Understanding Online Broker Scams

Start by checking whether the broker holds a licence from a recognised financial regulator in your country. Look up the licence number on the regulator’s official website, not a link provided by the broker itself. A real licence is publicly verifiable. If you cannot find it, that is a serious warning sign.

Stop sending money immediately and document everything you can, including screenshots of the website, emails and account statements. Then report what happened to your national financial regulator and, if fraud is involved, to your local police. Independent legal advisers can help you file those reports correctly.

Only share identity documents once you have confirmed the platform holds a valid regulatory licence. Unregulated websites sometimes collect personal documents and use them for identity fraud. Check the licence first, and look at independent reviews of the site before uploading anything.

Legitimate brokers do not ask you to pay upfront fees to access your own funds. This tactic is a common way fraudulent websites keep you sending money. Each new fee request is a warning sign, not a routine process. Stop paying and seek independent advice before doing anything else.

There is no single moment when a website proves itself trustworthy. Regulation, trading conditions, withdrawal history and user reports all need to be considered together. Reading detailed, independent reviews over time gives you a clearer picture than any single check. Take that time before committing any money.