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, 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 or offshore regulated brokers (Potential SCAM)
3. Lucrative upfront commission (SCAM)
4. No live report/statement access (Potential SCAM)
5. Fix exchange rate for deposit and withdrawal (SCAM)
6. Cash payment or local deposit (SCAM) unless through regulated payment gateway.
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


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. Forex.com (Gain Capital)
2. FXpro
3. IG
4. Pepperstone
5. Interactive Brokers
6. Dukascopy
7. LCG
8. LMAX
9. TradeMax
10. Markets.com
11. Saxobank
12. ThinkMarkets
13. Varianse
14. Oanda
15. RubixFX
16. FXDD
17. ATC Brokers
18. City Index (Gain Capital)
19. FXCM
20. ICM
21. TradeTech Alpha
22. Swissquote Bank
23. CMS Forex
24. AxiTrader
25. Aetos
26. Bloomberg
27. Tickmill
28. AVATRADE
29. Exness
30. eToro
31. Plus500
32. Admiral Markets
33. Global Prime
34. FXTM
35. Blueberry Markets
36. ICM
37. Trade.com
38. ADS Securities
39. EasyForex
40. ATFX
41. Synergy FX
42. Halifax Investment Services
43. NicoFX
44. AAAFX
45. HY Markets
46. ActivTrades
47. EightCap
48. MaxFX
49. Advanced Markets
50. AKFX
51. Tigerwit
52. GBE Brokers
53. Rakuten Securities
54. GKFX
55. Go Markets
56. Vantage FX
57. Royal RFXT
58. Mex Exchange
59. IC Markets
60.

List of SCAM Forex 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. HotForex
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
71. TradeFred - BrightFX Capital Limited (MIA)
72. ICS Resources Sdn. Bhd.
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.



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 (Potential SCAM!)

1. OneCoin
2. WoToken
3. S Block
4. Plus Token
5. Sixmos
6.
7.
8.
9.
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.

Hi all. I always read the post here for ages but never really register before. This is my very 1st account. And this thread by Drfx is really
Amazing.

I am a traders as well. Going on and off due to my nature of work since 2011.

But this year going really serious into Forex. And this thread is really open my view on broker through many level.

I started with Fxcm. Then move to a few more Broker for sake of experience the trading environment. But mostly now with XM.

NO I AM PROMOTING ANY BROKER AT THE MOMENT.

after Reading this thread i plan to go back to FxcM of any other 1st-tier Broker.

Not to say XM not working with me.(2-tier)

But as some other member in the past said. When your account reach 100k, you will really want to consider where you going to put your money
(Yes! I really read all the 142 pages here LoL)

And By reading here i would like to emphasize and state my opinion That. Another scam on copytrades in really thriving. Especially here in Malaysia. I will share my finding Here when i got the Time.

Codename:Emam copytrade (Essencefx)

Okay thats all for now
To Drfx really love your work and knowledge

And thxs to everbody that contributing to this thead. Good or bad you still make the page grow in number.😆

Why its burst due to MCO?

Gold tinkle is not copy trade, it's a ponzi scheme using FX model.

He sent me account from other fxtm ecn zero as well
He says pamn acc need to share profit and leverage need to set at very low, so he says, cnt go into pamn🤔 is this true?  Or maybe i should try 500usd first🤔🤔 the minimum amount, i am planning to put 10k usd😂 but abit scare.. any sugestion?