Fake Forex Brokers List in India

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Mirrox
Mirrox
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ORBEX
ORBEX
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FXCM
FXCM
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USGFX
USGFX
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Justforex
Justforex
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LiteForex
LiteForex
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Axiory
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NordFX
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Dukascopy
Dukascopy
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IUX
IUX
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Fake Forex Brokers List in India 2025

Trading is widely regarded as an investment opportunity, and while many Indians are well-informed about stock and equity trading, awareness of forex trading remains limited. This lack of knowledge has created opportunities for scammers to exploit unsuspecting traders. Despite India’s strict regulations on foreign exchange trading, many traders still find ways to participate in the market. However, this often makes them vulnerable to fraudulent brokers. Identifying fake forex brokers in India is crucial to ensuring trader safety and preventing financial losses. To help traders avoid scams and safeguard their investments, we have compiled a list of fraudulent forex brokers operating in India. This resource aims to raise awareness and provide traders with the necessary information to make informed decisions when choosing a broker.

Fake Forex Brokers List in India

 

Is Forex Trading Legal in India?

Since forex trading is still emerging in India, many people don’t know about its legitimacy, so there have been many confusions about whether forex is legal in India. It is both yes and no. Forex trading is legal in India, but traders should trade via the Securities Exchange Board of India (SEBI) and the Reserve Bank of India (RBI)-regulated brokers or stock exchanges.

Further, Indian traders can trade only those pairs legally that are paired with the Indian Rupee (INR). Hence, the Euro (EUR), US Dollar (USD), Japanese Yen (JPY), and Great Britain Pound (GBP) can be traded against the INR and vice versa.

Moreover, traders can trade three cross-currencies too, which include GBP/USD, EUR/USD, and USD/JPY.

But forex trading platforms are banned in India. So, you cannot trade any other currencies except the pairs mentioned above. But there is still the possibility to trade via different platforms, which is illegal. However, traders will need to use unregulated brokers or individuals to trade via those platforms.

