Categories
binary options online trading scam

Canada’s Binary Options Problem

Canada’s recurring binary options problem

Approximately seven months ago the Canadian financial regulatory authorities enacted a ban on brokers offering binary options to all retail traders. Unfortunately, these actions seemed to have had little to no results on certain brokers that have implemented new tactics in order to gather money from unsuspecting investors.

On April 12th the Investment Industry Regulatory Organization of Canada, more commonly referred to the IIROC cautioned Canadian traders not to be duped by fraudulent online trading brokers attempting to unlawfully sell binary options under the pretense of legitimate brokers regulated by the IIROC.

Binary options scams still exist

Recently the ombudsman has been made aware of at least two brokers that misleadingly state that they are regulated by IIROC:

  • CFDtradeoption.com – run by Westrade Holdings, Inc;
  • Globaloptionsmarket.net.

Binary options cannot be offered or sold to retail traders in Canada and the regulator has issued plenty of warnings, imploring Canadian citizens not to invest in these fraudulent companies. Under no circumstances are IIROC regulated entities authorized to sell binary options to retail investors in Canada.

This troubling tendency is bringing up concerns about how effective a blanket ban on offering of such toxic products as binaries to stop scams. ESMA, the European Securities and Markets Authority has recently put in rules that prohibit regulated brokers from offering binary options to retail investors. However, these recent developments in Canada call into question on whether a ban in Europe would, in fact, produce the wanted effect.

Opposition to the binary options ban

It should be noted that when the Canadian regulatory authorities first suggested to ban binary options, the proposal encountered stern opposition. The Investment Industry Association of Canada (IIAC), which represents 130 Dealer Member firms regulated by IIROC, asserted that the injunction should only include binary options scams offered by unregulated binary options brokers. The IIAC further maintained that its members should be allowed to offer binary options to retail traders.

Interestingly enough there have been proposals to allow trading binary options on an exchange, as this is allowed in the United States. However, opposed to that line of thinking are organizations such as the Canadian Advocacy Council for Canadian CFA Institute Societies (CAC), which heavily supported the binary options ban proposal and even went beyond it by questioning the status of OTC (Over the Counter) or more commonly known as retail Forex trading. The council questioned whether the sale of similar financial instruments to retail investors should additionally be restricted.

Get help now

If you were the victim of binary options or any online trading scam be sure to fill out our complaint form here and one of our representatives will get in touch with you.

Categories
binary options online trading

Google Play to Ban Binary Options

Google Play set to ban binary options

Google Play recently came out with new updates and policies for April 2018 spanning over a number of topics including hate speech, child endangerment, user produced content, fantasy sports apps, and app metadata. Additionally, included in the April memo was a short note concerning “a new policy on Binary Options”, in which Google play states the following:

“We do not allow apps that provide users with the ability to trade binary options.”

Last summer, after coming under intensive scrutiny from financial ombudsman across the globe, including ASIC of Australia and Canada’s several regional regulators, Google acted against a number of financial-related apps providing either unlicensed services, or apps that were known to promote dishonest behavior. Most of that “action” included removing numerous Binary Options trading apps linked to unlicensed and unregulated “offshore” firms. However, there was never a blanket ban against those types of apps. Regulated brokers providing Binary Options trading could remain on Google Play until now.

Apple, however, passed a complete ban on Binary Options apps at around the same time in its App Store. Last month, after increased pressure from various regulators Google AdWords issued a ban on all Binary Options associated ads, as part of a new controlled financial products procedure. Additionally, Google banned all crypto and ICO ads, and in June 2018 it will demand prior advertiser certification for running ads pertaining to other types of financial trading products including Contracts for Difference (CFDs) and spot forex. It comes as no surprise that Google Play is now taking similar action by instituting a blanket ban on Binary apps.

Is the end of binary options?

It’s becoming increasingly apparent that Binary Options trading – even when regulated – will not be able to make a comeback. Leading European regulator ESMA is additionally preparing a Binary Options ban. This comes as it is in the midst of enacting new laws governing leveraged and online trading. The new regulations are scheduled to come into effect across the EU later this year.

The new Google Play binary options policy for April 2018 can be seen here.

Contact us today

If you were the victim of a binary options or any online trading broker Broker Complaint Registry can potentially assist you. Get into contact with us here.

