Scam Broker Investigator is the largest and most trusted broker reviews website, established in 2013. On ScamBroker.com, you will find more than 900 objective reviews of Stock Brokers, Forex Brokers, Crypto CFD Brokers and Trading Apps.
Our method of reviewing broker is, to check if the broker is licensed and regulated by a governments financial regulator. If your broker is licensed, then they are a legitimate broker, if your broker is not licensed, then they are a scam broker. You should only invest with a broker, whose license you have verified!
Legit Brokers Are Licensed
If you are interested in investing online, it is important to choose the right broker. Choosing a licensed and regulated broker is the first step to ensure yourself a legitimate trading experience.
Stock, Crypto and Forex brokers should be licensed and regulated by either; ASIC Australia, FCA United Kingdom or FSCA South Africa. Brokers can also be licensed by; the CFTC or FINRA in the United States, IIROC Canada, AFM Netherlands, CONSOB Italy, BaFin Germany, Finanstilsynet Denmark, CNMV Spain, CNB in the European Union, CySEC Cyprus, and the list goes on and on.
If your broker is not licensed by your local financial regulatory agency, then they are a scam! You can see who licenses investing brokers in your country by checking the list of Government Financial Regulators.
Which Trading Apps are Scams
The fact is; most new investors will end up losing their money trading CFD’s. Investing or day trading in Forex, Crypto, Commodities, Metals and Options is a very risky proposition. You really need to know what you are doing, in order to actually make money.
Newbie investors usually hear about an online broker, via a fake news article promoting automated trading apps. The trading apps go by the names of; Quantum Code, CryptoSoft, Bitcoin Rush, Bitcoin Code and many more. We have seen fake articles using testimonials from; Dragons Den, Shark Tank, Bill Gates, Marc Cuban and Elon Musk to name a few.
All of those fake investment software, connect you with an unlicensed, offshore, fake Forex broker. Once you send money to these scam artists, it is a long battle to try and recover your money.
Take a few minutes and read the article about The Crypto Investment Scams.
How to Detect Broker Scams
There are a few types of scams that Forex brokers do.
The most popular scam that online brokers use, is centered around managed accounts. Offshore / Non Regulated Forex brokers will pitch investors to join a managed account handled by one of their senior analysts, and promise high monthly returns.
No Legitimate Broker Will Manage Your Trading Account & 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.
Another popular scam is unauthorized credit card charges. A scam broker will swipe the investors credit card, to add more money to their trading account, because the 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. Investors that authorize direct debit withdrawals from their bank account are playing a very risky game.
You can read more about this on the complaints page.
We Investigate For You!
If you have a question about a Forex, Crypto, CFD or Stock Broker, we encourage you to first read the regulated broker reviews.
You can easily trade with a trusted licensed broker, so there is no reason to use a scam broker.