IC Markets
Every firm below is named in an official regulator warning or order, linked under its profile, and we repeat only what the regulator published. Check the regulator's own register before you open any trading account.
Why forex scams keep growing in 2026
The global forex market turns over about $9.6 trillion a day, according to the Bank for International Settlements' 2025 survey. That volume, spread across regulated platforms and a large grey market, makes it an obvious hunting ground for fraudsters. Regulators such as the FCA, ASIC and BaFin add new unauthorised firms to their warning lists every week.
Scam brokers are no longer crude operations. They build polished websites, clone the identities of regulated firms, pay for social media advertising, and invent awards and regulatory badges. Many run for months or years before regulators catch up, leaving drained accounts behind them.
This page lists firms named in official regulator warnings, explains the tactics they use, and gives you a step-by-step way to check any broker, spot red flags early and act fast if the worst happens.
Despite confirmed scam schemes, some forex bucket shops and pyramid operations keep running, preying on new and inexperienced traders worldwide.
Firms named in regulator warnings
Each firm here appears in a published warning or order from a financial regulator. The list is not complete: regulators add new names every week, so always search their warning lists yourself.
Olsson Capital
FCA warningThe UK Financial Conduct Authority warns that Olsson Capital is not authorised or registered by the FCA and has been providing financial services or products in the UK without permission. Money paid to an unauthorised firm is not covered by the Financial Ombudsman Service or the FSCS.
- Not FCA authorised
- No FSCS cover
Official source: FCA warning
Wayven FX Limited
FCA clone warningThe FCA lists Wayven FX Limited as a clone of an FCA-authorised firm: it is not authorised, but has claimed to be. The FCA names the genuine firm being copied as AMT Futures Limited, so only the contact details on the FCA Register can be trusted.
- Clone firm
- Not FCA authorised
Official source: FCA warning
Brokerz
FCA warningThe FCA warns that Brokerz is not authorised by the FCA and has been targeting people in the UK. Clients of an unauthorised firm cannot use the Financial Ombudsman Service and are not protected by the FSCS.
- Not FCA authorised
- No FSCS cover
Official source: FCA warning
Prime CFDs
FCA warningThe FCA warns that Prime CFDs is not authorised by the FCA and has been carrying on regulated activities in the UK without permission.
- Not FCA authorised
- No FSCS cover
Official source: FCA warning
BFOREX
ASC & CNMV warningsThe Alberta Securities Commission issued an investor alert that Bforex solicited Albertans without being registered to do so, and Spain's securities regulator, the CNMV, has warned that BFOREX LTD is not authorised to provide investment services in Spain.
- Not registered in Alberta
- Not authorised in Spain
Official source: Alberta Securities Commission alert
AFX Capital Markets
CySEC licence withdrawnCyprus regulator CySEC suspended AFX Capital Markets' licence in 2019 and withdrew it in July 2021, finding the firm no longer met the conditions of its authorisation. CySEC also fined two former executive directors and banned them from management roles at investment firms.
- Licence withdrawn
- Directors fined
Official source: CySEC investment firm register
TropicalTrade
US state regulator orderMissouri's Securities Division issued an order finding that TropicalTrade offered unregistered binary options to a Missouri resident and that the investor received no returns, despite advertised payouts of up to 400%.
- Unregistered binary options
- State enforcement order
Official source: Missouri Securities Division order
Be equally wary of any broker registered only as an International Business Company (IBC) in St. Lucia, the Marshall Islands or Vanuatu with no real financial licence.
How scam brokers operate
The names change constantly, but the playbook rarely does. Learn these eight tactics and you will spot most scams before you send a penny.
Website cloning and identity theft
Fraudsters build near-identical copies of regulated brokers' websites, differing by a single letter or punctuation mark, and steal logos, regulatory text and licence screenshots. Always check the exact web address against the regulator's register.
Fake regulators
Some scam brokers invent regulators with official-sounding names. "IFINMA" is a documented spoof of Switzerland's FINMA. These fake bodies come with convincing websites, certificate generators and phone lines staffed by "compliance officers".
Guaranteed profit promises
Any broker guaranteeing a fixed monthly return is lying or running a Ponzi scheme. No legitimate broker can guarantee returns, and promising them breaks financial promotion rules in the EU, UK, US and Australia.
Withdrawal traps and fake tax demands
Deposits go through easily. Withdrawals meet invented obstacles: minimum balances, "trading volume targets", hidden bonus terms or "withdrawal taxes". A legitimate broker never charges a fee to release your own money.
