The forex blacklist is a great tool to help you find legitimate brokers. The scammers contact you in many ways, from cold calling to emails. They always insist on immediate payment. They talk about the high qualifications of their managers, but they can’t provide profitability proofs beyond excel tables. It’s easy to get taken in by one of these scams, but how do you identify the ones you should stay away from? The following is a guide to help you find the best brokers for your needs.
When evaluating a Forex broker, look for a number of different factors. If it has been listed on a blacklist by any of the following regulatory bodies, it probably is. For example, the Financial Conduct Authority in the United Kingdom, the Securities and Futures Commission in Hong Kong, and the Commission Nacional del Mercado de Valores (CNMV) in Spain and the Commission de Surveillance du Secteur Financier in Luxembourg have all ordered the blacklisting of these websites.
France’s financial regulator, the Autorite des marches financiers (AMF), has added a further five Forex brokers to its blacklist. In the near future, it will upgrade the blacklist to make it searchable and give more details about fraudulent sites. As of the time of this writing, 23 sites have been listed on the AMF’s warning list, including IQ Optioners, and the AMF has ordered the blackout of 5 more.