Leading Experts Have Exposed A Fake Forex Brokers List In India For 2023

Despite some legal limitations, Forex trading is popular in India.  Traders can currently use Indian rupees in transactions with the US dollar, Japanese yen, and the British pound. There are discussions about Indian authorities potentially relaxing rules to offer more earning opportunities. With India being a top-ten GDP country, it’s a promising market. Traders Union (TU) experts shared fake Forex brokers list in India and provided tips on how to avoid Forex scams.

Fake Forex brokers exposed in India

In the growing Indian market, there are trustworthy brokerage firms as well as financial scammers who target new traders. These scammers make enticing promises, and inexperienced traders often fall for them, resulting in significant losses. TU’s analysts have uncovered several fraudulent brokers in India, and here are the key facts about them:

  1. Profit Trade: This broker, claiming to provide services since 2017, lacks legal documentation to support its operations. It operates without legal protection, manipulates quotes, imposes unreasonable account blockages, and has garnered numerous negative reviews.
  2. 1c Option: Despite presenting itself as a reliable binary options broker since 2015, it lacks credibility and has no brokerage license. It pressures traders for new investments under the guise of “guaranteed profit” and faces issues with fund withdrawals.
  3. Armax Trade: Operating since 2019, the broker has been involved in fraudulent activities. It frequently changes regulators and provides false information. Traders encounter issues with forced bonuses, zeroing of deposits, and the inability to withdraw earned funds.
  4. ASIC Trader: This company promises advanced technologies and high-quality service but lacks guarantees of stable platform operation. It changes terms unilaterally, operates without regulation or licenses, and has negative reviews citing financial extortion and misrepresentations.
  5. CFDS100: Operating since 2018, it offers a variety of trading tools with an office supposedly in Estonia. However, it lacks proof of registration and certification, and multiple regulators have blacklisted it. Traders face issues like fund withdrawal refusals and terminal manipulation.

To avoid falling victim to these scams, traders should exercise caution, conduct thorough research, and verify the credibility and regulatory status of brokers before investing.

Expert tips for safeguarding against Forex scams

To steer clear of Forex scams, follow these tips from analysts at Traders Union:

  • Avoid high-risk brokers: stay away from brokers promising unrealistically high returns or guaranteed profits. These claims often signal fraudulent schemes. Opt for brokers that are transparent and set realistic trading expectations.
  • Choose regulated companies: collaborate with Forex brokers regulated by trusted financial authorities. Regulation means the broker operates under strict rules, providing better protection for your money.
  • Beware of automated trading: be cautious of brokers offering automated trading systems claiming to make consistent profits. Successful Forex trading requires analysis, strategy, and decision-making skills that automation can’t entirely replace.
  • Watch for false promises: be skeptical of brokers making unreal promises of quick wealth. Legitimate brokers understand the risks in Forex trading and emphasize responsible practices.
  • Verify website security: before sharing personal or financial info, ensure the broker’s website is secure. Look for a secure SSL connection and a padlock icon in the browser address bar.

By following these guidelines, you can significantly reduce the risk of falling for Forex scams. Conduct thorough research, read reliable reviews, and seek advice from experienced traders or financial experts for added safety.


Forex trading is popular in India. India’s position as a top-ten GDP country makes it an attractive market. TU’s experts have identified fraudulent Forex brokers in India, including Profit Trade, 1c Option, Armax Trade, ASIC Trader, and CFDS100. To safeguard against scams, traders should follow the tips provided by Traders Union. This approach significantly reduces the risk of falling victim to Forex scams and ensures a safer trading experience in India.