Cold calls and unsolicited messages
Guidance from the FCA, ASIC and NFA is consistent: an unsolicited call or message from a broker you never contacted is a red flag. Scammers buy lists of people interested in trading and reach them by phone, Telegram, WhatsApp or email.
Fake robots and managed accounts
Fake trading robots charge ongoing subscriptions while adding nothing, and fake PAMM "managers" show invented profit histories, then disappear once enough deposits have come in.
Lifestyle marketing on social media
Instagram and TikTok accounts full of luxury cars, cash and holidays are a main recruitment tool, and the props are staged. The FCA, SEC and ASIC have all warned specifically about forex promotion on social media.
Offshore "regulation" as cover
Registering an IBC in St. Lucia, the Marshall Islands or Vanuatu is fast, cheap and needs no real financial oversight. Scam brokers present it as a licence, but it gives investors no protection at all.
10 steps to verify any forex broker
Run through these checks in order. Most scams fail by step four; the rest rarely survive a small test withdrawal.
- Get the exact legal entity name
Find the broker's full registered company name, not its brand. It is usually in the footer, the "About us" page or the legal documents. Scam brokers count on traders being vague when they cross-check.
- List every regulator it claims
Note each regulator and licence number the broker claims. Look up any regulator you don't recognise and confirm it is a real government body or recognised authority.
- Verify on the regulator's own website
Go straight to the regulator's official site (for example register.fca.org.uk for the FCA, or asic.gov.au for ASIC), search the exact legal name, and confirm the licence is active and covers the services offered.
- Check official warning lists
Search the FCA Warning List, ASIC Moneysmart's list and BaFin's company database. One confirmed listing is reason enough to walk away.
- Check when the domain was registered
A free WHOIS lookup shows when the website's domain was first registered. A broker claiming to date from 2005 whose domain appeared in 2022 is falsifying its history.
- Read independent trader reviews
Look at Trustpilot, Forex Peace Army and Google Reviews for repeated patterns in negative reviews. Blocked withdrawals, price manipulation and vanishing support are strong danger signs.
- Test a withdrawal with a small deposit
Deposit a small amount, place a few trades and request a full withdrawal. A legitimate broker processes it without friction. If it is blocked or delayed, do not send more.
- Verify the address and company registration
Look up the registered office on Companies House (UK), ASIC (Australia) or the relevant national registry. A virtual office or an address you cannot verify is a serious warning sign.
- Question the leverage on offer
Retail forex leverage is capped at 30:1 on major pairs in the UK, the EU and Australia, and 50:1 in the US. A broker offering 1:500 or 1:1000 to retail clients in those regions is almost certainly not licensed there.
- Confirm client money segregation in writing
Ask whether client funds are held in segregated accounts, separate from the company's own money. A regulated broker will confirm this in writing and name the bank; segregation is required under FCA, ASIC and CySEC rules.
Trusted regulators and how to check them
Not all licences are equal. Tier 1 regulators enforce strict capital, conduct and client money rules. Offshore registrations offer little or no protection if something goes wrong.
| Regulator | Country | Verify at | Tier |
|---|---|---|---|
| FCAFinancial Conduct Authority | United Kingdom | register.fca.org.uk | Tier 1 |
| ASICAustralian Securities & Investments Commission | Australia | asic.gov.au | Tier 1 |
| CFTC / NFACommodity Futures Trading Commission / National Futures Association | United States | nfa.futures.org | Tier 1 |
| BaFinFederal Financial Supervisory Authority | Germany | bafin.de | Tier 1 |
| MASMonetary Authority of Singapore | Singapore | mas.gov.sg | Tier 1 |
| FINMASwiss Financial Market Supervisory Authority | Switzerland | finma.ch | Tier 1 |
| CySECCyprus Securities & Exchange Commission | Cyprus / EU | cysec.gov.cy | Tier 2 |
| FSCAFinancial Sector Conduct Authority | South Africa | fsca.co.za | Tier 2 |
| DFSADubai Financial Services Authority | UAE / Dubai | dfsa.ae | Tier 2 |
| VFSCVanuatu Financial Services Commission | Vanuatu | vfsc.vu | Offshore |
| SVG FSASt. Vincent & the Grenadines FSA | St. Vincent | svgfsa.com | Offshore |
| Seychelles FSAFinancial Services Authority | Seychelles | fsaseychelles.sc | Offshore |
UK traders: money held with an FCA-authorised firm is covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails. Unauthorised firms are not covered.
What to do if you've already lost money
Finding out you have been defrauded is stressful. Quick, methodical action gives you the best chance of getting some or all of your money back.
First rule: never pay anyone who contacts you offering to recover your money. It is a well-documented second scam aimed at fraud victims.
