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27 Worst Blacklisted Brokers


Worst blacklisted forex brokers



The process involved with choosing a Broker may be one that is time-consuming and tedious, but when considering that traders will deposit funds into trading accounts held with such brokers, it is a task that must not be taken lightly.


10 Worst blacklisted forex brokers (2022)


When evaluating and comparing brokers, the most imperative factor, amidst numerous other important factors, that traders must thoroughly research and ensure, is that the broker they choose is regulated by known and reputable regulatory entities.



Regulated brokers are under strict supervision, regulation, and authorization from regulatory entities which ensure that trading activities are legitimate, and that client fund security can be guaranteed.

In addition to this, brokers who are members of compensation schemes, also provide eligible traders with compensation should the broker be unable to fulfill their financial obligations in instances where the broker is liquidated or becomes bankrupted.

Regulated brokers are required to keep client funds in segregated accounts, separate from the broker’s own operating funds. These funds may not be used for any reason other than trading activities from the trader in whose name the funds are kept.

Besides, these funds must be made available for withdrawal at any given time by the trader in whose name the account is registered. Most of these brokers, besides, do not allow for deposits or withdrawals made to or from third parties as part of AML, or anti-money laundering processes.

As technology improves and trading becomes more widespread across the globe, there are, however, scammers and individuals with malicious intent who will try to fool unsuspecting victims into depositing their funds to rob them thereof.

There is a great number of scam brokers who have been blacklisted and their names made public for traders to see, but there are also those who have slipped through the cracks. However, at one point, or another, they will be uncovered as well.

Unfortunately, this is often at the cost of traders who have invested and subsequently lost substantial amounts of capital. The names of these brokers are made public to avoid others losing their funds in the same way.

Before choosing a broker, traders must conduct thorough research into their broker and ensure that the necessary regulation is in place and that it is legitimate in addition to searching the name of the broker to ensure that it does not appear on a list such as this.


Prophet Moral Monareng

This broker used social media to promote its services and claimed to be a legitimate Forex broker with regulation through the Financial Services Provider, or FSP, with a corresponding license number.

Also, the scam broker claimed to be associated with Lebone Risk Solutions. Prophet Moral Monareng has been exposed by the FSCA as a trading scam in addition to proving the lack in association thereof with Lebone Risk Solutions.

There was an official and public warning issued by the FSCA in addition to the sharing of information on the prosecution of the con artists who were posing as legitimate Forex traders in a separate scam to that involving Prophet Moral Monareng.



As both a Forex and cryptocurrency investment website, this broker claimed to generate high returns through investment plans which were claimed to be reliable. The website promised investors returns of up to 1555% on their profits after merely 25 days.

There is a lack of explanation on the website as to how such profits can be obtained, how the broker works, or what the broker actually is.

The only information which was available on the website is that DDFutures is a private company that is based in the UK and is involved with the development of products that guarantee high returns.

There are numerous red flags that traders need to be aware of and where DDFutures is concerned, there were three distinctive red flags namely:

  • The promise of quick riches
  • The vague website and lack of company information, and
  • An illegitimate license


Cannabis Trader

This broker has worked to convince numerous traders to join the bandwagon on cannabis stock CFD investments. The US Dollar 250 initial deposit which was required was to be paid directly to the broker upon registration.

Once registered, Cannabis Trader makes use of specific software that automatically places trades on Cannabis Stock CFDs on behalf of the trader which is based on live market signals.

The broker also offers tips to help traders learn all that they need to know regarding trading in addition to urging traders to invest in Cannabis Stock CFDs while there is a market for it.

There are a lot of red flags with this broker, amidst a lot of obvious traits typical with scam brokers that traders need to beware of.


Calloway Software

This is another get-rich-quick scheme that promises traders riches despite their trading skills or experience. It promises traders several thousands of dollars within mere hours.

Calloway Software claims to make use of popular indicators such as Fibonacci, Bollinger, and numerous others to create accurate signals for traders when they use the broker’s software.

The broker does everything in its power to convince traders that they will be able to earn profits in a foolproof manner and traders should take great caution in avoiding falling prey to brokers such as these.


Prime Trading

Claims to be a licensed investment company that provides services in addition to investment strategies, products, and other solutions to traders.

