Economy
Forex Scammer List In The UK: Traders Union Tips To Protect Your Trading
The UK is among the first countries to regulate brokers and their relationships with traders. Having a license from the local FCA regulator is prestigious. It ensures that a broker follows international laws and takes responsibility for any breaches. Traders Union (TU) experts will help you identify trustworthy partners and provide a list of fake Forex brokers in the UK to help you spot scams easily.
Identifying fraudulent Forex brokers in the UK
In this comprehensive analysis, TU’s analysts have uncovered critical warning signs that traders should be aware of when investing in Forex trading. They have scrutinized several brokerage firms, revealing common characteristics shared by fraudulent entities. By recognizing these red flags, traders can safeguard their investments and avoid brokers on the Forex scammer list.
1. Lucror Capital Markets
New Zealand-based company faces significant problems related to both trading and payment processes. Traders report a lack of decent client service, frequent technical failures, and misleading trading advice. These issues indicate a significant lack of professionalism and reliability.
2. Zenfinex
Initially, FCA was licensed in 2017 but now blacklisted. It has a troubling history, with complaints about the use of fake quotes, payment problems, absence of legal protection, and inadequate client support. These issues are a clear warning sign for potential traders.
3. Europa Trade Capital
Offshore broker has a negative online reputation and is blacklisted by the FCA due to complaints and non-compliance with trading and payment standards. Traders have reported manipulative practices, withdrawal refusals, and unauthorized changes to policies, suggesting a lack of integrity.
4. Brown Finance
Despite its claims, it lacks a license, which raises questions about its legitimacy. Traders have experienced execution issues, high entry barriers, and the provision of trading advice while denying financial responsibility. This mix of issues can be concerning for potential investors.
5. Saxofx-24
While promising excellent client support, transparent trading conditions, and low entry requirements, it has faced issues such as blocked accounts, unrealistic bonus conditions, and questionable practices like manipulating quotes. The absence of proper regulatory oversight adds to the concerns surrounding this broker.
A guide to ensuring Forex broker legitimacy
The global Forex market is not just a place for traders but also for scammers looking to steal your money. These scammers often use enticing promises of huge profits, trading assistance, and favorable conditions to lure unsuspecting investors.
To protect your money and find a trustworthy financial partner, it’s crucial to conduct a thorough analysis and assess all potential risks before registering with a broker. Here are key factors to consider, as advised by analysts at Traders Union:
- Verify regulatory information: ensure that the broker you’re interested in operates legally in your country. This provides assurance that they will offer services in an honest way and be accountable for any unlawful activities. Reputable brokers may hold licenses from respected regulatory authorities like FCA, ASIC, or BaFin.
- Check the regulatory authority’s database: confirm the broker’s license by visiting the regulatory authority’s website. You can search by the license number or company name to verify their regulatory status.
- Explore the broker’s website: a reputable broker’s website should provide essential information, including their project’s plans, legal documentation, risk disclosures, contact details, payment methods, and multiple client support channels like phone, live chat, and social media.
- Avoid profit guarantees: be cautious if a broker promises guaranteed profits or massive earnings without specialized knowledge. Brokers can’t guarantee profits; they act as intermediaries between traders and the Forex market.
- Read client reviews: real client reviews offer valuable insights into a broker’s credibility. If a broker has numerous negative reviews citing issues like extortion, manipulation of trading, withdrawal problems, or failure to meet obligations, it’s best to steer clear.
Conclusion
The United Kingdom stands as a leader in regulating brokers and ensuring their accountability to traders. Holding a license from the FCA, the local regulatory authority, is a mark of prestige, signifying a broker’s commitment to international laws and accountability for any violations. Experts at TU can help you identify reliable partners.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.46 per cent on Tuesday despite continued weak investor sentiment due to low confidence in the market.
The gains recorded yesterday were largely impacted by significant trades in First Holdco by a major shareholder of the financial institution.
In terms of price gainers and losers, the bears won the race, as 28 equities closed in the red and 24 equities ended in the green, indicating a negative market breadth index.
Learn Africa grew by 10.00 per cent to N9.90, First Holdco expanded by 9.98 per cent to N72.15, Thomas Wyatt rose by 9.80 per cent to N2.69, RT Briscoe improved by 8.68 per cent to N13.15, and Transcorp Hotels increased by 8.37 per cent to N242.00.
Conversely, International Energy Insurance lost 9.86 per cent to close at N4.66, Legend Internet slipped by 9.18 per cent to N4.45, Fortis Global Insurance decreased by 7.67 per cent to N2.77, FTN Cocoa tumbled by 7.55 per cent to N8.21, and International Breweries dropped 4.79 per cent to trade at N13.90.
