Forex Scams: How to Recognize Them and What to Do
Last updated: 2026-06-19 · FXŞikayetvar Editorial Team
Forex fraud occurs when platforms not authorized by the SPK collect investors with promises of guaranteed returns, show profit screens, and then block withdrawal requests. The most important protection is to verify the broker’s SPK license before you trade.
Risk warning. Leveraged forex trading carries high risk and in Türkiye may only be offered by SPK-authorised intermediaries; leverage is capped at 1:10 (half of that may apply if the initial margin at account opening is below TRY 50,000). This content is not investment advice; user statements belong to their authors.
Warning signs
- No SPK license, or it cannot be verified.
- “Guaranteed profit”, “we cover the risk”, “sure gains” promises.
- Very high leverage (1:500, 1:1000) — the SPK cap is 1:10.
- “Investment expert” outreach via WhatsApp/Telegram/Instagram.
- Depositing is easy; withdrawals are constantly delayed or an extra “tax/commission” is demanded.
- No company address, imprint, or genuine contact information.
Tactics that stand out in 2026
The red flags stay the same; the packaging changes. The three most frequently reported patterns lately:
- Fake profit apps. Mobile or desktop apps that look like a real trading platform and show a steadily rising balance, but produce a new obstacle at every withdrawal attempt.
- “Romance investment” (pig butchering). A trust relationship built over weeks on social media or a dating app, followed by a push into investing. The trap is patience, not haste: paying out one small early withdrawal without friction is a common step to cement trust before the large deposit is requested.
- “Pay a tax/commission first.” Fees that appear only after you request a withdrawal, with a new one added after each payment. Once you reach this stage, every further amount deposited is also lost.
What the three share is not how convincing they are but that none of them can be verified: none appears on the SPK’s list of authorized institutions. However new the tactic, the first check does not change.
If you’re a victim, what to do step by step
- Stop depositing. Any request for “one last payment to release your money” is part of the scam.
- Collect evidence. Keep all correspondence, receipts, screenshots, the platform name and domain.
- Contact your bank/card provider. If you paid by card, don’t miss the chargeback window.
- Report to the SPK. Notify the Capital Markets Board about the unauthorized platform; the routes are set out on SPK’s own page .
- File a criminal complaint with the Public Prosecutor. Attach all evidence to your petition.
- Share your experience. Add a verified complaint to warn other investors.
Which body handles your complaint?
The body you approach depends on whether the platform is SPK-authorised: a compensation dispute with an authorised firm goes to the TSPB Customer Disputes Arbitration Committee, a regulatory-breach allegation goes to SPK, and an unauthorised platform is a matter for the prosecutor. We set out what each channel can and cannot do — including why an SPK complaint alone will not recover your money — in our forex complaint guide.
Has the site you paid been blocked?
SPK publishes the addresses of platforms it finds unauthorised in its weekly bulletin and has them blocked through BTK. We keep a dated archive: if the domain you traded with appears in the SPK bulletin archive, you hold an official finding you can attach to a criminal complaint.
If you were harmed by an unauthorized platform, share your experience and warn others.
Frequently Asked Questions
Guaranteed/high return promises, very high leverage (1:500+), lack of an SPK license, constant withdrawal obstacles, “investment advisor” outreach via WhatsApp/Telegram, and fake profit screens are the most common warning signs.
Do not deposit more, keep all correspondence and receipts, file a chargeback with your bank/card provider, report to the SPK, and file a criminal complaint with the Public Prosecutor.
There is no guarantee; but acting quickly (chargeback window, prosecutor filing, bank details) improves the chances. Collection from unauthorized/foreign platforms is difficult.
The SPK can identify unauthorized forex platforms and have them blocked via the BTK. However, since they reopen under new domains, it is critical for investors to verify beforehand.
No. Forex trading is not protected like a bank deposit. An SPK licence means the firm is supervised and client assets are segregated — it does not mean your trading losses are covered.
With an SPK-authorised firm the loss passes to the other side of the market, and the firm earns commission and spread. On unauthorised platforms there is often no real market transaction at all — the profit/loss screen is a simulation and the deposit goes straight to the operators.