Forex Scams for 2021

We found 11 online brokers that are appropriate for Trading Regulated Forex Investment Platforms.

Forex Scams Guide

Updated October 25, 2021

Forex Scams

Foreign exchange scams are any trading strategy used to fraudulently influence investors by convincing them that they can achieve a high profit by investing in the Forex market. According to The U.S. Securities and Exchange Commission, Forex trading has become a very popular form of investment in recent years. However, it is important to know that just like stock trading there are always unscrupulous individuals who are looking to take advantage of people who are naive about the risks involved with foreign exchange.

Some Forex scams are carried out through the Internet or online brokers, while others involve telephone or mail orders. The most common type of scam is known as a 'pump and dump' scheme, also referred to as 'wastebaskets'. The term 'pump and dump' refers to a technique in which an investor profits quickly by selling large quantities of a particular currency, then completely withdrawing from the market once it increases in value. Telephone or mail order Forex scams typically involve some sort of fraudulent activity between brokers and investors.

What Is A Scam?

By definition, a scam is fraudulent activity utilized to obtain money by deception or for a wrongfully obtained purpose. Con artists who call themselves telemarketers, solicitors, door-to-door agents, and all things in between, will attempt to get you to spend your money in one way or another. The scams are numerous, ranging from often unwanted, annoying calls to large-scale, nationwide-scale scams involving millions of dollars.

One of the primary reasons why Forex scams occur is because it is a free market and is unregulated. This means that anyone can set up an account and start buying and selling currencies; there is no one regulating trades. Since the Forex market is completely unregulated, anyone with the capital to invest in it can do so. As a result, unscrupulous individuals can take advantage of this fact and try and make a quick buck off of unsuspecting investors.

Is Forex Itself Legal?

The most straightforward answer to is commonly asked question is yes, foreign exchange trading is legal. However, despite Forex trading being legal, it is highly crucial to ensure that you are working with a licensed, trusted, and reputed online broker. You can only participate in the foreign exchange market if you are patient, interested, and earn real money. It is also crucial to not believe in everything online, most particularly in the overly energetic tutorials and guides about Forex trading as it is not a get-filthy-rich-quick business no matter how much anyone makes it out to be.

Types of Forex Scams

There are several different scams out there that will prey on Forex traders. They use various methods to manipulate the market, ranging from basic scams to more complicated techniques. Forex market manipulation is quite common and some of the techniques can be very effective at what they do. Many traders have become victims of these scams in the past. However, there are ways to avoid becoming a victim of a Forex scam.

The Forex market is very large, and the volume of trades done each day is high. As such, there is a lot of scope for manipulation and many traders fall victim to scams. One method used is where someone manipulates the market, makes certain trades based on secret information, and then profits from those trades. However, other factors come into play and these need to be considered when thinking about entering the Forex trading market.

Forex Scams Are Always Changing

There are a variety of different types of scams on the Internet that can affect Forex trading. These scams are often difficult to recognize, but by paying attention to details and asking smart questions, you can limit the amount of damage that they can do to you. By avoiding these brokers and platforms, you can increase your profits and lower the amount of money lost. By doing this, you can have a successful career in Forex trading without falling victim to any of the scams that are out there.

Forex scams are not uncommon. Forex traders who have little knowledge and market experience are frequently cheated and betrayed. Deceptive and unregulated brokers mostly target them. Some industry professionals are also involved in fraudulent activities. Below are some of the most common Forex scams. A look at these may help traders understand how a handful of people easily practice the scams and avoid such scams in the future.

Forex Signal Scams

Another type of Forex scam involves signals. These are false or misleading signals that are given out by a broker or an investor and claim to indicate a price increase. Investors and traders who receive these signals should always be wary of what they are told and not trade based on them alone. People that benefit from Forex trading scams cover up their fraudulent activities in many different ways. Scammers will make multiple fake accounts that interact with each other on various forums and provide seemingly correct financial information with other unclear statements.

One aspect of Forex trading scams that can be found online is by using illegal methods. This includes cheating brokers who try to increase their earnings by taking quick shortcuts. These include pushing out Forex scam messages through chat rooms and sending mass Forex scam emails. It is important to note that brokers cannot cheat or change the price of a currency overnight.