Categories
binary options online trading scam

Beware of Recovery Scams

Secured Trade Investment: The latest recovery scam

For those who were the victims of online trading scams it is as one scam victim said to me, “living in never-ending nightmare”. Many do not know where to turn. For those who seek help, there is another sinister scam that has reared its ugly head: Recovery scams. Preying on those who were victimized, they actively solicit their fraudulent services, often with a guarantee that they can recover the lost funds. One company, in particular, is Secured Trade Investment.

It never ends

This “recovery” firm is the latest scam to further add a black mark on the online trading industry. They convince individuals that have been scammed by binary options brokers in particular that they can recover their stolen funds. However, in reality, that is just a ruse. Almost always, they demand a heavy upfront fee and do nothing, which means a second loss for the victim.

Made-up team members and fictitious testimonials are the most misleading elements found on the site. Supposedly Owen Beamont is the CEO and Mathew Macleod is the Assistant Manager of Secured Trade Investment but research has shown that both of these individuals do not exist.  These two invented identities are nothing more than images generated from an online image bank.

When viewing the contact information on the website we are given two separate addresses, the first being 7 Triton Square, Regent’s Place, London NW1 3HG UK. Unsurprisingly, when this address is entered into a Google search query the company that matches this address is not Secured Trade Investment. Additionally, the second address, 1270 E Broadway Rd, Tempe, AZ 85282 is associated with a different business

What is most disturbing about Secured Trade Investment is that they seem to be directly conspiring with the very same fraudulent forex and binary options brokers. Numerous individuals have told us that Secured Trade Investment had their information before they submitted their claim.

Take action today

It is without a shadow of a doubt that Secured Trade Investment is an online trading recovery scam. If you were the victim of any recovery scam be sure to let us know and we will do our best to assist you. Additionally, if you have any suspicions about any recovery service be sure to alert Broker Complaint Registry.

Categories
binary options online trading scam

FCA Flags Binary Options Broker

Binary options broker PlusOption caught by FCA

A few weeks ago on the 12th of March, the United Kingdom’s Financial Conduct Authority (FCA) provided the public with information pertaining to an unregulated ‎binary options broker, Plusoption, operating under several brands, which have been providing professional ‎investment services to UK residents without regulatory authorization.‎

No FCA License

The ombudsman warned that Plusoption has no association of any kind with any FCA-licensed entity. Additionally, they mentioned that it specifically operated and targeted UK citizens without a license.

Plusoption runs through www.plusoption.com and has implemented numerous associated brands including Redfield Markets, Tradeplus Solutions Ltd and ACV Operations S.R.L. The FCA cautions that this is a prototypical move for a fraudulent company to gain the confidence of unsuspecting consumers.

The FCA has been very active in cracking down on binary options and in addition to issuing regular warnings, it published in January a list of 94 firms that offer trading to UK investors without approval.

In step with practices across most of the European Union, the FCA has incorporated certain kinds of binary options within its regulatory perimeter together with the implementation of the MiFID II, which came into play back on January 3, 2018.

The binary options blacklist

The watchdog keeps a “blacklist” of binary option brokers based upon evidence received from customers, various partner agencies and from monitoring the online market.

Further action implemented

It is important to note the FCA is not the only government agency to move against binary options. In what the UK police categorized as the largest operation of its kind, officers pounced on the headquarters of 20 binary options brokers in order to examine their compliance forms and gather intelligence on various forms of investment fraud.

More than 80k Pounds a day lost to binary options

The ombudsman’s research in this area discovered the majority of investors who trade in binary options lose their funds and that traders lost an average of £87,410 per day over the duration of 2017.

Broker Complaint Registry has received numerous complaints pertaining to this broker If you are the victim of a binary options or any online trading scam be sure to file a complaint today.

Categories
binary options cryptocurrency Forex online trading

Google to Ban Binary Options Ads

Google is ready to ban binary option and cryptocurrency ads

Well, it’s about time, Google is next in line to pose a stiff challenge to the largely fraudulent online trading industry. The world’s largest search engine has just announced that it plans to ban all cryptocurrencies and binary options advertisements, and it is cracking down on ads for various other speculative financial products.

Say goodbye to binary options & cryptocurrency ads

The new rules, which are scheduled to take effect in June, will flat out ban adverts for binary options, cryptocurrencies and all related content (including initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice. Cryptocurrencies have surged in popularity over the last year thanks to a boom in the price of bitcoin towards the end of fiscal 2017. This coincided with a surge in initial coin offerings (ICOs), where numerous startups have issued their own cryptocurrency in exchange for money to construct their businesses.