Business Post reports that First Holdco led the activity chart with a turnover of 326.9 million units worth N22.3 billion. GTCO traded 22.5 million units valued at N2.8 billion, Access Holdings transacted 18.5 million units for N461.6 million, FCMB sold 16.1 million units worth N166.8 million, and Zenith Bank exchanged 15.9 million units valued at N1.7 billion.
At the close of business, a total of 634.8 million stocks valued at N53.3 billion exchanged hands in 42,494 deals versus the 523.5 million stocks sold for N22.3 billion in 59,945 deals on Monday, indicating a shortfall in the number of deals by 29.11 per cent, and a surge in the trading volume and value by 21.26 per cent and 139.01 per cent, respectively.
The All-Share Index (ASI) was up during the trading day by 1,121.33 points to 242,870.44 points from 241,749.11 points, and the market capitalisation gained N719 billion to settle at N155.849 trillion compared with the previous day’s N155.130 trillion.
Market participants will be looking forward to the release of inflation data for June 2026 by the National Bureau of Statistics (NBS) today, Wednesday, July 15.
By Adedapo Adesanya
Oil prices climbed about 2 per cent to a one-month high on Tuesday after the US reportedly reimposed a naval blockade on Iran, which will reduce oil flows from the region through the Strait of Hormuz.
Brent futures rose by $1.43 or 1.7 per cent to settle at $84.73 per barrel, while the US West Texas Intermediate (WTI) crude increased by $1.20 or 1.5 per cent to $79.34 a barrel.
Brent closed at its highest since June 12, and WTI at its highest since June 15. The closing price increase kept Brent in technically overbought territory for a second day in a row for the first time since March.
Before the Iran war, about 20 per cent of global oil supplies flowed through the strait.
US President Donald Trump stepped back from a proposal to charge a 20 per cent fee to guard the Strait of Hormuz as part of the conflict with Iran, saying he would instead seek investment deals with Gulf states.
US forces had carried out waves of attacks for the third night after Iran said it had closed the strait. President Trump on Monday reinstated a blockade of Iranian shipping and proposed the fee, but hours before the fee was to take effect, the American President said the strait was open to all shipping traffic except that of Iran.
The renewed attacks have fed doubts that a memorandum of understanding signed last month will lead to a permanent halt in the war that has disrupted global energy supplies and stoked inflation fears.
Data showed that US consumer inflation slowed more than expected in June as energy prices retreated, but financial markets still expect an interest rate hike from the Federal Reserve.
The Federal Reserve Chairman Kevin Warsh on Tuesday vowed to “do my job” if challenged by President Trump, who has said he wants the US central bank to cut interest rates and boost economic growth.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels.
Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 60 million barrels over the last twelve weeks, US crude inventories are only down 9.2 million barrels so far this year. The US Energy Information Administration (EIA) will release its report later on Wednesday.
By Adedapo Adesanya
The 700,000 barrels per day Dangote Petroleum Refinery has begun pricing fuel products for the local market in US Dollars amid crude supply challenges.
The company cited difficulties securing sufficient crude under the government’s Naira-for-crude programme and rising global oil prices as reasons for the development.
The Naira-for-crude programme, launched in October 2024, allowed domestic refiners to purchase crude in the local currency and reduced pressure on the foreign exchange market.
Mr Edwin Devakumar, the vice president of the Dangote Group, said the refinery had been absorbing a currency mismatch by selling products in Naira while sourcing crude in Dollars, but limited crude supply under the Naira-for-crude programme had undermined the arrangement’s viability.
Dangote has now set the ex-depot price of petrol at $0.779 per litre, diesel at $1.087 per litre and aviation fuel at $0.942 per litre, according to a pricing template circulated to marketers.
Although the Nigerian National Petroleum Company (NNPC) Limited increased Dangote’s allocation to seven cargoes in May from about five previously, the refiner has said it requires 13 to 15 cargoes a month and has been forced to import the remainder at international prices.
The decision could boost demand for Dollars among fuel marketers and make domestic fuel prices more sensitive to exchange-rate fluctuations.
Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023. In April alone, it received 21 separate crude cargoes, with all supplies coming from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon; however, it boosted international cargoes in recent months.
The refinery has been broadening the range of crude grades it processes as part of its ambition to operate as a fully merchant refinery. In 2025, about 70 per cent of the refinery’s crude imports came from Nigeria, while 24 per cent originated from the United States.
Dangote plans to double the refinery’s processing capacity to 1.4 million barrels per day by the end of 2028, a level that would enable it to process about 80 per cent of Nigeria’s recent crude oil production in a single day.
