8 Scam Forex Brokers You Should Avoid

This article exposes the eight most dangerous foreign exchange fraud platforms in 2025 ( including the latest Philippine foreign exchange fraud list ), through :

Real hammer evidence: regulatory documents + victim transfer records + platform screenshots

Full Analysis of Fraudulent Techniques: From Bait Talk to Capital Crash Timeline

Self-help Guide: How to recover funds after being defrauded ( with national complaint channels )

The 8 Worst Scam Forex Brokers in 2025.

DDFuture - Provides attractive investment plans with high returns.

Canabis Trader - Attracts traders to stock CFD investments.

Calloway software - promises to get rich quickly.

Prime Trading- describes itself as a licensed investment company.

NAS broker-suspected FSA regulatory statement.

CBFInvest - ownership and management lack transparency.

Tradorax-complained many times and was blacklisted.

Panamoney 's - incredibly good, regulators warn.

1.DDFutures

DDFutures, masquerading as a dual Forex and cryptocurrency investment platform with dangled enticing investment plans promising remarkable returns.

Boasting up to 1555% profits within a mere 25 days, the website fails to elucidate the strategies behind such astronomical gains or the operational mechanics of the broker. With scant details provided, investors are left in the dark about DDFutures modus operandi beyond its vague assertion of being a UK-based private company engaged in high-yield product development.

2.Cannabis Trader

Cannabis Trader lures traders into cannabis stock CFD investments with enticing promises. Requiring an initial deposit of 250 US Dollars upon registration, traders are propelled into a world where automated software executes trades based on live market signals.

The broker supplements this with trading tips, advocating investment in cannabis stock CFDs while the market thrives.

Despite these offerings, red flags abound, signaling potential deceit akin to typical scam brokers. Traders must remain vigilant amidst the allure of quick gains and carefully scrutinize such platforms to safeguard their investments.

3.Calloway Software

Calloway Software emerges as another enticing scheme, pledging swift wealth regardless of traders expertise.

The broker dangles the prospect of earning thousands of dollars within hours, relying on popular indicators like Fibonacci and Bollinger to generate foolproof trading signals. However, traders must exercise extreme caution, recognizing the peril of succumbing to such deceptive brokers and their false promises of guaranteed profits.

4.Prime Trading

Prime Trading presents itself as a licensed investment firm offering an array of services, including investment strategies and products. Allegedly, over 135 investment teams across 30 countries collaborate to impart knowledge for traders benefit.

However, the Malta Financial Services Authority (MFSA) has issued a warning, branding Prime Trading a scam. Despite promises of guaranteed success, trading inherently carries risks, and profitability isnt assured.

Successful trading demands dedication, research, and consistent effort—qualities no broker or software can substitute. Traders must realize that sustainable profits stem from their diligence and adherence to proven strategies rather than relying on external entities for financial gains.

5.NAS Broker

NAS Broker asserts its establishment in 2012, allegedly providing traders access to a diverse range of financial instruments. Operating under the claim of being headquartered in Saint Vincent and the Grenadines and regulated by the FSA, NAS Broker has attracted numerous traders.

Offering a live account sans minimum deposit alongside a US Dollar 50 no-deposit bonus promotes accessibility. Moreover, NAS Broker boasts mobile trading capabilities, various account options, and PAMM and MAM accounts, enhancing its appeal to prospective traders.

7.CBFInvest

However, traders should exercise caution and conduct thorough research, given the prevalence of scam brokers in the industry.

CBFInvest asserts itself as a Cyprus-based NDD broker established in 2013, facilitating the trading of multiple financial instruments.

With a multilingual website available in English, Hungarian, Spanish, German, and Romanian, it targets a diverse clientele. Traders encounter a modest US Dollar 10 minimum deposit requirement and various account options.

While CBF Invest purports regulation and authorization by CySEC, backed by a provided license number, its utilization of a web-based trading platform and mobile trading compatibility for Android and iOS devices emphasizes accessibility.