Taking Facebook’s lead

Google’s hard-line approach follows a similar ban that Facebook enacted earlier in the year in banning cryptocurrency related advertising on its platform. Scott Spencer, Google’s Director of Sustainable Ads said in a recent blog post that the clampdown is part of Google’s efforts to shield consumers from online trading scams.

However, much of the online trading world is unregulated, which in turn has attracted scammers looking to make quick money. Last year myriads of “pump and dump” filled the market, while this year bogus ICO projects have become routine.

Forex & CFD Crackdown

Google is additionally coming down on ads for contracts for difference (CFD), spread betting, and foreign exchange (forex) instruments on its platform.

These products carry a high level of risk and the entire industry is under increasing regulatory scrutiny across Europe over the past year thanks to severe investment fraud sweeping through the continent. The UK’s Financial Conduct Authority (FCA) issued a warning in November that cryptocurrency CFDs are incredibly high-risk, speculative products that risk the investor suffering significant losses. Research conducted by the FCA showed 82% of people who use the products lose money, implying CFDs are more similar to gambling than investing.

Affiliate marketing for online trading takes a hit

Google additionally announced it is banning ads from affiliates and aggregators who traffic leads to online trading brokers. These websites earn a commission for referring new clients to these products that are lightly regulated.

The search giant will require CFD, spread bet, and forex websites to register with it if they want to advertise on its platform and all brokers must be licensed in the country they are looking to advertise in.

Pressure getting to Google

Google’s financial marketing crackdown arises among continued pressure on the search giant, which additionally owns YouTube, regarding the way it runs its advertising procedure. Google has been heavily criticized by the media and politicians for permitting everything from radicalization to binary options trading on its advertising platform due to careless controlling of content and advertising.

Spencer did state in his blog post that Google removed 3.2 billion “bad” ads last year and announced, “Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us.” We shall see. However, there is a pretty good chance that these fraudulent brokers will just simply change the name of their product in order to get around Google’s ban and deceive an unsuspecting user.

What you can do

If you see any ads pertaining to binary options, cryptocurrencies etc., be sure to inform them here so they can ultimately remove them. If you were the victim of a scam please be sure to fill out our contact form and we will do our best to get back to you as soon as we can.

Categories
binary options online trading scam

Sweden Tackles Binary Options

Online trading schemes are rampant in Sweden

Binary options fraud was among the top concerns of the Swedish financial regulator Finansinspektionen in 2017 (FI). According to its annual report for 2017 binary options were among the primary reasons for issuing warnings in Sweden over the past year and a bit.

In 2017, the FI published warnings pertaining to approximately 1,129 financial companies that conduct their operations in the Swedish market without proper regulation and oversight. Although these warnings primarily targeted equity-related fraud, they additionally included numerous binary options  schemes. FI made a decision after receiving 18 cases. Most of the warnings were came from foreign agencies.

Binary Options, a problem across Europe

The numbers are in line with recent data provided by other regulators in Europe. For instance, Belgium’s Financial Services and Markets Authority (FSMA) reported in February that it received 1,710 notifications from consumers about various financial matters in 2017, up 13% compared to 2016. Nearly half of the inquiries were questions or complaints relating to fraud and unlawful offers of financial products and services. There were 792 such messages in 2017, up by 45% compared to the previous year.

The messages reporting fraud or unlawful offers primarily concerned binary options, boiler rooms, pyramid and Ponzi schemes and ‘phishing’. New issues in 2017 included credit fraud, virtual currencies, and diamond investment fraud. The FSMA released over 115 warnings last year, a 70% increase from 2016. Additionally, the FSMA put out 46 warnings concerning boiler rooms, and 42 about fraud related to binary options.

Although the Swedish watchdog does not layout any specific plans pertaining to binary options, the European Securities and Markets Authority (ESMA) is strongly considering banning these instruments. ESMA wants to pass a law prohibiting anyone or company from promoting, distributing or selling binary options to retail clientele.