Forex Withdrawal Scam

It should be considered that for the most part, the people that usually become victims to Forex trading scams are ones who aim to earn money impossibly fast. That is why it is most obvious to stay away from any services or platforms that try to push forward an “earn money quick” approach. One of the most commonplace Forex scams is one involving withdrawal fraud. This is where a trader, after “earning money,” cannot withdraw it from their account. In situations like these, when the victim inquires or complains, the fraudulent broker either does not answer at all or makes vague and confusing apologies, leading the victim further astray. This is why it is crucial to go with a reputable and licensed broker who is also governed by a reputable financial power.

Unregulated Or Fake Forex Brokers Scams

It is important to remain far away from fake or unregulated brokers. Such brokers usually promise to offer guaranteed returns with zero spreads. The claims made by them are unrealistic. Forex trading is conducted online, and fraudulent companies disguise themselves as genuine with a high-tech web presence. Hence, traders need to check and verify such companies or brokers before striking a deal.

It is suggested to check the companies addresses on authentic platforms like CySEC in Cyprus and FCA in the United Kingdom. These authorities provide useful tools to research a company, including history and regulatory status. Moreover, the regulated brokers are asked to declare the regulatory status on their websites.

Scam Clone Brokers

Some brokers clone themselves as regulated brokers and provide a registration number on their websites. They look similar to a genuine broker. However, a closer look may reveal the spelling of their names is slightly different, which means one needs to be serious while browsing any broker's website.

Scam Forex Clone Websites

Several fraudulent brokers clone the websites of regulated brokerage houses to convince traders. They publish the regulatory status on the website and link it to a fake web page resembling the website of a regulatory authority. It is therefore suggested to check the regulatory status on the official website of the regulatory authorities.

Scam Signal Sellers

Some brokers or companies and even individuals claim to identify the best trading opportunities. They promise easy and quick profits. They allege to hold expertise in their research and have extensive experience in the market. They even claim to have privileged access to breaking news and events that may significantly affect the market.

Robot Sellers

This is an era of technology. Automation has invaded the trading market. It is known as a robot. Some scammers offer automated systems with promises that the returns would be high with little effort. They even claim that the system is capable of examining the price volatility. More to all these, the sellers publish some fake testimonials on the websites to acquire more attention from new traders.

Scam High Yield Investment Programs

Abbreviated as HYIPs or Forex Ponzi schemes, these are common scams in the currency market. The money of new traders is diverted to pay the previous investors exceptional profits. The cycle continues. More people join, and hence there is always an availability of money to pay the previous investors as alleged profits. However, the scheme may collapse, or the scammer may disappear with the money.

Pyramid Schemes

Forex pyramid schemes are usually ones that masquerade themselves as MLM (multi-level marketing) schemes and direct all their focus on hiring new members into investment communities that promise to offer advice and information that could possibly help them become successful forex traders.

The members that make it into such schemes are then charged with a subscription fee and then urged to bring in more recruitments in order to earn increased commissions.

In this type of scam, funds are generated just from membership charges instead of the actual profits gained from forex trading. This is known as a pyramid scheme because as more recruits join, you go higher up the “pyramid” and make more money.

Once no more members can be recruited or when membership begins to decrease, the leaders of such schemes normally close it and get away with all of the money.

Fraudulent Fund Managers

When fraud fund managers promise high returns with low risk, traders get tempted. However, it can be a bad sign if the traders are asked to invest more money as the market did not perform as predicted. Some get trapped in the scam, and the fund manager disappears with the funds.

Overpriced Education Or Training Programs

Training programs are always useful for traders, but it is better to remain away from such programs that claim to make people experts in no time. They may charge a high fee for the programs. It is important to note that a lot of free information is available online, like YouTube, webinars, and podcasts. Even the demo accounts come with educational resources.

Stop Loss Trade Closing

Some brokers close positions before the trade reach the stop loss level set by traders. They try to gain additional trading commissions by doing so. However, this is not common and regulated brokers never practice the technique.

Forex Bid, Ask Spread Manipulation

The scam is not common, but it is true if the spread is wider, the brokers make more money. Unregulated and offshore brokers practice it.

