How the FCA describes forex trading scams, and the checks that stop them
The FCA's forex scams page (first published 9 August 2017, last updated 19 January 2026) describes unauthorised firms promising very high returns or guaranteed profits through managed accounts or their own platforms. Victims see early returns, are urged to invest more, then returns stop, the account is suspended and contact ends. Some scams advertise through search engines and look more realistic.
The defence is narrow and effective: deal only with firms authorised for that specific service, found on the FCA Firm Checker, and contact them only through the details listed there.
- How the scam unfoldsThree stages and your move at each
- Warning signsThe FCA's five
- Found it through a search adWhat to check
- Already scammedReport and avoid round two
1. Three stages, and your move at each
| Stage | What the FCA describes guidance | Your move |
|---|---|---|
| Approach | Promises of very high returns and guaranteed profits; managed account or own platform | Check the Firm Checker and Warning List before replying |
| Hook | Early returns that appear to show success | A screen balance is not withdrawable money; test a small withdrawal |
| Close | Pressure to invest more, then returns stop, account suspended, contact ends | Stop paying, keep evidence, call your bank |
2. The FCA's warning signs
- Contact out of the blue.Calls, messages, social media.
- Pressure to invest quickly.Deadlines and bonuses for speed.
- Returns that seem too good to be true.Including guarantees.
- Claims to be UK-based or FCA authorised.The FCA notes many scam firms say this.
- Contact details that differ from the Firm Checker.The signature of a clone firm.
3. If you found the firm through a search advert
The FCA notes that scammers also advertise through search engines. A paid result is not a register entry. Before acting:
- Search the firm's legal name on the FCA Firm Checker and confirm permission for the service offered.
- Compare the advert's domain with the register; use FXCN's clone domain check as a second look.
- Check the FCA Warning List, and FXCN's verified regulator warnings.
4. If you have been scammed
- Report it,even if you only suspect a scam: FCA on 0800 111 6768 or its online form; if you lost money, then Report Fraud (reportfraud.police.uk).
- Expect to be targeted again.The FCA says fraudsters may come back or sell your details.
- Refuse recovery offers that charge a fee.The FCA lists offers to recover money or buy back investments for a fee as a scam type.
Sources
- FCA: Forex trading scams, first published 9 August 2017, updated 19 January 2026 (changes: 19/01/2026 ScamSmart references removed; 22/05/2025 Firm Checker information added; 20/03/2023 website refresh).
- FCA: Recovery room scams.