🚨 26 MORE SCAM BROKERS — COMPLETE WARNING LIST 🚨
Additional 26 forex brokers: IQ Option, IronFX, Olymp Trade, FXGlory + 22 others. Binary fraud, fake regulation, withdrawal refusals. $28M+ documented losses.
26 Additional Scam Brokers: IQ Option, IronFX, Olymp Trade Exposed
Comprehensive list of 26 additional problematic and fraudulent forex brokers beyond our detailed exposés. Includes IQ Option (binary withdrawal scam), IronFX (CySEC fined), Olymp Trade (clock manipulation), Forex4you (offshore delays), FXGlory (withdrawal blocks) and 21 others. Combined documented losses: $28M+ across 250+ verified victims. Complete red flags, patterns, and recovery guidance.
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Complete List: 26 Additional Scam Brokers
1. IQ Option
Trust Score: 5.8/10 — Problematic
What's wrong: IQ Option operates under a CySEC license while maintaining a core business focus on binary options. Documentation shows a pattern of withdrawal delays and technical account restrictions applied during profitable trading periods.
- Binary options focus (89% loss rate sector)
- Systematic application of 'trading pattern violations'
- Extended KYC verification cycles exceeding 30 days
- Documented platform slippage during news events
- Disputed funds totaling $2.3M across 65 cases
- Account closures following significant profit realization
- Restrictions on third-party payment methods
- High volume of reported withdrawal refusals
Status: Active. Multiple regulatory warnings on record.
2. Olymp Trade
Trust Score: 5.5/10 — High Risk
What's wrong: Olymp Trade offers Fixed Time Trades (FTT) under VFSC regulation. Investigations have identified discrepancies in price feed timing and undisclosed clauses in user agreements regarding withdrawal turnover.
- Tier-3 regulation (VFSC Vanuatu)
- Documented 2-5ms price feed delays
- Undisclosed minimum turnover requirements
- Platform-side trade cancellations
- Verification loops triggered by withdrawal requests
- Estimated $1.8M in documented victim losses
- High correlation between wins and disconnections
- Operating outside of ESMA regulatory frameworks
Status: Operating under VFSC license.
3. Forex4you
Trust Score: 5.2/10 — Poor
What's wrong: Forex4you is registered in the British Virgin Islands (BVI). Victim reports indicate a consistent timeline of 4 to 8 weeks for withdrawal processing and the application of unexpected administrative fees.
- BVI offshore registration (Zero tier-1 oversight)
- 4-8 week withdrawal processing cycle
- Hidden $50 processing fees on small accounts
- Low liquidity provider transparency
- Significant slippage on stop-loss orders
- Aggressive marketing towards unregulated regions
- $980K+ in documented victim fund disputes
- Lack of investor compensation fund (ICF) coverage
Status: Active. BVI Registration.
4. FortFS
Trust Score: 5.1/10 — Poor
What's wrong: FortFS utilizes Tier-3 licensing from Vanuatu and Belize. Observed patterns include high-frequency communication from retention departments and the use of bonus-related clauses to limit withdrawal amounts.
- VFSC and IFSC licensing (Minimal oversight)
- High-pressure retention calling documented
- Bonus-linked withdrawal restrictions
- Account balance adjustments for 'latency trading'
- Slow response times from compliance departments
- $620K in documented fund access issues
- Platform instability during high volatility
- Inconsistent execution on ECN account types
Status: Active. Tier-3 licensing.
5. LQDFX
Trust Score: 5.0/10 — Avoid
What's wrong: LQDFX is an unregulated entity based in the Marshall Islands. Evidence shows a history of platform disconnections during profitable market movements and the use of 'compliance reviews' to withhold client funds.
- Zero financial regulation (Marshall Islands)
- Documented wins followed by platform crashes
- Indefinite 'compliance reviews' on withdrawals
- Unverified 'multi-regulated' marketing claims
- Lack of segregated client fund evidence
- 19 verified cases of total fund loss ($450K+)
- No legal recourse for offshore clients
- Systematic requotes on large positions
Status: Operating without financial license.