The most common way in which people lose their hard-earned money in the Forex market is through them falling for a fake advertisement promoting trading strategies, systems, and products on the Internet. Many traders have become so jaded that they no longer trust advertisements, even those which come from brokers or companies on the television. They are very effective because they give out important tips and information to novice and experienced traders. Even though they may be true, novice traders need to also be careful because some of these tips and tricks can be exploited to cheat newcomers who want to earn a quick fortune. A new trader can never be too careful when it comes to choosing the right kind of advertisement to trust.

Some brokers will set up a trading platform that looks very professional, but in reality, they are using an old version. This means that they are not making any real profit from your transactions. To prevent this, it is important to check that the platform being provided by the broker is up-to-date and legitimate.

The Most Popular Types Of Forex Scams

A lot of the current common foreign exchange scams are based around signal sellers as well as robot systems. If you begin to consider it rationally, you will know that anyone owning a robot that can return copious amounts of wealth in a matter of months does not need your $199. The same theory also works with signal sellers. If their signals work so well for them, they should be capable of trading their own account and retire at an early age. Why would they feel the need to tackle the inherent problems that are linked to what sums up to be a retail business? Although there are existing signal services that are legit, what works best is polishing your own trading knowledge and skills. That is a feat you can take to the bank whenever you see fit.

Why You Should Be Cautious With Forex Trading

If you are fairly new to the foreign exchange market, you could very easily get swindled by dishonest individuals looking to rob you of your hard-earned cash via foreign exchange trading scams. With a mere click of a button, you could trade foreign currencies like the US dollar, Australian dollar, or even Japanese yen. There are numerous currency pairs available to be traded, so you can always explore your options to know which forex suits you the most. When it comes to Forex trading concerns, one of the most popular ones would be about the practice possibly being part of a pyramid scheme. While the brief answer to this is no, it is important to know that scammers have managed to invent pyramid schemes using forex trading as a foundation.

Forex scams are oftentimes seen as opportunities that are too good to be true. They often promise instant earnings in order to persuade you to willingly hand in your money. Having adequate trading awareness and education in the foreign exchange market could help you to stay away from such scams.

Forex Scams Aimed At New Traders

Much like other types of scams, Forex scams work best on those who do not know much about the market. If you go in without any basic understanding of the foreign exchange market, you are simply asking to be scammed. Fortunately, you can avoid that fate by gaining experience. How? The market has conveniently developed in order to help you, or anyone, combat the learning curve without jeopardizing yourself. You can easily gain access to demo accounts that let you learn and practice trading. Think of it as a trading simulation. After that, you can move on to micro-accounts. These come with negligible risk and less challenging scenarios and conditions. After you have acquainted yourself with how the foreign exchange market functions, you will have enough knowledge and self-assurance to move onto a standard account.

How To Recognize A Forex Scam

Scammers tend to put in a lot of effort into making people believe they are not scamming them, and that makes it a bit harder to spot them. However, below are some telltale signs you might be dealing with a Forex scammer:

The Get-Rich-Quick Mentality

Without a doubt, it is possible to earn a lot out of Forex trading. However, much like any other method of earning revenue, it takes effort, experience, and time. If you ever come across a platform that promises to make you rich in an instant, see it as a red light. Instead of associating yourself with that broker, begin looking for alternatives and seek out a regulated broker.

Promised Success

There is nothing about the foreign exchange market that any seasoned broker, expert, or any other entity can actually guarantee. The Forex industry is essentially a chaotic system that is influenced by factors that are infinite in number. Consequently, anything can occur at any time. what this means is that no one trader can eliminate the risk factor completely. As a result, if you come across a platform claiming to ensure success, see it as a scam. In fact, if it is possible, report the brokerage, and move on.

No Background Info

If you have previously worked with any legit trading platform, then you probably already know that they openly announce their contact information. It is not the best idea to only believe in the flow diagrams or charts claiming the success and trustworthiness of any platform. It is best to search for the background info as well as the official profit and loss statements. Go over their terms and conditions, license, and contact info.

Only choose the online foreign exchange trading platform that provides its users with a demo account that you can try out to check their services (especially their customer support) without the need to involve your money. Above all, make sure that the brokerage you are considering is regulated by the renowned and trusted financial bodies in your region.

Unsolicited Advertising

Unsolicited and persistent advertising is normally one of the most obvious signs of fraudulent activities. If anyone tries to sell your foreign exchange services with little information, it is most likely a scam. Bear in mind that no legit online trading requests you to give them your personal data unless you are setting up an actual trading account. Hence, only a fraud will request you to give them your personal data directly so they can use it for identity theft.

