Forex trading scams - List of scam brokers 2022
To save you time and trouble of perusing the lists of the worst brokers and searching for a worthy company, we selected the TOP 5 Best, Most Reliable and Trustworthy brokers you can safely start working with.To get more news about
forex scams, you can visit wikifx.com official website.
Unfortunately, fraud exists in any commercial sphere, and the Forex market is no exception. Even in 2022 sleazy Forex brokers continue to deceive unsuspecting traders, but the good news is this is no longer the trend but is rather on the decline. There are many main reasons for this change. Today, blacklists of Forex scam brokers are kept current and regularly published by Internet users. Our portal is no exception. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market.
Scammers in the Forex Market: Who are They?
Forex scam brokers are not always represented by brokers themselves. They are most likely to be individual players without companies but who position themselves as broker companies. Often they are very experienced Internet users who can fabricate false information on the site they created.
The owners of such scam sites do not have a license and are therefore not properly regulated. Sometimes they don’t even have basic knowledge of the Forex market. But for a novice trader who does not have an education in economics or finance, not everything is so obvious.
For example, a person may visit a beautifully designed website, see catchy promises of profit, and words or phrases like “spread” and “instant execution of orders”. That for the novice, could add a semblance legitimacy to the dishonest website. As a result, a person signs up, makes a deposit — and here is where the most interesting part begins — and there is the deception by technology. Blacklists of Forex scam brokers mainly include three types:
How to Identify Forex Trading Scams?
In the early 2000s, when the Forex market became accessible to everyone and was just reaching the peak v of its popularity, it was not easy to tell a scam broker from a legitimate broker in the interbank market, especially if the novice trader was just starting out. But today, in the era of total globalization and informatization, general information is easy to check on the Internet in a matter of minutes. Today, it has become much easier to protect against fraudulent schemes of blacklisted Forex brokers. The easiest way is to study our site because we have already saved you time and selected both reliable brokers and scammers among all companies. All you have to do is simply check our ratings lists.
Blacklist of Forex Scam Brokers 2022
Below there is a table that is updated in real-time. Its purpose is to warn novice traders about scam brokers who are not to be trusted.
You need this blacklist because, despite the confirmed scam schemes, some Forex bucket shops and pyramid schemes continue to function successfully.
Why Forex Brokers Are Regulated and Why Do We Need to Know?
We have already briefly mentioned the regulation of Forex brokers. Here are more details about it. The global (interbank) foreign exchange market has a legislative base. This legislative framework defines a special category of regulatory companies. They are internationally licensed companies operating in the global currency and securities market. Their task is to monitor and analyze other market players for compliance with legal standards and financial security requirements. Simply put, the regulator checks whether the broker is legally operating in the Forex market and whether he is complying with the Terms and Conditions of the regulator. If they are not, then they may be fraudulent.
Each regulator has its methods and tools for checking Forex brokers. In 2022, the brokers must meet several strict requirements. They are supposed to have: full transparency of financial transactions; a certain amount of money in their account; a completed set of documents required by law; and an official site that meets all technical safety requirements. Moreover, from the point of view of jurisdiction, the regulator can be local (operates within the country) or international (operates globally).
Is Forex itself a Scam? Test the Reliability of your Forex Broker
Based on many years of experience, hundreds of feedbacks, and an analysis of the 2022 blacklist of Forex brokers, specialists from the Traders Union prepared a simple test that you are invited to take. It allows you to determine whether you can trust the Forex broker you have chosen. The test consists of ten questions, and it will take you just a few minutes to complete it. In return, you will get unbiased information on the reliability of your broker.
