How to spot forex scams and clone firms before you deposit

The most common traps

• Unlicensed brokers that take deposits without any licence and make withdrawals impossible.
• Clone firms that copy the name, licence number or website of a real licensed company, often with a slightly different domain or email address.
• “Account managers” and signal sellers who contact you on messaging apps, promise fixed returns and push you to deposit more.
• Recovery scams that offer to get back money you lost — for an upfront fee.

Warning signs

• Guaranteed or fixed returns, or “no risk”.
• Pressure to deposit quickly, often after a small first “profit”.
• Requests to pay by crypto to a personal wallet or by transfer to an individual.
• A withdrawal that requires a new “tax”, “fee” or “upgrade” first.
• Contact details that do not match the regulator’s register.

Checks before you deposit

1. Find the licence in the regulator’s register, not on the broker’s website. Our guide on checking a licence explains how. The name, licence number and website in the register must match exactly.
2. Use the contact details from the register. If in doubt, contact the firm through the address or phone listed there.
3. Search the regulator’s warning list for the name and website. Many regulators publish alerts about unauthorised firms and clones.
4. Check which entity will hold your account. Large brokers operate several entities with different regulators; the one in your contract is the one that protects you.
5. Expect identity checks. A licensed broker verifies who you are; a firm that never asks is a warning sign.

If something goes wrong

Stop sending money, keep every message and payment record, and report it to the regulator and the police. Be careful with anyone who contacts you offering to recover the funds for a fee.

Our reviews only cover companies whose licences we found in the regulators’ registers, with links to the register entries.