FXLeader
From what we can read in this thread, FXLeader look like one we should all avoid
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Yep… one to avoid surely.
Good point there @dpaterso making that clarification between Broker Registration and Regulation.
If this gets pinned on the forum it should save a few more BP members from losing another few hundred (or thousand) buck I suppose.
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Don’t count on it!!!
I don’t know how many threads you visit during the day. But I can tell you that VERY few actually even bother to read a thread before posting some inane repetition. You think they’re going to bother to stop and read my BS??? LOL!!!
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Very funny 
…
Well you know how it is. The prospect of making cool cash all day sitting in front of a computer surely is more of an attraction than going through the fine prints of making a real business out of it.
So naturally most members gravitate towards the thread that satiates their interests. Hopefully things slowly change and we can start thinking not only about making money but also about protecting it.
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Nice post.
You want to have a side bet that between my going to bed tonight and waking up tomorrow morning that there will be another brand new thread asking about leverage and pips??? LOL!!! Or another brand new thread asking if Forex-R-Us located in Donkey Sh1t City, Republica de Las Paranoias is legit!!! LOL!!!
I know at least one person that will appreciate the above though!!! LOL!!!
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Doesn’t that make logging on to BP every morning all the more exciting? The thoughts of all these interesting new topics and posts for a brand new day lol.
Well I suppose we all can’t start the same way though, most will fall out the back door they were attempting to get in through. But some, very few might manage to make it through and become something totally different from their first few content posted on a Trading Forum somewhere on the internet.
Now whether that makes it all worth it, enough to brave through all these posts everyday (even when the BP School of Pipsology is just a mouse click or two away)? Well, that remains to be decided 
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it is about time to have this list
that broker who does not want to give back the 10 k will
lose more than that in bad advertisement
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That’s true zrrsy… The scam brokers can take the 10K but we must give bad reviews to these brokers so that they will not only lose their investment back in advertising but will also lose from scamming out of the people’s money. Please continue to give bad reviews for these scam and unscrupulous brokers. Good job!
Sorry for that
Dudes and Dudettes.
I think the point of this thread was to LIST scams and scammy brokers. Not to have a general discussion on the topic (although I must apologize myself here as barring my first post here I’m also guilty).
It seems this thread will not be of any use as its against the rules to name names as you may be sued!
Where do you get that idea from?
Of course you can name anyone who has scammed you.
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WE can also use something like already well known thing from something like Forex Peace Army, they have solid list of scammy brokers, be it Forex or Binary Options, or do you want to have some other scam sites database ? Let us know this.
As long as what is posted is factual and not heresay - no "I’ve heard this…, or “my friend knows someone who…”
We’ve all seen posts here calling people scammers only to find later that the poster had broken the brokers rules, had misunderstood the terms, or was blaming them on his inability to trade
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Great Idea. My suggestion is to always use FCA regulated brokers. Your chances to be scammed is down to start with.
Agreed.
But at the risk of repeating myself for the thirtieth time (give or take) though:
Simply having an FCA register number is NOT good enough. The broker needs to be REGISTERED AND REGULATED by the FCA. And the only way they can be REGISTERED AND REGULATED by the FCA is for them to have a PHYSICAL PRESENCE in the UK and have a REGISTERED BUSINESS ENTITY (Companies House) within the the UK. In addition: the broker MUST belong to the FSCS i.e. this is a statutory REQUIREMENT for a FCA REGISTERED AND REGULATED broker. If every one of these does not hold true then beware. If NOTHING else: the FCA does not guarantee client funds. ONLY the FSCS guarantees client funds.
Here’s the problem and which is exploited by the bucket shop brigade:
An offshore broker can apply for REGISTRATION with the FCA. All this means is that they are licensed to conduct certain business activities. Nothing more. And once they have the FCA register number then they’re pretty economical with the truth on their websites when it comes to disclosure and the wording and obviously the express intent is to fool the unsuspecting. Fact of the matter is that under these circumstances: the FCA is powerless. Best they can do in case of complaints or fraud is de-register the offending broker and issue a public warning on their website. That’s it.
Now as to WHY the FCA allows REGISTRATION ONLY is beyond me. But for now it is what it is.
Sadly, however, and just to add:
None of the above is any guarantee either. Even a bucket shop will go to the lengths of opening some small shithole office somewhere in the basement just to get around all of this. Probably your best bet (no pun intended) is to ensure that they have a UK bank account as that’s where the rubber meets the road.
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before choosing a broker we can also check PFA where real traders express views about their broker performance.
Bearing in mind of course that many of the RAVE reviews about brokers on FPA are posted by none other than broker employees. Pretty much on the same lines as our resident bots and fake user accounts on this site.
I thought I’d better just add here:
Clients/traders are no walk in the park either. Also bear in mind when reading FPA, or similar, broker reviews that there will be a fair number of less than stellar comments and reviews posted by clients/traders that actually had no idea whatsoever as to how the markets and brokers etc. work (classic example of this is of course slippage).
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I agree with you mate that chances of being scammed reduced to almost zero with the regulated ones but sometimes there remains some sort of restrictions which compel traders to look out for offshore brokers
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Yes, That is true. People tempted to use offshore ones due to relaxed regulations. If you are seasoned trader and want to try them, then it is less risky comparing the newbies. Experienced trader will know the tricks and tactics offshore brokers would/could use.
My advice is to stick to FCA regulated brokers to start with and stay away from teasing high leverage offshore offers. Trading is not a joke.