Scam Brokers

Check the facts

Here are suggested things to check about the broker:

• Check whether they're on FCA Register.
• Check FCA's ScamSmart.
• Check Unauthorised firms and individuals at FCA.
• For Swiss financial market, read public warnings issued by FINMA.
• Check Forex Peace Army database of brokers stealing traders money.
• Check other broker blacklists such as BSA.
• Check the Point of Contact for the IP address using ARIN whois lookup (see: ARIN and IANA).

Actions to take

If you believe you got scammed, find below suggested actions to take.

Report a scam or fraud

• Report a scam or unauthorized firm at FCA.

• For Swiss financial market, report an incident to FINMA.

• Contact the bank to report the fraud and check whether the deposit is eligible for a chargeback.

• Report the broker on services such as: BBCR, BSA and other.

• If broker's software is hosted on MQL5.com, report it to Service Desk at MQL5 (in Profile).

• Report the broker's website to Google's Safe Browsing to warn others.

• File a case at Forex Peace Army Court.

• Use ICANN's WHOIS Lookup to check the owner of the domain (or use whois command).

• If they're hiding their true identity behind protected WHOIS, try sending the e-mail to the protected e-mail (it'll be forwarded), if won't help, contact WhoisGuard. You can also file a complaint to the Better Business Bureau and ICANN. You can also take a legal action to make WhoisGuard to reveal the identity of the person who victimized them, read: WhoisGuard Complaint.

• If they're hosted on GoDaddy, check on GoDaddy WHOIS database directly.

UK

• Contact Citizens Advice consumer service to get an advice.
• Complain to the Ombudsman Association.
• Contact ConsumerLine to make a complaint against a trader, report a fraud or ask about your consumer rights.
• Open a fraud case with the London Metropolitan Police Fraud Department.

Litigation

As a last resort, due to the high costs, you can look for a law firm specialising in Forex & Binary Options litigation. They can help you with diligence report on target company, legal documentation, out-of court settlement or any other statutory legislation applicable in your own country. They can also give you an advice whether you may be entitled to claim a chargeback from your bank. However, be careful to not get into another scam company.

Useful links

• Regulated Forex Brokers.
• Tips and Tricks for the Ultimate Beginner.
• Investment fraud - check the facts.
• False advertising (engaging in false advertisements is a federal crime, see U.S. Code § 54).