Forex and Binary Options Firms and the Fines They Have Received From Regulatory Authorities:
Within this data analysis, we are going to have an overview of the various Forex companies that have had run ins with the law and whether these run ins with the law are a regular habit. From this data table below, you will be apprised of which companies you should and should not do business with. Go here if you want to learn more about the regulators.
| Forex Binary Options Firm and Website | Issuing Authority | Reason | Regulatory Action | Date |
| North American Asset Management (website taken down?) | CFTC | Fraud on Precious Metals Trading | Civil Injunctive Action | 2/22/16 |
| BlackfortFX (website eliminated?) | NZ High Court | Ponzi Scheme | Reparations of $7 million | 2/22/16 |
| Fidelis Trading International/ http://fidelisinternationaltrading.com/en/ | New Zealand FMA | Denied Withdrawal Requests | Warning | 2/22/16 |
| MarketsCT http://marketct.com | FCA | Operating as a clone to a FCA registered firm. | Warning | 2/15/16 |
| Capital Option http://capitaloption.com and SkyFx (no website) | CIF | Many Reported Violations | Suspended Licenses | 2/15/16 |
| Landmark Trade Ltd: http://landmarkglobal.com/landmark-trade-services/ and FXMARKER: http://fxmarker.com/our-company | CNMV | Unlicensed Trading Activity | Blacklisted | 2/10/16 |
| Capital World Markets (no website) | City of London Police | Ponzi Scheme Targeting Gurkha and Nepalese Community | Formal Investigation | 2/4/16 |
| MT Capital Partners (no website) and FXPrivate Company (no website) | IFSC Belize | Trading Without License | Cease and Desist/Companies Dissolved | 2/1/16 |
| Xdirect Mumbai: http://xdirect.net | Indian Police | Trading Without License | Warning | 1/20/16 |
| MXTrade: http:mxtrade.com | Turkish Police | Falsely Targeting Customers | Blocked Users From Website | 12/29/15 |
| USG Capital Israel: https://www.usgcapital.co.il/ | Tel Aviv District Ct | Overcharging and Operating Without a License | $18 Million Class Action | 12/23/15 |
| Utrade Premium (no website) | Israeli Court | Financial Misreporting | Banned from All Investing Activities | 12/22/15 |
| USG FOREX: http://usgforex.com | ASIC | False Clone of Licensed: Union Standard International Group | Warning and Website Removed | 12/22/15 |
| JJ Bauer Asset Management: http://jj-bauer.com/ | London Police | False Clone of Licensed Agency | Warning | 12/11/15 |
| IROM Brokers: http://ironbrokers.com | London Police | Operating without a license | Warning | 12/10/15 |
| IIB International Brokers: http://libfx.com/ | London Police | Using a Bulgarian Registered Entity to Lure Customers | Denounce | 12/10/15 |
| AUSIEX: https://ausiex.com.au | ASIC | Failure to Respond to Infringement By Disciplinary Board | Infringement Notices | 12/9/15 |
| AlgoBanque: http://algobanque.com | FINMA | Invented a False Presence in Switzerland | Warning | 12/4/15 |
| 1B Capital FX (no website) | CFTC | $50 million scheme. | Formal Charges | 11/16/15 |
| Maxim Capital’s Assets: (no website) | SFC | Misleading information to defraud investors | Assets Frozen | 11/10/15 |
| XFOREX : http://xforex.com | ASIC | Misleading advertising | Fined | 11/3/15 |
| FXCM : http://fxcm.com | AMF | 200,000 Euro Fine | Fined | 10/28/15 |
| Philip Mack Worley and McElhamen Group (no website) | NFA | Misleading marketing materials | Banned | 10/22/15 |
| NZGFT : http://nzgft.com | ASIC | Deceptive Claims | License Revoked | 10/15/15 |
| Falcon Brokers: http://new.falconbrokers.com | CYSEC | Mismanaging Client Funds | Suspension Letter | 9/24/15 |
| Clone Websites of ABS Group: http://fxabs.com.au and http://www.fxabs.com | ASIC | Clone Websites | Shutdown | 9/23/15 |
| Millennium Capital: (no website) | FBI | Judgment for financial mismanagement of client assets | Restitution Damages | 9/13/15 |
| Isik Menkul Degerler: http://isikmenkul.com | CMB | Violation of Principles of Investment Authority | Sanctions | 8/31/15 |
| EXANTE: https://exante.eu | Malta Court | Suspected Money Laundering | Investigation | 8/16/15 |
| IRON FX: http://ironfx.com | CVM | Not Licensed to Operate in Brazil | Banned | 8/19/15 |
| EXANTE: https://exante.eu | US SEC | $100 million insider trading | lawsuit | 8/14/15 |
