Forex Trading Scam Explained

Today we will consider LIST OF SCAM BROKERS 2022 - IDENTIFY AND AVOID! Unfortunately, fraud exists in any commercial sphere, and the Forex market is no exception. But the good news is this is no longer the trend but is rather on the decline.

Blacklists of FOREX SCAM BROKERS mainly include three types:

1. FLY-BY-NIGHT BROKERS The idea is that a group of people (or even one person) creates a site. Often it is just a landing page that urges the public to invest and earn lots of money. This may also include PAMM accounts. As a result, they collect deposits from traders and close the site, sometimes they declare a preplanned bankruptcy, and sometimes they don’t make any announcements at all.

2. FOREX BUCKET SHOPS This type of scam is more refined and requires more careful preparation, but the potential profit of the scammer is also higher. In this case, they create a full-fledged platform that duplicates the functionality of leading Forex brokers. The trader does not play on the world interbank market, but with other traders registered only on their fraudulent site, or even with the platform itself.

3. PYRAMID SCHEMES Perhaps this is the most famous type of scam that is used everywhere, not only in the foreign exchange market. This type of scam is not about Forex brokers at all. It is about the company positioning itself as a broker but, in fact, it only collects deposits from traders, often without even faking activity on the interbank market. 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.