Forex Scammer List 2024

TNFL FX GLOBAL LIMITED is headquartered in the United Kingdom; however, it lacks the relevant authorization from the Financial Conduct Authority (FCA) for its forex operations. The only information available about this business comes from a public warning issued by the FCA.

Additionally, the license number displayed on its official website is considered a non-member ID by the National Futures Association (NFA), indicating a lack of authorization from the NFA. These details fail to establish the company's reliability or safety. On the contrary, it can be reasonably inferred that depositing funds into this platform poses a risk.

Our investigative data indicates that this fraudulent website was established in August 2023. Despite its recent inception, the scammers behind it appear experienced in fraudulent activities.

The website is aesthetically decorated, with harmonious navigation in different sections. They prominently display their alleged advantages, such as lower trading costs, a diverse range of trading instruments, and superior services. Moreover, they offer a simulated account with a maximum limit of $2,000,000, creating an illusion of excellence.

However, when examining its regulatory status, discrepancies and falsifications are evident. They may have altered their previous claim of being regulated by the NFA after being exposed. The current information on the official website states regulation by the US MSB, but upon verification, we were disappointed to find that even this information is false. There is no record of TNFL FX in the US MSB information verification system.

Additionally, they only provide an email as their contact method and do not offer a phone number or online service, which is not a practice of legitimate brokers.

In terms of implementing fraud, their habitual strategy involves continuous lurking on social networks to mine potential victims' contact information. Once communication is established, they initiate ceaseless phone calls, spam emails, and messages. The customer managers engaged in fraudulent activities appear well-acquainted with the themes they promote. However, it's crucial not to be deceived, as rapid trades can leave you empty-handed in no time.

So far, we have learned of investors from the United States and Myanmar falling into the TNFL FX scam trap. To avoid becoming the next victim, it is strongly advised to steer clear of it!

Goccfx, established in the UK, claims to be registered with the National Futures Association (NFA) in the United States. However, there is no evidence to support this assertion. WikiFX has categorized it as an unregulated broker, as the company's name cannot be found in the registration records of either country. Additionally, on November 9, 2023, the Central Bank of Russia (CBR) identified “signs of illegal involvement in the professional securities market” and issued a warning against Goccfx.

The website domain, goccfx.com, was created on April 18, 2023. The site is rudimentary, and the navigation area is unclear. For instance, when I clicked on the deposit and withdrawal button to find information about the rules, the website automatically redirected to the quotes and trading interface, causing confusion.

Furthermore, there are inconsistencies in the information on the company's official website. While the company introduction page claims NFA regulation with a seemingly fake license number—123456, the regulatory information page asserts US MSB regulation without disclosing a license number. Both of these so-called licenses are undoubtedly false, as we found no mention of the company name on either regulatory body's website.

Like many fraudulent trading platforms, Goccfx provides only an email as the sole means of contact.

According to our findings, customers falling victim to this broker's fraud are primarily from the UK and India. To avoid becoming the next victim, it is strongly advised to steer clear of it!

Ocean Trade claims to be a registered and licensed company in New Zealand, but this is not the case. The deceptive trading platform misuses the information of a legitimately registered New Zealand company to appear legal, when, in fact, it has no affiliation with the legitimate entity.

On December 13, 2023, the Financial Markets Authority (FMA) issued a warning stating that Ocean Trade and its 12 duplicate websites falsely claimed to be registered financial service providers.

Furthermore, upon reviewing the company's official website, we were disappointed to find that the company did not disclose any regulatory information. For a forex broker, the public disclosure of regulatory information is necessary.

In terms of customer service, the broker also fails to provide any contact information other than an email. Moreover, since the company is using the information of other legitimate companies, the provided contact address may also be false.

TradeCMF is a forex broker based in the Marshall Islands. The broker has not disclosed any regulatory information. Disappointingly, when attempting to investigate the broker's regulatory information, we discovered warnings from three regulatory authorities: CNMV, CONSOB, and FSMA. It is understood that the victims primarily come from Spain.