Forex Scam Brokers List in India 2025

Sr.NoBrokerWebsiteReason
1FX NextGenwww.fxnextgen.comOffshore license
2Caliburwww.caliburcapital.netNo license
3Titan FXwww.titanfx.comOffshore License
4FTE FXwww.ftefxpro.comOffshore License
5Prime XBTwww.primexbt.comOffshore License
6Traderswaywww.tradersway.comOffshore License
7MidasGlobewww.midasglobe.comNo License
8Kronosinvestwww.kronosinvest.comNo license
9Binomowww.binomo.comOffshore license
10Circleforexwww.circleforex.comNo license
11First BTC FXwww.firstbtcfx.comNo license
12EssenceFXwww.essencefx.comOffshore license
13EvisionFXwww.evisionfx.comNo license
14RickGlobalwww.rickglobal.comOffshore license
15RCM FXwww.rcmfx.comOffshore license
16247SmartFxwww.247smartfx.comNo license
17Traderiawww.traderia.comOffshore license
18FX Options24www.fx-options24.comNo license
19JustForexwww.justforex.comOffshore license
20TBFXwww.tbfxtrades.comNo licen
21MGM Marketswww.mgm-markets.comNo license
22OlympusMarketswww.olympusmarkets.comOffshore license
23Sure Forex Tradewww.sureforextrade.comNo license
24CFreservewww.cfreserve.comNo license
25Fernwww.fuerfx.comNo license
26Capital TradeFXwww.capitaltradefx.comOffshore license
27FX PREMIUMwww.fx-premium.comOffshore license
28Pari Fx Tradewww.parifxtrade.comOffshore license
29InvestTeckwww.investteck.comNo license
30Aduno Capitalwww.adunocapital.comNo license
31S&P Brokerwww.snpbroker.ioNo license
32Capital88www.capital88.comOffshore license
334xincomewww.4xincome.comOffshore license
34TopTradeProwww.toptradepro.comOffshore license
35Go Capital FXwww.gocapitalfx.comOffshore license
36Swiss Investment Fxwww.swissinvestmentfx.comOffshore license
37Smartoptionfxwww.smartoptionfx.comNo license
38Globalixwww.globalix.comOffshore license
39Libra Marketswww.libramarkets.comNo license
40Monfexwww.monfex.comOffshore license
41iFXOPTIONwww.ifxoption.comNo license
42GoldFxTradingwww.web.goldfxtrading.comOffshore license
43GoTechFxwww.gotechfx.comOffshore license
44Ultrontradefxultrontradefx.comNo license
45FXIG Tradeswww.fxigtrades.comNo license
464xpremiumwww.4xpremium.comNo license
47TurboForexwww.turboforex.comOffshore license
48Swissinv24www.swissinv24.comOffshore license
49Golden Key Prowww.goldenkeypro.comOffshore license
50UproFxwww.uprofx.comNo license
51GoldmanCFDwww.goldmancfd.comOffshore license
52GCG Asiawww.guardiancapitalag.asiaNo license
53Trade Global Marketwww.tradeglobalmarket.comNo license
54AZ Tradeswww.aztrades.comOffshore license
55IC Financewww.ic-finance.netOffshore license
5669Brokerswww.69brokers.comNo license
57TraderURwww.traderur.comOffshore license
58WandaFxwww.wandafx.comNo license
59SeRex Investmentswww.serexinvestments.comNo license
60Tradepro Capitalswww.tradeprocapitals.comOffshore license
61KayaFXwww.kayafx.comNo license
62PTBancwww.ptbanc.comOffshore license
63Millennium FXwww.mnmfx.comOffshore license
64Kapitalfxwww.kapitalfx.deNo license
65PRIMEXQwww.primexq.comNo license
66Obsbitwww.obsbit.comOffshore license
67SwiftCFDwww.swiftcfd.comOffshore license
68BlueMax Capitalwww.bluemaxcapital.comOffshore license
69ItradeFXoptionwww.itradefxoption.comNo license
7070Tradeswww.70trades.comOffshore license
71Capital Hallwww.capitalhall.comOffshore license
72K2 Wall Streetwww.k2wallstreet.comNo license
73CapitalFXclubwww.capitalfxclub.comNo license
74Worldwide CapitalFXwww.worldwidecapitalfx.comOffshore license
75TradeInvest90www.tradeinvest90.comOffshore license
76ADN Marketswww.adnmarkets.comOffshore license
77Hugoswaywww.hugosway.comOffshore license
78Brokerzwww.brokerz.comOffshore license
79Trading Epicwww.tradingepic.comNo license
80FXNobelswww.fxnobels.ioNo license
81Swiss Capital Investwww.swisscapitalinvest.co.ukNo license
82Lockwood Investmentswww.lockwoodinv.comOffshore license
83CFDpremiumwww.cfdpremium.comOffshore license
84MegaTradeFXwww.megatradefx.comOffshore license
