ExclamationThe Worst Forex Brokers List of 2021 - Scam brokers, Liars, Cheats, Bucket Shops & Swindlers

#1
The Worst Forex Brokers List of 2021 - Scam brokers, Liars, Cheats, Bucket Shops & Swindlers

Worst Forex Brokers List of 2021.png

It's time to name and shame the bad brokers we've dealt with and brokers who have made the news for all the wrong reasons.
Please contribute your experiences here so we can help other traders steer clear from those dodgy firms.

If you'd like to remain anonymous please send us a PM and we'll update the list from there.

The list has now been updated for 2021 and those brokers who have had their websites shut down are now removed from the list.

The brokers you need to stay away from are:

  1. FXCM - Price Manipulation, Fraudulent misrepresentation (Fined $7 Million by CFTC).
  2. Axitrader - Price Manipulation, restricting access to funds, poor client service.
  3. LMAX Exchange - Restricting access to funds. Poor excecution speed.
  4. FX Merchants - Not authorized to provide investment services. This broker provides no information on trading conditions, nor free testing service, and live account registrants are redirected to another website.
  5. Berndale Capital Securities - ASIC has cancelled the licence of this broker. This broker restricts clients' access to their own funds, refuses withdrawals and never answers the calls. A prime example of a dud broker.
  6. FP Markets - Hiring freelancers to "Spam" financial forums (including this one) with fake testimonials, reviews, recommendations and promotions for FP Markets. Would you trust a broker who hires phony people to sign up to forums using fake names, e-mails and credentials just to try to persuade others to use their services?
  7. Hankotrade - Another spammy broker who hires people to slowly spam forums with fake testimonials and reviews. Again, would you trust a shady broker who hires people to sign up and pollute forums and site's comment boxes using fake names, and e-mails to persuade others to use their never-heard-of services?


SAY NO TO BAD FOREX BROKERS AND SCAMMERS.jpg
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Important: The worst forex brokers of 2021👎


Re: The Worst Forex Brokers List of 2021 - Scam brokers, Liars, Cheats, Bucket Shops & Swindlers

#3
The Cyprus Securities and Exchange Commission (‘CySEC’) officially warned investors that Efexa1000 is not authorized to provide investment services in the country. According to the regulator, The Company does not hold a CySEC license and is not related to Cypriot Investment Firm Instant Trading EU Ltd., as it claims.

“The Company, through the website claims to be part of the Instant Trading EU Ltd. group, which is licensed (License No. 266/15) and regulated by CySEC, while it has no relationship with the CIF,” stated the Cypriot financial watchdog in the notice.

Re: The Worst Forex Brokers List of 2021 - Scam brokers, Liars, Cheats, Bucket Shops & Swindlers

#4
Great work Mr Lawson, will add this to the list of baddies!
📖 Download over 600+ Free Forex & Trading books from the Trader's Library.

Important: The worst forex brokers of 2021👎


Re: The Worst Forex Brokers List of 2021 - Scam brokers, Liars, Cheats, Bucket Shops & Swindlers

#7
The Financial Conduct Authority (FCA) has updated its warning list with unregulated broker FX Merchants. According to the UK Financial watchdog, this entity are not licensed to offer its services in the country, but has been illegally targeting local investors.

It seems that this is exactly the case with FX Merchants. The broker claims to offer trading in forex and cryptocurrencies, as well as asset management services. However, it is not licensed, provides no information on trading conditions, nor free testing service, and live account registrants are redirected to another website.

Re: The Worst Forex Brokers List of 2021 - Scam brokers, Liars, Cheats, Bucket Shops & Swindlers

#9
Insearchfor wrote:
Wed Dec 12, 2018 2:05 am
Markets.com
It's basically Forex in casino format with high spreads, high slippage and bad functioning of EA's.
Yep, we've heard of bad things about these scammers too. Rejected positions, spread manipulation, client's information being sold to marketers, price manipulation, restricting clients access to funds and the list goes on.

Added to the list of bad guys at the top.
📖 Download over 600+ Free Forex & Trading books from the Trader's Library.

Important: The worst forex brokers of 2021👎


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