Forex Market Watch – Avoid Foreign Exchange Trading Scams and Frauds
Are you interested in forex trading and want to learn more about forex scam, commodity fraud, and other investment scams or just interested in reading those spectacular stories? Then Review4Forex is the right place for you! Read about expert advisor software frauds, forex broker scams, managed account HYIP frauds, Ponzi schemes and signal generator scams. Review4Forex provides a great deal of excellent resources in the Forex Articles section, the Learn Forex Beginner Course and the Popular Articles to the right. We also have compiled a list of trusted forex brokers for you to choose from. Our aim is to satisfy every forex trading need.
On this page we bring you a “forex brokers scams list” – list of forex trading brokerage firms that we feel that have too many indications of a possible scam . We won’t let it go and this is for you, the trader. Not giving you a warning before signing up with these brokers is against our ethics. We welcome you to share your own scam experience with brokers that deserve to be in a black list. You are welcome to comment in the field below. We will try to research the most brokers that seem to use questionable practices. We’ll continuously add new brokers to the list based on our findings and your comments. Below you’ll find our current list of non trusted brokers, and this Scammers list goes as follows:
List of NOT trusted brokers.
- Trade24- updated 2 Feb 2017
- CWM FX
- Sigma Forex
- Crown Forex
- Forex Macro
- Cyber Market group
- Joe Lewis Trading (JLTrading.com): Although there have been no recent charges levied against Joe Lewis Trading. (also known as joelewis-trading.com, JLTrading.com and Lon-ist investment managers) we at Review4Forex feel there are enough earmarks that they may not be a secure and trustworthy broker. As such, we strongly caution against investing with Joe Lewis Trading at this time.
- Peregrine Financial Group
Types of Frauds and Scams in Online Trading
As already stated, scammers are developing new methods every day. Sometimes it is almost impossible to recognize them, giving the fact, that they are so well packed with nice website, tools, assets, graph. Even more! If you want to check broker by yourself, you can easily find some user experiences regarding how amazing the broker is.
As there is always a certain amount of money with the broker, problem solving process is always complicated, even tho customer service is friendly and seems to be well informed and helpful, trader doesn’t know how to behave and what to do, after problem occur.
As a source of valuable information for traders could be taken Blacklisted CFD and binary brokers list.
Research – is a key to the right choice of your broker!
Online Trading Broker Scam Tactics
There are few ways, that blacklisted forex and binary brokers often use, in order to prevent their traders from withdrawing the money and leaving:
Ignoring the withdrawal requests. The customer service simply doesn’t reply to messages sent by the trader.
Adding unauthorized bonuses that are disabling withdrawal. Usually extremely high turnover must be reached before withdrawing.
Managing account without ever requesting it.
If you ever notice someone is trading in your name, or bonuses were added without your prior approval, try to withdraw the money as soon as possible.
Another tool recently has been sweeping the market – cold calls. Which is, if to simplify the process, works this way : a bad broker buys stolen data and contacts traders who never even showed interest in trading with them, trying to convince them to register on their platform.