The fake awards scam is a deceptive strategy used by fraudulent trading platforms, brokers, and educators to build false credibility and lure in unsuspecting traders. These scams involve the use of fabricated, purchased, or self-issued awards to create the illusion of excellence, authority, or trustworthiness—when in reality, the underlying business is often shady or exploitative.

In this article, we’ll explain how fake awards scams operate, why they’re dangerous, and how to spot and avoid them.

What Is a Fake Awards Scam?

A fake awards scam occurs when a company falsely claims to have won prestigious industry awards to attract new clients. These awards may be:

• Completely fabricated
• Bought from shady marketing firms
• Self-issued through shell websites
• Referenced from unknown or illegitimate “ranking” sites

These so-called honours are then splashed across websites, landing pages, and social media to manufacture authority and trust—tricking traders into thinking the firm is reputable.

How the Scam Works

1. Paid or Invented Awards

A company pays a third-party agency to create a customised award like “Best Forex Broker 2025” or “Top Trading Educator in Europe”. No real judging or competition takes place.

2. Fake Award Logos

They display fake logos resembling well-known publications like Bloomberg, Reuters, or Forbes. Often, the logos are completely made up or edited versions of existing ones.

3. “Anonymous” Voting Panels

The scam mentions vague award panels or judging criteria but provides no verifiable names, details, or organisations behind the selection process.

4. Spam Ranking Sites

Brokers set up their own award websites or pay for top placements on unknown “review” sites. These platforms often give out hundreds of awards to paying clients.

5. Media Bluff

Some scammers write self-published press releases claiming they’ve been “featured in” major outlets, then use this to mislead users into thinking they’ve been awarded by those outlets.

Why Fake Awards Are Dangerous

False Sense of Security

Traders may assume that an award-winning broker or educator is regulated, trustworthy, and high-performing—only to discover too late that they’ve been defrauded.

Increases Scam Conversion Rates

Fake accolades can make even the most suspicious platform seem credible, especially to beginners unfamiliar with the industry.

Hides Lack of Regulation

Scammers use awards to divert attention from their lack of legal licensing, poor reviews, or history of complaints.

Manipulates Public Perception

These scams distort the market by drowning out genuinely competent educators or brokers who don’t rely on fake endorsements.

How to Spot a Fake Award

1. Research the Award Provider

Look up the organisation issuing the award. If it has no reputation, history, or professional affiliations, it’s likely not credible.

2. Verify Award Announcements

Check for independent confirmation from news outlets, industry associations, or verified websites. If only the broker mentions the award, it’s suspicious.

3. Look for Evidence

Real awards usually include detailed criteria, judges’ names, and event coverage. Vague or generic descriptions are red flags.

4. Beware of Repetitive Claims

If a platform claims to have won the same award multiple years in a row with no third-party verification, it may be recycling false claims.

5. Check Regulatory Credentials

Awards mean nothing without proper licensing. Always check if the broker is authorised by reputable regulators such as the FCA, ASIC, or CySEC.

Protect Yourself from the Fake Awards Scam

• Ignore marketing fluff—Focus on tangible facts like regulation, spreads, fees, and client feedback.
• Cross-check with trusted sources—Use legitimate comparison tools and trading forums with verified user reviews.
• Ask for proof—Request award documentation or links to the original awarding body.
• Trust your instincts—If something feels exaggerated or too good to be true, it often is.

Choose Education from Verified Sources

To avoid being misled by fake accolades and marketing tricks, choose learning platforms with real credentials. Traders MBA, for example, is a trusted source of advanced trading education, known for transparency, in-depth course content, and zero reliance on marketing gimmicks.

Explore their complete range of verified trading courses here to develop skills grounded in reality, not hype.

Conclusion

Fake awards scams are designed to manipulate your perception, making weak brokers and educators seem like industry leaders. Don’t let a shiny badge blind you to the truth. Learn to look beyond the surface, verify every claim, and always put regulation and education first.