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Forex scams are an unfortunately frequent problem in Australia, and we get emails frequently from traders who have been unable to withdraw money from their accounts or facing other forms of resistance from brokers whose sole purpose is to have clients deposit, and then refuse to refund the money.
If you’ve been scammed, report it to your local regulator—contact ASIC in Australia following this link.
To protect yourself and avoid being scammed, make sure to follow these steps:
It is illegal in Australia for anyone to invest on your behalf without a licence from the Australian Securities & Investments Commission (ASIC).
In our 2020 report, we found that over 50% of Forex scams start on Facebook and Instagram.
Forex trading is high-risk speculation and profits can never be guaranteed.
Regulated brokers are required to publish their licence numbers on their websites. Once you know a broker’s licence number, check with the regulator to see if the broker’s licence number is legitimate. ASIC in Australia keeps a register of all licenced brokers.
If your broker is not based in Australia, other major regulators such as FCA (UK) and CySEC (Europe) all have searchable registers too.
In addition to ensuring that you are dealing with a regulated broker and verifying their credentials, it’s crucial to explore reviews from impartial sources. We have a long-standing history of evaluating numerous Forex brokers for over a decade. Feel free to explore our independent, unbiased forex broker reviews.
In this video, we walk you through a scam Forex broker’s site and show you some common indicators that this is not in fact a legit Forex Broker.
We also provide a podcast episode about the subject matter, divided into two parts. The first part focuses on the procedure of scam brokers and in the second part we share real life stories of people who have been scammed, how it happened and how to avoid it.
If you believe you have been the victim of a scam, please fill out the form below. Your input is invaluable in our ongoing efforts to protect others from falling victim to fraudulent brokers and maintaining the integrity of our platform. However, it’s important to note that while we are committed to offering support and raising awareness, we are not legal experts and lack the authority to initiate legal actions or provide individual remedies against scam broker companies. Your input will primarily assist in our collective mission to prevent future scams.
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