How To Avoid Being Scammed

Foreign exchange trading scams are bound to be around provided the foreign exchange market exists. The most ideal way to stay away from being subject to such scams is to be well-informed.

Learn About The Forex Market

Much like in the case of any other investment, making your way into the foreign exchange market unrehearsed involves considerable risk. You might have come across media reports declaring forex trading is a scam because a lot of newbie traders have been subjected to forex trading scams. A vast number of reports of money being robbed in the foreign exchange industry are due to weak trading and not scams. If new traders try and make an effort to become better traders, they will be more aware about the possible risks involved and dodge trading scams as a whole.

Do A Thorough Research On Brokers Before Starting Out

Before venturing into Forex trading, thoroughly do research on numerous brokers, make sure to assess each individually. Trying to look for a legit foreign exchange can be an overwhelming process, but it can diminish the risk of loss and fraud. Every trader who wishes to lead a retail foreign exchange member is required to be registered with NFA (or Natural Futures Association). The NFA is a private self-regulating system of the derivatives and futures market. Brokers also need to be registered with the CFTC (or Commodity Futures Trading Commission), which is a governmental body meant to regulate derivatives. If a broker is not registered with any governmental body, consider it suspicious.

Steer Clear Of Brokers Offering Unrealistic Opportunities

As already mentioned, there is no easy money when it comes to foreign exchange trading. You need to take your time and put in a lot of effort to earn it. For instance, if a broker leads you to believe that you could make a 20 percent gain every month using their platform, it is definitely a scam. That is due to the fact that there is a lot of awareness, screening time, and patience needed to be able to earn profit in foreign exchange trading. Ultimately, it is recommended that you avoid promises and claims that seem unrealistic.

Stay Away From Forex Management Funds

Despite being quite popular, a majority of the foreign exchange management funds established are complete scams. In these types of scams, people guarantee that they will assign experts and seasoned professionals for you who will carry out educated trading on your behalf. You will be required to pay for these services, and just as soon as you pay up, they will completely go AWOL. In that context, if anyone asks you to pay for such services, they are most probably trying to scam you.

Get All The Answers You Need

Keep in mind that being a potential customer as well as a trader, you have each and every right to ask questions. Getting a few of your questions answered will help you know if you are going with a trustworthy and reputed foreign exchange broker or not. It is recommended for anyone looking for brokerages to consider ones that come with demo accounts. That way you can test the waters without wasting your money.

Forex Scams Verdict

Forex trading is not inherently a scam, per se. It is an excellent means of earning profits if you take the time to understand how the Forex markets work and learn how to use technical analysis tools and risk management tools. Forex trading must be taken seriously and is not easy money. However, since their are many unregulated Forex brokers that exist you must check your Forex broker is well regulated and has a long history as a Forex trading platform. Foreign exchange trading has turned into a hotbed for new and sometimes shockingly impressive scams looking to take unfair advantage of new and unskilled traders.

The currency market is not free from scams. Unregulated online and offshore brokers try to cheat Forex traders by practicing fraudulent activity. In this article, we explained the ten most common scams in the industry. These are highly common, like fake brokers, clone brokers, clone websites, signal sellers, and robot sellers.

Traders are suggested to understand the scams and try to avoid such service providers. We have discussed some checks about how to verify brokers. It is always advised to research before striking a deal.

We've collected thousands of datapoints and written a guide to help you find the best Forex Scams for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Regulated Forex Investment Platforms below.

Reputable Forex Scams Checklist

There are a number of important factors to consider when picking an online Regulated Forex Investment Platforms trading brokerage.

Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.

Our brokerage comparison table below allows you to compare the below features for brokers offering Regulated Forex Investment Platforms.

We compare these features to make it easier for you to make a more informed choice.

Top 15 Regulated Forex Investment Platforms of 2021 compared

Here are the top Regulated Forex Investment Platforms.

Compare Regulated Forex Investment Platforms min deposits, regulation, headquarters, benefits, funding methods and fees side by side.

All brokers below are Regulated Forex Investment Platforms. Learn more about what they offer below.