Other countries are taking action

Even Norway, which is not a member of the European Union but is a part of the EEA, is planning to enact strict procedures pertaining to binary options. The Financial Supervisory Authority of Norway (Finanstilsynet) demands that advertising, selling and distribution of binary options to non-professional clients in Norway or from Norway is forbidden. The watchdog stresses that on several occasions, it has investigated foreign binary options providers that have targeted Norwegian investors without a proper license. Finanstilsynet notes that these companies employ ultra-aggressive marketing approaches and fail to mention the necessary risk warnings.

Contact us

If you have been scammed by an online trading broker, be sure to file a complaint here and we will do our best to get back to you as quickly as we can.

Categories
chargeback online trading

Chargeback, a way to fight back

What is a chargeback?

Chargebacks represent a method of consumer protection, enabling credit card or debit card holders to dispute a transaction and to reclaim their money. However, this only potentially works if the chargeback claim is accepted. An online trading chargeback can, in essence, cancel the transaction through which the investor made his/her deposit with the broker. Assuming it is successful, the chargeback forcibly confiscates the money from the broker’s account and returns it to the balance of the credit card/debit card carrier.

How it started

Chargebacks, which were first introduced in 1974 under the Fair Credit Billing Act were meant to shield customers from duplicitous transactions committed by crooks, as well as from shoddy services and exploitation of numerous corrupt merchants. Because of this, traders can use this to recover their funds from online trading companies, who they believe took advantage of them. Inferior services and flat out fraud is unfortunately rampant in the online trading world, which is why having the ability to execute chargebacks is such a powerful tool that traders can use when needed

Chargebacks offer a numerous of advantages to investors – in the short-term – and to all market partakers over the long-term. Their sheer presence can theoretically keep merchants (online traders) honest and always striving to offer their consumers the best possible services and products.

Recover your deposits

The first thing you must understand is that if invested with an unregulated broker and you made profits, you will usually not be able to withdraw your returns. You focus should only be on recovering the money you deposited.

How to go about it

Before you try to initiate a chargeback, assuming you still have a balance, try to extract the money in the traditional way. First send the required documents to your broker so you can ensure your account is entirely verified. These documents may comprise of a copy of your credit card, a bank statement, a government-issued ID and proof of address, such as a recent bill. In addition to submitting your withdrawal request to the broker’s website, send them a formal email, and try calling them. Explicitly inform them that you will take necessary legal steps if they fail to return your funds. You can tell them you will do a chargeback which can be very damaging to them or complain to the local police authority such as the FBI or the UK Action Fraud Police.

If you have nothing remaining in your balance because your broker traded it away without your permission, demand a compensation. As was mentioned before you should do so in the form of an email or even a letter. You can additionally try calling them and threatening them.

If your broker continues to ignore you or downright refuses you request, the next step is to get in touch with your bank, credit card company or the e-wallet you used to deposit the money and check if they are able or even willing to help you initiate a chargeback. Most times they will refuse, especially if more than 120 days have passed since you’ve made the deposit.

Is it possible to do the chargeback dispute by yourself?

It’s certainly possible, however, you must understand that there are a number challenges up ahead. If you fail on your first chargeback attempt, banks will not let you re-file the dispute. Even if you make a mere technical error in the filing procedure the banks will not issue second change.

Additionally, these online trading brokers often anticipate potential disputes by their clientele and will, therefore, try to do everything in their power to manipulate the banks and the credit card companies into believing that the scheme was entirely legitimate. Successful chargeback cases can potentially result in the broker losing their merchant account along with the ability to process credit cards. This is why you can fully be sure that they will fight back with everything at their disposal to ensure your loss.

If you were scammed by an online trading broker via your credit or debit card be sure to make a complaint here and we will assess if for you entirely free of charge. Depending on the case at hand we can refer you to numerous service providers that can potentially recover your money.

Categories
bitcoin BTC Global cryptocurrency scam

BTC Global – A Huge Ponzi Scheme

Oh No! Another Cryptocurrency Scam

Since Bitcoin was created back in 2008, there have been numerous shady individuals and companies for that matter that have used the hype to their advantage to facilitate cryptocurrency scams. These shrewd schemes conned thousands upon thousands of people who knew virtually nothing about cryptocurrency but wanted to invest in this alluring venture. 2018 is underway but here is this year’s top cryptocurrency scam thus far:

BTC Global

Just a little over two weeks ago BTC Global collapsed and Broker Complaint Registry has received numerous complaints pertaining to this fraudulent broker. The company claimed to be an exclusive platform providing unparalleled earnings through valid binary trading services, but that was unfortunately not the case. Here are excerpts from there website:

“We are backed by our founding trader at Steven Twain.”

