Abstract：Fraudulent brokers are any illegitimate entities used to deceive traders into fraud or malicious attacks. Scammers work in a wide variety of ways, from claiming false strict regulation, fast and convenient withdrawal to other deceptive formats to give the impression of legitimacy.
Understanding exactly who are illegal and unregulated brokers and how to avoid dealing with them is an essential part of protecting your money. Therefore, BrokersView sets up “Scam” to facilitate public understanding of unlicensed brokers. After our exposure, fraudulent forex brokers have accelerated to close their websites. Recently, we found 16 unlicensed brokers are no longer to be available to everyone now. Here is the list:
3. IGC Markets
8. 365 Capital FX
12. Fx Option Trade247
13. Cheonan International
14. Forex Steady
16. ING CAPITAL
If you want to know more detailed information about these brokers, you can click the underlined tracking link. For each one, we expressed strong reasons why it is concluded as a scam.
owfx, a trading name of OWFX FINANCIAL GROUP PTY LIMITED, is allegedly a suspicious regulated forex broker registered in China. Unluckily, other more detailed information about this broker is not available on the Internet.
TrendFX, a trading name of TrendFX Limited., is allegedly a suspicious regulated forex and CFD broker registered in the UK that claims to provide its clients with over 90 tradable financial instruments with leverage up to 1:400 and variable spreads from 0.8 pips on the industry-standard MetaTrader5 trading platform, as well as a choice of two different account types and 24/7 customer support service.
Profx, a trading name of Profx Market, is allegedly a suspicious regulated London-based ECN/STP and spread-betting broker that claims to provide its clients with some tradable financial instruments with flexible leverage up to 1:1000 and variable spreads from 0 pips on the world’s most trusted and popular MetaTrader4 trading platform, as well as a choice of four different account types.
Exness, a trading name of Exness (SC) Ltd, is allegedly a securities dealer registered in Seychelles with registration number 8423606-1 and authorized by the Financial Services Authority (FSA) with licence number SD025. The broker claims to provide its clients with a wide variety of tradable financial instruments with 1:unlimited leverage and variable spreads from 0.0 pips on the industry-standard MetaTrader4 and MetaTrade5 trading platforms, as well as a choice of five different account types and 24/7 multilingual customer support service.