Are you having trouble with your forex broker?
If so, this may be the perfect place for you to start.
Here we will walk you through step-by-step how to complain about forex broker scams, problems, or issues you are facing. We will also detail how you can find, contact, and complain to the various financial regulators around the world.
For a better experience, you should check out our guide on the best forex brokers in the world to choose your next broker.
For now though, let’s get started.
Table of contents
How to Complain About a Forex Broker: Steps to follow
If you find yourself in a position where you wish to complain about a broker, below are the steps you should follow.
1. Gather the Information about the broker
The very first step is to gather some of the essential information you need about that broker. The best starting point is often the bottom of the broker homepage. Here you can usually find important information including their business name, address, telephone number, regulatory information, risk disclaimers, and more that you can use.
2. Find the Regulatory Information
You will also need to make sure that your complaint is directed to the correct regulator. You should also be able to identify the financial regulator from the footer.
For more information on how to follow up on this, you can also see our detailed guide on how to check if a broker is licensed.
Typically, though not always, EU companies are regulated by CySEC and UK companies by the FCA. Continue reading below for more information on regulators around the world.
3. Contact the Financial Regulator
Once you have the correct information for the regulator, you can go to their website, double-check the broker regulation there through the search functions that are often provided, and contact the regulator by phone or email as found on their website.
You can also contact your own local regulator in the same way.
4. Contact the Local Authorities if needed
If you feel you have fallen victim to a scam or serious financial issue such as that you can’t withdraw funds, or there have been unauthorized transactions with your payment method, you should also waste no time in contacting your bank and local authorities to help.
5. Close the Account
If you decide on closing your account, try to make sure you withdraw all of your funds first if you can.
Here’s who to contact in case of issues with a Forex Broker
Below is a list of the most useful regulator contacts if you have an issue. You will find that while each country usually has its own market regulator, brokers are commonly regulated by the same handful of bodies.
In Europe, most brokers are regulated by CySEC (Cyprus) or MFSA (Malta). Follow the link for the full list of European Financial regulators. UK brokers are always regulated by the FCA. In Australia, ASIC is the local regulator which is also very well-respected.
For the United States, FX brokers are often regulated by the CFTC and/or the NFA while in Canada, most brokers are IIROC regulated. Finally, brokers in South Africa are regulated by the FSCA, and in the MENA area, DFSA (Dubai) is usually the most common regulator.
Offshore regulators and Scam Complaints: Is there a connection?
Offshore regulation does not automatically mean it is a forex scam, but unfortunately, many questionable brokers do register for regulation in these areas.
Still, there are a number of reasons why a completely legitimate broker may also register in countries like Vanuatu, Belize, Saint Vincent, and so on. Since they are international regulators, it gives brokers a wide reach for attracting traders. These areas are also lenient in terms of taxes and can provide flexible regulation in terms of leverage offerings and bonuses for traders that can be attractive.
If the broker has also tier-1 regulations from the likes of the EU, and FCA then there should be no problem. The most common offshore regulators you may find are the IFSC (Belize), VFSC (Vanuatu), SV (Saint Vincent), BVI (British Virgin Islands), FSA (Seychelles), CIMA (Cayman Islands), and BMA (Bermuda).
How do you make sure your forex broker is trustworthy?
There are several steps you can take to make sure your broker is completely above board. These include checking the regulations and also double-checking this information directly on the regulators’ own website.
If you are still unsure, you can always contact the regulator of the broker or your own local regulator for more information. Not forgetting that you should consider what a broker has to offer compared to others. If it seems too good to be true, it probably is.
Finally, you can always check our best forex brokers top 10 listing for some of the most trustworthy choices.
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