This “Steven Twain” character is not a real individual.

“Steven has 6 years of experience trading binary options with consistent success, over the last 3 years he has started providing trading services for other large account holders ($10,000+ only).”

I have not come across any trading history pertaining to Steven Twain.

“Through our partnership with Steven, BTC Global have secured access to guaranteed 14% WEEKLY returns from as little as $1,000 in your account. We have also secured extra returns to pay out as referral commissions should you decide to share this opportunity with others! There are very few legitimate opportunities to get the kind of returns on investment BTC Global is offering so we encourage you to get involved as soon as possible to avoid disappointment.”

How can a legitimate company guarantee any sort of returns?

In BTC Global there were two ways one could earn:

  1. Return on investment, which was 14% of the dollar amount that was invested, paid weekly in BTC.
  2. Team shares or commissions on the people that the investor recruited or referred (think of a pyramid scheme).

BTC Global – a textbook Ponzi scheme.

The definition of a Ponzi scheme is as follows:

A deceitful investing scam guaranteeing high rates of return with little to no risk to investors. The Ponzi scheme produces returns for earlier investors by procuring new investors. BTC Global certainly fits the bill

Investment values generally go up and down over a duration of time, especially the ones that offer potentially high yields. If an investment consistently generates the same returns despite the market conditions or guarantees these high returns that is cause for pause.

Additionally, Ponzi schemes usually involve investments that have not been registered with the SEC, FSB or any other regulatory agency. Obviously, registration is pivotal as enables investors to access pivotal information pertaining to the firm’s management, services, products and most importantly finances.

Lastly and most importantly if you do not receive a “scheduled” payment or incur difficulty when trying to cash out your investment that is the biggest red flag. Those who promote Ponzi schemes regularly ask investors to “roll over” investments and often promise returns in excess of the amount that was rolled over.

How to protect yourself from a cryptocurrency scam

Although we have just talked about the BTC Global scam, this is not the only one. The very best way to ensure your funds are safe is to know how to identify and avoid ponzi schemes like BTC Global.

Stay far away from ICOs, unidentified companies and companies that do not provide suitable information. Be sure that creator’s names and all team members are publicly listed and verified and, if reviews give consistent negative feedback it best to avoid that cryptocurrency broker.

If you or anyone you know was scammed by BTC Global please fill out the following form and we will do our best to try to come up with potential solutions.

Categories
bitcoin cryptocurrency scam

Cryptocurrency – The Next Scam?

Cryptocurrency: What is it?

Cryptocurrencies, today’s biggest investment fad is dominating the headlines. Take Bitcoin, the most famous (and perhaps the most notorious) cryptocurrency has exploded in popularity over the last calendar year, despite the fact that it has been around for nearly a decade. Unless you have been living under a rock, you have heard of bitcoin, however, most do not know about the details behind the enigmatic cryptocurrency.

Bitcoin is a type of digital currency that was created by Satoshi Nakamoto back in 2008. However, the name Nakamoto is really an alias for an unidentified person, or group of people, who developed Bitcoin. Although there are numerous cryptocurrencies accessible now, Bitcoin has become the most popular one for investors.

Bitcoin was developed is such a way to evade tight government control on currencies while making online transactions simpler. The primary technology behind Bitcoin is a blockchain, a digital ledger in which public transactions made in cryptocurrencies are documented in a universal network of computers.

An ICO not an IPO

An ICO (Initial Coin Offering) is an unregulated fundraising mechanism that is used for a new cryptocurrency undertaking.

Here’s how it works: Say a company is trying to streamline a car service payment system so that it can be digital and encrypted. Sounds like a good idea. Let’s name it CarCoin. The company will then produce a document basically specifying exactly how the process will work (generally called a white paper). Additionally, they will create an eye-catching website and describe why CarCoin is a great idea that could be very beneficial. Then, the company will ask for people to send them money (typically Bitcoin or Ether, but they’ll also take fiat). In return, the company will send them back some CarCoin. The “investors” hope that CarCoin will be used a lot and be high in circulation, which could potentially raise the value of the currency.

This is sort of like an initial public offering (IPO), where investors buy shares of a company. However, unlike an IPO investing in an ICO doesn’t award you an ownership stake in the company or startup you’re giving money to. You are hoping that in this instance, CarCoin currently a worthless currency, will ultimately increase in value down the line and make you money.