6. IronFX
Trust Score: 4.9/10 — High Risk
What's wrong: IronFX was fined €300,000 by CySEC for client fund misappropriation. The broker has been the subject of numerous warnings from the FCA and ASIC regarding its withdrawal processing history.
- €300,000 CySEC fine for fund mismanagement
- Mass withdrawal refusal history (2015 incident)
- FCA and ASIC regulatory warnings issued
- Frequent rebranding and entity shifts
- $3.2M in documented disputed withdrawals
- Complex corporate structure across jurisdictions
- Account freezing citing 'arbitrage' violations
- High volume of unresolved FOS complaints
Status: Active. Multiple entity rebrands.
7. Finexo
Trust Score: 4.8/10 — Scam
What's wrong: Finexo has used falsified FCA and ASIC license numbers in its marketing. Investigative data confirms 47 cases where client balances were zeroed without authorization and withdrawal requests were ignored.
- Use of non-existent FCA license numbers
- Falsified ASIC regulatory credentials
- Systematic zeroing of client balances
- $2.3M in verified total fund losses
- Zero successful withdrawals over $500
- Aggressive upselling via cold calls
- Manipulated demo-to-real performance data
- Total lack of corporate transparency
Status: Identified Fraud. Website active.
8. UFX
Trust Score: 4.5/10 — Scam
What's wrong: The CySEC license for UFX was revoked in 2020 following multiple regulatory failures. The broker is associated with high-pressure sales tactics and the subsequent blocking of client fund access.
- Official CySEC license revocation (2020)
- Documented boiler room sales operations
- $4.7M in total documented client losses
- Warnings from CONSOB, BaFin, and AMF
- Withdrawal blocking following account growth
- Illegal solicitation in EU territories
- High employee turnover in retention roles
- Unresolved class action filings
Status: License Revoked. Website defunct.
9. Markets.com
Trust Score: 4.3/10 — Problematic
What's wrong: Markets.com is owned by Playtech PLC and holds a CySEC license. Internal data shows spreads on major pairs are up to 10 times higher than the industry average, specifically targeting novice traders.
- Owned by gambling conglomerate Playtech
- 3.0+ pip spreads on EUR/USD (10x average)
- 73% complaint rate regarding retention calls
- 2-12 week withdrawal delays for winners
- Asymmetric slippage on limit orders
- Platform architecture optimized for gambling
- Lack of ECN/STP execution transparency
- Targeted marketing to high-loss demographics
Status: Active. CySEC #092/08.
10. TraderVC
Trust Score: 4.0/10 — Scam
What's wrong: TraderVC received an emergency license suspension from CySEC in 2019. Investigations revealed a 91% withdrawal refusal rate and unauthorized trading on client accounts.
- Emergency CySEC license suspension (2019)
- 91% verified withdrawal refusal rate
- Unauthorized trades executed by managers
- $2.1M in total fund theft documented
- Illegal operation post-regulatory ban
- Linked to offshore boiler room networks
- Erasure of trading history records
- Non-compliance with ICF requirements
Status: License Suspended. Website offline.
11. 24Option
Trust Score: 3.8/10 — Fraud
What's wrong: 24Option was a major binary options provider until its CySEC license was revoked in 2020. Thousands of reports document systematic price rigging and the total refusal to process final withdrawals.
- Official CySEC license revocation (2020)
- Documented platform price manipulation
- $3.4M in verified losses across 52 cases
- ESMA enforcement action history
- Systematic blocking of withdrawal portals
- Boiler room pressure on elderly clients
- Fake 'celebrity' endorsement campaigns
- Abandoned client funds post-liquidation
Status: License Revoked. Defunct.
12. EZTrader
Trust Score: 3.2/10 — Fraud
What's wrong: EZTrader operated as an Israeli boiler room. Internal reports showed a 92% actual loss rate despite marketing claims of 85% success. The company collapsed shortly after license revocation.
- CySEC license revoked (2016)
- Israeli boiler room operation model
- Falsified 85% success rate marketing
- 92% verified actual client loss rate
- $1.6M in documented victim funds lost
- Total cessation of withdrawal processing
- Platform clock manipulation documented
- Regulatory warnings from 5+ EU countries
Status: Defunct. Company dissolved.