Customer support is available in English, and traders can opt for trading accounts denominated in USD, EUR, or GBP. Supported payment methods encompass Skrill, Neteller, Debit/Credit Cards, and Wire Transfer.

8.Tradorax

Tradorax has garnered many complaints, with 4 guilty verdicts from the FPA Traders Court branding it a scam. Its name now graces the blacklists of numerous websites. Notorious for freezing trading accounts and withholding withdrawals, Tradorax has left victims like a 60-year-old pensioner, who lost £60,000 when denied access to funds.

Traders recount similar tales of payout refusals and fund misappropriation. Reports also allege unauthorized deals and fraudulent credit card charges by Tradorax.

The brokers modus operandi involves enticing traders to deposit more funds, only to freeze accounts and abscond with the money. Traders must exercise utmost vigilance and steer clear of such deceptive practices.

What is Scam Forex Brokers?

Scam Forex Brokers are forex trading platforms or companies that aim to deceive or mislead investors. These bad brokers usually use false propaganda, unfair trading conditions, opaque fund management and other means to illegally obtain funds from traders. Therefore, investors should be cautious and conduct thorough research to avoid becoming victims of such scams.

Common Methods of Scam Foreign Exchange Brokers

False regulation-fraud brokers may falsify or exaggerate the certification of regulatory agencies, or are not subject to any regulation at all.

Unable to withdraw - allows deposits but does not allow users to withdraw, or requires unreasonable fees to withdraw.

Manipulation of transactions - through human intervention in transaction prices, slip points, chucks, etc., so that traders lose money.

False bonus trap-providing high deposit bonuses, but with withdrawal conditions that are difficult to meet.

High-pressure sales promotion - through the telephone, mail, etc. continue to promote high-risk investment to the user, and even provide false profit screenshots to induce deposits

Key cases :

1.Tradorax fraud in the Philippines

• Portrait of victims: 67% of retirees over 60 years old
• Fraud process :

Through Facebook Advertising ( Tags : Pension / Low Risk )

Forged Philippine SEC license plate ( registration number : PH-SEC-2023-X )

In the first month, a 5-8 % income-induced bonus is issued.

February 8, 2024 Full Freeze of Accounts

2. Singapore's retired teacher defrauded by CBFInvest of $ 47,000

Key nodes :

2023.9.5 : Open an account through TikTok advertising ( claiming ' CySEC regulation ' )

2023.10.17: $ 2,100 successful ( bait ) for the first time out of gold)

2023.12.3: The account shows a profit of $ 89,000 but requires a ' margin '

2024.1.12: the platform is lost, the website jumps to the gambling page

Characteristics of Scam Platform

1.Regulatory fraud technology upgrade

Case : NAS Broker forged FSA regulatory number ( SVG-FSA-2012-X ), the actual query shows ' has been written off '

2.Localized fishing strategy

Standard functions of Southeast Asian platform :

GrabPay / GCash deposit is supported.

Provide dialect customer service ( Thai / Vietnamese )

3.Shortening the life cycle of capital disk

The average survival time in 2023 : 6.2 months → 2024 : 3.8 months.

Guide to Rights Protection Practice

The first step is evidence solidification

1.Save the account balance/transaction records on the screen

2.Extract all chat records ( including promised revenue dialogue )

Step 2 Transnational Complaints

• Philippine Victims : Complaint to BSP ( e-mail : consumeraffairs @ bsp.gov.ph )
• Victims in Mainland China: Submissions via Forex Eye

The third step is fund tracking

• Query the flow of cryptocurrencies through a blockchain browser ( e.g., BTC withdrawal address 1A1zP1... )

Authoritative Verification Tools

Regulatory inquiries :

UK FCA: https://register.fca.org.uk/

Philippines SEC: https://www.sec.gov.ph/

Fraud list synchronization channel :

ForexTianyan updates its ' list of active fraud platforms ' weekly.

International Organization of Securities Commissions ( IOSCO ) Early Warning List