Prime Trading claims that there are more than 135 investment teams located in 30 countries around the world that share their knowledge and experiences so that traders can generate profitable results.

There was a warning from Malta Financial Services Authority, or MFSA, alerting traders that Prime Trading is a scam. Despite the claim to offer a guarantee of success, the reality regarding trading is that there is no guarantee that profits will be earned.

Trading is a risky and complicated business that requires time, effort, dedication, research, and consistent efforts. It is not something that can be provided by a broker, software, trading bots, or anything other than the trader’s hard work towards earning profits consistently through tried and tested strategies.


NAS Broker

NAS Broker claims to have been founded in 2012 and offers traders a variety of financial instruments that can be traded. The broker is claimed to be headquartered in Saint Vincent and the Grenadines and claims regulation through FSA.

This broker has drawn in many a trader through its offering of a live account with a US Dollar 0 minimum deposit requirement and the provision of a US Dollar 50 no-deposit bonus. It also offers mobile trading, numerous account options, PAMM and MAM accounts.



BML is an Estonia-based broker that has been blacklisted and marked as a scam broker. BML claimed to be regulated by FSA, requires a minimum deposit of US Dollar 100, and offers traders a variety of account options, financial instruments, and more.

Also, the broker claimed to have 10,000 registered traders and that it is consistently trying to expand and improve the quality of its services. The broker offered a transparent environment and claims to support a variety of trading strategies including scalping.



STForex is a Saint Vincent and the Grenadines-based broker which has been in operation since 2014. This broker has been marked as a scam and is not to be used for the facilitation of trading activities.

The broker does not require a minimum deposit when a live account is registered and claims to offer a 200% deposit bonus in addition to a US Dollar 10 no-deposit bonus. The broker offers a variety of trading accounts and claims to provide PAMM accounts as well.

The website language is offered in Russian and STForex claims to make use of an NDD model in addition to offering mobile trading and an array of features and high maximum leverage.


Bull Trend Trader

Bull Trend Trader claims to have been founded in 1997 and is a Bulgarian-based NDD broker that is regulated by BNB in Bulgaria for facilitating the trade in numerous financial instruments.

This broker has been marked as a scam and traders need to steer clear of it to avoid substantial losses.

The broker claims to have a US Dollar 130 minimum deposit requirement and offers a variety of trading accounts that traders can choose from. The only payment methods that it accepts are PayPal, debit and credit cards, and wire transfer.



CBFinvest claims to be a Cyprus-based NDD broker that was founded in 2013 and offers the trade of numerous financial instruments. The website is presented in English, Hungarian, Spanish, German, and Romanian.

Traders are required to make a US Dollar 10 minimum deposit and have a variety of accounts to choose from. CBFinvest also claims to have regulation and authorization through CySEC with a provided license number.

CBFinvest claims to use a web-based trading platform along with mobile trading which can be done on any Android and/or iOS device.

Customer support is presented in English and traders have the option of opening a trading account in either USD, EUR, or GBP. The payment methods which are supported include Skrill, Neteller, Debit/Credit Cards, and Wire Transfer.


FIXI Markets

FIXI Markets claims to be an FCA-regulated broker based in the United Kingdom and which has been in operation since 2010. The broker claims to have NDD and STP execution and offers traders a variety of financial instruments that can be traded.

Also, traders have a variety of accounts to choose from in addition to having access to VPS and API capabilities. The broker claims to offer an affiliate program, mobile trading, and a minimum deposit of only US Dollar 100.

The website can be viewed in either English, Georgian, or Russian while support is only provided in English. The deposit currencies which are supported include USD, EUR, GBP, and AUD.

Lastly, this broker supports payment methods such as Debit/Credit Card, Skrill, Neteller, and Wire Transfer.

This broker has been marked as a scam and traders are advised to avoid dealing with this, and numerous other, scam brokers.


UFX Market/UFX Bank

Both UFX Market and UFX Bank have a substantial amount of negative reviews regarding irregularities in its provision of trading solutions and services.

Numerous traders have posted complaints against these brokers and subsequently, the broker has been blacklisted by Forex Peace Army due to its widespread poor reputation in an attempt to safeguard traders.