| IRON FX: http://ironfx.com | CYSEC | Withdrawal Issues | Sanctions | 8/6/15 |
| GTC Tradeup (no website) | ASIC | Ex Director Banned of Bankrupt Company | Banned | 7/24/15 |
| Clone Company GGM: (no website) | FCA | Using Another Firms License | Banned | 7/22/15 |
| SAXO Bank: http://saxobank.com | FSA | Reprimanded over SNB Crisis Handling | Reprimand | 1/10/15 |
| CommexFX (no site) | CySEC | Fine for Misleading Cyprus Regulators | Fined | 7/6/15 |
| Safecap: http://markets.com | CySEC | 168,000 EUR fine for regulatory violations | Fined | 7/2/15 |
| CommexFX (no site) | CySEC | License suspended for endangering client’s interests | License Suspended | 7/1/15 |
| McElhannan Group (no site) | NFA | Violations | Sanctions | 6/2/15 |
| FXPrimus http://fxprimus.com | FSC | License suspended for not following regulations | License Suspended | 5/28/15 |
| SkyFX : http://skyfx.com | CySEC | 20,000 EUR fine for outsourcing services to Israel | Fined | 5/21/15 |
| UFX: http://ufx.com | CySEC | 8,000 EUR fine for compliance failures | Fined | 5/20/15 |
| Forex Trend : http://fx-trend.com | FMA | Failed to withdraw money from their accounts | Sanctions | 5/4/15 |
| FCStone (no site) | CFtC | Civil Monetary Penalty of $140,000 | Fined | 5/1/15 |
| IGCPm (no site) | CFTC | $100,000 fine and restitution damages of $447,342 | Fined | 4/27/15 |
| KSF Trade: http://ksftrade.com | FCA | unauthorized trader in UK | Unauthorized Trader | 4/27/15 |
| CMC Markets http://cmcmarkets.com/en | MAS | Scolded over margin rates | Warning | 4/8/15 |
| FXPULP (no site) | CySEC | Brokerage License Terminated | License Revoked | 4/6/15 |
| AGM Markets http://agmmarkets.com | ASIC | License Suspended for 6 months | License Suspended | 4/2/15 |
| Trade Union (no site) | CKFIN | Blacklisted | Blacklisted | 3/27/15 |
| Grandegoldens Pty Ltd.: http://grandegoldens.com/ | ASIC | Warning | Warning | 3/27/15 |
| Altamont Global (no site) | CFTC | License Revoked | License Revoked | 3/25/15 |
| Alpari UK China: http://alpari.com/cn | KPMG | Fraudulent Traders | Waning | 3/24/15 |
| Hungary Securities Co. (no site) | Hungary Central Bank | Bank took over broker due to license suspension | License suspended | 3/6/15 |
| Bank of Beirut: http://bankofbeirut.com/ | FCA | $3.2 Million fine for improper communication | Fined | 3/6/15 |
| Chazon QTA Artists (no site) | NFA | Permanent Ban | Banned | 2/27/15 |
| Ftradition (no site) | FCA | Suspected Seychelles Clone | Warning | 2/25/15 |
| Aviva Investors http://aviva.com | FCA | $2.6 million penalty | Fined | 2/25/15 |
| KGW Capital (no site) | US Judge | $3.9 penalty for running fraudulent currency fund | Fined | 2/20/15 |
| Talento Capital Markets: http://talentocapital.com/ | CySEC | Not licensed in Cyprus | Warning | 2/19/15 |
| Global Markets Ltd. Changed name to Interactive Brokerage Ltd. (no site) | FSC | Changed name after sanctions | Warning | 2/17/15 |
| Enfinium (no site) | ASIC | license cancelled | license revoked | 2/16/15 |
| Chikara FX: http://chikarafx.com/ | Ontario Securities Commission | Warning to avoid | Warning | 2/12/15 |
| Banc De Binary: http://bancdebinary.com/ | CySEC | 125 Million EUR fine for misleading regulator | Fined | 2/5/15 |
| Paragon FX and International Commodity Investor (no site) | CFTC | Fined $250,000 | Fined | 2/3/15 |
| Simple Trading Corp. http://simpletradelimited.com/ | CNMV | warning | Warning | 1/27/15 |
| Gold Coast Bullion: http://goldcoastbullionaustralia.com.au | CFTC | $9.6 million fine for restitution | Fined | 1/27/15 |
| Allied Markets (no site) | CFTC | $1 fine for FOREX Ponzi Scheme | Fined | 1/13/15 |
| AGF Markets: http://agfmarkets-arnaque.com | FCA | operating without a license | Warning | 1/6/15 |
| GMT Markets: http://gmt-markets.com | CNMV | operating without a license | Warning | 1/6/15 |
| SpotFN (no site) | FMA | operating without a license | Warning | 1/6/15 |
| FXGL Capital (no site) | FCA | unauthorized forex trading | Warning | 1/2/15 |
| Wells Fargo Affiliates: http://wellsfargoaffiliates.com/ | FINRA | Fined | Fined | 12/19/14 |
| Wells Fargo Advisors: http://wfainet.com/ | FINRA | Fined | Fined | 12/19/14 |
