Scam Broker Investigator is one of the largest and most trusted broker review websites, since it was established in 2013.
On our website you will find honest reviews of Forex, Crypto and CFD brokers, so that you will know if they are licensed and regulated by a governments financial regulator.
Many online Forex brokers are not licensed, and are actually real scams. Only use a broker, whose license you have verified!
Who Are The Best Brokers?
Brokers can also be licensed by; CFTC or FINRA in the United States, AFM Netherlands, CONSOB Italy, BaFin Germany, Finanstilsynet Denmark, CNMV Spain, CNB in the European Union, CySEC Cyprus, and the list goes on and on. View our comprehensive list of Government Financial Regulators.
If the broker you plan on using does not have a license from your local financial regulator, then they are usually a scam. Go visit the best brokers page, to learn more about regulated brokers.
The fact is; most new investors will end up losing their money trading CFD’s. Investing or trading in Bitcoin, Stocks, Options, Crypto and Forex is a very risky business. You need to really know what you are doing, in order to actually make money.
Many new investors learn about an online broker, via a fake news article about some secret trading software.
The systems go by the names of Bitcoin Code, Tesler App, Crypto Trader and many more. We have seen fake articles using the names; Bill Gates, Marc Cuban and Elon Musk to name a few.
All of those fake investment software, leads you to an unlicensed offshore fake Forex broker. Once you signup with these scam artists, it is a long battle to try and recover your money, read more.
How Scam Brokers Operate
There are a few types of Forex brokers scams. One being a Forex broker whose trading platform is rigged, to make all traders lose money. This is done with bad quotes, and other algorithm modifications. That kind of scam is not very prevalent due to the nature of the financial markets.
The Forex Broker Scam is usually centered around managed accounts. Unregulated Forex brokers will pitch investors to join a managed account handled by one of their senior analysts, and promise high monthly returns.
Fact is; there are no licensed or legitimate brokers that will manage your account, or promise fixed returns.
A common scam is with brokers that don’t allow you to withdraw your money. There a few reasons why a broker can hold up an investors cash, with the main reason coming from the trader having accepted bonus money, or not reading the terms and conditions. You can read more about this on the complaints page.
The Binary Options Scam that is more prevalent among rogue brokers is unauthorized credit card charges. A scam broker will charge a traders credit card, to add more money to their trading account, because the scam binary option broker gets paid based on new deposits.
The best precaution a trader can take is to use a credit card, not a debit card, that has the ability to dispute charges in the event of fraud. Traders who authorize direct debit withdrawals from their bank account are playing a very risky game.
Make sure you read about the scam with trading robots.
We Investigate For You!
If you have a question about a Forex, Crypto Currency or Options broker, we encourage you to first read the broker reviews. Also search in the Investors Forum to see if your question was already asked.
You can easily trade with a trusted licensed broker, so there is no reason to use a scam broker.