Numerous false client reviews have been posted to the broker’s website and there are numerous tactics adopted by the broker to lure traders into depositing more funds into their trading account.

When traders attempt to withdraw funds, there are numerous issues, and the withdrawals are never processed. There is no way for traders to contact customer support and also, the broker promotes risky trades.

When attempting to close and discontinue the trading account, traders are offered a ‘last deal’ which results in a substantial loss that clears the trader’s account.



There are numerous complaints against Tradorax and there have been 4 guilty votes issued against the broker in the FPA Trader’s Court. After these votes, Tradorax has declared a scam and the broker appears on numerous websites containing blacklisted brokers.

Tradorax is infamous for freezing trading accounts in addition to blocking traders from being able to withdraw their funds. One of the victims of the Tradorax scam was a 60-year old pensioner who had lost £60,000 when he was blocked from withdrawing his funds.

Numerous traders have reported similar issues with the broker associated with the refusal to pay-outs in addition to theft of funds in trading accounts.

There have also been reports that Tradorax proceeds with deals on behalf of traders without prior permission in addition to charging registered credit cards fraudulently.

Traders are encouraged to deposit more funds into their trading account after which their accounts are frozen, and the funds are removed.



When evaluating brokers and offers, the rule of thumb is that should something seem to be too good to be true, it normally is, and this applies where the scam broker, Panamoney, is concerned.

There was a warning issued by the Financial Industry Regulatory Authority, or FINRA, in 2010 which called Panamoney out as con artists.

Panamoney issued a few returns but closed down and was never to be seen or heard from thereafter. Numerous traders still had funds in their trading accounts when this occurred and these traders can, subsequently, not gain access to these funds as the broker’s website closed down as well.

Panamoney was known for funds that were deducted from trading accounts in addition to forfeiting profits for falsified ‘early fund withdrawal requests’ that were not made by the traders affected.

Some traders have claimed that they lost as much as US Dollar 160,000 while trading through Panamoney. Also, Panamoney reserved the right to block a trading account at any given time without prior warning.

The trading account would subsequently be cleared of all funds and the trader would be none the wiser until they try to access their trading account and notice that they had been blocked.



For various traders who made use of NoaFX to trade in various financial instruments, there had been minimal issues. Traders would trade in global markets and accumulate profits in their trading accounts, but there were problems and red flags which appeared when traders would attempt to make withdrawals from their trading accounts.

Traders reported having contacted NoaFX via email only to receive generic replies which were sent automatically. Over several months of trying to contact the broker regarding these issues, there had been no response from NoaFX.

Traders had no way of reclaiming their funds even though NoaFX claimed to be under strict regulation from the Financial Markets Authority in New Zealand. This was, however, not the case, and traders lost their funds.

NoaFX has been blacklisted by Forex Peace Army and there are currently 3 guilty votes against the broker by the FPA Traders Court.



NetoTrade is a scam broker that has numerous warnings that have been issued against it on a global scale. NetoTrade claims to have regulation through FINMA, which has been confirmed as false by the Swiss Financial Regulator.

Also, the National Securities Market Commission of Spain has issued a warning against NetoTrade as well and the broker already has three guilty votes with the FPA Traders Court.



MaxCFD has been marked as a scam broker by Forex Peace Army after a warning was issued by the Australian Regulatory entity, ASIC.

Should traders have a registered live trading account with this broker, they are urged to withdraw their investment as MaxCFD has been involved with numerous fraudulent practices.

These include the depositing of bonuses in trading accounts without prior permission which results in the freezing of the account or counterfeiting of the account balance.

Traders should beware that although this sounds more lucrative, the bonuses are associated with strict terms and conditions that render the account and the balance subjected to the broker’s whims and wishes.



Acknowledged as a scam broker on Forex Peace Army, HFX is also listed with the Financial Services Authority, or FSA, as an illegitimate firm that is involved with illicit and fraudulent practices.

HFX is notorious to use trading account funds to execute trades without prior permission from traders. This leads to substantial losses and results in the clearing of the funds in the trading account.

There have also been numerous reports of traders who have great difficulty in withdrawing funds from their trading account. Numerous traders have also been accused of trading in an unethical manner and have had their accounts blocked.



