What is a forex trading scam?

A forex trading scam uses a supposed foreign-exchange investment service to take your money. The FCA warns about unauthorised trading firms and copied business identities. 1

An initial payment back to you can build trust. Later, the firm may seek more money before suspending the account and ending contact. 1

By Secordit. Last checked: 7 November 2026.

Go to the steps · All glossary terms

How does it work?

  1. A supposed trading firm offers access to foreign-exchange investing. 1
  2. Initial returns encourage you to put in more money. 1
  3. The returns stop and access to the account is suspended. 1

What the FCA describes

The FCA describes investors receiving early returns before being encouraged to invest more. The accounts are then suspended and the firm stops responding. 1

What are the warning signs?

  • The firm pressures you to increase your investment. 1
  • The claimed firm’s contact details differ from the FCA listing. 1
  • A trading account becomes inaccessible after further deposits. 1

What to do now

  1. Stop adding money to a trading service you cannot verify. 1
  2. Report suspected forex fraud through the FCA’s contact route. 1

UK reporting and support

  • If you paid a suspected scam, contact your bank using the number on your card. 23
  • Report fraud in England, Wales or Northern Ireland to Report Fraud. In Scotland, call Police Scotland on 101. 34
  • If someone is in danger, call 999. 4
  • Forward suspicious emails to [email protected]. Forward suspicious texts to 7726. 5

How can you protect yourself?

  • Check the firm and the relevant permission on the FCA Firm Checker. 1
  • Use listed contact details rather than the salesperson’s direct number. 1

Frequently asked questions

Does a first payout prove the platform is genuine?

No. The FCA describes initial returns used to encourage larger investments. 1

Can a trading scam copy an authorised firm?

Yes. The FCA warns about cloned trading firms using genuine names and reference numbers. 1

Can search adverts lead to trading scams?

Yes. The FCA warns that scammers target people searching for investments online. 1

Matching kit

After a Scam: What to Do First · £7 · Digital download.

A printable UK checklist for money, account and reporting steps. It is general information, not a recovery service.

General information, not legal, financial or personalised security advice. Secordit is not a police or bank reporting service.

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Sources

  1. FCA, Forex trading scams. Accessed 7 November 2026 (Europe/London).
  2. Report Fraud, Ticket fraud. Accessed 7 November 2026 (Europe/London).
  3. Report Fraud, Police impersonation alert and reporting routes. Accessed 7 November 2026 (Europe/London).
  4. Police Scotland, How to report a crime. Accessed 7 November 2026 (Europe/London).
  5. GOV.UK, Avoid and report internet scams and phishing. Accessed 7 November 2026 (Europe/London).