List of Brokers - TO NOT USE - The Scammer List

Hi Guys
After Reading all the repetitive crap that newbies post i wanted to see what would happen if we made 1 LIST to rule them all (no Lord of the rings pun intended hehe)

I mean we hear stuff all the time like …
“My broker wont’ return my money”
“I can’t withdraw my money and they won’t return my emails”
“Please help, how can i get my money back”

NOW… ALL THIS COULD BE AVOIDED IF YOU GUYS DID A SIMPLE SEARCH , but you never do .

ok so what i want on this list is this…
ONLY BROKERS THAT ARE THE WORST OF THE WORST AND SHOULD BE BLACKLISTED so to speak

Let me start the formalities


E-TORO (Gets the honour of being at the top of the list)
they’ve worked hard for this and they have been ranked in my opinion #1 Scam Broker of the world
Take a bow E-Toro

NEXT ON THIS LIST
VIP BROKERS

and the last one i want to mention is this

TRADEPULSE FX
Now… IN THIS CASE it’s sort of hard to determine what is actually happening
but it’s definitely something to be cautious of

a few people have had money taken from them
and … THERE SEEMS TO BE A GUY by the name of … “ANKITGOYAL KUMAR

Now whether TradePulse FX are also involved is a bit sketchy

but i would ask the following
how could they allow this Kumar guy to do what he did
Look at this

Now. when we of the forum asked this guy (who’s name i have not included)
he replied as follows

GUYS, PLEASE DO NOT BE STUPID… OK
SERIOUSLY…

Now… in fairness to TradePulse FX
Tradepulse said this


and thank god, they did indeed fulfill the request
as per this…

the user confirmed as follows…

there was also another user that got caught up in this
and that use PM’d me
that user told me that this “ANKITGOYAL KUMAR” character offered him $1000 cash to basically shut up and not say anything :stuck_out_tongue:
way to go “ANKITGOYAL KUMAR

he also offered to trade back the remainder of the losses and give it back to the guy
which basically says that he’s broke and doesn’t have any money

he however will not release the logins to the original user.

now HERE’S THE THING
we have 2 scenario’s here

TradePulseFX could be in on the whole thing in which case they are unreliable and are a scam broker
or
ANKITGOYAL KUMAR” is acting on his own
but then, how did tradepulsefx allow this to happen

whichever way you look at this
a basic user got an account with TradePulseFX and was burned

My advice would be STAY THE HELL AWAY
as for Reputation, TradePulseFX can feel free to sue “ANKITGOYAL KUMAR” for Defamation of character and damage to the corporate branding as a result of the actions of “ANKITGOYAL KUMAR

this is the list thus far of the worst offenders
i have more in mind, but i don’t think they warrant the black list as yet

but FEEL FREE TO POPULATE THE LIST FROM HERE ON IT
SO WE HAVE 1 POINT OF REFERENCE TO KNOW WHICH BROKER IS A SCAM BROKER

Remember : don’t accuse wildly ok
be fair

Example : “My withdrawal is taking a long time”
NO. that does not mean they are a scam broker
you must contact them and given them a chance to respond and explain. things happen, simple as that.

also to be fair
if a broker is on this list and they somehow prove in the future to be reliable, we will take them off the list
(although i doubt this will happen) but, offer is on the table.

SO. LET’S SEE WHERE THIS GOES

7 Likes

I lie the idea.

I hope anyone submitting a name for the blacklist can back up what they’re saying.

@tommor
yeah, very true
i would appreciate if people do have valid reasons before blacklisting someone .

i would think that only companies that have proven beyond any doubt , and that have caused unquestionable loss to a user would make this list

i would expect people to provide proof, that goes without saying

1 Like

Here’s another for the list
apparently, Gave a 30 day Money back guarantee

Client has been trying to get refund for a month beyond the 30 days and is being ignored and the system does not work.
appears to be a snatch and grab kind of deal

2 Likes

Thank you very much !!!

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We already have this excellent, well-established thread by Clint

Tons of information on dozens, if not hundreds, of brokers.

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@eddieb
Good to know , thanks
i try to stay away from clint so as not irritate him and so as to not cause issues.
but , that aside, …

i was not aware of this post, but it is good to know ,
thanks

HERE IS ANOTHER ONE

DON’T USE FOREX PRO BROKER

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UK’s Financial Conduct Authority (FCA) has issued a warning against the forex and CFD broker KayaFX. As per usual, the warning is issued because KayaFX offers its services in the UK without having the proper authorization.
The broker clains it is based in Tallinn, Estonia but does not provide any regulatory information. The company owning the broker – GammaTech Services – has a license for a currency exchange from the country’s Ministry of Economy but this does not mean the company is regulated.
More importantly, there have been multiple complaints from clients that it is a scam, including that rather than process a withdrawal it opened multiple losing positions on a client’s account.

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Are there any new updates for Scam brokers???

Thanks for the info…Just what i was looking for
Do you happen to know of any threads on Fund managers as well??
It would really help a lot
thanks

Hi all, have any of you come across GCC Investing?

i found ICM out of australia to be your best option…super service …a very sound and honest broker and withdrawals are quick and easy

http://scambroker.com/gcc-investing/

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Thank you all for creating this list of questionable brokers. I am a “Noob” as @anon81929759 puts it and I am very cautious as to where to deposit my forex money as I have already been scammed by an individual. Thanks Martin. I always enjoy reading your responses on the forum because they are blunt and don’t pull any punches.

I’m always for informed conclusions about brokers (scam/not scam). So I’m with you guys. I will search for scammers and public them on this thread along with the evidence. What a good idea. :+1:

Could you describe your negative experience so other won’t swallow same bait. Thanks

Ontario, my being scammed was because of my own naivety. I was referred to an individual by a friend. This individual said she was a Forex trader and could trade money I was willing to invest and compound it and more than double it within a years time. She then said she could teach me how to trade and that she has instructed several classes on how to do it. Due to my greed I didn’t see all of the signs that she was a scammer. She actually started me off and taught me several basics such as support and resistance, how to calculate pips, etc. which I later found out was all from Babypips.com. after she had my money for approximately a month and a few video conference lessons I never heard from her again. Now I am going through the school of pipsology and learning on my own the fundamentals of currency trading. I am no longer bitter because I am honestly glad I was introduced to the world of forex. It just cost me several thousands of dollars and lots of lost time.

Basic newbie fallacy is that they don’t bother about trading performance of a money manager. If somebody promises high returns over 100% yearly then you can be sure its a scammer. Simply because if he offers guaranteed profits why they can’t take a loan in the bank at much lower percent, make profit and return profit.
Always care about risks of losing and the potential profit.

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I agree. I just had not had exposure to the Forex market before so I wasn’t sure what to expect. But at the end of the day it still fell on me to do better research before I gave her money. Anyways, such is life. You live and you learn and now I am on my way to becoming a consistently profitable trader.