85ProFxPremiumwww.profxpremium.comOffshore license
86Dax300www.dax300.comOffshore license
87FXLeaderwww.fxleader.comOffshore license
88Blue Tradingwww.bluetrading.comNo License
89Trader.Onlinewww.trader.onlineOffshore license
90Ace Forexwww.acefx24.comOffshore license
91GxFXhttps://gxfx.comNo License
92Forex Grandhttps://forexgrand.comOffshore License
93BTCHOMEwww.btchomemining.comOffshore License
94FXtrade777www.fxtrade777.comOffshore license
95AitsFXwww.aitsfx.comOffshore license
96ZeegosFXwww.web.zeegos.onlineOffshore license
97Citifxmarketswww.citifxmarkets.comNo license
98Finbitexwww.finbitex.comOffshore license
99Golden Financialwww.gdfxuk.comNo license
100MaxiTradewww.maxitrade.comOffshore license
101FXLinkedwww.fxlinked.comOffshore license
102Ideal Global Tradingwww.fxideal.comNo license
103VolumeFXwww.volumefx.comOffshore license
104The55thFxwww.the55thfx.comNo license
105KapitalSwisswww.kapitalswiss.comNo license
106ZonggangCaifuwww.zgangfx.comNo license
107Phy Capital Investments Limitedwww.phyfx.comNo license
108eMarketsTradewww.emarketstrade.comNo license
109Esplanadehttps://esplanade-ms.comOffshore License
110Admiral-Markets.comhttps://www.admiral-markets.comNo License. Clone Firm.
111Bex Optionswww.bexoptions.comNo license
112Affliated Trade Groupwww.affiliatedtradegroup.comNo license
113Kingston Tradinghttps://kingstontrading.comNo License
114Wigmarketswww.wigmarkets.comOffshore license
115City Global Tradinghttp://www.cityglobaltrading.comNo License
116Option94www.option94.comNo License
117TheCryptoLimitedhttps://www.thecryptolimited.comNo License
118Pro X Financewww.proxfinance.comOffshore license
119Circle Marketshttps://circlemarkets.comOffshore license
120Pinprotradewww.pinprotrade.comOffshore license
121NewSolidwww.newsolid.comNo license
122Cointeckwww.cointeck.ioNo license
123OneLifewww.onelife.comOffshore license
124UKFinvesthttps://www.ukfinvest.comOffshore License
125Emporio Tradinghttps://emporiotrading.comOffshore License
126EasyTradehttps://www.easytrade.bizNo License
127Chrono FMhttps://www.chronofm.comNo License
128OMC Marketswww.omcmarkets.comNo License
129CFD Trendwww.cfdtrend.comOffshore License
130Easy FX Tradewww.easyfxtrade.comNo license
131United FCGwww.unitedfcg.comNo license
132Financial.orghttps://financial.orgNo License. Negative Reputation.
133CCM Clearinghttp://ccmclearing.comNo License
134OriginalCryptohttp://www.originalcrypto.comNo License
1354xCube4xcube.comOffshore License
136Bitalonghttps://www.bitalong.comNo License
137Your Trade Choicewww.yourtradechoice.comOffshore license
138FinmarkFXwww.finmarkfx.comOffshore license
139LiteFinTechwww.litefintech.ioOffshore license
140TradeLTDwww.tradeltd.comNo license
141ForexChiefhttps://www.forexchief.comOffshore License
142KryptoWizehttps://www.kryptowize.comNo License
143BigOptionhttps://www.bigoption.comOffshore License
144Golden FXwww.golden-fx.comOffshore license
145Solidary Markets FXwww.solidarymarkets.comNo license
146DCA-Financehttps://dca-finance.comNo License
147CryptoNettohttps://cryptonetto.comNo License
148Daiju Commodity Marketshttps://www.daiju-cm.comNo License
149GWITwww.gwitmarkets.comNo license
150Europe Forex Investwww.eufxinvest.comOffshore License
151Forex Birdswww.forexbirds.comOffshore License.
152Blackstone500www.blackstone500.comNo License
153Capoinvestwww.capoinvestgroup.co.ukNo License
154Royal GTXwww.royalgtx.comNo License
155Premium Brokerswww.the-premium-brokers.netOffshore License
156Uptoswww.uptos.netOffshore License
157StarkMarketswww.starkmarkets.comNo License. Negative Reputation
158Fx Option Trade247www.fxoptiontrade247.comNo License. Clone Firm.
159TraderKingwww.traderking.ioOffshore License
160AMarketswww.amarkets.comOffshore License
161LionsFMwww.lionsfm.comOffshore License
162WDC Marketswww.wdcmarkets.comNo License
163Royaltd24www.royaltd24.netOffshore License