This broker is known not only for theft of funds in trading accounts but also for blocking traders when they attempt to withdraw the funds from their trading account.

There are numerous cases on Forex Peace Army’s website regarding traders who have fallen victim to this scam broker. Option.FM has also executed trades on behalf of traders which have resulted in substantial losses, without traders being compensated for such.



PorterFinance forms a part of the Greymountain Management Group which has attracted a great number of Court Verdicts from the Forex Peace Army. Also, all associated companies have been labeled as illegitimate and scam by the FPA Trader’s Court.

The Australian Securities and Exchange Commission has issued numerous warnings to traders in an attempt to protect them from PorterFinance and other illegitimate brokers.

PorterFinance is also known for conducting activities such as trading Forex over weekends on behalf of its traders, blocking traders from withdrawing funds from their accounts despite the traders meeting all the stipulated requirements, and more.



PremiumBrokers is an offshore broker that is unregulated and under the ownership of Premium Solutions, Ltd. which is located in the Marshall Islands.

CONSOB has issued a warning against the broker in 2019 as it was reported that the broker tried to scam numerous Italian traders while not being authorized to operate in the country.

There have been numerous problems that were reported by traders in addition to a fair amount of poor reviews in addition to warnings in avoiding any services or offerings offered by PremiumBrokers.


Grand Trade

Grand Trade is an unregulated offshore broker under the ownership of Oracle Stone, Ltd. in Belize. There have been numerous poor reviews and reports of traders who have had a variety of issues with this broker.

Grand Trade is a binary options broker that offers the trade in Forex, Cryptocurrency, and some precious metals which can be traded through a web-based platform.

Grand Trade advertises an 85% payout percentage on its website, but numerous traders have reported various issues with this broker in addition to having experienced substantial losses.

There are numerous warnings from the International Financial Services Commission, or IFSC, that warn against Grand Trade’s parent company, Oracle Stone, Ltd., and traders are cautioned to steer clear of both companies.


Finarium Option

Finarium Option is a binary options broker which has attracted numerous investors. Unfortunately, these traders have incurred substantial losses by investing funds with this broker.

There are numerous project names associated with Finarium Option such as Grand Option, Finance Option, and Prime Option, each with its respective website.

Finarium Option has positioned itself as a leading provider of binary options trading and when considering that binary options trading is increasing in popularity, numerous traders are looking for a broker to accommodate such trades.



The International Financial Services Commission of Belize, or IFSC, has issued a warning against Binoptia. It is not regulated with the IFSC and nor is it licensed to provide any financial services under this regulatory entity’s rules or regulation.

Binoptia is an unregulated offshore broker that claims to be headquartered in Israel.


BitOptions 24

The BitOptions website claims that this broker is the largest online and mobile consumer in Europe. There are claims that they make use of cutting-edge technology and data to offer traders in over 17 countries with comprehensive services.

There is also provision made for a company certificate to show that they are registered, however, BitOptions 24, is a scam and there have been numerous warnings against it.

For traders who are beginners, the website and offers may look legitimate, but the truth is that it is a site without concrete information and unrealistic returns that are promised to unsuspecting traders.



Is an unregulated broker that claims to be headquartered in New York. There have been numerous reports and poor reviews surrounding this broker, in addition to red flags that question its legitimacy.

There are numerous reviews on this broker warning traders that it may be a scam as there is no way for the security of trader funds to be ensured. Also, there is no substantial information available on the trading conditions that it offers.

Traders are cautioned in using the services of this broker and advised to rather make use of a broker that is regulated by reputable entities and which provides clear and concise information regarding its offering, amongst several other factors to consider.



Trade24 is another scam broker that claims to facilitate the trade in Forex and CFD financial instruments. Trade24 is owned and operated by Payopt Services DOO which is situated in Montenegro.

Although the parent company is registered in Anguilla, there are numerous warnings from the Financial Services and Markets Authority in Belgium as well as the Ontario Securities Commission in Canada against Trade24.



The trading industry may be intimidating for new traders, especially when considering the numerous scam brokers that exist, but through thorough research, traders can avoid being caught in elaborate scams that may threaten a large portion of their capital.


Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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