Scam Brokers List

The worldwide 2022 forex market is worth $2,409,000,000 ($2.409 quadrillion). $6.6 trillion on average every day is traded on foreign exchange markets. This is significantly higher than the previous analysis done by the Bank for International Settlements (BIS) in 2016 when it was valued at $1.934 quadrillion dollars.

Unfortunately, forex scams or forex fraud are also on the rise. Therefore, it is necessary to know every detail about the forex trading scams. Most importantly, you need to know the ways to identify scam brokers. We have identified over 550 crypto and forex scam brokers fake forex brokers list that you need to avoid. Go through our list of forex scams and stay safe.

You can find a lot of forex scams just by searching in Google or other search engines. There are plenty of forex trading scams and crypto scams out there that target new traders so that they can defraud them. Unfortunately, in such a huge markets as forex and crypto markets are, there are many people who take  advantage of honest traders.

The forex trading scams you will find are usually simple and prey on the gullibility of people and the need we all have, to make more money. There are many types of forex scams that exist. Knowing what they are will help you avoid them.

What are main types of Forex Scams and Foreign Exchange Fraud?

Forex scams or foreign exchange fraud is a kind of trading operation/scheme the targets the traders in order to defraud them. The scammers usually convince the forex traders by offering high-profit expectations from the trading market by offering extra high leverage and bonuses. Fraudulent activity in the currency market became common in early 2000s.

Typically, scam brokers put the trap on traders in different ways. The main goal of those brokers to lure the money. However, if you get lucky, you might stay safe. So, it is important to know the types of scams and the ways to avoid them. There are also investment scams, crypto scams and investor protection scams, the later is one of the most sophisticated scam types as it masks itself as investor protection. Typically, such companies would promise the victims to recover lost money from forex or crypto trading and in fact would convince the person to invest the same money or more into another scam, ran by so-called investor protectors.

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