The 2021 blacklist of fraudulent Forex brokers is a great resource for investors. This list contains scammers who have failed to live up to the promises they make. They are listed so that other traders do not lose money. The scammers are not always easy to spot. It is important to post detailed complaints about each fraud broker to get the best result. This will ensure that regulators can track down these fakes and shut them down.
The list of blacklisted Forex brokers is not exhaustive. The majority of these companies earn an honest income through trading and are legitimate and regulated. The scammers, however, flock to the money-concentrated business and prey on unknowing traders. The reason that these companies are blacklisted is that they are not regulated and are not meeting their obligations to traders. Many have already stopped doing forex. Some of the reasons listed for the blacklist are: lack of regulation, lack of customer service, difficult withdrawal of funds, and manipulative trading practices.
These companies tend to use the latest technology terminology to conceal their activities. They may hide behind investments in cryptocurrencies, artificial intelligence, precious metals, and PAMM accounts. Some even operate as whole criminal organizations with a low legal culture. In many cases, these firms have been in operation for several years and have yet to stop scamming traders. The backbone of these companies is often their marketing departments or large multilingual call centers.