164RoyalsFXwww.royalsfx.coNo License
165Spectrewww.spectre.aiOffshore License
166Concept4Xwww.concept4x.comOffshore License
167FxFixedwww.fxfixed.comNo License
168FINMAXwww.finmaxbo.comNo License
169Videforexwww.videforex.comOffshore License
170MetaFinanceTradewww.metafinancetrade.comNo License
171Capital GMAwww.capitalgmafx.comNo License
172Finqwww.finq.comOffshore License
173SmartFXwww.smartfx.comOffshore License
174AAG Marketswww.aagmarkets.comOffshore License
175CVC Marketswww.cvcmarkets.comOffshore License
176JustProForexwww.justproforex.comOffshore License
177GoldenSkyCapitalwww.goldenskycapital.comOffshore License
178Swissquoteswww.swissquotes.deNo License
179Uniglobe Marketswww.uniglobemarkets.comOffshore License
180CobraCFDwww.cobracfd.bizOffshore license
181Elite Tradingwww.elitetrading.coNo License
182Arum Tradewww.arumtrade.comOffshore License
183FXprimewww.fxprime.ioOffshore License
184AnyTradeswww.anytrades.comOffshore License
185BrighterTradewww.brightertrade.comOffshore license
186BK-Coinhttps://bk-coin.com/No license
187Capital Tradershttps://www.capital-traders.com/No license
188CryptoAllDayhttps://cryptoallday.com/No license
189SpearTraderwww.speartrader.comNo license
190TegasFXwww.tegaxfx.comOffshore License
191Cryptonix Teamhttps://thecryptonixteam.com/No License
192Cyber FXhttps://www.cyber-fx.com/No License
193MCH Investment Strategieswww.mchinvestment.comNo License
194CF Merchantswww.cfmerchants.comOffshore license
195OneTradexwww.onetradex.comOffshore license
196Evolution Brokerswww.evolutionbrokers.comOffshore license
1974xFXwww.4xfx.comNo License
198YFX Capitalwww.yfxcapital.comOffshore license
199PrimeFXwww.pfx-bank.comNo license
200AG Capitalswww.agcapitals.comOffshore license
201Aleforexwww.aleforex.comNo license
202CarterFSwww.carterfs.comNo license
203Option888www.option888.comNo license
204Parnassus Groupwww.parnassusgroupllc.comOffshore License
205Primewww.hbblmw.comNo license
206UBCFXwww.ubcfx.comOffshore License
207Zuercher Capitalwww.zuerchercapital.comNo License
208CFDStockshttps://www.cfdstocks.com/No License
209Aisawww.aisafx.comOffshore license
210St Clair Capital Grouphttp://stclaircapitalgroup.com/No License
211PBN Tradehttps://pbntrade.com/No License
212Morgan Newfieldhttp://www.morgannewfield.com/No License
213By Tradinghttp://by-trading.comNo License
214GSI Marketswww.gsimarkets.comOffshore license
215RichmondFGwww.richmondfg.comNo License
216FXmarket247https://fxmarket247.comNo License
217Binary Unohttps://www.binaryuno.com/No License
218OptionStars Globalhttps://www.optionstarsglobal.com/No License
219Goptionshttp://www.goptions.com/No License
220Welkronwww.welkron.comOffshore license
221XtradeFXhttp://xtradefx.com/No License
222Jones Mutualwww.jonesmutual.comNo License
223Swift Bit Optionswww.swiftbitoptions.comOffshore license
224Rocket Consultant Groupwww.rocketconsultantgroup.comNo license
225RCProwww.rcpro.comNo license
226Extickwww.extick.comNo license
2272dotswww.2dots.comNo license
228GSFXhttp://www.gsfx.comNo license
22910Brokerswww.10brokers.comNo license
230Platinums Tradewww.platinumstrade.comOffshore license
231Broker Yardhttp://www.brokeryard.comOffshore license
232Shinsei Corporate Managementhttps://www.shinseisecurities.comNo License
233Binatexhttps://binatex.com/No License
234LottMarkethttps://lottmarket.com/No License
235Finparihttp://www.finpari.com/Offshore License
236Empire Optionhttps://www.empireoption.com/Offshore License
237BeAlgowww.bealgo.comNo license
238Noble Capital Househttps://www.noblecapitalhouse.com/No license
239SoarFXhttps://www.soarfx.comNo license
240OPCompanywww.opcompany.netNo license
241Dax-300www.dax-300.comOffshore license
242XEcrypto Bankxecryptobank.comNo License
243Pearson Investmentshttps://www.pearson-investments.com/No License
244Dubai FXMwww.dubaifxm.comOffshore license
245Asic Traderwww.asictrader.comNo license
