How do I check if a trading platform is legit in Australia?

Search the firm on ASIC's Professional Registers for an AFS licence, search Moneysmart's Investor Alert List, and make sure the website address matches the one the register shows.

How much do Australians lose to investment scams?

$837.7 million in 2025, the largest of any scam type, according to the National Anti-Scam Centre's Targeting Scams report.

Are crypto trading platforms regulated in Australia?

Rules are changing; a crypto exchange must at least be registered with AUSTRAC, and any offer of financial products or advice needs an ASIC licence. Check both before you deposit.

Can I get my money back from a trading scam?

Sometimes, if your bank acts fast. Call your bank first, then report to ReportCyber and Scamwatch. Ignore 'recovery' offers that ask for fees.

Trading scams in Australia: 5 checks before you send money

Investment scams were Australia's costliest scam type in 2025: $837.7 million of the $2.18 billion in reported losses - about 38%, or roughly $2.3 million a day. Most trading scams use a fake platform that shows invented profits, a tips group on WhatsApp or Telegram, or a fake celebrity ad. Before sending money: check the firm on ASIC's Professional Registers, search Moneysmart's Investor Alert List, confirm the website address, and never pay a 'fee' to withdraw.

Checked 5 November 2026 · sources below

Step by step

Check the licence. Search the firm's name, ABN or AFS licence number on ASIC's Professional Registers (via Moneysmart). No Australian financial services licence = a big warning sign for anyone offering trading or advice.
Check the alert list. Search Moneysmart's Investor Alert List. Being missing from it does not make a firm safe - new scam names appear every week.
Check the website, not just the name. Scammers copy real licensed firms. Type the firm's address yourself, compare it with the one on the register, and be wary of app links sent by message.
Check who contacted you. Unrequested contact through a WhatsApp or Telegram 'tips group', a dating app or a celebrity ad is how most trading scams start.
Test a withdrawal first. If you cannot withdraw a small amount without a new 'tax', 'fee' or 'unlock' payment, stop. Those fees are part of the scam.

Australia's reported scam losses in 2025 (Targeting Scams report, NASC/ACCC)

Measure	2025
All reported scam losses	$2.18 billion
Investment scam losses	$837.7 million
Investment share of all losses (our calculation)	38%
Investment losses per day (our calculation)	about $2.3 million
Scam reports across agencies	481,523
Reports with a money loss	274,577

The patterns behind most trading scams

Fake trading platforms: a slick app shows your 'profits' growing, so you add more; withdrawals then need fees. The National Anti-Scam Centre and ASIC have warned about these repeatedly.
Tips groups: a WhatsApp or Telegram group posts winning calls, then moves members to a paid group or a platform. See how these groups work.
Fake celebrity and deepfake ads for 'AI trading' - see AI trading bot scam signs.
Recovery scams: after a loss, someone offers to get your money back for a fee.

Recent cases and warnings

NSW Police charged four men over an alleged forex and crypto trading scam syndicate said to have taken more than A$100 million worldwide (Finance Magnates).
The National Anti-Scam Centre has warned about deepfake videos of well-known people advertising online trading platforms (FX News Group).
ASIC and the NASC warned in 2026 about crypto trading websites filled with fake reviews and invented profits (Cyber Daily).

Where to check, in one list

Moneysmart: Check ASIC lists - licence search (Professional Registers) and banned people.
Moneysmart: Investor Alert List - companies and websites not to trust.
Scamwatch: report a scam.
ReportCyber - report cybercrime and money lost online.
IDCARE - help if your ID documents were shared.

If you have already sent money

Call your bank straight away and ask them to stop or recall the payment.
Report to ReportCyber and Scamwatch (links above).
If your ID was shared, contact IDCARE.
Do not pay anyone who promises to recover the money.

Questions

How do I check if a trading platform is legit in Australia?: Search the firm on ASIC's Professional Registers for an AFS licence, search Moneysmart's Investor Alert List, and make sure the website address matches the one the register shows.
How much do Australians lose to investment scams?: $837.7 million in 2025, the largest of any scam type, according to the National Anti-Scam Centre's Targeting Scams report.
Are crypto trading platforms regulated in Australia?: Rules are changing; a crypto exchange must at least be registered with AUSTRAC, and any offer of financial products or advice needs an ASIC licence. Check both before you deposit.
Can I get my money back from a trading scam?: Sometimes, if your bank acts fast. Call your bank first, then report to ReportCyber and Scamwatch. Ignore 'recovery' offers that ask for fees.

Sources

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