On 14 July 2022, the Portuguese Securities Market Commission (CMVM) issued a warning that ZM MARKETS is not authorized to provide financial services in Portuguese. You may visit: https://www.cmvm.pt/en/SDI/FinancialIntermediaries/Pages/20220714k.aspx?v=

On its page footer, 4XLimited says Copyright © 2019-2022, but its domain name (https://www.4xlimited.com/) verification result showed that it was first created on 14 March, 2022. Furthermore, the scammer served 50,000 total users and reached 75,000 daily transactions more than 50 countries. How can it reach that figure in a few months? 

On the other hand, 4XLimited claims to be licensed by the BVI FSC. But no results found on BVI FSC.

With its physical address in the UK and contact number from the UK, 4XLimited has to be regulated by the FCA as any other UK-based legal forex companies do. The thing is we only found a warning record matched with 4XLimited on the FCA.

Based on the above information, we can conclude that 4XLimited is a scam.

51Markets claims it is the largest online broker in the US and it is regulated by the US Securities and Exchange Commission (SEC) and the US Financial Industry Regulatory Authority (FINRA). However, both SEC and FINRA are not financial regulators that approve licenses for forex traders. So please beware of brokers making such claims, since brokers eligible to offer derivatives services should have licenses approved by the financial regulator.

Besides, 51Markets claims it is authorized and regulated by the US National Futures Association (NFA) with an NFA ID: 0540732. However, when we searched in NFA, we found 51Markets is not under valid regulation by NFA since it is not an NFA member. That means 51Markets is not regulated by any regulators. Investors' money in this broker is unsafe and cannot be protected by any law. Therefore, it is a scam. 

BrokersView found BlueMax Capital is not regulated or not overseen by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

CDFX claims to be operated and owned by a Dubai-based company named CD Captials LTD, whilst providing zero details about the trading license on its website, which is already a red flag for potential traders.

Besides, we didn't find any regulatory information about this broker from the DuBai's regulator Financial Services Authority (DFSA) and the UAE's regulator Central Bank of the United Arab Emirates (CBUAE). So CDFX Captial is currently not regulated by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

On 11 April 2022, the Spain Comisión Nacional del Mercado de Valores (CNMV) issued a warning that Tedex is not authorised to provide the investment services in Spain. You may visit: http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&nombre=tedex

UPFX tries to mislead investors into thinking it is a legitimate brokerage. Viewing its homepage, the broker claims to be a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively "Ultimate Pinnacle") under registration number 173474 and having its registered address in Belize City, but we can't find any results in the registers of Belize's International Financial Services Commission (IFSC). 

Besides offering misleading information, the fraud also has some untrue claims to regulation, claiming to be licensed in some of global regulators. More specifically, UPFX is supposedly a multi-regulated broker with licenses issued by the IFSC(the Belize) with registration number 173474, CySEC (Cyprus), ASIC (Australia) with ACN number 072 424 830, and NFA (America) with registration number 0537666. However, these "claimed" licenses issued by the three regulators cannot be found or not registered actually. Searching with these license numbers on regulators respectively, no valid or convinced results can be found. Therefore, UPFX is definitely a scam broker.