As for the specific details of the fraud, we have gathered the following information. TradeCMF claims to offer the best trading conditions in the market, including an exceptionally high leverage of 1:500, which is inherently unsafe. Additionally, the starting spreads for major forex currency pairs are set at 1.9 pips, lowered to 0.6 pips, but only after paying a staggering $1 million! They also impose substantial account inactivity fees, charging $50 per month for accounts idle for more than 30 days.

Regarding withdrawals, TradeCMF processes withdrawals through the client dashboard, with the company's preferred method being bank wire transfer. Clients can also request payments via credit card. However, customers must meet their account's trading volume requirements before the company allows any payments. Fraudsters make it challenging for customers to withdraw any funds from their balance.

Fortunately, the company offers three contact methods: phone, email, and online customer support. While you can call and express your dissatisfaction, it may be futile in recovering your losses.

ICM Brokers is a long-established brokerage brand, entirely based offshore, with offices in the Marshall Islands and Saint Vincent and the Grenadines (SVG). The company claims to offer high-leverage MetaTrader 4 trading. However, over the years, the broker has received numerous complaints from traders who face difficulties withdrawing funds, and the platform itself has inherent issues. Therefore, our focus is on these issues.

According to the investigation, International Capital Markets Brokers Limited/LLC is registered as offshore entities in the Marshall Islands and SVG. Both of these offshore jurisdictions are notorious for their poor regulatory standards, meaning the broker is not actually regulated.

The domain icmbrokers.com was created on October 27, 2007. As a website with a relatively long history, it appears more sophisticated in design compared to many other fraudulent sites. It features a clear navigation bar, allowing users to easily find the sections they need. They also provide a demo account. In terms of customer support, they offer comprehensive channels, including phone, email, and online services.

Everything seems fine at first glance. However, knowing their fraudulent tactics beforehand renders these surface appearances ineffective.

We have learned that this long-standing offshore broker primarily serves traders from the United States, Germany, and India, with many of them becoming victims of forex scams. The most common approach involves account managers promising a 20% monthly profit starting from a minimum deposit. However, once funds are deposited, clients discover that profits are consistently low. When attempting to withdraw funds, they encounter difficulties.

        You can take the following steps to ensure that your broker is regulated:

Step 1: Identify the BrokerFirst, you need to obtain the complete legal name of the broker or company you are interested in. Make sure the spelling is correct.

Step 2: Determine the Relevant Regulatory AuthorityAs mentioned earlier, different countries have different regulatory authorities. Therefore, you need to determine which country the broker operates in and identify the regulatory authority it discloses on its website. For example, in the United States, brokers are regulated by the Financial Industry Regulatory Authority (FINRA). In the United Kingdom, it is the Financial Conduct Authority (FCA). In Australia, it is the Australian Securities and Investments Commission (ASIC).

Step 3: Visit the Regulatory Authority's WebsiteMost regulatory authorities have online portals or search functionalities on their websites that allow you to check the status of a broker.

• For the United States: Visit FINRA's BrokerCheck website (https://brokercheck.finra.org/)

• For the United Kingdom: Check the Financial Services Register on the FCA website (https://register.fca.org.uk/)

• For Australia: Use ASIC Connect's Professional Registers (https://connectonline.asic.gov.au/)

Step 4: Use the Search FunctionEnter the broker's name in the search bar. In most cases, this should provide information about its regulatory status.

Step 5: Review the ResultsExamine the information carefully. Regulated brokers should have a registration number and detailed information about their activities. Pay attention to any disciplinary actions, complaints, or violations associated with the broker.

        The above steps are general procedures for checking if a broker is regulated. Ordinary traders may need to invest some time in implementing them. However, WikiFX streamlines this process for you by consolidating and collecting regulatory information for over 50,000 brokers in over 60 countries worldwide. You can simply enter the name of the broker you want to search for on the WikiFX official website to browse all the regulatory information for that broker. We display specific details such as license numbers, operational status, and more for easy reference.