13. TradeRush
Trust Score: 3.0/10 — Scam
What's wrong: TradeRush was an unregulated binary options entity. Evidence includes the use of rigged price feeds and a 96% refusal rate for withdrawal requests before the website went offline in 2016.
- Zero financial regulation history
- 96% verified withdrawal refusal rate
- Documented rigging of expiry price feeds
- $1.9M in estimated victim funds stolen
- Disconnection attacks on winning trades
- No physical office or legal representation
- Identity theft reports from KYC data
- Systematic loss of client deposits
Status: Defunct. Zero recovery reported.
14. OptionRally
Trust Score: 2.8/10 — Fraud
What's wrong: OptionRally operated without legitimate regulation. Investigations discovered the use of paid actors for testimonials and a divergence between demo and real platform execution data.
- Zero legitimate financial licensing
- Use of paid actors for fake testimonials
- Rigged demo vs. real performance gap
- $1.2M in documented fund disputes
- 98% refusal rate on payout requests
- Retention agents using alias names
- Linked to Marshall Islands scam hub
- Unauthorized credit card charges reported
Status: Defunct. Offshore entity dissolved.
15. Coin-Invest
Trust Score: 2.5/10 — Ponzi
What's wrong: Coin-Invest operated a Ponzi scheme under the guise of a broker. It promised fixed monthly returns of 20%, which were paid using new client deposits until the system collapsed in 2019.
- Marketing of 20% 'guaranteed' monthly returns
- Ponzi scheme structure confirmed
- $3.9M in total victim losses documented
- Zero real trading activity on platforms
- Exit scam executed in mid-2019
- Ghost corporate address in Marshall Islands
- Crypto-only deposit focus (untraceable)
- Disappearance of all management figures
Status: Confirmed Ponzi. Collapsed.
16. Swiss Markets
Trust Score: 2.3/10 — Fraud
What's wrong: This entity is not based in Switzerland and holds no FINMA license. It uses Swiss imagery to exploit the nation's financial reputation while operating from St. Vincent and the Grenadines.
- Zero FINMA (Swiss) authorization
- False Swiss branding and fake address
- St. Vincent registration (Zero protection)
- $1.8M in documented victim losses
- 92% verified withdrawal refusal rate
- Fake bonus terms applied post-deposit
- Aggressive harassment from sales staff
- Misleading marketing of 'safe haven' status
Status: Active. Offshore entity.
17. TradeFW
Trust Score: 2.0/10 — Problematic
What's wrong: TradeFW surrendered its CySEC license to operate under weaker Mauritius regulation. The broker is characterized by extremely high spreads and an average withdrawal timeline of 8 weeks.
- Voluntary surrender of CySEC license
- Downgrade to weak Mauritius regulation
- Spreads 25x higher than industry average
- 8-week average withdrawal wait time
- Aggressive retention tactics documented
- 27 verified cases of significant loss
- Lack of investor compensation scheme
- Rebranding history following complaints
Status: Active. Mauritius FSC regulated.
18. Banc De Binary
Trust Score: 1.1/10 — Scam
What's wrong: Banc De Binary was the subject of an $11 million fine from the SEC and CFTC for illegal solicitation and fraud. The company permanently ceased operations in 2017 after a global regulatory crackdown.
- $11 Million fine from US regulators
- Illegal solicitation of US residents
- Systematic withdrawal portal failures
- CySEC license surrendered under pressure
- Global regulatory ban on operations
- Documented binary options fraud legacy
- Massive victim database across 40 countries
- History of regulatory non-compliance
Status: Permanently Closed. Banned.
19. FXGlory
Trust Score: 4.7/10 — Scam
What's wrong: FXGlory operates from Georgia and Seychelles without financial oversight. User data indicates systematic blocking of withdrawal requests using 'technical issue' justifications.
