Forex Scam Alerts
Over $4.6 billion lost to forex scams in 2024. Check if your broker is legitimate before depositing a single dollar. Our database aggregates warnings from 17+ regulators worldwide.
🔍 Quick Broker Check
Enter a broker name or website to check against global warning databases:
📊 The Scale of Forex Fraud (2024 Data)
Investment fraud is at an all-time high. Here's what the data shows:
Scam Types Distribution
🔴 Latest FCA Warnings
Real-time feed from the UK Financial Conduct Authority warning list
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View Full FCA Warning List →🌐 Global Warning Databases
Check these official regulator databases before investing with any broker:
🏆 Tier 1 Regulators (Most Reliable)
🚨 15 Red Flags — Warning Signs of a Forex Scam
If you encounter ANY of these signs, stop immediately and verify the broker:
🏢 Company Red Flags
Legitimate brokers proudly display their license numbers. If you can't find one, it's likely unregulated.
St. Vincent, Marshall Islands, Vanuatu, Seychelles = ZERO investor protection. Run.
Verify addresses on Google Maps. Many scams use virtual offices or fake locations.
Check domain age on whois.com. Scam sites are usually <1 year old.
"IG Markets Pro" instead of "IG Markets" — clone firms impersonate legitimate brokers.
💬 Communication Red Flags
Legitimate brokers don't cold call. If someone contacts you first, it's likely a scam.
Professional brokers have phone support, email, and live chat. Messaging-only = scam.
"Limited time offer", "Deposit now to lock in bonus" — urgency tactics are manipulation.
Elon Musk, Gordon Ramsay promoting trading? 100% fake. Celebrities don't endorse forex brokers.
"Pig butchering" scams: new online friend suddenly talks about trading opportunities.
💰 Financial Red Flags
No investment can guarantee profits. Anyone promising guaranteed returns is lying.
"Make $10,000/week with $500" — if it sounds too good to be true, it is.
Requests for more deposits to "unlock" withdrawals, or endless verification requirements.
Crypto-only, gift cards, wire transfers to individuals = untraceable, unrecoverable.
"Trade 50x bonus before withdrawal" — designed to make withdrawals impossible.
✅ How to Verify Any Broker (Step-by-Step)
Follow this checklist before depositing money with any broker:
Find the License Number
Look in the website footer, "About Us", "Regulation", or "Legal" pages.
Verify on Official Register
Go to the regulator's official website and search for the company:
Match ALL Details
The official register entry must match:
- ✓ Exact legal company name
- ✓ Registered address
- ✓ Website URL
- ✓ Trading names
Check Permissions/Authorisation
Verify the broker is authorized for forex/CFD trading, not just "registered".
Search Warning Lists
Check if the broker appears on any regulator warning list:
Check Domain Age & Reviews
Additional checks to validate legitimacy:
- ✓ Whois.com — domain should be 3+ years old
- ✓ Trustpilot — look for verified reviews
- ✓ ForexPeaceArmy — trader reviews
🆘 What To Do If You've Been Scammed
Act quickly — the sooner you act, the higher your chances of recovery:
Do not respond to any more messages from the scammers. Block them immediately.
Report fraudulent transactions. Request chargeback for card payments.
Screenshot all conversations, transactions, emails, website pages. Save as evidence.
Change passwords on email, banking, and any accounts you shared with scammers.
- 🇬🇧 UK: Action Fraud (0300 123 2040)
- 🇺🇸 USA: FBI IC3
- 🇦🇺 Australia: ScamWatch
- 🇪🇺 EU: Local police + Europol
- 🇬🇧 FCA Report Scam
- 🇦🇺 ASIC Report
- 🇺🇸 CFTC Complaint
If paid by credit card, you may have 120 days for chargeback. Contact your card issuer.
For wire transfers, contact your bank immediately. Recovery is difficult but not impossible if done quickly.
⚠️ BEWARE OF RECOVERY SCAMS
Scammers often target victims again with "recovery services" that promise to get your money back for an upfront fee. These are 100% scams.
- ❌ Anyone guaranteeing to recover your funds
- ❌ Anyone asking for upfront fees
- ❌ Anyone contacting you unsolicited about recovery
- ❌ "Lawyers" or "investigators" found through social media
Legitimate recovery: Only work with your bank, card issuer, or official law enforcement.
⚠️ Report a Scam Broker
Help protect others by reporting fraudulent brokers. Your report helps regulators take action.
🛡️ Trade With Verified Brokers Only
All 145 brokers in our database are verified across 17 regulators
✓ License verified • ✓ Warning lists checked • ✓ 113 data points per broker
❓ Frequently Asked Questions
How do I know if a forex broker is legit?
Verify their license number on the official regulator's website (FCA Register, ASIC, NFA BASIC). Check that all company details match exactly. Search warning lists for any alerts. Avoid brokers with offshore-only regulation.
What is a clone firm?
A clone firm impersonates a legitimate, regulated broker by using a similar name, copying their website, or claiming to be associated with them. Always verify using the contact details on the official regulator register, not those provided by the firm contacting you.
Can I recover money lost to a forex scam?
Recovery is difficult but not impossible. Act immediately: contact your bank for chargebacks (credit card) or wire recall (bank transfer). Report to police and regulators. Be very cautious of "recovery services" — most are scams themselves.
Why do scammers use offshore jurisdictions?
Offshore jurisdictions like St. Vincent, Vanuatu, and Seychelles have minimal regulation, no investor compensation schemes, and weak enforcement. Scammers can easily obtain licenses and disappear with funds without consequences.
What is a "pig butchering" scam?
A romance-investment hybrid scam where fraudsters build trust over weeks/months through social media or dating apps, then introduce a "profitable trading opportunity." Victims are "fattened" with small returns before being asked for large deposits, which are stolen.
Are regulated brokers 100% safe?
Regulation significantly reduces risk but doesn't guarantee safety. Even regulated brokers can fail (see: Alpari UK 2015). However, with Tier 1 regulators (FCA, ASIC), you're protected by compensation schemes up to £85,000 or equivalent.
What should I do if contacted by a broker?
Be extremely cautious. Legitimate brokers rarely make unsolicited calls. Never provide personal/financial information. Independently verify the caller by contacting the broker using details from the official regulator register, not the details they give you.
How long does chargeback take?
Credit card chargebacks typically take 30-90 days to process. You usually have 120 days from the transaction to initiate a chargeback. Success rates vary; having documentation of fraud significantly helps your case.