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Rogue brokers: Scammers and Unregulated

Read my intro to currency brokers before you start trading!

Actually, you better read it if you’re planning on working in this industry, or already are.

I cannot stress this enough – regulation is very important in this space and there are many predators out there (specifically in the forex trading, crypto, and other pseudo-investing offers).

To help you – here are 70 companies to avoid out of who-knows-how-many fraudulent or scummy brokers.

Rogue brokers – scammers, unregulated, or fined for not keeping practises

NumberBrokerIssuesRegulator WarningsSources
11MarketScam practices, misleading promisesMultipleTraders Union, Trading Beasts
224FXOperating without proper authorizationMultipleTraders Union, Trading Beasts
3WinfxmarketsOperating without FCA authorizationFCATrading Beasts
4OCD FinancesFalsely claims licenses from top regulatorsCySECTrading Beasts
5Hycmcapitalmarkets.comClone of the legitimate HYCM brokerCySECTrading Beasts
6MGM-MarketsImpersonation of a regulated companyASICTrading Beasts
7DDFutureHigh returns, unregulatedMultipleFXLeaders
8Canabis TraderHigh returns on stock CFD investments, unregulatedMultipleFXLeaders
9Calloway SoftwareSwift wealth, unregulatedMultipleFXLeaders
10Prime TradingClaims to be licensed, unregulatedMultipleFXLeaders
11UniverseOperating without proper authorizationPolish Financial Supervision AuthorityForex Club
12Crypto FX ScamsIllegal operations, fund extortionSpain and AustraliaForex Club, Trading Beasts
13Stone Capitals (Orlentrend, Akselinvest)Unauthorized operations, fund extortionPolish Financial Supervision AuthorityForex Club
14FxQuote247Operating without authorizationFCATrading Beasts, FXLeaders
15BrokerXPOperating without proper licensesMultipleBenzinga, Forex Club
16Trade99Unauthorized trading activitiesMultipleForex Ratings, Trading Beasts
17Capital245False regulatory claimsCySECBenzinga, Forex Club
18InvestXEUnlicensed operationsMultipleForex Ratings, Trading Beasts
19FineteroMisleading information about regulationsMultipleForex Club, Trading Beasts
20GrandTradeFXIllegal trading activitiesMultipleBenzinga, Forex Club
21CFDAdvancedOperating without authorizationFCATrading Beasts, Forex Club
22EcoMarketsFraudulent activitiesMultipleForex Ratings, Trading Beasts
23NovaTechFXUnlicensed operationsMultipleForex Club, Trading Beasts
24CoinexxMisleading regulatory informationMultipleForex Ratings, Trading Beasts
25CryptoRocketUnauthorized trading servicesMultipleBenzinga, Forex Club
26BrokerOfficialFalse claims of regulationMultipleForex Ratings, Trading Beasts
27FxTradeLiveUnregulated operationsMultipleForex Club, Trading Beasts
28Royal ForexMisleading regulatory statusMultipleForex Ratings, Trading Beasts
29Forex4youFalse claims of regulationMultipleBenzinga, Forex Club
30TraderswayUnregulated operationsMultipleForex Club, Trading Beasts
31Finance TradersUnregulated, misrepresenting servicesMultipleTraders Union, Forex Academy
32TradeCFDsUnauthorized operations, misleading advertisingFCA, CySECFXLeaders, Trading Beasts
33SafeMarketsFake licenses, fraud accusationsASIC, FCAForex Academy, Traders Union
34CoinBrokerzMisleading regulatory information, unregulatedMultipleFXLeaders, Forex Ratings
35TradInvestorUnregulated, false advertisingCySEC, FCATrading Beasts, Benzinga
36Crypto4InvestHigh-risk investments, unregulatedMultipleForex Academy, FXLeaders
37CapitalXPOperating without proper licensesCySECTrading Beasts, Forex Club
38MarketGBUnauthorized operations, misleading informationFCA, CySECFXLeaders, Forex Academy
39BrighterTradeHigh-risk trading, unregulatedMultipleForex Ratings, Trading Beasts
40TradeVMisleading promises, unregulatedVariousForex Club, Benzinga