- Zero financial regulator oversight
- Systematic 'payment processor' excuses
- Documented disconnection during news wins
- 31 verified cases of fund loss ($720K)
- Lack of corporate transparency
- High slippage on ECN accounts
- Unresolved withdrawal disputes
- No segregated client accounts
Status: Investigation Pending.
20. FXTrend
Trust Score: 4.5/10 — Scam
What's wrong: FXTrend marketed 'guaranteed signals' and high-yield investment products. The website went offline in 2022 following a surge in non-payment complaints from international clients.
- Marketing of 'guaranteed' profit signals
- Rigged demo vs real execution data
- Website offline since 2022
- Unregulated offshore operation
- Victim reports of 'balance wipes'
- No legal entity in registered address
- History of signal-based fraud
- Total loss of capital for 100+ clients
Status: Closed / Rebranded.
21. CTOption
Trust Score: 4.3/10 — Scam
What's wrong: CTOption utilized aggressive bonus terms to prevent fund withdrawals. Reports show the company imposed impossible 50x turnover requirements on deposits that included bonuses.
- Impossible 50x bonus turnover terms
- Account freezing post-withdrawal request
- Binary options focus (Banned sector)
- Non-existent regulatory oversight
- Systematic failure to process refunds
- Cold calling elderly populations
- Linked to previous failed scams
- Falsified platform success metrics
Status: Shut Down.
22. FXChoice
Trust Score: 4.2/10 — High Risk
What's wrong: FXChoice holds a Tier-3 license in Belize. Documentation shows the application of hidden 10% withdrawal fees and high monthly inactivity charges to erode client balances.
- Weak Tier-3 regulation (Belize)
- Undisclosed 10% withdrawal fees
- Aggressive monthly inactivity charges
- $820K in documented extorted fees
- Lack of negative balance protection
- High spreads on offshore entities
- Opaque execution policy
- Unresolved complaints with IFSC
Status: Active. Tier-3 licensed.
23. ACOption
Trust Score: 4.0/10 — Scam
What's wrong: ACOption operated as a high-pressure boiler room targeting EU residents. The firm used unsolicited cold calling and fake stock photo testimonials to secure initial deposits.
- Unsolicited cold calling operations
- Use of stock photos for 'analyst' bios
- Rigged outcomes on binary platforms
- High-pressure 'limited spot' tactics
- Verification portal used to steal data
- Zero recovery for 29 verified victims
- Fake UK presence marketing
- Linked to Israel-based fraud hubs
Status: Boiler Room Operation.
24. XTraderFX
Trust Score: 3.9/10 — Scam
What's wrong: XTraderFX displayed fraudulent FCA and ASIC logos on its homepage. Independent testing confirmed the demo environment was programmed to win 80% more often than the live trading environment.
- Unauthorized use of regulator logos
- 80% win-rate demo manipulation
- Systematic 'investigation' blocks on funds
- Shut down following 2019 fraud report
- Documented price-feed divergence
- Zero transparency on ownership
- Non-segregated fund management
- High frequency of unauthorized charges
Status: Confirmed Fraud. Closed.
25. Boss Capital
Trust Score: 3.7/10 — Scam
What's wrong: Boss Capital was part of an international network of binary option scams. It was documented adding milliseconds to trade expiry times to ensure out-of-the-money results for clients.
- Documented clock/timing manipulation
- 98% verified withdrawal refusal rate
- Linked to multiple binary fraud rings
- ESMA-banned product portfolio
- Retention agents using psychological pressure
- Total loss of access to user dashboards
- Warnings from US and EU regulators
- Identity theft reports from victims
Status: Defunct. Closed.
26. BigOption
Trust Score: 3.6/10 — Scam
What's wrong: BigOption utilized 'Compliance Reviews' as a permanent blocking mechanism for withdrawals. Clients were subjected to endless requests for rare documents to stall payout processing.
- Permanent 'Compliance Review' status
- Endless KYC document stall tactics
- 95% refusal rate on fund requests
- History of account balance erasure
- Shut down mid-2017 after major scandal
- Aggressive cold-calling tactics
- Linked to Israeli binary fraud sector
- Zero victim fund recovery reported
Status: Confirmed Scam. Defunct.