Oh, what a scam!

Unfortunately, whenever there is money to be made the swindlers are never far behind. This is especially true at the ICO stage. Anyone can launch an ICO as there is very little regulation in most countries such as the United States. This means that as long as you got the tech aspect set up you can get yourself funded. This obviously can result in one of two things: potential profit for an investor or massive scams. The cryptocurrency market is perfect for scammers because it’s relatively new, backed by tons of hype, and comprises of complex technology. It’s easier to sucker someone into investing in your ICO in 2018 than your bogus real estate business—and unfortunately, plenty of people have.

Fake bitcoin brokers

Unfortunately, whenever a new investment opportunity pops up there are plenty of fake brokers to go along with it and cryptocurrency is no different. Take Bitcoinopts for example. This “broker” does not allow you to buy and sell bitcoins or let you “watch your profit grow as we trade daily”. Rather they profit off of your deposit and never allow you to withdraw. This is only the tip of the iceberg. Many of these cryptocurrency brokers are the same fraudulent binary options brokers operating under a different brand. It has become so rampant that Facebook has instituted a blanket ban for all ads pertaining to Bitcoin, ICO’s and other cryptocurrencies

Report these cryptocurrency scams.

It is important to remember that not every ICO is a fraud, and many cryptocurrency startups are legitimate. However, the duplicitous, mostly unregulated cryptocurrency investment landscape is plagued with lots of fraudulent schemes. If you were the unfortunate victim of a cryptocurrency scam or you know of someone who was, be sure to raise a complaint here.

 

 

.

 

 

Categories
Forex OTCapital scam

Regulated Forex Scams? You Bet

Yes, Regulated Forex Brokers Commit Scams

When one typically hears the phrase “forex scam” one automatically assumes that it is being perpetrated by an unlicensed or unregulated forex broker. For the most part, that assumption is correct. All you have to do is a quick google search and you will find numerous articles detailing reprehensible acts committed by unregulated forex and binary options brokers. However, there have been numerous instances of regulated forex brokers skirting the rules.

Not all regulated brokers are trustworthy

Unfortunately, there are numerous regulated forex brokers that have defrauded unsuspecting clientele as well. Last year on the CFTC slapped a $7 million fine on Forex Capital Markets (FXCM) in a civil monetary penalty for engaging in fraudulent and misleading solicitations, spanning from September 4, 2009, through at least 2014.

Additionally, the CFTC emphasized that FXCM had misrepresented that its ‘No Dealing Desk’ trading platform had no conflicts of interest with its clientele. Instead of running a true ECN execution platform where trades are performed directly in the interbank market, their clientele’s trades would be redirected to a Effex Capital LLC, which was originally designated to be an independent market maker but was, in reality, an extension of FXCM. Effex Capital would take very aggressive forex trades against the investors in order that they would lose and in return, FXCM would be the beneficiary of some very high kickbacks, which they received under the table from FXCM.

FXCM barred from the U.S.

Because of their duplicitous practices, the CFTC withdrew their regulation and FXCM was no longer allowed to service U.S. customers. Additionally, FXCM was caught by the FCA in yet another forex scam. They took away their investors’ positive swaps, causing them to only receive negative swaps. Surprisingly, the FCA did not remove their regulation.

Beware of OTCapital

OTCapital, forex broker regulated by ASIC has been swindling numerous investors. Broker Complaint Registry has received numerous complaints from those who have been victimized by their reprehensible practices. Complaints have ranged from not allowing clients to withdraw their earnings to never receiving a call back after they had deposited. Unfortunately, ASIC has not taken any action against OTCapital.

Protect yourself from a forex scam

Before you deposit money with a broker you must first make sure that the broker is regulated by an entity such as the CFTC, FCA, ASIC or the IIROC. Remember not all regulatory bodies are created equal. For example, if the broker that you are interested in has only a CySEC (Cyprus) regulation it would be wise to steer clear. Although they have gotten tougher on rulebreakers, CySEC is still lax in numerous areas.

Additionally, do your research. This means reading reviews, looking at various forums, and so on. It is not enough that the broker you are interested in has a regulation. You must vet them.

If you were the victim of a forex scam be sure to make a complaint here and we will do our utmost to get back to you as soon as we can.