246TouchTradeswww.touchtrades.comNo license
247CF Groupwww.forexcf.comNo license
248Markets Xchangewww.marketsxchange.comOffshore license
249NBR Tradinghttps://www.nbrtrading.com/No License
250RoyalCriptohttp://royalcripto.com/No License. Negative Reputation
251CK Marketsckmarkets.comNo License
252TopstepFXwww.topstepfx.comNo License
253PlusOptionhttps://www.plusoption.com/No License
254Financikawww.financikatrade.comOffshore license
255PWRTradewww.pwrtrade.coOffshore license
256CriptoRobotcriptorobot.comNo License
257Point Investment Grouphttp://www.pointinvestmentgroup.com/No License. Negative Reputation
258Ayrexhttps://www.ayrex.comNo License
259Fin-Tech Primewww.fin-techprime.comOffshore license
260Trade Fintechhttps://tradefintech.com/Offshore License
261iMarketsLivehttps://imarketslive.com/No License
262Nagaharu Globalhttp://www.nagaharu-global.com/No License
263FxtPremiumwww.fxtpremium.comOffshore license
264LatAmhttps://www.latam-fx.com/No License
265VTGFXwww.vtgfx.comOffshore License
266VNC Brokerswww.vncbrokers.comOffshore License
267Zend Tradewww.zendtrade.comNo license
268OndaMarketswww.ondamarkets.comOffshore license
269Inmarket FXwww.inmarketfx.comOffshore license
270EyeLinewww.eyelinetrading.comNo License
271Shtern Grouphttps://www.shterngroup.com/No License
272TIXfxhttp://www.tixfx.com/No License
273Invest Traderhttps://investrader.net/No License
274Option Experthttps://optionexpert.net/No License
27524TradeRushhttp://24traderush.com/Suspended License.
276FXBTGwww.fxbtg.co.nzNo license
277Easy Line Prowww.easylinepro.comNo license
278FX Merchantswww.fxmerchants.comNo license
279Trades.comwww.trades.comNo license
280TopTradehttps://www.toptrade.fm/No License
281TeamFXhttps://www.teamfxtrading.co.uk/No License
282HybridReservewww.hybridreserve.comOffshore license
283Templer FXwww.templerfx.comOffshore license
284Britonpricewww.britonprice.comNo license
285WT Capitalwww.wt-capital.comOffshore license
286Eminagewww.eminage.comNo License
287ECMwww.ecmtrader.comNo License
288Tallinexwww.tallinex.comNo License. Negative Reputation
289UB4Tradewww.ub4trade.comNo license
290Finodaxwww.finodax.comNo license
291TradeTorowww.tradetoro.comOffshore license
292GMFX24www.gmfx24.comOffshore license
293Boom Xchangewww.boomxchange.comNo license
294CapitalXPwww.capitalxp.comOffshore license
295Roitekshttps://roiteks.com/No License
296365 FXwww.365-fx.comOffshore license
297LVMexchangewww.lvmexchange.comOffshore license
2984xbrandswww.4xbrands.comOffshore license
299Big Bosshttps://www.bigboss-financial.com/Offshore license
300PrimeCryptohttps://primecrypto.io/No License
301Capital Swiss FXwww.capitalswissfx.comOffshore license
302CFDs100www.cfds100.comNo license
303Marketsplushttps://marketsplus.com/No license
304Novatradeshttps://www.novatrades.com/No license
305AMP Tradinghttps://www.novatrades.com/No license
306GFCInvestmentwww.amptradinggroup.comOffshore license
307FXBreezewww.gfcinvestment.comNo License
308CoinbrokerZwww.coinbrokerz.comNo License
309Crypto Options Traderwww.crypto-optionstrader.com/No License
310TradesFXwww.tradesfx.comOffshore license
311Cac400www.cac400.com/No License. Negative Reputation
312MT4Investwww.mt4invest.com/No License
313UFXwww.ufx.comOffshore License
314MPlus Socialwww.mplussocial.comOffshore license
315XtraderFXwww.xtraderfx.comNo license
316IGOFXwww.igofx.comOffshore license
317Vix500https://vix500.com/No License. Negative Reputation
318DracoFXwww.dracofx.comNo License
319Efexa1000www.efexa1000.comOffshore license
320AlphaCapitalwww.alphacapital.capitalNo License
321Mib700www.mib700.net/No License. Negative Reputation
322Bormancorpwww.bormancorp.comOffshore license
323HispaMarketswww.hispamarkets.comOffshore license
324RC Global Financialwww.rcglobalfinancial.comOffshore license
325Trade111www.trade111.com/No License. Negative Reputation of the Group.