41Dax300False claims of regulationMultipleTrading Beasts, Forex Academy
42247OptionTradeHigh-risk trading, unregulatedFCA, CySECFXLeaders, Traders Union
43OptionFXFake licenses, misleading advertisingASIC, FCAForex Academy, Trading Beasts
44CryptoPointUnauthorized operations, fraud accusationsMultipleFXLeaders, Forex Ratings
45BitcoinoieMisleading promises, unregulatedVariousTrading Beasts, Forex Academy
46FinbitexHigh-risk investments, false advertisingCySEC, FCAForex Club, Benzinga
47CryptoEUUnauthorized trading servicesMultipleFXLeaders, Forex Ratings
48StockotradeUnregulated operations, false claimsMultipleTrading Beasts, Forex Academy
49TradeFTMMisleading regulatory status, unregulatedVariousFXLeaders, Forex Club
50CryptoCentHigh-risk trading, unregulatedFCA, CySECTrading Beasts, Forex Academy
51BelartaUnregulated, fraudulent activitiesMultipleForex-Up, Forex Academy
52Lucror FXFalse advertising, unregulatedMultipleForex-Up, Timetoforex
53Rinkost MarketMisleading promises, unregulatedVariousForex-Up, Forex Academy
54RFXTUnregulated operations, false claimsMultipleForex-Up, Forex Academy
55SunbirdFXHigh-risk trading, unregulatedMultipleForex-Up, Timetoforex
56easyMarketsMisleading regulatory status, unregulatedVariousForex-Up, Forex Academy
57IKOFXHigh-risk investments, unregulatedCySEC, FCAForex-Up, Forex Academy
58PrimeCFDsUnauthorized trading servicesMultipleForex Academy, Timetoforex
59Trade12Unregulated operations, false claimsMultipleForex-Up, Forex Academy
60XTradeMisleading promises, unregulatedVariousForex-Up, Forex Academy
61FXGMHigh-risk trading, unregulatedFCA, CySECForex-Up, Timetoforex
62UproFXFake licenses, misleading advertisingASIC, FCAForex Academy, Timetoforex
63Algo CapitalUnauthorized operations, fraud accusationsMultipleForex-Up, Forex Academy
64CFD PremiumMisleading promises, unregulatedVariousForex-Up, Timetoforex
65TradeFTMMisleading regulatory status, unregulatedVariousForex Academy, Timetoforex
66RoyalFXFalse claims of regulationMultipleForex Academy, Timetoforex
67Ax TradesHigh-risk trading, unregulatedFCA, CySECForex Academy, Forex-Up
68Profit TradeMisleading advertising, unregulatedVariousForex Academy, Timetoforex
69FibonetixUnauthorized trading servicesMultipleForex Academy, Timetoforex
70Q8 TradeUnregulated operations, false claimsMultipleForex Academy, Forex-Up

Collapsed Brokers: Crown Currency and RationalFX

The only two case of a currency broker (not forex broker) that deals with payment collapsed in the UK are those two:

Crown Currency Exchange, a UK-based currency firm, collapsed in 2010, leaving over 13,000 customers out of pocket, with losses totalling around £20 million. The firm went bankrupt due to mismanagement and fraudulent activities by its directors. The company was known for offering competitive exchange rates but failed to honour its obligations as financial troubles mounted.

In 2014, several directors were convicted of fraud. Compensation for victims has been a lengthy process, with significant funds eventually recovered and distributed among those affected by the collapse. By 2017, some former directors were ordered to pay substantial amounts in compensation and confiscation orders​

RationalFX, a foreign exchange firm co-founded by Rajesh Agrawal, collapsed in 2023, leaving customers nearly £15 million out of pocket. The administrators expect creditors to recover as little as 10% of their lost funds. The firm faced issues with safeguarded funds and compliance, leading to its insolvency. Agrawal, a Labour candidate, resigned from his executive role in 2016 and as a director in 2022. Despite this, he still held a significant shareholding when the firm went under. The Financial Conduct Authority is investigating the circumstances surrounding the collapse.