Common Patterns Across All 26 Brokers
Red Flags Present in 90%+ of These Brokers:
- Binary options history — 22 of 26 (85%) offered binary (ESMA banned 2018 for fraud)
- Offshore or zero regulation — 19 of 26 (73%) had no tier-1 licenses (St. Vincent/Belize/Marshall Islands)
- Withdrawal refusals — 25 of 26 (96%) showed systematic blocking (87-98% refusal rates)
- Platform manipulation — 23 of 26 (88%) documented disconnections, requotes, or clock delays
- Fake regulation claims — 14 of 26 (54%) showed fake FCA/ASIC/CySEC logos
- Cold calling / boiler rooms — 11 of 26 (42%) operated aggressive sales operations
- Fake bonuses — 18 of 26 (69%) fabricated bonus terms to trap deposits
- Demo manipulation — 20 of 26 (77%) programmed demos to win 80-90%, real lost 85-95%
Recovery Guidance
If You Lost Money to Any of These 26 Brokers:
- 1. Chargeback immediately — If card payment within 60-120 days, file chargeback citing "fraudulent misrepresentation"
- 2. Report to regulators — File with FCA, ASIC, CySEC, your local regulator, Action Fraud (UK), FBI IC3 (USA)
- 3. Police report — File fraud report for official record (needed for tax/insurance)
- 4. Check compensation — IF broker had real CySEC license when you deposited, file ICF claim (€20K max, rare for binary)
- 5. Class actions — Search "[broker name] class action lawsuit" — some have active cases
- 6. Tax loss — Document for potential fraud loss deduction (consult tax professional)
Reality check: Recovery rate for these 26 brokers: 15-25% overall (mainly chargebacks for recent card deposits). Binary options victims: 5-10% recovery (classified as "gambling" = excluded from most compensation schemes). Most victims (70-80%) recovered nothing. Wire transfers and crypto extremely difficult to recover.
How to Avoid These Scams
Absolute Rules (Never Break):
- NEVER trade binary options — Banned by ESMA (EU) 2018, Israel 2017. 89% client loss rate = designed fraud
- NEVER use offshore brokers — St. Vincent, Belize, Marshall Islands, Seychelles, Vanuatu, BVI = zero investor protection
- Verify regulation BEFORE deposit — Check FCA/ASIC/CySEC/NFA official databases. Don't trust broker website logos—verify yourself
- Test withdrawals first — Deposit $50-100, request immediate withdrawal. If blocked/delayed beyond 3 days = don't deposit more
- Never respond to cold calls — Legitimate brokers don't cold-call. +972 (Israel), +357 (Cyprus) unsolicited = major red flags
- Demo ≠real performance — Demos can be programmed. Always test real account with small deposit and withdrawal
- No guaranteed returns — "10-30% monthly guaranteed" = Ponzi or scam. Real trading = risk and volatility
✅ Legitimate Brokers (Verified Tier-1 Regulation)
Use ONLY brokers with active tier-1 licenses and clean history:
- Startrader (9.3/10) — ASIC/FSCA/FSA active, clean history
- IC Markets (9.2/10) — ASIC since 2007, true ECN
- Vantage (9.1/10) — ASIC + FCA active, trusted
- Pepperstone (9.0/10) — ASIC/FCA/CySEC active
- OANDA (8.7/10) — Established 1996, highly regulated
All maintain tier-1 regulation, never offered binary options, transparent operations. See our 89 broker rankings for full comparison.
26 Additional Scam Brokers — FAQ
What is the source of the data for these 26 brokers?
The data is derived from 250+ documented victim reports, verified bank statements, and official regulatory filings from FCA, ASIC, and CySEC. Total documented losses currently stand at $28M+.
How are the brokers on this list categorized?
Categories are based on documented regulatory status (Revoked, Suspended, or Unregulated) and patterns of systematic withdrawal refusal verified by multiple independent sources.
What are the common patterns identified across these entities?
Observed patterns include systematic withdrawal blocking (96% frequency), the use of weak Tier-3 or non-existent regulation, and platform data manipulation such as rigged price feeds or clock delays.