Are unregulated forex brokers always a scam?

Unregulated forex brokers are not always outright scams, but they operate without meaningful supervision, which significantly raises your risk. Without a regulator enforcing capital standards, segregation of funds, reporting, and fair‑dealing rules, you must rely entirely on the company’s integrity. Some unregulated brokers may offer attractive conditions but can easily manipulate prices, refuse withdrawals, or disappear with client money, with little practical recourse. Even if an unregulated broker is honest today, you have few protections if owners change or financial pressure increases. Because of this, many experienced traders avoid sending substantial funds to unregulated firms. If you ever consider one, treat it as highly speculative: use only small amounts you can afford to lose and monitor withdrawals very closely.