| FXDD: http://fxdd.com/ | NFA | $500,000 fine | Fined | 12/10/14 |
| Ftradition (no site) | AFM | Suspected Seychelles Clone | Warning | 12/9/14 |
| MFGlobal: http://mfglobal.com | US Courts | settlement for price manipulation | Settlement | 10/5/14 |
| Monolith-Invest: http://monolith.nl/ | CRFIN | Blacklisted | Blacklisted | 10/10/14 |
| Glen Jackson and Highlands Capital Management: http://highlandcapital.com/ | US Courts/CFTC | Prevented from Registering with CFTC again | Sanctions | 10/2/14 |
| Peak Capital Management Group: http://pcmstrategies.com/ | CFTC | $1.6 Million Fine | Fined | 9/30/14 |
| SAC Capital (no site) | CFTC | $1.2 Billion fine and license revoked. | Fined/License Revoked | 9/17/14 |
| Morgan Stanley http://morganstanley.com | CFTC | $280,000 fine for faults in KYC | Fined | 9/16/14 |
| Robare Group: http://robare-jones.com | SEC | Undisclosed earnings and fined $440,000 | Fined | 9/2/14 |
| Citi Group Global Markets: http://icg.citi.com/icg/global-markets/index.jsp/ | FINRA | $1.85 Million Fine for Supervisory Violation | Fined | 8/26/14 |
| Bank of America: http://bofa.com/ | US Regulators | $16.7 Billion for Countrywide and Merrill Lynch’s Role in 2008 Housing Crisis | Fined | 8/12/14 |
| Standard Chartered Bank: http://sc.com/ | NY State Department of Financial Services | $300 Million penalty | Fined | 8/10/14 |
| Linkbrokers: http://linkbrokers.com/ | SEC | $18 Million fee | Fined | 8/15/14 |
| 5Markets: http://5markets.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| 247Binary: http://247binary.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| AAAFX: http://aaafx.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| 777Binary: http://777binary.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| AnyOption: http://anyoption.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| AskoBid: http://askobid.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| AvaFX: http://avafx.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| AvaOption: http://avaoption.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| Banc De Binary: http://bancdebinary.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| Bforex: http://bforex.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| FINEXO: http://finexo.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| FiOptions: http://fioptions.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
| FOREXTRADA: http://forextrada.com/ | AMF | Unauthorized license in Canada | Warning | 8/12/14 |
Additional News:
- EasyForex 130m lawsuit (Sept 2014)
- UFX Markets warning from OSC (July 2014)
- FXCM Unsymmetrical Slippage settlement with FCA (Feb 2014)
- FXDD fined by MFSA (Jan 2014)
- CySEC banning trading bonuses (Jan 2014)
- 4XP Receives CySEC warning (Oct 2013)
- Depaho FX receives CySEC warning (Oct 2013)
- iForex receives 5,000 Euro fine from CySEC (Feb 2013)
Conclusions:
The alarming aspect of this data is that you will observe that there is no single enemy. One of the common trends that are exhibited by these Forex and Binary Options Firms are that they try to confuse consumers by taking over an entity with a trading license with a similar name to their own that is in fact registered when they are not. Additionally, on this list we see firms that create false places of business operation in order to lure customers. Some perpetual offenders on this list are: IRONFX, EXANTE, COMMEXFX, Ftradition, and Banc de Binary. Additionally, there is another offender that uses Swiss prestige to legitimize their false entity. AlgoBanque claims to be registered in Switzerland when they are not. Furthermore, many of these predators use Ponzi Schemes to target ethnic minorities in order to gain capital illegally. Essentially, these entities that are trying to falsify their name in the exchange market are using the Internet as a means to prey on those who do not know better to question which entity they are trading their money with.
For more information on rogue forex and binary firms you can view Forex Peace Army.
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We don’t know FXUnited and wouldn’t recommend signing up with any brokers which are not reviewed and verified by us. Best Regards.