTE(Jack_1 @ Dec 19 2016, 05:50 AM)
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.  hmm.gif
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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.
TSDrFX
post Dec 20 2016, 02:13 AM

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QUOTE(jon_sawai @ Dec 19 2016, 10:03 PM)
hi. JJPTR is now well known everywhere. please give some advice on this as it is under scam alert. tq
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It's a game or ponzi scheme you can call it...

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