In India’s expanding forex industry, there are both reputable brokerage firms and scam brokers operate. Such fraud brokers “search” for newcomers who are willing to believe in unrealized promises. Due to their irrational optimism, novice traders fail to consider legal complexities and lose their hard-earned money.
This blog post includes a list of fraud forex brokers for India. These brokers have a below-the-average reputation in the market because they flout national and international laws, practice financial extortion, and forbid withdrawals.
List Of 5 Fraud Forex Brokers In India
Profit Trade
Profit Trade claims to have started offering services in 2017; however, its domain history dates back to 2011. The business does not offer legal documentation to back up its legal operations. The company’s registration in Bulgaria and the Marshall Islands is also under scanner.
The brokerage makes several claims about easy trading and a wide range of assets. It is possible to trade in stock exchanges, cryptocurrencies, precious metals, and currency pairings. There are a variety of tariff options available, as well as prospects for margin trading with leverage of up to 200x. However, the customer’s reviews about the platform don’t seem to justify these claims.
1c Option
1c option claims to be a trustworthy binary options broker with a dominant position in the market; however, the customer reviews don’t support its claims. The business has been offering services since 2015 and has succeeded in defrauding numerous people. It has no mention of holding a license yet is registered in the Marshall Islands. Your interest is piqued by this financial partner’s offers of advantageous conditions. It lists access to more than 200 assets, trading signals, training, bonuses, and insurance as some of the primary benefits. On a demo account, you have the option to practice. There is a $250 minimum deposit requirement.
Trade Armax
Armax Trade is another phoney broker that has been using deceit and fraud ways to collect money from traders since 2019. Numerous unfavorable reviews have ruined its image. The firm repeatedly switched regulators while indicating that each one was bogus, most notably ARCET (Association for Regulation and Certification of Exchange Trading). The $400 minimum deposit is somewhat higher than the global industry standards. Traders are subject to bonuses equal to 100% of their deposits when making deposits. Currency, equities, indexes, and commodities are just a few of the listed assets that are at your disposal.
CFDS100
Since 2018, CFDS100 has been widely known for offering a wide range of trading instruments, access to margin trading (with leverage up to 1:200), and a straightforward interface with numerous features. Even for newcomers, the $100 minimum deposit is affordable.
CFDS100 is an Estonia-based broker; however, there is no certificate of incorporation or license on the platform, and the company offers no evidence that it is registered in that nation. Furthermore, it has already been added to the blacklists maintained by Australian, British, and Estonian regulators.
Investing Money
Investing Capital is a bulgarian-based brokerage firm. The firm even has a fictitious address, and the aforementioned information is just a myth. Similar circumstances apply to additional contact information. This company operates under a covert policy, and its senior executives are dishonest con artists who only know how to promote false promises. The business promotes MT4 trading as secure and pleasant, and it provides software downloads straight from the website of the fictitious broker. When installing a remote access program, traders claim that the terminal was manipulated and that money was stolen.
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Conclusion
The international forex market draws traders, but it also attracts scammers who won’t pass up a chance to steal your money. Most fraud brokers use promises of extravagant revenue, “help” in trading, and favorable trading circumstances to entice gullible investors.
Every year, more individuals fall victim to forex scams as con artists devise new ways to defraud them of their money before a significant number of damning online reviews are published.
Because of this, you must do a thorough study and weigh all of the risks involved before signing up for a trading platform and giving a broker access to your funds. This will assist you in keeping your money safe and finding a reliable financial partner.
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