3264xpointwww.4xpoint.com/No License.
327LittInvestwww.littinvest.comNo License.
328XtreamForexwww.xtreamforex.com/No License.
329SigmaCFDwww.sigmacfd.comOffshore license
330Markets Cubewww.marketscube.comOffshore license
331Markets.Onlinewww.markets.onlineNo License
332Prestige.FMwww.prestige.fmNo License
333FXGIMwww.fxgim.comOffshore license
334EuroPrimehttps://www.europrime.com/No License.
335AroTradewww.arotrade.comOffshore License
336FXPrimeswww.fx-primes.comNo License.
337XMarketswww.xmarkets.comNo License.
338FXG Investwww.fxginvest.comOffshore license
339InvestCitywww.investcity.comNegative Reputation.
340Profit Tradewww.profit-trade.comOffshore license
341Escuela Tradeswww.escuelatrades.comNo License
342Primus Tradeswww.primustrades.comNo license
343RaxoFXwww.raxofx.comOffshore license
344EFXGlobalwww.efxglobal.comOffshore license
345True4Xwww.true4x.comOffshore License.
346GDM FXwww.gdmfx.comNo License. Negative Reputation.
347Market Investmentwww.marketinvestment.com/Offshore License.
348Up4xwww.up4x.comOffshore license
349Master4xwww.master4x.comNo license
350ECN Capitalwww.ecncapital.comOperates with No License. Negative Reputation.
351Caesar Tradehttp://caesar-trade.com/Operates with No License. Negative Reputation.
352TradeX1https://tradex1.comOperates with No License
353HBC Brokerwww.hbcbroker.comOffshore license
354PBN Capitalwww.pbncapital.comNo license
355TorOptionwww.toroption.comOperates with No License
356CFXPointwww.cfxpoint.com/Operates with No License
357InvestingPROwww.investingpro.comOffshore license
358RoyalCFDswww.royalcfds.comOffshore license
359XLR Tradewww.xlrtrade.comNon Licensed Operation.
360ManagedForexHubhttp://managedforexhub.com/Non Licensed Operation.
36124StarTradewww.24startrade.comNon Regulated Broker.
36231FXwww.31-fx.comOffshore license
363365Marketswww.premium.365markets.comNo license
364AGAMhttps://atlanticgam.online/No License. Numerous warnings.
365Five Windshttps://fivewindsam.com/No License. Numerous warnings.
366TitanTradewww.titantrade.comOffshore license
367AFX Markets Onlinewww.afxmarketsonline.comOffshore license
368Getco Prowww.forex.getcopro.comNo license
369BForexwww.bforex.comNo license
370MyFintecwww.myfintec.comOffshore license
371AlfaTradehttp://alfatrade.com/Offshore License. Negative Reputation.
372AAFX Tradingwww.aafxtrading.comOffshore company. Negative Reputation.
373CloseOptionwww.closeoption.comLack of Regulation
374Capitals Bankswww.capitalsbanks.comNo license
375Wise Bancwww.wisebanc.comNo license
376HiWayFXhttps://hiwayfx.comSuspended License. Suspicious Operations.
377S2Tradewww.s2trade.comOperates with No License
378PBN Investwww.pbninvest.comOffshore license
379Fxcentralhttp://www.fxcentral.netNo License. Negative Reputation.
380Capprofxwww.capprofx.comOperates with No License
381Forex Optimumhttps://forexoptimum.comOperates with No License
382KontoFXwww.kontofx.comNo license
383Forex Swiss FXCHhttp://forex-swiss.comOperates with No License.
384ACFXhttp://atlaseforex.comSuspended License. Negative Reputation.
385Global Clearing Grouphttp://2pipsforex.comOperates with No License
386FinPro Tradinghttps://finprotrading.comOperates with No License
387GAINSYwww.gainsy.comOperate without License.
388NetoTradewww.netotrade.comOperation with no license. Negative Reputation.
389Trade24www.trade-24.comOffshore license
390Benchhill Partnerswww.benchhill.chNo license
391Markets Brokerwww.marketsbroker.comNo License. Offshore Broker.
392Yadixwww.yadix.comNegative Reputation
393Trade Capitalwww.tradecapital.comNo license
394AAAFxhttps://aaafx.comNumerous complaints.
395iFOREXwww.iforex.comNon compliance
396TradeDAXwww.tradedax.comOffshore license
397GCI Financialwww.gcitrading.comNo License
398Opportunity Tradewww.opportunity-trade.comNo License
399TopicMarketswww.topicmarkets.comOffshore license
400BrokerOfficialwww.brokerofficial.comNo license

