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Very useful topic! I was nearly scammed by Scam brokers…but did not go. 🙂 They kept ringing like crazy
If your phone gets in their data base, you will receive calls from many different Scam brokers because the companies that collect people via different marketing tools, they will share your phone to many Scam brokers. The first one that succeeds to scam you, and take your money, will pay. This is how they work.
I can not believe that those Scam Brokers are still the same? I can not figure one thing out:
Why the regulations regulate only the brokers that pay to them? How about the rest?
Imagine there are laws only for the people who are paying taxes, and they other can do what ever they want. It will be chaos!
You are very right, John!
There is no such global organization that regulates all brokers and hunts the Scam brokers. They pay enough money obviously, so they can continue scamming the people.
A friend of mine was scammed with 5k last week. He told me after it happened. If I knew before that, I would have shown him this topic.
Sorry to hear that, Ian. It happens to thousands of people daily.
The Scam brokers won’t stop soon, so the only thing we can do is to share our experience with more people.
Hey Petko,
this topic is very useful, I am sure it helped to many people. Why don’t you list the names of these Scam brokers? It will be easier for everybody.
Hello Mery,
we can not list the names of the Scam brokers for a few reasons:
- they are thousands
- they change the names frequently
- some of them become regulated with the time
- we do not want to promote any broker because placing a name is still a promotion
The topic is useful because you know how they work, so everyone who reads it, will know how to recognize the Scam brokers
Hello Petko,
I understand your point. I didn’t imagine that there are thousands of scam brokers around the world. I am sure they changed names because every illegal company does it. Very good point of your seat you place the steps how to recognize the scam brokers because in this way everyone who has experienced something like that will recognize it immediately.
Hello Mery,
Unfortunately, we cannot place all the steps available from all the brokers because they all operate differently and they always invent new methods to scam the people.
This is why I have open this topic in our forum so everyone who had this bet experience with scam brokers can share in here and this will help a lot the new traders who are looking for their next trading broker or for their first trading broker.
And I’m very happy that already many traders shared their bad experiences with these illegal companies and I hope this will help the community and the traders in this forum to share more of their stories.
And yes they changed names all the time because in our days market when we have online forums, blogs, review websites, it is very hard for the scam brokers to keep operating because obviously many people complain and they cannot keep scamming the people with the same name.
I really hope that the regulations will start as they should and they should not only monitor the brokers that pay the yearly subscription but always control the brokers that are dealing with the financial markets.
Every experienced trader knows that the regulated brokers are paying a lot to these regulation companies just to have this regulator sign and the regulated number on their website which brings kind of trust in the broker.
I hope that with the time there will be authorities who will monitor all Forex brokers and this way the scam brokers will be eliminated. Unfortunately, till then, many more will burn and many more people will lose their savings investing in something unrealistic.
Hey Petko,
I read in the news that more and more scam brokers were exposed! I hope they will catch them all…I do not know how, but I hope 🙂
Hey Shamasa,
you are right, we keep an eye on this too but…it will take a long time if it ever happens.
As I have already shared in this topic, I was scammed so bad that I couldn’t do anything. I tried to complain to many places but it was useless.
So I really do not believe that these people will be caught. No way…I hope so, but no way…
BUT I found Petko and Forex Academy, and all is great for me now…
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