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Weekly Scam Alerts & Watchlist Update – Week of June 29, 2025

Staying safe online starts with staying informed. This week’s report includes two newly confirmed scam platforms and two brokers added to the watchlist based on red flags and user complaints.


Newly Added Scam Alerts

We’ve confirmed the following platforms as high-risk or confirmed scams based on user reports, technical analysis, and regulatory warnings.


1. Morgan Stern Capital

  • Website: [morgansterncapital.com]

  • Category: Investment Broker (Forex)

  • Status: ❌ Confirmed Scam

  • Regulatory Action: Blacklisted by FCA (UK) and ASIC (Australia)

  • Red Flags:

    • False claims of regulation

    • Cloned website content from known institutions

    • Aggressive cold-call tactics

    • Blocked withdrawals

  • Summary: Morgan Stern Capital posed as a regulated investment firm but failed all verification checks. Regulatory bodies have issued warnings, and user reports confirm fraudulent behavior. Avoid at all costs.


2. BriteBit Exchange

  • Website: [britebitex.com]

  • Category: Cryptocurrency Exchange

  • Status: ❌ Confirmed Scam

  • Regulatory Action: Alerts issued by SEC (USA) and FSCA (South Africa)

  • Red Flags:

    • Fake SEC registration

    • Stock photo testimonials

    • Withdrawal blackmail and phishing attempts

    • Shared IP with other scam exchanges

  • Summary: BriteBit Exchange is a crypto investment scam with no real licensing, fake testimonials, and phishing tactics to lock users out of funds. Multiple international alerts confirm its fraudulent activity.


Brokers Added to Watchlist

These platforms are not confirmed scams but have exhibited warning signs. We recommend proceeding with extreme caution.


1. Storm FX Markets

  • Website: [stormfxmarkets.com]

  • Category: Forex Broker

  • Status: ⚠️ On Watchlist

  • Reason for Concern:

    • No valid regulatory license

    • Offshore registration with no verifiable headquarters

    • Bonus structures that block withdrawals

  • Summary: Storm FX Markets is offering leveraged trading services despite lacking legal licenses. Several user complaints and suspicious promotional tactics have placed them under active monitoring.


2. Traders Global Group (TGFX)

  • Website: [tradersglobalfx.com]

  • Category: Prop Trading / Forex

  • Status: ⚠️ On Watchlist

  • Reason for Concern:

    • Flagged by FCA and CSA for unlicensed activity

    • Charges upfront fees for “funded” accounts

    • Heavy use of crypto influencer marketing

  • Summary: TGFX markets itself as a prop firm but lacks regulatory approval. Users have reported payout issues, and the platform’s legitimacy is in serious doubt.


Scam Trend Insights This Week

  • Surge in fake crypto recovery services: These scams target victims of earlier frauds with false promises of recovery.

  • Clone sites are spreading: Scammers are copying designs from real brokers to fool investors.

  • “Bonus trap” scams continue: Brokers require unrealistic trade volume (e.g., 300%) before allowing withdrawals.

  • Binary options scams are declining: Fewer new reports, possibly due to broader bans and awareness.


What To Do If You’re Affected


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