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Forex Trading Scams
Forex scams are one of the oldest and most prolific forms of investment fraud. Unregulated and offshore brokers promise high returns from currency trading, then make it impossible to withdraw your funds.
95%
Of retail forex traders lose money — fraud makes losses near-certain
£40m+
Recovered for forex-scam victims by our partners
4.8 ★
Trustpilot rating
Warning Signs to Watch For
- A broker not on the FCA register or registered offshore (St. Vincent, Marshall Islands, Vanuatu)
- Promises of guaranteed profits, copy-trading bots, or "managed" accounts
- A small initial "win" used to encourage larger deposits
- Refusal to process withdrawals or new fees demanded before release
- Aggressive account managers calling you daily
- Bonuses with hidden trading-volume conditions that lock your deposit
Our Recovery Process
1
Investigate
We verify the broker against the FCA and other regulators and assess regulatory breaches.
2
Trace
We follow card, bank, and crypto deposits to the receiving entities and intermediaries.
3
Pursue
We file chargebacks, FOS complaints, and regulatory escalations in the UK and abroad.
4
Recover
We negotiate refunds and pursue civil action where evidence supports it.
How Forex Scams Operate
Fraudulent forex brokers set up slick websites and use high-pressure call centres to pitch "low-risk" currency trading. After your first deposit, you are shown demo-style winning trades to build confidence. As you deposit more, the platform manipulates the prices you see, generating losses that wipe out your account — or simply blocks withdrawals when you try to take profit.
Common Forex Scam Variants
- Unregulated offshore brokers registered in non-cooperative jurisdictions
- Clone firms impersonating FCA-authorised brokers
- Signal sellers tied to fraudulent platforms via affiliate kickbacks
- Copy-trading and "managed account" frauds with fake performance histories
- Bonus-trap schemes requiring impossible trading volume before withdrawal
Routes to Recovery
Card deposits often qualify for chargeback under Visa/Mastercard rules or Section 75 of the Consumer Credit Act. Bank transfers may be reimbursable under the CRM Code or new PSR rules. Where the broker is regulated in another jurisdiction we file complaints with that regulator (CySEC, ASIC, FSCA). Crypto deposits require blockchain forensics and exchange engagement.
Lost money to a fake forex broker?
Speak with our specialists today — free, confidential, no obligation.
Frequently Asked Questions
Search the FCA Register at register.fca.org.uk. Verify the contact details on the register match what the broker gave you to rule out a clone firm.
Often yes. Card deposits are protected by chargeback and Section 75 rights, even months after the transaction.
This is a classic scam tactic. Genuine brokers do not collect tax — that is a matter between you and HMRC. Do not pay anything further.
Yes. Recovery focuses on the payment trail and intermediaries, not just the broker itself.
Affected by forex trading scams?
Our team of expert fraud lawyers can help you recover your lost funds.