- Stop all deposits
Ignore any pressure to "top up" to unlock your funds. It is a sunk-cost trap designed to take more money.
- Screenshot everything
Account balances, trade history, chat logs, emails and payment receipts. Keep copies off the device, in cloud storage.
- Call your bank or card provider now
Ask for a chargeback on card payments. For bank transfers, report fraud to your bank's fraud team at once, because speed matters for recalling a payment. In the UK you can call 159 to reach your bank's fraud line.
- Complain to the regulator
File a complaint with the regulator in the country where the broker claims to be based, even if the licence turns out to be fake. Regulators track and investigate these reports.
- Report it to the authorities
Use your national fraud reporting service (see the table below). A crime reference number also helps with any bank claim.
- Warn other traders
Post a factual review on independent review sites to build a public record that supports investigations.
- Get regulated legal advice for large sums
A regulated solicitor can advise on civil recovery. Genuine recovery work is done by licensed legal professionals, not by firms that contact you first.
Where to report a forex scam
Report Fraud (England, Wales and Northern Ireland) at reportfraud.police.uk or 0300 123 2040; Police Scotland on 101. Report unauthorised firms to the FCA.
Report Fraud replaced Action Fraud in December 2025Federal Trade Commission at reportfraud.ftc.gov; the CFTC and NFA for forex and futures firms.
Scamwatch (ACCC) at scamwatch.gov.au, and ASIC for unlicensed financial firms.
Canadian Anti-Fraud Centre, and your provincial securities regulator.
The national cybercrime portal (cybercrime.gov.in) or helpline 1930.
The FSCA, and the South African Police Service for criminal fraud.
After a loss, victims are often targeted by a second wave of scammers posing as "fund recovery specialists" or "crypto tracers". They charge large upfront fees, typically $500 to $5,000, and deliver nothing. Real recovery goes through regulated solicitors, your bank or law enforcement, not private companies that contact you out of the blue.
Pre-deposit safety checklist
Tick every box before you send money to any broker. If one is missing, stop and dig deeper.
- Verified on the official regulator register, not only on the broker's own site
- Licence is active and covers the services offered
- Not on the FCA, ASIC or BaFin warning lists
- Domain age matches the claimed founding date (WHOIS check)
- Physical address verified on a national company registry
- Client funds confirmed in segregated bank accounts
- Leverage does not exceed the regulatory limit for your region
- No profit guarantees or "risk-free" promises anywhere
- Small test withdrawal completed before any large deposit
- Positive, verified reviews on independent third-party sites
- Customer support reachable by phone, not only email or chat
- You contacted the broker first: no cold calls or messages
A regulatory licence is a necessary condition for a legitimate broker, but never enough on its own. Verify independently, test withdrawals first, and treat extraordinary promises as extraordinary red flags.
Scam broker FAQs
How can I tell if a forex broker is a scam?
Check its exact legal name on the regulator's own register, not the broker's website, and search the FCA, ASIC and BaFin warning lists. Guaranteed returns, cold calls, pressure to deposit more, very high leverage for retail clients and fees to withdraw your own money are all strong warning signs.
What is a clone broker?
A clone copies a real, regulated firm's name, licence number and branding to look legitimate. The giveaway is usually the contact details: only trust the website, phone number and email listed on the regulator's own register.
Is an offshore broker automatically a scam?
No, but offshore registration in places like St. Vincent, Vanuatu or the Marshall Islands offers little or no protection, and many scam brokers use it as cover. If something goes wrong there is rarely a compensation scheme or a realistic legal route.
Can I get my money back from a scam broker?
Sometimes, if you act fast. Contact your bank or card provider straight away about a chargeback or payment recall, report the fraud to the police and the regulator, and keep every record. Recovery is never guaranteed, and it gets harder the longer you wait.
Are fund recovery companies legitimate?
Firms that contact you first offering to recover lost money are very often a second scam. They charge upfront fees, often $500 to $5,000, and recover nothing. Real recovery goes through your bank, the police or a regulated solicitor.
Where do I report a forex scam in the UK?
Call your bank first, then report to Report Fraud (reportfraud.police.uk or 0300 123 2040), which replaced Action Fraud, or Police Scotland on 101. You can also report an unauthorised firm to the FCA.
Does FSCS protection cover scam brokers?
No. The FSCS covers up to £85,000 per person when an FCA-authorised firm fails. Unauthorised and offshore firms are outside the scheme, which is one reason checking authorisation before you deposit matters so much.
Sources: FCA Warning List, FCA Financial Services Register, ASIC Moneysmart: companies you should not deal with, BaFin company database, NFA BASIC, Report Fraud (UK).