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Broker eToro XTB IC Markets AvaTrade Roboforex Pepperstone XM FP Markets Plus500 FXPrimus EasyMarkets
Rating
Regulation Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI) Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
Min Deposit 50 No minimum deposit 200 250 1 200 5 100 100 100 100
Funding
  • Bank transfer
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Used By 20,000,000+ 250,000+ 180,000+ 200,000+ 10,000+ 89,000+ 3,500,000+ 10,000+ 15,500+ 10,000+ 142,500+
Benefits
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  • Low min deposit
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  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Allows scalping
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  • Offers STP
  • Low min deposit
  • Allows scalping
  • Allows hedging
  • Offers STP
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  • Offers Negative Balance Protection
  • Allows scalping
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  • Low min deposit
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  • Allows scalping
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  • Offers STP
  • Low min deposit
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  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Allows scalping
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Accounts
  • Demo account
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Spreads
  • fixed spreads
  • variable spreads
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Platforms Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5 MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps MT4, MT5, Mac, Web Trader, Tablet & Mobile apps MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, Web Trader, Tablet & Mobile apps
Support
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easyMarkets
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Excluded Countries ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, US, IN, PK, BD, NG , ID, BE, AU AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA BE, BR, KP, NZ, TR, US, CA, SG US, JP BR, KR, IR, IQ, SY, JP, US US, CA, IL, KR, IR, MM, CU, SD, SY US, JP, NZ MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. US

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All Regulated Forex Investment Platforms in more detail

You can compare Regulated Forex Investment Platforms ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.

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We have listed top Regulated Forex Investment Platforms below.

Forex Scams List

eToro
(4/5)
Min deposit : 50
Visit eToro Try a Demo Read review

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

eToro was established in 2007 and is used by over 20000000+ traders. 67% of retail investor accounts lose money when trading CFDs with this provider. eToro offers Stocks, Commodities, Forex, CFDs, Social Trading, Indices, Cryptocurrency, Index Based Funds, Exchange Traded Funds (ETF). Cryptocurrency availability with eToro is subject to regulation. Buying and selling real cryptocurrency assets may not be available in your country through eToro. Please check the latest information made available on their website.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC)
XTB
(4/5)
Min deposit : 0
XTB was established in 2002 and is used by over 250000+ traders. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. XTB offers Forex, CFDs, Cryptocurrency. Cryptocurrency availability with XTB is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mirror Trader, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa
IC Markets
(4/5)
Min deposit : 200
IC Markets was established in 2007 and is used by over 180000+ traders. Losses can exceed deposits IC Markets offers Forex, CFDs, Spread Betting, Share dealing, Cryptocurrencies. Cryptocurrency availability with IC Markets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
AvaTrade
(4/5)
Min deposit : 250
AvaTrade was established in 2006 and is used by over 200000+ traders. 72% of retail investor accounts lose money when trading CFDs with this provider AvaTrade offers Forex, CFDs, Spread Betting, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI)
Roboforex
(4/5)
Min deposit : 1
Roboforex was established in 2009 and is used by over 10000+ traders. Losses can exceed deposits Roboforex offers Forex, CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC)
Pepperstone
(4/5)
Min deposit : 200
Pepperstone was established in 2010 and is used by over 89000+ traders. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money Pepperstone offers Forex, CFDs, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217
XM
(4/5)
Min deposit : 5
XM was established in 2009 and is used by over 3500000+ traders. Your capital is at risk XM offers Forex, CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
FP Markets
(4/5)
Min deposit : 100
FP Markets was established in 2005 and is used by over 10000+ traders. Losses can exceed deposits FP Markets offers Forex, CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC)
Plus500
(4/5)
Min deposit : 100
Plus500 was established in 2008 and is used by over 15500+ traders. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500 offers CFDs.


Plus500 offer a 100% Free and Unlimited Demo account No Deposit fees/Commissions No hidden fees Competitive fees Tight Spreads

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546
FXPrimus
(4/5)
Min deposit : 100
FXPrimus was established in 2009 and is used by over 10000+ traders. Losses can exceed deposits FXPrimus offers Forex, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID)
EasyMarkets
(4/5)
Min deposit : 100
easyMarkets was established in 2001 and is used by over 142500+ traders. Your capital is at risk easyMarkets offers CFD, Forex, Commodities, Indices, Shares, Crypto. Cryptocurrency availability with easyMarkets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)

Learn more Learn more about eToro.
67% of retail investor accounts lose money when trading CFDs with this provider.