Common Forex Scams in India

According to various news sources, fake forex brokers in India tend to follow a similar fraudulent pattern. They establish a fake company that operates without any regulatory oversight, falsely claiming to be experts in forex trading. These scammers lure investors by promising high returns and assuring them of exclusive access to forex trading platforms. Since many investors in India do not have direct access to forex trading platforms, they trust these fraudulent companies and invest their money in hopes of generating significant profits.

Once the scam is in motion, these fake brokers may initially provide small returns to build trust and encourage larger investments. However, once they accumulate substantial funds from multiple investors, they disappear without a trace, leaving traders with significant financial losses. To avoid falling victim to these scams, traders must conduct thorough research and ensure they only invest with regulated forex brokers that comply with Indian financial laws.

How to Identify Fake Forex Brokers in India

While we have highlighted common forex scams in India, scammers continuously adapt their tactics to stay ahead. Although their strategies may evolve, the core methods remain similar. Here’s how to spot a fake forex broker in India:

1. Guaranteed Success & Unrealistic Profits

One of the biggest red flags of a forex scam is a guarantee of high profits. No matter the approach, scam brokers always claim that you will make huge returns with little or no risk. However, the forex market is highly volatile, and no legitimate broker can guarantee profits. If a broker makes such claims, it’s likely a scam.

2. Unsolicited Marketing & High-Pressure Sales Tactics

Scam brokers often rely on aggressive and unsolicited marketing to lure traders. If a broker pushes you to invest or buy a service on short notice and creates a sense of urgency, it is a strong indicator of a scam. Legitimate brokers allow traders to make informed decisions without pressure.

3. Lack of Background Information

A reputable forex broker will have a proven track record, verified licenses, and transparency. In contrast, fake forex brokers in India lack credible background information. They may try to convince traders by showing screenshots of profits or fabricated statements, but these can easily be manipulated. If a broker cannot provide verifiable background information, consider it a major red flag.

How to Stay Safe

✅ Check if the broker is registered with SEBI (Securities and Exchange Board of India) or other regulatory authorities.
✅ Verify the broker’s trading history and customer reviews on multiple sources.
✅ Avoid brokers who pressure you into quick decisions or claim risk-free trading.
✅ Look for transparency—legitimate brokers provide clear regulatory and company details.

By staying cautious and conducting proper research, traders can avoid fake forex brokers in India and make informed trading decisions.

How to Avoid Scam Brokers in India?

If you can identify a scam broker, you can avoid them easily. Another way to avoid a scam broker is to check our scam broker list, which is available on this page. We have compiled a huge list of scam forex trading platforms and brokers here. So, before signing up with a broker, you can check this list and see if your intended broker is listed here. If it is listed here, you should avoid that, as they are already proven to be scammers.

 

 
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