Forex is very risky brokers go bust losing $500 million

I personally thought the scam was intentional, when they advertised on forex factory

Iowa broker PFGBest collapses after hiding millions

IKON fined $320,000 for Virtual Dealer, broker can run off with client monies

Alpari UK currency broker folds over Swiss franc turmoil

Alpari, which signed a £3m, three-year deal with West Ham in 2013, is one of a number of companies to be affected by the volatility caused by the SNB's action.

Shares in US forex trading group FXCM were suspended shortly before trading began in New York on Friday after the stock plunged by 90% in pre-market dealing.

FXCM said on Thursday it might not be able to meet certain regulatory capital requirements due to "unprecedented volatility" after clients suffered losses of $225m.

New Zealand foreign exchange dealer Global Brokers NZ was also forced to close due to hefty losses incurred from the currency turmoil.

Following the closure, New Zealand's Financial Market Authority said it would "be seeking assurances that the client funds have been protected and segregated."

Other forex companies also suffered losses. IG Index said it would lose some £30m following the turmoil.

CMC Markets also recorded losses, but chief executive Peter Cruddas said the overall impact had not materially affected the group. "It's business as usual," he said.